Liquidity Management and Financial Performance Across Pandemic Phases: Evidence from Listed Manufacturing Firms in Tanzania

Abraham Charles Nathanael (Department of Accounting and Finance, University of Dodoma, Dodoma, Tanzania)
Alex Reuben Kira (Department of Accounting and Finance, University of Dodoma, Dodoma, Tanzania)
Anastasia R. Njiku (Department of Accounting and Finance, University of Dodoma, Dodoma, Tanzania)

SEISENSE Journal of Management
Vol. 9 No. 1 (2026): SEISENSE Journal of Management

Purpose: This study examines whether the association between liquidity management and financial performance differs across pre-pandemic, pandemic, and post-pandemic periods.Design/Methodology: Quarterly data from seven manufacturing firms listed on the Dar es Salaam Stock Exchange (2018–2023) were analyzed using fixed-effects interaction models with firm-clustered and Webb-bootstrap inference.Findings: The Quick Ratio (QR)–financial performance association varied across pandemic phases, while no comparable evidence emerged for the Current Ratio (CR). The QR pattern remained under calendar-time controls but weakened after winsorization and was not reproduced by alternative liquidity measures or first-difference analysis. Thus, the evidence is specification-sensitive rather than conclusive.Practical Implications: Liquidity indicators should be interpreted alongside asset composition, operating requirements, and economic conditions rather than as uniform targets.Originality: The study provides a phase-sensitive application of Trade-Off Theory by showing that liquidity–performance relationships may vary across economic conditions and liquidity measures.