This study examines how optimal working capital policies impact firm value in 184 Pakistani non-financial firms, with market power as a moderating factor. The study uses panel data from 2011 to 2023 and the Kruskal-Wallis test to look for patterns in working capital policies. It also employs the Generalized Method of Moments (GMM) to address endogeneity. Working capital policies are measured through investment policy (IP), finance policy (FP), and cash conversion cycle (CCC), while market power is assessed using the Herfindahl-Hirschman Index. Firm value is measured via Tobin’s q (TQ) and the market-to-book ratio (MB). IP and CCC significantly impact firm value, whereas FP has a negative effect. Conservative IP, extended cash conversion cycles beyond optimal levels, and conservative financing all enhance firm value. Market power weakens the positive impact of IP on firm value but amplifies the benefits of FP and CCC. The findings of the study support trade-off theory. Conservative IP and aggressive FP increase firm value. The study provides financial managers with insights to align working capital strategies with market power and equips policymakers with tools to enhance shareholder value.

This study investigates the impact of Enterprise Risk Management (ERM) on firm value among Shariah-compliant industrial product and service firms listed on Bursa Malaysia from 2022 to 2024. Using Tobin's Q as the measure of firm value, the study examines the role of board size, leverage, Chief Risk Officer (CRO) presence, firm size, and sales growth in shaping market performance. Panel data analysis was conducted on 90 companies, employing regression and correlation techniques using EViews. The results reveal that board size and leverage significantly and positively affect firm value, consistent with agency theory and the principle of shura (consultation), which encourages collective decision-making. Conversely, firm size, sales growth, and CRO presence exhibit negative or mixed effects, suggesting that governance structures must be effectively integrated for ERM to create value.