The primary objective of any corporation should be shareholder wealth maximisation. A firm's working capital policies have an effect on the firm's expected future returns and the risk associated with the returns, which ultimately have an impact on shareholder wealth. Efficient working capital management is a fundamental portion of the overall corporate strategy to create shareholder value. In this study the relationship of corporate profitability and working capital management was investigated. This relationship is examined using regression analysis. A sample of 118 firms listed on the Johannesburg Securities Exchange (JSE) for the period 2003 to 2007 was used. The purpose of this study is to establish whether a relationship exists between working capital management efficiency and profitability, considering the cash conversion cycle and operating profitability of the firm. The results of the regression analysis indicated that a statistical significance exists for three of the five years (2003 - 2005) analysed between profitability, measured with the gross operating profit, and the cash conversion cycle. It is observed (2003-2005 regression results) that a lower gross operating profit is associated with an increase in number of days accounts payable. The negative relationship between accounts receivable and firms' profitability (for 2003-2005) suggests that less profitable firms will pursue a decrease of accounts receivables in the attempt to reduce cash gap in the respective cash conversion cycles. The negative relationship between the number of days inventory and corporate profitability (for 2003-2005) suggests that a sudden decrease in sales accompanied by mismanagement of inventory, will lead to tying up excess capital at the expense of profitable operations. Managers or owners of firms can improve profits for firms by handling correctly the cash conversion cycle and keeping each individual component (accounts receivable, accounts payable and inventory) to an optimum level. These results (for 2003-2005) suggest that managers can create value for shareholders by reducing the cash conversion cycle and its individual components. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

Thesis (MScEng)--University of Stellenbosch, 2003. / ENGLISH ABSTRACT: Two fundamental aspects in modem business success are performance management and physical asset management. The current problem in the asset management environment is the lack of structured performance management, which is required to effectively control and enhance the dynamics of the asset and its life cycle. The result is ineffective assets with high life cycle costs, which will consequently influence the bottom line and return on investment, negatively. An Asset _eerformance Management Model (APM2 , pronounced A-P-M square) was developed. A sound theoretical foundation together with the experience of a leading asset management consultant resulted in the realization of a model that (i) gives a balanced view of asset performance, (ii) link asset performance to strategic business objectives, (iii) facilitates decision-making and problem solving, and (iv) enhances asset control and continuous improvement. The APM2 was developed by rese~ching and integrating five building blocks, which encompass the model requirements. The APM2 consists of two distinct components, namely: • the APM Reference Structure (APMRS), and • a range of APM Dockets. The APMRS is a basic structure that integrates the various building blocks into a framework for providing guidance and control, giving perspective on the entire model and explaining the high-level content of the model. It consists of five levels, each with a distinct focus: • Levell: Enterprise • Level2: Factory • Level3: Process Unit • Level4: Aggregate • Level5: Component The APM Dockets are a subset of the APMRS, where each level has a docket. These dockets are executable, unit-specific procedures, guiding and leading stakeholders towards improved asset performance. Also each of the five levels consists of six similar and inter-related elements. These elements are the foundation for each docket: lement 1: Stakeholders Element 2: Objectives Element 3: Measures Element 4: External Monitor & Targets Element 5: Responsibilities & Decision-Making Element 6: Control & Continuous Improvement Element 7 represents the link to the next level in the APM Reference Structure. • • • • • • Conclusively the APM2,s simplicity and understandability is realized through the APM Reference Structure, while the range of APM Dockets contribute to the practicality objective. The model has a strong theoretical foundation, but at the same time is generic, to be used in a wide range of industries. A leading asset management consultant plans to integrate the APM2 into their asset management program based on the thesis documentation. This application will test and validate the APM2 in practice. It is further recommended that an asset management program, with the associated APM2 , be used in conjunction with the Theory of Constraints and Total Productive Maintenance, because of obvious relationships. Further research is also suggested in relation with some of the experimental asset life cycle phases as well as certain financial considerations. / AFRIKAANSE OPSOMMING: Twee fundamentele aspekte in hedendaagse besigheidsukses is prestasiebestuur and fisiese batebestuur. Die huidige probleem binne die batebestuursomgewing is die gebrek aan gestruktureerde prestasiebestuur, wat 'n vereiste is vir effektiewe beheer en verbeterings rondom die bate en sy lewensiklus. Die resultaat is oneffektiewe bates met hoë lewensikluskoste wat gevolglik wins en beleggingsopbrengs negatief beïnvloed. 