Open Journal of Social Sciences, 2023, 11, 442-468 https://www.scirp.org/journal/jss ISSN Online: 2327-5960 ISSN Print: 2327-5952 DOI: 10.4236/jss.2023.1110025 Oct. 26, 2023 442 Open Journal of Social Sciences Working Capital Management and Performance Metrics of Quoted Brewery Firms in Nigeria Kolawole Fijabi 1 , Adewale E. Ogunlalu 2 , Adesemowo Morenike Modupeola 3 1 Accounting Department, Precious Cornerstone University, Ibadan, Nigeria 2 Accounting Department, Babcock University, Ilishan Remo, Nigeria 3 Department of Accounting and Finance, Chrisland University, Abeokuta, Nigeria Abstract The study set out to assess the effect of working capital management on the profitability of quoted brewery firms in Nigeria. The study used an ex post facto research design. The population consisted of 5 brewery firms quoted on the NGX as at 31 st December 2022. The brewery industry was chosen using purposive and simple random sampling. A sample of 4 brewery firms with published annual reports and accounts for the period of ten years (2013-2022) was used. Data were analyzed using descriptive, inferential statistics and mul- tiple regression with a significance level of 0.05. The findings showed that working capital had a significant effect on the return on assets of quoted bre- wery firms (Adj.R 2 = 0.311, F = 3.923, p < 0.05) and profit margin (Adj.R 2 = 0.465, F = 6.646, p < 0.05). In another vein, the result showed an insignificant effect on the return on equity of quoted brewery firms (Adj.R 2 = -0.076, F = 0.543, p > 0.05). The study concluded that working capital impacted the prof- itability of quoted brewery firms in Nigeria. The study recommended that the management of quoted brewery firms in Nigeria should use the working cap- ital to drive firm performance that will attract investors. Keywords Account Collection Period, Account Payment Period, Inventory Conversion Cycle Period, Profit Margin, Return on Asset, Return on Equity, Working Capital Management 1. Introduction Profitability is a fundamental driver of business that shows the performance and direction of a business entity. Without profitability, the business will not be able to survive and thrive in the long run and this has been responsible for the clo- How to cite this paper: Fijabi, K., Ogun- lalu, A. E., & Modupeola, A. M. (2023). Working Capital Management and Per- formance Metrics of Quoted Brewery Firms in Nigeria. Open Journal of Social Sciences, 11, 442-468. https://doi.org/10.4236/jss.2023.1110025 Received: September 14, 2023 Accepted: October 23, 2023 Published: October 26, 2023 Copyright © 2023 by author(s) and Scientific Research Publishing Inc. This work is licensed under the Creative Commons Attribution International License (CC BY 4.0). http://creativecommons.org/licenses/by/4.0/ Open Access