This diploma thesis deals with evaluation of the advantages and disadvantages of cash pooling. The aim of the thesis is to assess profitability of the cash management methods and eventual benefits of involvement of branches of surveyed company in the Group cash pooling. The theoretical part analyzes basic concepts of cash pooling, analytical part contains presentation of the company. Draft part assesses suitability of pooling cash and the feasibility of introducing cash pooling in other branches.

Submitted in fulfillment of the requirements of the Master of Technology Degree in Cost and Management Accounting, Durban University of Technology, Durban, South Africa, 2014. / Small businesses are vital for employment and job creation in South Africa. The implementation of sound cash management practices is essential to ensure to profitability and sustainability of any successful business. The commonly used expression, “Cash is king” cannot be contested as its validity was more prevalent in this research study. The aim of the study was to identify the current cash management practices of small retail businesses in the Tongaat area and identify the impact of such practices on their profitability and sustainability. This descriptive, cross sectional study, using a quantitative research paradigm and a non-probability sampling method targeted a sample of 69 businesses in the chosen area. The sample structure consisted of small retail businesses in the Tongaat area of KwaZulu-Natal. There was a significant relationship between drawing budgets and sustainability. This finding suggests that the more often the business draws up cash budgets, the more viable and sustainable the business is. 78.3% of the respondents acknowledged the importance of keeping records in the business, however, only 29.9% drew up cash budgets. The findings of this study could be useful to potential, emerging and established owners of all types of businesses since effective and efficient cash management is an integral component of any successful business. There should be more emphasis placed on the impact of how proper cash management practices can affect profitability and sustainability of a small retail business. A recommendation that adds value to the study was to engage the final-year, National Diploma: Cost and Management Accounting students in an integrated project, where they can provide cash management advice to these businesses. This will enhance the small businesses’ knowledge of cash management and encourage implementation of these procedures to assist in increasing profitability and sustainability in their business.

ABSTRACT Title: Working Capital Management in Telecommunication sector: A case study of VGC telecoms Author: Gbenga Segun Akinwande Supervisor: Anders Hederstierna Department: School of Management, Blekinge Institute of Technology Course: Master’s thesis in business administration, 15 credits (ECTS). Background and Problem Discussion: The efficient management of working capital is very vital for a business survival. This is premised on the fact having too much working capital signifies inefficiency, whereas too little cash at hand signifies that the survival of business is shaky. Purpose: The purpose of this research is to study the working capital management in the small and medium scale businesses, using VGC Telecoms Company as a case study, so as to establish factors influencing working capital performance; examine how cash management, inventory management and trade credit management affects working capital management; company effectiveness in converting working capital to ready money; how working capital management impacts on the problem of slow development and to offer recommendations on possible ways of improving working capital management Method: Literatures bordering on different areas of working capital management were reviewed. Thus, this research employed qualitative and quantitative analysis; and semi- structured questions were drafted based on the issues raised from the review of various literatures. In addition, materials from journal articles, textbooks, working papers and industry practitioners are put into consideration. The use of internet and e-mails to send out questions were explored where appropriate. Analysis on the company’s financial statement was carried out in order to verify my findings. Theory: In this research, the theory section looks at various concepts that come up when analyzing the consequences of working capital management for company value and the factors that influence a company’s working capital management performance. I have therefore chosen the most common concept for the theory section. I have also tried to create a theoretical understanding for the company’s sensitivity to a workable WCM policy Analysis: In the analysis of the research findings, I employed qualitative approach to the data analysis whereby the impacts of the poor WCM on the company were discussed in depth. Conclusion: The findings corroborate the postulation of Weston et al that a company’s investment in working capital is a substantial percentage of its total investment. In case of VGC Telecoms, it is as high as 65 percent. An inefficient and ineffective management of this investment will result in slow pace of development and ultimately to the business failure. The performances of the company in the different spheres of working capital management were scored as follows:- • Cash management – 65.4 percent • Inventory management - 78.6 percent • Trade credit management and financing decisions - 60.0 percent This is an average performance of 68 percent. That is, the company’s performance is above average. This is a good performance. The financial statements as interpreted reinforce the validity of this result. The liquidity ratios are high; the collection period is short; and the cash cycle is not quite expansive. This makes it possible to sustain sufficient cash flow for the smooth running of the business. The management of working capital impacts on liquidity, investment portfolio and profitability. All these three factors are decisive in the growth or failure of a business. Hence, good performances in working capital management affects these decisive factors favourably and thus, contribute to growth and success of the business.

