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Czasopismo
2013 | 9 | nr 3 | 1--10
Tytuł artykułu

Working Capital Management, Profitability and Risk - Analyse of Companies Listed on the Warsaw Stock Exchange

Autorzy
Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This paper presents the problem of working capital management, profitability and risk represented by working capital strategy. According to the theory the more working capital is engaged in the company resulting in higher liquidity the lower the profitability and risk connected to the liquidity. On the other hand we can expect that the lower the working capital level and hence the liquidity the higher the profitability and risk., The author decided to test companies listed on the Warsaw Stock Exchange to see if balance sheet structure and risk connected to working capital strategy were related to the return measured by ROA and ROE in non-financial companies in the period 1997-2007. The results presented below show alack of correlation between working capital strategies (and the related risk levels) and the returns on assets and equity. (original abstract)
Słowa kluczowe
Czasopismo
Rocznik
Tom
9
Numer
Strony
1--10
Opis fizyczny
Twórcy
autor
  • University of Lodz, Poland
Bibliografia
  • Chakraborty, K., 2008. Working Capital and Profitability; An Empirical Analysis of Their Relationship with Reference to Selected Companies in the Indian Pharmaceutical Industry. The ICFAI Journal of Management Research.
  • Dash, M. And Hanuman, R. , (2009). A Liquidity-Profitability Trade-Off Model for Working Capital Management. SSRN Working Paper Series. http://ssrn.com/abstract=1408722, pages 10.
  • Eljelly, A. M. A. (2004). Liquidity- Profitability Trade off: An Empirical Investigation in an Emerging Market. International Journal of Commerce and Management 14(2), 48-61.
  • Filbeck, G., Krueger, T. (2005). Industry Related Differences in Working Capital Management. Mid-American Journal of Business 20(2), 11-18.
  • Harris, A. (2005). Working Capital Management: Difficult, but Rewarding. Financial Executive 21(4), 52-53.
  • Gajdka, J., Walińska, E. (1998). Zarządzanie Finansowe. Teoria i praktyka. Warszawa: FRR.
  • Garcia-Teruel, P.J. and Martinez-Solano, P. (2007). Effects of Working Capital Management on SME Profitability. International Journal of Managerial Finance. Vol. 3, Issue 2, pp 164-177.
  • Gupta, M. C., Huefner, R. J. (1972). A Cluster Analysis Study of Financial Ratios and Industry Characteristics. Journal of Accounting Research 10(1), 77-95.
  • Jose M. L., Lancaster C., Stevens J.L., (1996). Corporate Returns and Cash Conversion Cycles, Journal of Economics and Finance, 20, (1), 35- 48.
  • Lamberson, M. (1995). Changes in Working Capital of Small Firms in Relation to Changes in Economic Activity. Mid-American Journal of Business 10(2), 45-50.
  • Lyroudi, K., McCarty, D. (1993). An Empirical Investigation of the Cash Conversion Cycle of Small Business Firms. Journal of Small Business Finance, p. 139-161.
  • Lyroudi, K., (2012) The Liquidity - Profitability Trade off For Polish Companies, Presentation at the 4th International Conference oF the Economies oF Bałkan and Eastern Europe Countries in the Changed World (EBEEC 2012) Sofia, Bułgaria 11-13 May.
  • Nobaneee, H. And AlHajjar, M., (2009a). Working Capital Management, Operating Cash Flow and Corporate Performance. SSRN Working Paper Series.
  • Nobaneee, H. And AlHajjar, M., (2009b). Optimizing Working Capital Management. SSRN Working Paper Series. http://ssrn.com/abstract=1528894, pages 21.
  • Richards, Verlyn, D., Laughlin Eugene, J. (1980). A Cash Conversion Cycle Approach to Liquidity Analysis. Financial Management. Spring 1980, pp. 32-38.
  • Sierpińska, M., Nesterak, J. (1996). Przedsiębiorstwo na rynku kapitałowym. Łódź: Wydawnictwo Uniwersytetu Łódzkiego.
  • Van-Horne, J. C, Wachowicz J. M. (2004). Fundamentals of Financial Management (12th Edition). New York: Prentice Hall Publishers.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171262563

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