چکیده (انگلیسی):

The decision is one the basic activities of management and is the most important content of decisions on
working capital. Managers according to external and internal factors, risk and return should be choose the appropriate
strategy for handling and managing working the capital. In this paper, the relationship between the politics of working
capital and operational risks in listed companies in Tehran stock exchange will be investigated. To measure conservative
and aggressive strategy variable for working capital, the ratio of current assets to total assets and ratio of current
liabilities to total assets have been used. As well, the standard deviation of return on assets, the standard deviation of
return on equity, the standard deviation of Tobin q ratio and the standard deviation of sales were used as an indicator
for measuring operational risk. Using panel data, the survey findings of 71 companies listed in Tehran stock exchange,
for the period 2005 to 2011 indicate there is a negative and negative relationship between conservative strategy of
working capital and operational risks while there is a significant and positive relationship between aggressive strategy of
working capital and operational risks.