'n Prestasiebestuur Model vir Bates (APM2, uitgespreek as A-P-M square) is ontwikkel. 'n Deeglike teoretiese fondasie tesame metdie ondervinding van vooraanstaande raadgewende batebestuurders, het die realisering van 'n model tot gevolg gehad, wat (i) bateprestasie gebalanseerd voorstel, (ii) bateprestasie met strategiese doelstellings verbind, (iii) besluitneming and probleemoplossing fasiliteer, en (iv) batekontrole en voortdurende verbetering bevorder. Die APM2 is ontwikkel deur middel van die identifisering en integrasie van vyf boustene wat die vereistes vir die modelomvat. Die APM2 bestaan onderskeidelik uit twee komponente, naamlik: • die APM Verwysingstruktuur (APMRS), en • 'n reeks APM Vouers. Die APMRS is 'n basiese struktuur wat die verskillende boustene binne 'n raamwerk integreer en sodoende leiding en beheer fasiliteer, die model as geheel in perspektief stel en die modelinhoud op hoë vlak verduidelik. Dit bestaan uit vyf vlakke, elk met 'n spesifieke fokus: • Vlak 1: Onderneming • Vlak2: Fabriek • Vlak 3: Proseseenheid • Vlak 4: Aggregaat • Vlak 5: Komponent Die APM Vouers is 'n subdeel van die APMRS, waar elke vlak 'n vouer het. Hierdie vouers is uitvoerbare, eenheid-spesifieke prosedures wat deelhebbers lei na beter bateprestasie. Ook bestaan elkeen van die vyf vlakke uit ses soortgelyke en inter-afhanklike elemente. Hierdie elemente is die fondasie vir elk van die vouers: • Element 1: Deelhebbers • Element 2: Doelwitte • Element 3: Metings • Element 4: Eksterne Monitering & Mikpunte • Element 5: Verantwoordelikhede & Besluitneming • Element 6: Kontrole & Voortdurende Verbetering • Element 7 stel die verbinding met die volgende vlak in die APM Verwysingstruktuur voor. Gevolglik word die eenvoud en verstaanbaarheid van die APM2 gerealiseer deur die APM Verwysingstruktuur, terwyl die reeks APM Vouers bydra tot die praktiese doelwit. Die model het 'n sterk teoretiese grondslag, maar terselfdertyd is dit generies, sodat dit in 'n wye spektrum van industrieë gebruik kan word. Gebaseer op die tesis dokumentasie beplan vooraanstaande raadgewende batebestuurders om die APM2 te integreer met hul batsbestuursprogram. Hierdie toepassing sal sodoende die APM2 in die praktyk toets en bekragtig. Dit word verder aanbeveel dat 'n batebestuursprogram, met die geassosieerde APM2, tesame met die Theory of Constraints en Total Productive Maintenance gebruik word, as gevolg van voor die hand liggende verwantskappe. Verdere navorsing word ook voorgestel in verband met die eksperimentele fases binne die batelewensiklus, asook rakende sekere finansiële oorwegings.

It has become generally accepted to refer to today‟s global economy as a knowledge-based economy, since knowledge has increasingly become the resource, instead of a resource for wealth creation. The ability of businesses to harness the potential of intangible assets such as knowledge has become far more decisive than their ability to manage physical assets. In the implementation of knowledge management activities, knowledge sharing is recognised as an integral task and key enabler of knowledge management. Although knowledge sharing is regarded as one of the most crucial factors in the effective management of knowledge, in knowledge-intensive businesses in particular, it has also been established that most employees are reluctant to share knowledge. Research further confirms that the factors that promote or discourage knowledge-sharing behaviour in businesses are poorly understood and that knowledge management systems fail as a result of the misunderstanding of individual characteristics that could influence knowledge sharing. Moreover, the focus of knowledge-sharing literature, in terms of the unit of analysis, is rarely at an individual/micro level, although the role of individuals in the knowledge-sharing process is critical as tacit knowledge resides within the individual and knowledge sharing starts with individuals. Given the importance of understanding knowledge sharing of individuals in knowledge-intensive businesses – but noting the lack of existing systematic, integrated research that focuses on individual-related factors influencing knowledge sharing – the purpose of this study was to fill the gap in the current literature. As such, the primary objective of this research was to identify and empirically investigate the individual-related factors influencing the Knowledge-sharing intention of individual employees in knowledge-intensive businesses. The literature review revealed twelve constructs, namely Individuals’ awareness, Intrinsic motivation, Extrinsic motivation, Transactional psychological contract breach, Relational psychological contract breach, Relationship conflict, Task conflict, Extraversion, Neuroticism, Openness to experience, Agreeableness and Conscientiousness that could influence the dependent variable Knowledge-sharing intention in knowledge-intensive businesses. Various moderating relationships between the dependent and independent variables were also proposed, while seven demographic variables (Age, Gender, Language, Highest qualification, Ethnic background, Organisational tenure and Job