Submitted by Cristiane Oliveira (cristiane.oliveira@fgv.br) on 2011-05-27T19:05:29Z No. of bitstreams: 1 68070200644.pdf: 703915 bytes, checksum: 9202bd2a2f744fa1d41f4cbf4eba4654 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-05-27T19:15:53Z (GMT) No. of bitstreams: 1 68070200644.pdf: 703915 bytes, checksum: 9202bd2a2f744fa1d41f4cbf4eba4654 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-05-27T19:17:47Z (GMT) No. of bitstreams: 1 68070200644.pdf: 703915 bytes, checksum: 9202bd2a2f744fa1d41f4cbf4eba4654 (MD5) / Made available in DSpace on 2011-05-27T19:53:09Z (GMT). No. of bitstreams: 1 68070200644.pdf: 703915 bytes, checksum: 9202bd2a2f744fa1d41f4cbf4eba4654 (MD5) Previous issue date: 2010-04-14 / Studies that investigate the reasons about the cash holdings are gain importance around academicals and still are in early stage, according to global academic research. Additionally, empirical studies have found significant high levels of cash holdings among international companies. We found three theories that support academic explanation of the determinants of the cash holdings: tradeoff theory, pecking order theory and agency theory. This study has the purpose to investigate empirically the determinants of the cash holdings among Brazilian companies, as well investigate the existence of a pro-active cash management policy. We use panel data to evaluate 198 Brazilian companies, between 1998 and 2008, according to Economatica source of data. The evidences lead us to conclude that cash management is an important decision to be made in corporate level. Theories support the explanation of the determinants in a complementary way. / Estudos que investigam as razões do acumulo de caixa e a existência de uma política de gestão ativa do caixa têm ganhado evidência na literatura acadêmica internacional nos últimos anos. As pesquisas que consideram os determinantes do nível de caixa e suas implicações ainda encontram-se em um estágio inicial. Adicionalmente, pesquisas ao redor do mundo têm encontrado elevado nível de caixa acumulado pelas empresas. De acordo com as principais linhas de investigação empírica, três correntes teóricas podem explicar o nível de caixa a partir das variáveis denominadas determinantes: tradeoff theory, pecking order theory e a teoria de agência. Este estudo tem por objetivo investigar empiricamente os determinantes do caixa e identificar a existência ou não de uma política de gestão ativa nas empresas brasileiras. Foi realizada uma pesquisa com amostra de 198 empresas listadas na BOVESPA, no período de 1998 a 2008, totalizando 2178 observações. A pesquisa utilizou modelos econométricos de regressão linear e painel de dados. Com as evidências empíricas encontradas, podemos concluir que a gestão do nível de caixa acumulado é uma importante decisão a ser tomada pelas empresas brasileiras. As teorias que suportam as explicações dos determinantes do nível de caixa podem ser aplicadas de modo complementar ao invés de divergentes.

Submitted by Cristiane Shirayama (cristiane.shirayama@fgv.br) on 2011-06-03T17:17:44Z No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-06-03T17:35:19Z (GMT) No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-06-03T17:40:23Z (GMT) No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) / Made available in DSpace on 2011-06-03T18:34:47Z (GMT). No. of bitstreams: 1 66080100264.pdf: 308949 bytes, checksum: 7a390b2d4b90a64b4e8396e2d219827f (MD5) Previous issue date: 2011-08-08 / Este trabalho analisa se o modelo de demanda corporativa por liquidez desenvolvido por Almeida, Campelo e Weisbach (2002) pode ser utilizado para identificar se empresas latino- americanas apresentam restrição financeira para obter financiamento. Para testarmos a hipótese de que as empresas restritas financeiramente detêm um nível de caixa mais elevado, e sua propensão marginal a poupar o excedente de caixa gerado também é superior às empresas irrestritas, procedeu-se uma análise de dados em painel, relativos a uma amostra que inclui empresas de capital aberto no Brasil e no México, de 2001 a 2009. As empresas restritas financeiramente, tanto do Brasil quanto do México, aumentam o nível do caixa em decorrência do tamanho de seus ativos, sendo um fator relevante para gestão do caixa na América Latina. As empresas Mexicanas irrestritas apresentam um nível de caixa superior às restritas, além de apresentar uma propensão marginal a poupar inferior às empresas irrestritas mexicanas, consistente com a expectativa inicial, de que o investment grade obtido logo no começo da amostra facilitou o acesso ao crédito para as empresas da amostra. / We examine the model of corporate demand for liquidity, developed by Almeida, Campelo and Weisbach (2002) can be used to identify whether Latin American companies have financial constraint to obtain financing. To test the hypothesis that financially constrained firms have a higher level of cash, and their marginal propensity to save the cash surplus generated is superior to unconstrained firms, we carried out an analysis of panel data relating to a sample, which includes publicly traded companies in Brazil and Mexico from 2001 to 2009. Financially constrained firms, both Brazil and Mexico, increase the level of cash due to the size of its assets, being a relevant factor for cash management in Latin America. Unconstrained Mexican companies have a higher level of cash than restricted firms have, and present a lower propensity to save cash than constrained Mexican firms, consistent with the initial expectation that the investment grade obtained at the beginning of the sample made easier access to credit for firms in the sample.

