Factors affecting liquidity management in pharmaceutical companies: Bayesian averaging approach

One of the powerful tools in examining the financial performance of companies is the liquidity of that company and is one of the decision-making indicators of investors. Examining the financial statements of companies is the most important step in investing and in this study, 50 effective variables of financial statements on liquidity management are included in the model. Using Bayesian averaging model approach, 12 non-fragile variables affecting the liquidity management of pharmaceutical companies, which include current liabilities, accumulated profit and loss, P / S, operating profit (loss), gross EPS, net cash inflow (outflow), Total Net Return on Investments, Total Net Flow of Investment Activities, Receiving Financial Facilities, Total Net Flow of Financing Activities, Cash Balance at the Beginning of the Year and Cash Balance at the End of the Year were identified. According to the results of liquidity management of pharmaceutical companies is a multidimensional process; Because the variables related to financial statements, balance sheet and profit and loss and cash flow affect this index. The multidimensionality of the factors influencing this process will require coordination among policy makers active in the industry so that the time inconsistencies created in the decision-making process do not make the situation of companies worse.