Phd Thesis Working Capital Management

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The study of working capital management occupies an important place in financial management.

It has never received so much attention as in recent years.

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Working capital management is an integral part of overall financial management.

The sphere of working capital throws a welcome challenge and opportunity to a financial manager.The trade-off between profitability and liquidity are essential, however most of the firm’s ultimate objective is to maximise profit, while disregarding the dilemma of liquidity.One objective should not be cost of the other because both of them have their important (Raheman & Nasr, 2007). (1996) also point out this fact saying ‘firms with glowing long term prospects and healthy bottom lines do not remain solvent without good liquidity management’.After testing every industries liquidity, working capital efficiency level and financial leverage position, their performance has been compared through ratio analysis.There around 19 ratios have compared of every units.Investigate whether the two industries have the same effect on the relations.Extensive empirical research on WCM has been carried out around the world widely and those researches had given different results on the relationship between WCM and profitability.Disclaimer: This work has been submitted by a student.This is not an example of the work produced by our Dissertation Writing Service.A firm without sufficient cash flow will have difficulties to survive in the future as it will be unable to pay its obligations.Therefore, if a firm does not manage their liquidity position well, it will affect firm’s growth, survival and profitability (Shafii, 2010).


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