tenure of the respondent) were identified as potential control variables. Each construct in the hypothesised model of individual-related factors influencing Knowledge-sharing intention was defined and operationalised using items sourced from validated measuring instruments in previous studies. Several self-generated items based on secondary sources were also formulated. A structured questionnaire was made available to respondents identified by means of the convenience sampling technique, and the data collected from 597 usable questionnaires was subjected to various statistical analyses. An exploratory factor analysis (EFA) was conducted which confirmed the unique factors present in the data, and Cronbach-alpha coefficients were calculated to confirm the reliability of the measuring instrument. Structural equation modelling (SEM) was the main statistical procedure used to test the significance of the relationships hypothesised between the various independent and dependent variables. A subset of SEM, namely general linear modelling (GLM) was used to determine the influence of selected demographic variables on Knowledge-sharing intention and to assess various moderating relationships as proposed in the hypothesised model. The main findings of this study were that personality traits are strong predictors of individual employees‟ willingness to share knowledge, and that the maturity of individuals, in terms of realising the significance and value of sharing their knowledge with others, and in recognising the intrinsic benefits of sharing, influence Knowledge-sharing intention. The main limitations of the study were the use of a convenience sampling technique to collect the data, as well as the dependence of self-report by respondents, which could lead to response bias. This study has added to the body of knowledge management research, in particular knowledge-sharing research, by investigating selected individual-related factors influencing the Knowledge-sharing intention of individuals in a particular subset of businesses, namely knowledge-intensive businesses, and focusing on a particular type of knowledge, namely tacit knowledge. From a business‟s perspective, this study offers recommendations and suggestions for managing these individual-related factors in such a way as to increase knowledge sharing among employees, and as a result, the effectiveness and competitive advantage of knowledge-intensive businesses.

Despite advances in the application of analytics in business functions such as marketing and finance, and a significant degree of interest in the topic of Human Resource analytics, its usage is still nowhere near where it could be. This study’s primary aim was to measure the levels of usage of HR analytics among South African organisations, an exercise that has not been done before. This qualitative, exploratory study was conducted among 16 senior Human Resource practitioners from large organisations in South Africa. Being qualitative, a limitation of this study is that it is not representative and therefore the results cannot be generalised. Further opportunities therefore exist for quantitative, longitudinal research in this field to objectively ascertain the extent of usage of HR analytics. It was found that South African organisations’ usage of HR analytics is still in its infancy and that the concept and its implications are little understood. It also found that there is consensus regarding the importance for HR analytics in organisations and that the HR analytical skills challenge is the main hindrance to implementation. Importantly, the study demonstrated and that the overall outlook for HR analytics is positive. The research makes recommendations and proposes a model that should enable organisations, the HR profession and the academic world to implement HR analytics. / Dissertation (MBA)--University of Pretoria, 2013. / zkgibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

This research commenced by looking at what the knowledge economy is and what the driving forces are. In order to decide on how knowledge in this new economy can be managed, it was first necessary to define the concept of knowledge. The difference between tacit and explicit knowledge and the interaction between the two were discussed and at the end ways of managing this knowledge were investigated. In a discussion of the term knowledge management it was concluded that it can be regarded as the handling of tacit and explicit objects of knowledge through information systems, so that it enhances innovation and learning in the enterprise. However, when this knowledge is used for creating economic value, it becomes an item of capital and it is therefore necessary to determine what Intellectual Capital is. The history of Intellectual Capital was discussed and in defining Intellectual Capital seven different models for Intellectual Capital were studied. It was found that Intellectual Capital is subdivided into three major components, viz. Human Capital, Structural Capital and Customer Capital. Each of these components was then thoroughly described and discussed. The aim of the research was to study the explicit management and measurement models of Intellectual Capital that would improve understanding of the mechanisms by which value is created and extracted. The different approaches that can be followed in managing Intellectual Capital were investigated. It was concluded that