<p>This study examines the impact of working capital management on cash holdings of small and medium-sized manufacturing enterprises in Sweden. The aim of this work is to theoretically derive significant factors related to working capital management which have an influence on the cash level of SMEs and test these in a large sample of Swedish manufacturing SMEs. The theoretical framework for this study consists of a treatise of motives for holding cash, working capital management and cash level. From these theoretical findings, two hypotheses are deduced:</p><p>• H1: Cash holdings are negatively related to the presence of cash substitutes</p><p>• H2: Cash holdings are positively related to working capital management efficiency</p><p>The quantitative investigation consists of the statistical analysis – namely comparison of means and correlation analysis – of key figures which are calculated from the financial statements of a large sample of firms. The dataset contains 13,287 Swedish manufacturing SMEs of the legal form ‘Aktiebolag’. Both hypotheses are confirmed by the results. Empirical evidence is presented which substantiates the supposition that the presence of cash substitutes – namely inventory and accounts receivable – entails lower cash holdings. Furthermore, it is confirmed that working capital management efficiency – measured by the cash conversion cycle – is positively related to cash level. The discussion of the empirical findings pays regard to the different subordinate components of both cash substitutes and working capital management efficiency. Implications of the detected findings are highlighted with respect to their potential utility for the achievement and maintenance of a firm’s target cash level.</p>

This study examines the impact of working capital management on cash holdings of small and medium-sized manufacturing enterprises in Sweden. The aim of this work is to theoretically derive significant factors related to working capital management which have an influence on the cash level of SMEs and test these in a large sample of Swedish manufacturing SMEs. The theoretical framework for this study consists of a treatise of motives for holding cash, working capital management and cash level. From these theoretical findings, two hypotheses are deduced: • H1: Cash holdings are negatively related to the presence of cash substitutes • H2: Cash holdings are positively related to working capital management efficiency The quantitative investigation consists of the statistical analysis – namely comparison of means and correlation analysis – of key figures which are calculated from the financial statements of a large sample of firms. The dataset contains 13,287 Swedish manufacturing SMEs of the legal form ‘Aktiebolag’. Both hypotheses are confirmed by the results. Empirical evidence is presented which substantiates the supposition that the presence of cash substitutes – namely inventory and accounts receivable – entails lower cash holdings. Furthermore, it is confirmed that working capital management efficiency – measured by the cash conversion cycle – is positively related to cash level. The discussion of the empirical findings pays regard to the different subordinate components of both cash substitutes and working capital management efficiency. Implications of the detected findings are highlighted with respect to their potential utility for the achievement and maintenance of a firm’s target cash level.

El objetivo planteado es contribuir a la teoría y práctica de la valoración financiera de la empresa estudiando la influencia que sobre dicha valoración ejercen integradamente gobierno, accionistas, acreedores, empleados y clientes. La necesaria flexibilidad de la vida empresarial se modeliza usando la metodología de las opciones, tanto ordinarias como reales. Las principales novedades se hallan en los dos ámbitos siguientes: 1) de carácter instrumental, que consiste en la forma de utilizar las opciones; 2) en la introducción y cuantificación del papel que empleados y clientes desempeñan en la creación de valor por parte de la firma. Este planteamiento pretende dar un paso adelante en la línea de evaluación de la remuneración de los empleados (lo que podría permitir la mejora de los esquemas de remuneración actualmente utilizados) así como en la de clasificar la clientela de acuerdo al valor añadido que estos dos grupos de personas (stakeholders) hayan aportado durante el ejercicio económico La investigación realizada abre importantes líneas de avance para el futuro, muchas de ellas reseñadas en la Tesis, que indudablemente servirán como hoja de ruta para ir completando el marco de trabajo aquí establecido. El actual estado de desarrollo de nuestros sistemas económicos necesitan nuevos enfoques, siendo muy prometedor el aquí planteado y utilizado. / This thesis focuses on the field of market valuation of relatively large firms and it refers markets with “normal” behavior, where classical assumptions apply, such as rationality and dynamical stability, in an attempt to investigate the firm's value creation so as to reveal the contribution of all possible stakeholders that might be involved in the formation of the market value of a firm. The literature review related to valuation models, especially the DCF model, has shown that the conceptual frame of Modigliani and Miller, to determine the market value of a firm as it is understood today, is too restricted because only three types of stakeholders (shareholders, debtholders and government) are considered. This work contributes to build an extending valuation model which incorporates some other stakeholders (different from shareholders, debtholders and government), such as employees and clients so as to reflect their influence on the firm's market value. Based upon the work of Rao and Stevens (2007) which reflects the role of the three types of stakeholders with a special emphasis on the role of government, real options theory is applied here to quantify the value created through a major degree of loyalty and capture policies for both employees and clients. One fundamental option is proposed when building the model and it is related to the employees' and clients' portfolio of a firm, which has options to improve returns by driving up the motivations of employees, the fidelity of clients, the capture of talents, the information campaigns to clients and/or investors. Through applying real options theory, this thesis finds an appropriate way for treating the uncertainty and integrating the risks associated with it in valuation models, along with considering the flexibility as an ingredient of value in managerial decisions, increasing the capability to give alternative actions. The approach in this thesis is almost theoretical with a possible scheme for empirical experiments suggested for future research. The results achieved attempt to suggest that there exists communication vehicles for the information about an increase of the satisfaction degree of employees and customers in such way to be truly transmitted to investors and thus to be converted into an increase of the firm's market value.

