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The Impact Of Aggressive Working Capital Management Policy On Firms Value
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Book Synopsis The Impact of Aggressive Working Capital Management Policy on Firm's Value by : Abdullah Naqi
Download or read book The Impact of Aggressive Working Capital Management Policy on Firm's Value written by Abdullah Naqi and published by . This book was released on 2020 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study will examine the value of the firm and aggressive working capital management while considering the mediating effect of a firm's profitability. The study consist of 147 non-financial firms listed on the Pakistan Stock Exchange. The study period consists of years from 2009 to 2014. The finding reveals that aggressive working capital financing policy has a significant negative impact on profitability and firm value while aggressive investment policy discloses a significantly positive relationship with profitability. Profitability has a significant and positive impact on the firm's valuation therefore, profitability can mediate the relationship between the aggressive working capital management and the value of the firm. Therefore, we conclude that to enhance profitability through optimization of investment on current assets and by adding the proportion of long term financing in working capital. In the end, we have discussed some of our limitations and future research opportunities.
Book Synopsis Impact of Aggressive Working Capital Management Policy on Firms' Profitability by : Mian Sajid Nazir
Download or read book Impact of Aggressive Working Capital Management Policy on Firms' Profitability written by Mian Sajid Nazir and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present study investigates the traditional relationship between working capital management policies and a firm's profitability. Using the panel data set for the period 1998-2005, the impact of aggressive working capital investment and financing policies has been evaluated using return on assets as well as Tobin's q. Managers can create value if they adopt a conservative approach towards working capital investment and working capital financing policies. The study also finds that investors give weight to the stocks of those firms that adopt an aggressive approach to managing their short-term liabilities.
Book Synopsis The Impact of an Aggressive Working Capital Management Policy on a Firm's Profitability by : Lawrence Kehinde Awopetu
Download or read book The Impact of an Aggressive Working Capital Management Policy on a Firm's Profitability written by Lawrence Kehinde Awopetu and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Working Capital Management by : Lorenzo Preve
Download or read book Working Capital Management written by Lorenzo Preve and published by Oxford University Press. This book was released on 2010-04-28 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: Working Capital Management provides a general framework that will help managers understand working capital using a comprehensive approach that links operating decisions to their financial implications and to the overall business strategy. It will also help managers to gain a better understanding of the key drivers to profitability and value creation.
Book Synopsis The Impact of Working Capital Management on Firm Value by : Ama Hingurala Arachchi
Download or read book The Impact of Working Capital Management on Firm Value written by Ama Hingurala Arachchi and published by . This book was released on 2018 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate finance literature and finance practitioners have the notion that the efficient working capital management (WCM) affects firm value. This study investigates the value effect of working capital management, using a sample of 44 listed companies on the Colombo Stock Exchange (CSE) over the period 2011-2015. The CSE is currently recognized as a high growth frontier market (FM) in the world. The efficiency of WCM is measured using the Cash Conversion Cycle (CCC) and its components while firm value is measured by the Tobin Q ratio. The firm size, leverage and sales growth are used as the control variables. Using panel data regression methodology (the pooled OLS and fixed effects regressions), the study finds that CCC is inversely related to Tobin Q, suggesting that managers can create value for their shareholders by efficiently managing investment in working capital of their firms.
Book Synopsis Working Capital Management: Concepts And Strategies by : H Kent Baker
Download or read book Working Capital Management: Concepts And Strategies written by H Kent Baker and published by World Scientific. This book was released on 2023-03-21 with total page 543 pages. Available in PDF, EPUB and Kindle. Book excerpt: Working capital refers to the money that a company uses to finance its daily operations. Proper management of working capital is critical to financial health and operational success. Working capital management (WCM) aims to maximize operational efficiency by maintaining a delicate balance among growth, profitability, and liquidity. WCM is a continuous responsibility focusing on a firm's day-to-day operations involving short-term assets and liabilities. By efficiently managing a firm's cash, accounts receivable, inventories, and accounts payable, managers can help maintain smooth operations and improve a company's earnings and profitability. By contrast, poor WCM could lead to a lower credit score, financial insolvency, legal troubles, liquidation of assets, and potential bankruptcy.This book provides an objective look into the dynamic world of WCM. Its coverage extends from discussing basic concepts and their applications to increasingly complex and real-world situations. The book stresses that WCM is a combination of both art and science. This volume spans the gamut from theoretical to practical while offering the right balance of detailed and user-friendly coverage. Readers can gain an in-depth understanding of this subject from experts in this field. Those who want a broad survey will benefit, as will readers looking for more in-depth presentations of specific areas within this field of study. In summary, Working Capital Management: Concepts and Strategies provides a fresh look at this intriguing but often complex subject of WCM.