the three major components cannot be seen as independent from each other and must therefore be managed as a whole. The management of the interaction between the three components can be seen as the management of the intellectual assets of an organisation and this consists of two phases, viz. value creation and value extraction. In order to determine how successful an organisation is in managing its Intellectual Capital this management needs to be measured. The vehicle for measuring performance is a model with a set of indicators in each of the three major components. It was found that measurement models can be divided into four major categories: • Market capitalisation methods • Return on assets methods • Direct intellectual capital methods, and • Scorecard methods. Twenty-seven different models were investigated in order to understand which indicators were necessary to measure Intellectual Capital in an organisation. In order to propose a new framework a study was firstly done on what a framework should look like and which elements should be included. Thereafter an investigation was done to determine which indicators should be included in such a framework. As it was found that such a framework is very organisation-specific, a brief overview of the RAU was given and according to the strategic objectives of the University as set out in the three-year rolling plan a set of indicators was decided upon. It was necessary that each of these indicators indicate whether the University had been successful in the key performance area through the management of its Intellectual Capital. The criteria and indicators identified were applied in the composition of a new model in an effort to find a suitable model for use at universities. The evaluation process turned up the scorecard models as the most suitable for applying in this instance. An attempt was therefore made to modify and adjust these types of models to answer all the requirements of the University. Meeting the requirement that indicators from all three major components must be present was possible. Efforts to adapt existing models in such a way that sub-components can also be measured were met successfully. This model was then tested at RAU and it was measured whether the management of Intellectual Capital contributed to reaching the University’s strategic goals. / Prof. A.S.A. Du Toit

Sammanfattning Inom de flesta företag finns möjligheter att påverka rörelsekapitalet genom Working Capital Management. Detta kan även förkortas WCM, vilket enligt Deloof (2003) kan definieras som arbetet med att styra företagets rörelsekapital. De flesta företag har dessutom avsevärda summor uppbundna i rörelsekapitalet, vilket medför att WCM har en betydande roll på företagets lönsamhet. I strävan efter att nå ett optimalt rörelsekapital finns det dock risk att företagen drabbas av negativa effekter. Syfte: Denna studie syftar till att undersöka effekterna av WCM och hur dessa effekter påverkas utifrån hanteringen av WCM. Metod: Studien består av en kvantitativ enkätundersökning riktad till svenska tillverkande företag. Analys: Att frigöra kapital beskrivs som det främsta motivet för att genomföra WCM. Det framgår också att initiativ till beslut om en minskning av rörelsekapitalet är centraliserade och det är sällsynt att initiativ startar i den operativa verksamheten. Det sker däremot en nära samverkan i processen av en minskning av rörelsekapitalet mellan de som initierar WCM och den operativa verksamheten. Studien visar att de flesta företag inte upplever några negativa effekter av WCM. De negativa effekter som uppmärksammas inträffar främst i produktionen och gentemot kunder. Slutsats: Svenska tillverkande företag anser att WCM är en högt prioriterad fråga. De beslut som fattas inom WCM medför att ju längre bort från verksamheten besluten tas desto fler negativa effekter medför detta. I arbetet med WCM förekommer en hög grad av samverkan. Det har även framkommit att ökad samverkan mellan ledning och den operativa verksamheten minskar negativa effekter i samband med WCM. Nyckelord: WCM, Working Capital Management, rörelsekapital, rörelsekapitalbindning, samverkan, beslut, negativa effekter / Abstract Most companies are able to influence the working capital through use of Working Capital Management (WCM). According to Deloof (2003), WCM can be defined as the process of controlling a company’s working capital. Since many companies have substantial sums tied up in the working capital, WCM can have a significant role in the company’s profitability. In the pursuit of finding an optimal working capital, there is a risk that companies will experience negative effects.  Purpose: The purpose of this study is to investigate the effects of WCM and how these effects are influenced by how the WCM is managed within the company. Methodology: The study consists of a quantitative survey directed to Swedish manufacturing companies. Analysis: Releasing capital is put forward as the main motive for WCM. It also appears that the initiative for decisions regarding reduction of working capital tend to be centralized, since these initiatives rarely start in the business operations. There is however a close interaction in the process of a reduction in working capital between those who initiate WCM and the operations. The majority of companies within this study do not experience any negative effects of WCM, but when it occurs it is mainly within the production processes or in customer relations. Conclusion: Swedish manufacturing companies believe that WCM is of high priority. This study indicates that negative effects will occur increasingly if decision-making is centralized. Working with WCM requires a high degree of collaboration as the results of this study also points out that through increased interaction between management and operations, negative effects associated with WCM can be reduced. Keywords: WCM, Working Capital Management, working capital, collaboration, decisions and negative effects