China has been a popular place for investment since it opened market in 1980¡¦s. Firms need to consider how to use inner and outer factors to gain competitiveness in this furious competition. This research is using a qualitative approach and case details were collected from firms which operate in China for years. This research aims to discover the relationship between firms¡¦ inner factors which are organizational capital types, strategic human capital management practices, and corporate entrepreneurship capability, and how they affect organizational competitiveness. Besides, this research also adds in the effect of institutional environment to find out how it influences those inner resources. Findings reveal that environmental factors are influencing firms¡¦ corporate entrepreneurship capability, but the effect is different in different industries and ownerships. For foreign investment, the effect is weak and negative; for local high-tech firms, the effect is strong and positive; for local service firms, the effect is huge and negative. Moreover, organizational capital types and strategic human capital management practices are influenced by institutional environment. Organizational capital is positively influencing corporate entrepreneurship and influencing selection of strategic human capital management practices, and even positively affecting organizational competitiveness. However, corporate entrepreneurship capability is influenced by organizational capital types and strategic human capital management practices and further affecting organizational competitive ability.

This is a case study on a water sports facility named Liquid Leisure which is owned by Stuart Marston. The aim of this case study is to get a deeper understanding of Liquid Leisure’s capital and business structure and how it affects Liquid Leisure when trying to raise capital. It will also look at potential knowledge gaps within Liquid Leisure and how these potential gaps have formed Liquid Leisure as a company. There are a significant number of research that point out that small/family businesses operates in different ways compared to large businesses. Because of these deviations it is important to know how small/family businesses think to get an understanding of their advantages and disadvantages. This research will provide a deeper understanding of Liquid Leisure as a small/family businesses and how they address corporate governance, bootstrapping and the agency problem. It will also give an understanding of the advantages and disadvantages facing Liquid Leisure when raising debt and equity. These aspects have been compared to the complexity in the characteristics of small/family businesses. This will later be compared to Stuart Marston’s views and how Liquid Leisure is being operated. The results shows that Liquid Leisure has some characteristics in common with other small/family businesses but that Stuart’s behaviour create some complications for Liquid Leisure.

Talented employees are leaving small businesses in the search for more lucrative opportunities where their talent is acknowledged, valued and able to grow. Dealing with voluntary talent turnover decreases profitability and becomes a roadblock for achieving strategic goals. Businesses incur additional costs to find and replace talent to maintain continuity. However, the time and money spent replacing talent does not guarantee turnover will vanish. What were the stimuli that caused disengagement? Were they strategically managed? Did employees leave because the initial stimuli were not addressed? These are all questions that can lead to decisive actions focused on reducing talent departure. The goal of a small business should be to find a balance where employee values are met and human capital levers are strategically managed; consequently adding value to small businesses by reducing unnecessary costs due to turnover. / text