Book Synopsis Innovative Management and Firm Performance by : M. Jakšic
Download or read book Innovative Management and Firm Performance written by M. Jakšic and published by Springer. This book was released on 2014-07-29 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on business firms as catalysts and agents of social and economic change, and explores the argument that sustainable development is the perfect opportunity for businesses to strengthen the evolving notion of corporate social responsibility, while achieving long-term growth through innovation, research and development.
Book Synopsis Contemporary Financial Management by : R. Charles Moyer
Download or read book Contemporary Financial Management written by R. Charles Moyer and published by South Western Educational Publishing. This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The eighth edition of this successful text provides a comprehensive and contemporary introduction to financial management, focusing on shareholder wealth maximization and cash flow management, the international aspects of financial management, the ethical behavior of managers, and the increased impact of the Internet in business practice. In addition, content has been added or enhanced to reflect the changing focus on finance areas including topics such as discounted payback period, dividend practices of foreign firms, risk management, and real options.
Author :Dr. Ajay Tyagi Publisher :Horizon Books ( A Division of Ignited Minds Edutech P Ltd) ISBN 13 :9386369338 Total Pages :191 pages Book Rating :4.3/5 (863 download)
Book Synopsis CAPITAL INVESTMENT AND FINANCING FOR BEGINNERS by : Dr. Ajay Tyagi
Download or read book CAPITAL INVESTMENT AND FINANCING FOR BEGINNERS written by Dr. Ajay Tyagi and published by Horizon Books ( A Division of Ignited Minds Edutech P Ltd). This book was released on 2017-01-01 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: A corporate speculator embraces a monetary assessment while choosing whether to put resources into substantial resources or different business. The speculator needs to guarantee that it pays close to a reasonable incentive to buy the venture and that the monetary benefit for its proprietors is augmented. The part talks about monetary assessment with regards to venture choices with an emphasis on speculation valuation and organizing and assessment procedures. Capital gave to an organization, and any value produced inside, should just be put resources into resources if esteem is made for investors—that is, the point at which the estimation of financial advantages emerging from the advantages surpasses the cost of procuring those advantages.
Book Synopsis Is Working Capital Management Value-Enhancing? Evidence from Firm Performance and Investments by : Nihat Aktas
Download or read book Is Working Capital Management Value-Enhancing? Evidence from Firm Performance and Investments written by Nihat Aktas and published by . This book was released on 2014 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the value effect of working capital management (WCM) for a large sample of US firms between 1982-2011. Our results indicate (i) the existence of an optimal level of working capital policy; and (ii) firms that converge to that optimal level (either by increasing or decreasing their investment in working capital) improve their stock and operating performance. We also document that corporate investment is the channel through which efficient WCM translates into superior firm performance. In particular, efficient WCM allows firms to redeploy underutilized corporate resources to higher-valued use, such as the funding of cash acquisitions.
Book Synopsis Impact of Working Capital Management on Profitability by : rafathunnisa Syeda
Download or read book Impact of Working Capital Management on Profitability written by rafathunnisa Syeda and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The success of any business depends on its profitability, liquidity, and solvency. Liquidity plays an important role in the successful running of a business. Many prior studies have been conducted to measure the relationship between working capital and profitability. The results showed that the high investment in inventories and receivables is associated with lower financial performance. They found a negative relationship between Return on Assets and Inventory turnover and Cash conversion cycle the present study is designed to know the direct impact of working capital on profitability by choosing the days of collection, days of payment, days inventory converts to sales and finally the cash conversion cycle. This study examines the association between the profitability and working capital using the data of 15 US trading companies for the period of 2015 to 2019. The key points in this study are firstly there exists a negative relationship between the profitability and the average collection period, the lower the average collection period higher will be the profitability, indicating that a decrease in the number of days a firm receives payment from sales affects the profitability of the firm positively. Secondly there is a highly significant positive relationship between average payment period and profitability. This implies that the longer a firm makes the payment to its creditors, the more profitable it is. Thirdly the cash conversion cycle decreases it will lead to an increase in profitability of the firm, and managers can create a positive value for the shareholders which indicates that it has been maintained. The regression analysis showed the value for the R-squared in the model is 0.584, i.e., 58.4% of the variation in the dependent variable Net Profitability is explained by the independent variables.