Orientador: Paulo Sérgio Fracalanza / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-16T10:45:40Z (GMT). No. of bitstreams: 1 Kamada_Vitor_M.pdf: 1843264 bytes, checksum: 508821e23c6df9635a0cdc421548210b (MD5) Previous issue date: 2010 / Resumo: Esta dissertação trata dos limites à arbitragem no mercado de capitais. A idéia básica subjacente ao processo de arbitragem é comprar ativos financeiros desvalorizados e vender ativos financeiros supervalorizados. A finalidade é obter ganhos pecuniários mediante o diferencial dos preços. A economia neoclássica supõe que a arbitragem é processo instantâneo sem custos e riscos realizado por agentes atomísticos. No presente trabalho, essa hipótese é contestada com base nos avanços teóricos das Finanças Comportamentais. Na realidade, a arbitragem é sofisticada estratégia de investimento planejada por poucos profissionais altamente especializados em determinados mercados. Não obstante a arbitragem envolver substanciais custos e riscos, não há garantias de sucesso. A análise de casos concretos sugere que a concepção de arbitragem proposta pelas Finanças Comportamentais é mais realista. Três casos paradigmáticos foram analisados neste trabalho, a saber: I) empresas controladoras que valiam menos do que suas subsidiárias, como o exemplo da 3Com/Palm; II) ações gêmeas cujos preços desviavam-se da paridade teórica, como o exemplo da Royal Dutch/Shell; e III) o colapso do hedge fund Long-Term Capital Management (LTCM). No primeiro caso, os altos custos para efetuar a venda a descoberto inibiam completamente a arbitragem. As altas taxas de juros para se tomar emprestadas as ações da Palm parecem explicar o alto custo da venda a descoberto. No segundo caso, os riscos causados pelos mercadores de boatos impediam a convergência dos preços das ações gêmeas. O terceiro caso ilustra que agentes especializados com vultosas somas de capital enfrentam dificuldades em explorar os lucros arbitrais. Antes que os preços das ações gêmeas Royal Dutch/Shell convergissem, o fundo LTCM foi forçado a fechar suas posições, amargando enormes prejuízos. Em suma, os casos concretos mostraram os limites da arbitragem / Abstract: This thesis deals with the limits to arbitrage in the capital market. The basic idea underlying the process of arbitrage is to buy undervalued financial assets and sell the overvalued ones. The purpose is to obtain pecuniary gain by the difference in prices. Neoclassical economics assumes that arbitrage is a fast process without costs and risks undertaken by atomistic agents. In this essay, this hypothesis is refuted on the basis of theoretical advances in Behavioral Finance. In fact, arbitrage is a sophisticated investment strategy designed by a few experts with deep knowledge in certain markets. Notwithstanding arbitrage involves substantial costs and risks, it does not necessary imply success. The analysis of cases suggests that the concept of arbitrage proposed by Behavioral Finance is more realistic. Three cases were analyzed in this essay, namely: I) parent companies were worth less than the subsidiaries, as the example of 3Com/Palm; II) twin shares whose prices deviated from the theoretical parity, as the example of Royal Dutch/Shell; and III) the collapse of hedge fund Long-Term Capital Management (LTCM). In the first case, the high costs of short selling completely inhibited the arbitrage. The high interest rates to borrow the shares of Palm appear to explain the high cost of short selling. In the second case, the noise trader risk prevented the convergence of twin shares prices. The third case illustrates that professionals with vast amounts of capital face difficulties in exploring opportunities of arbitrage. Before the prices of Royal Dutch/Shell converge, the LTCM was forced to close his positions, suffering huge losses. In summary, the cases revealed the limits of arbitrage / Mestrado / Ciências Economicas / Mestre em Ciências Econômicas

Thesis (MBA)--Stellenbosch University, 2001. / In 1999, a study was conducted by Christo Nel within the People Management and Leadership domain. His research was based on responses to a questionnaire regarding the application of people management practices as a means of competitive advantage. The study was implemented to investigate and elicit opinions and reasons vis-a-vis the importance of specific people management practices to globally competitive organisations. In early 2001, building on Nel's research, Bekker and de Villiers embarked on a comprehensive study of literature regarding the nine people management practices within organisations. This was done by exploring each of the specific people management practices with a view to gleaning information about programmes that best-in-class organisations have implemented to ensure that employees are aligned with the following factors: Knowledge development (or