This thesis explores causal attribution statements on performance outcomes given in annual reports of UK listed rms. The objectives are three-fold. First, it analyses the nature and extent of attribution statements provided. Second, it explores corporate governance factors and rm-speci c characteristics that are related to the provision of attribution statements. Finally, it investigates the economic consequences of providing attribution statements by examining their association with the rm's cost of equity capital. Using data drawn from a sample of 142 UK rms listed on the London Stock Exchange, content analysis was used to measure the extent of attributions in the annual reports for the year 2006. The results show that the volume of attribution statement provision is generally low and variation across rms is low. Firms also show a strong tendency to explain performance with internal rather than with external reasons. The results from regression analysis show that the volume of attribution statements and the space given to internal and external attribution statements is associated with the proportion of non-executive directors, director share ownership, audit committee size, market value, gearing, pro tability and new share issues. With respect to the relationship between the attribution statements and the cost of capital, the PEG model was employed to estimate the cost of equity capital. The ndings indicate an association between attribution statement provision and the cost of equity capital, but only for rms with low analyst following. For these rms, more extensive performance explanations and more extensive internal explanations are associated with a higher cost of equity capital. However, attribution statements are unrelated to the cost of equity capital for rms with high analyst following. The thesis makes two contributions in the area of attribution determinants. First, it measures attribution provision with a measure that has not been previously applied in the literature to measure attribution statements. Second, it provides evidence on how rm-speci c characteristics and the rm's corporate governance mechanisms in uence the extent and the type of performance explanations provided by rms. The thesis makes four contributions regarding the e ect of attribution statements on the cost of capital. First, it uses a quantitative approach to directly estimate the cost of capital e ects of attribution statements. Second, it provides evidence that the association between attribution statements and the cost of equity capital is in uenced by an interaction between attribution statements and analyst following. Third, the thesis provides the rst evidence of the relationship between attribution statements and the cost of equity capital in a UK setting. Fourth, it provides evidence that the relationship between disclosure and the cost of equity capital is complex and is in uenced by interactions between disclosure and information intermediaries.

The success of an organisation is inherent upon the ability to correctly identify the problems and to avoid being distracted by the symptoms. The pursuit of success demands the necessity of planning, which if only internal, is in itself insufficient. The organisation needs to adapt and pursue a dynamic strategic policy, taking into account the environment in which it operates. Every organisation has a unique organisational culture. Each has its own business philosophy and principles. Its own ways of approaching problems and making decisions, its own embedded patterns of how to turn things around, its own folklore, its own taboos and political do's and don'ts - in other words, its own ingrained beliefs, behaviour and thought patterns, business practices, and personality. This dissertation will entail an evaluation of the organisations revenue division and proposes recommendations for the future. The analysis commences with an evaluation of the current structure, systems and processes, which then sets the foreground for a sharply focused analysis of future strategy to improve revenue. The benefit of this approach is that available resources are matched to a strategy, whilst identifying future resources needed for transformation. The analysis includes recommendations as to how The Msunduzi Municipality can continue to grow and maintain a sustainable competitive advantage through carefully crafted strategies that will lead it into a financial status of long-term sustainability. / Thesis (MBA)-University of Natal, Durban, 2003.

Two cases from public health care levels were compared on practises used to manage working capital with two cases from the same levels of health care in private health sector. The objective was to establish whether the practises in public health sector comply with the efficient management of working capital principles and whether it was practically feasible to apply the methods in health care provision. Primary and secondary data was collected. Staffs at an operational and administrative level were interviewed at both the primary and the Secondary health care. It was found that principles of working capital practiced in private sector are mostly consistent with working capital theories and could actually be implemented effectively in public health sector without risking patient health. Inefficiencies were identified in the public sector at both an operational and administrative level especially at a secondary health care level. Finally the study makes recommendations on how to address such inefficiencies. / Thesis(MBA)-University of Natal, Durban, 2003.

Thesis (Ph. D.)--University of Missouri-Columbia, 2002. / Typescript. Vita. Includes bibliographical references (leaves 486-512). Also available on the Internet.