Download or read book 财务管理基础 written by and published by 清华大学出版社有限公司. This book was released on 2006 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt: 清华金融系列英文版教材
Book Synopsis Enhancing Shareholder Value Through Efficient Working Capital Management by : Palanisamy Saravanan
Download or read book Enhancing Shareholder Value Through Efficient Working Capital Management written by Palanisamy Saravanan and published by . This book was released on 2020 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt: Working capital management is important owing to its effects on the firm's profitability, liquidity and more importantly on its value. In the current study, we investigated the link between efficiency of working capital management and value of the firm in the Indian context during the period 2004 to 2015. We deployed accounting as well as market based metrics to decipher the relationship between firm value and cash conversion cycle. Using panel data regression model, we found that shorter cash conversion cycle leads to higher firm value; further, we observed a non-linear relationship between cash conversion cycle and firm value indicating optimal level of investment in working capital enhances shareholders' value. Majority of the independent variables including control variables in the model are found to be highly significant. Further, our results are robust and are in consonance with the theory and have far reaching implications for the corporate finance managers, prospective investors, lenders, suppliers, government and regulatory authorities.
Book Synopsis Asia-Pacific Contemporary Finance and Development by : William A. Barnett
Download or read book Asia-Pacific Contemporary Finance and Development written by William A. Barnett and published by Emerald Group Publishing. This book was released on 2019-06-19 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume of The International Symposia in Economic Theory and Econometrics explores and investigates contemporary challenges and issues facing the Asia-Pacific economies. For researchers and students of economics and finance, this volume is a fascinating exploration of emerging topics in one the fastest growing economies in the world.
Book Synopsis Net Working Capital Management Strategies as Factor Shaping Firm Value by : Grzegorz Michalski
Download or read book Net Working Capital Management Strategies as Factor Shaping Firm Value written by Grzegorz Michalski and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Actually determining the intrinsic value of liquidity is one of the unsolved problems in finance. Firms hold liquidity for a variety of different reasons. Generally, liquidity balances held in a firm can be called considered, precautionary, speculative, transactional and intentional. The first are the result of management anxieties. Managers fear the negative part of the risk and hold liquidity to hedge against it. Second, liquidity balances are held to use chances that are created by the positive part of the risk equation. Next, liquidity balances are the result of the operating needs of the firm. Having information about value of liquidity we can better dissolve the problem of liquidity management. The net working capital management leaning on the information about the intrinsic value of liquidity drives to increase of the value of the firm. The theses of article show how firm should manage net working capital to maximise value of the firm.
Book Synopsis Effect of Working Capital Polices on Firm's Performance by : Asfandiyar Wali
Download or read book Effect of Working Capital Polices on Firm's Performance written by Asfandiyar Wali and published by . This book was released on 2017 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research was carried out to examine the effect of working capital policies on the firm performance on the non-financial firms. This study was conducted in the Pakistan Stock Exchange. A sample of 120 non-financial firms were taken on basis of random sampling. The data of these non-financial firms were obtained during 2009 to 2014. The main purpose of the study was to assess the current assets and current liabilities level maintained by the non-financial firms and their effect on the profitability and firm value. ROA and firm value was taken as dependent variable while investment policy, financing policy, size, growth and leverage were taken as independent variables. For the data analysis, we used the panel data regression model. The diagnostic tests i.e. chow test, breush pagan, vector inflation factor and white's test for heteroskedasticity were used. The findings of chow test, Breush pagan test reflects for both ROA and firm value, the recommendation of fixed effect model for the data analysis. The result of fixed effect shows that investment policy, financing policy, size, growth and leverage have positive relationship with the profitability and firm value. The results show that the investment policies, financing policies and growth have a significant effect on the firm profitability while the leverage and size have insignificant effect on the firm profitability.
Book Synopsis Efficiency of Working Capital Management and Firm Value by : Ratnam Vijayakumaran
Download or read book Efficiency of Working Capital Management and Firm Value written by Ratnam Vijayakumaran and published by . This book was released on 2019 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between the efficiency of working capital management (WCM) and the firm value, focusing on a large panel of Chinese listed companies. WCM which involves a trade-off between profitability and risk is a very important element of the financial management of the firm. The net trade cycle (NTC) and its components are used to measure efficiency of WCM, while the firm value is measured by the Tobin's Q ratio. The study makes use of the panel data methodology to estimate the regression models. This study reports that the net trade cycle is negatively associated with firm value. More specially, the study finds that firm value is adversely affected by the number of days accounts receivable and inventories, indicating that working capital provides a real opportunity for financial executives to release cash and improve firms' value. The findings of this study are consistent with the idea that managers can enhance firm value by efficiently managing the investment in working capital.
