الفهرس 
Title
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Abstract
Purpose: This research aims to test the effect of working capital level on profitability. Specifically, the study attempts to test the possible non-linear effect of net working capital on corporate financial performance, with net working capital as the independent variable, for a sample of listed firms in the MENA region. Two different measures of corporate financial performance are used; operating return on assets (OROA) and return on equity (ROE), to present comparative results. In addition, the study is extended to further investigate the interaction effect between firm{u2019}s net working capital and cash levels on the relationship between net working capital and profitability. Design/methodology/approach: The researcher has collected a panel of 129 consumer goods listed firms in the MENA region and a country-specific Egypt case, for the period 2009 to 2016, totaling to1032 observation.The effect of net working capital on corporate financial performance is tested using the Generalized Methods of Moments. The study sample is divided into two groups (positive and negative net working capital) and further each working capital group is divided into two sub-groups (positive and negative cash levels)