knowledge management) - How to best "partner technology with a corporate culture and business processes, and using this as a vehicle to manage and deliver the business information and expertise of fellow workers to the most fundamental driver of business growth: the knowledge worker." Service excellence - Ensuring that organisations are fully accountable to their customers and providing a strong level of service. Focus on goals - Ensuring that organisations are emphasising the conversion of overall organisational objectives into specific objectives for organisational units or individual members (i.e. a process whereby objectives are "cascaded" down the organisation). Participation Encouraging employees to "take ownership and responsibility for business results," through programmes such as ESOP plans, representative participation and employee empowerment. From the vast amount of information that has been synthesised pertaining to the topic, a clear thread runs through the dissertation: Agility! An agile firm manages change as a matter of routine. By combining a competitive vision with internal and external initiatives, and the application of technology, an enterprise can deliver on the four key competitive priorities - cost, quality, dependability, and flexibility. The proposed model suggests that being focused on organisational goals is central to effectively utilising an organisation's biggest asset, namely its people. By linking goals to all the other people management practices, an organisation becomes increasingly agile and more adept at outperforming its competition.

Managing cash flow and cash conversion cycle is a crucial component of the overall financial management within businesses, particularly small businesses. A business is required to maintain a balance between its liquidity and profitability while conducting its day-to-day operations. Monitoring of cash as an indicator of financial health is important in the view of its crucial role within businesses. This requires a business to run an effective working capital management efficiently and profitably. Hence, efficient working capital management includes decisions on how much to invest in customers, inventory and accounts receivable, and the extent of credit to accept from suppliers. The purpose of the study was to examine the effect of working capital management on the profitability of small retail business with the Emfuleni Local Municipality. Three variables were used as a measure of working capital management, namely the number of days inventory on hand, number of days accounts payable, number of days account receivable. The return on assets was used to measure profitability. The study adopted the quantitative research approach using a structured questionnaire. A non-probability purposive sampling method was followed, where a total of 222 questionnaires were analysed. Spearman’s correlation analysis was conducted to examine the linear relationship between working capital management and the rate of return on assets. The results indicated that the period it takes the business to collect money from its customers impacts on the period it takes to pay the suppliers. A weak correlation was also reported between the number of days accounts are payable and the cash conversion cycle. Strong correlations also exist between day’s accounts receivable and the cash conversion cycle and days inventory on hand with the cash conversion cycle. Regression analysis results show that days account receivables have made the largest impact on return on assets. Small businesses may have to decrease the cash conversion cycle in order to help maintain value within the business. The number of days for accounts receivable should be reduced to a reasonable period (shorter than the creditor’s payment period). Small businesses may consider shortening the number of days inventory is held within the business, as this also will decrease the cost of obsolete stock.

Denna kvalitativa studie syftar till att få en djupare förståelse för hur små- till medelstora företag inom fordonsindustrin arbetar med Working Capital Management och hur användbara teorier kopplade till rörelsekapital är inom praktiken. Working Capital Management, som på svenska innebär styrning av rörelsekapitalet, syftar till att hitta en effektiv balans mellan rörelsekapitalets olika delar. Datainsamling till studien har skett via primära och sekundära källor, där de primära källorna är intervjuer och de sekundära tidigare empiriska studier samt tryckta källor. Fyra bolag som uppfyllt studiens krav har valts ut där två utav respondenterna var VD för respektive bolag och de andra två ekonomichefer. Intervjufrågorna baserades på den teoretiska referensramen där den empiriska datan sedan sammanställdes. Utifrån den teoretiska referensramen och den empiriska datan analyserades huruvida teorierna stämde överens med samtliga bolag. Slutsatsen av den här studien är att bolagen påverkas mycket av de större aktörerna inom fordonsindustrin vilket styr deras arbete med Working Capital Management. Däremot påverkas de olika mycket beroende på vilka kredittider bolagen har. Bolagen styrs också mycket av andra externa faktorer, där ett dotterbolag är mer styrt från övriga koncernen än vad ett moderbolag är. Slutligen kan arbetet med Working Capital Management ses som en påverkande faktor i bolagens val av finansiering, där bolagens tankesätt ligger mest i enlighet med POT.