Kontanter har en avtagande trend som betalningsmedel i samhället. Banksektorn har också påverkats av kontanternas minskande genom att allt fler banker avvecklar sin kontanthantering. Detta påverkar i sin tur bankkunderna som inte längre har samma tillgång till fysiska betalningsmedel. Kundnöjdhet är ett väl utforskat ämne, men tidigare forskning har inte fokuserat på den påverkan bankernas kontanthantering har på kundnöjdheten. Det är vad denna studie undersöker genom syftet att tydliggöra den påverkan som kundnöjdheten får av bankernas olika grader av kontanthantering samt hur ålder, kön, relationstid och personlig kontakts inverkan på sambandet utspelar sig. Studiens utförande överensstämmer med den positivistiska forskningsfilosofin, deduktiva ansatsen och kvantitativa metoden. Det empiriska material som uppsatsen baseras på samlades in genom två olika internetenkäter, där en riktade sig till banker och en var ställd till bankkunderna. Totalt brukades 8 svar från banker och 106 av kundenkätens respondenter till resultatet av studien. Den befintliga forskningen har påvisat att ålder, kön, relationstid och personlig kontakt påverkar kundnöjdheten hos banker. Av den anledningen undersöktes de fyra variablernas, tillsammans med bankernas grad av kontanthantering, påverkan på kundnöjdheten. Resultatet visar att bankernas kontanthantering påverkar kundnöjdheten genom att en lägre grad av kontanthantering ger en lägre kundnöjdhet. Dessutom beror förhållandet även på åldern då en äldre kund är mindre nöjd när bankens kontanthantering avvecklas. Studiens resultat belyser ett aktuellt ämne och bör beaktas ur bankens synvinkel när ett beslut om kontanthanteringen ska tas. I ett samhälle där allt fler banker minskar sin kontanthantering innebär därför uppsatsens resultat en viktig parameter i utvecklingen. / Cash is a declining trend as a means of payment in society. The banking sector has also been affected by the decline of the accounts as more and more banks are dismantling their cash management. This affects the bank customers who no longer have the same access to cash. Customer satisfaction is a well-researched subject, but previous research hasn’t focused on the impact banks’ cash management has on customer satisfaction. That’s what this study examines through the purpose of clarifying the impact of banks’ different degree of cash management on customer satisfaction as well as age, gender, relationship time and personal contact´s impact on the relationship. The study’s execution complies with the positivistic research philosophy, deductive approach and quantitative method. The empirical material the study was based on was collected through two internet surveys, where one addressed the banks and one the bank customers. In total, 8 survey responses from the banks and 106 from the customers were used for the study’s outcome. Current research shows that age, gender, relationship time and personal contact affect the customer satisfaction at banks. Therefore, the impact of the four variables, along with the banks’ degree of cash management, was examined. The result shows that banks’ cash management affects customer satisfaction through the example that a lower degree of cash management results in lower customer satisfaction. In addition, the relationship is also dependent on age, since an elderly customer is less satisfied if the bank’s cash management is being dismantled. The result of the study highlights a current topic and should be considered from the bank’s point of view when a decision regarding cash management is taken. Therefore, in a society where more and more banks are reducing their cash management, the essay’s result is an important parameter in the development.

Submitted by Daniel Gomes de Moraes (daniel.moraes@citi.com) on 2012-09-25T14:09:15Z No. of bitstreams: 1 Dissertação MPFE 2012 - Daniel Moraes.pdf: 739467 bytes, checksum: f7d0525c360ce8418fae34c913e93102 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2012-09-25T14:36:33Z (GMT) No. of bitstreams: 1 Dissertação MPFE 2012 - Daniel Moraes.pdf: 739467 bytes, checksum: f7d0525c360ce8418fae34c913e93102 (MD5) / Made available in DSpace on 2012-09-25T14:40:32Z (GMT). No. of bitstreams: 1 Dissertação MPFE 2012 - Daniel Moraes.pdf: 739467 bytes, checksum: f7d0525c360ce8418fae34c913e93102 (MD5) Previous issue date: 2012-08-27 / Este trabalho procura entender se a adoção de melhores práticas de governança corporativa relacionadas à gestão de caixa agrega valor às empresas multinacionais; e definir quais são as práticas mais efetivas. A amostra utilizada foi um conjunto de 206 empresas multinacionais, de 32 países, que responderam uma ampla pesquisa a respeito de suas práticas de gestão de caixa relacionadas à governança corporativa em 2010. O estudo revelou que algumas práticas associadas à governança de gestão de caixa agregam de fato valor. Entre elas, temos que (i) empresas que possuem políticas de concentração de caixa (cash pooling) possuem um menor custo de dívida e um menor ciclo de conversão de caixa; (ii) empresas com In-House Bank possuem uma maior rentabilidade; e (iii) empresas com processos automatizados de pagamentos, recebimentos e reconciliação possuem uma melhor margem operacional. Por outro lado, os dados não conseguiram mostrar resultados significantes para importantes práticas relacionadas à: visibilidade de caixa; intercompany netting; e à utilização de Centro de Serviços Compartilhados. / This paper aims to study if the adoption of best-in-class corporate governance practices related to Cash Management adds value in multinationals enterprises and to identify which practices are more effective. The sample used in this paper was a group of 206 multinationals, from 32 countries, that have answered a broad survey related to Cash Management practices related to corporate governance in 2010. The study has revealed that some practices associated to Cash Management governance indeed add value to the firms. Among the findings: (i) companies that have solid cash concentration (cash pooling) practices have a lower cost of debt and a shorter cash conversion cycle; (ii) companies with In-House Banks have a higher profitability; and (iii) companies with automated payments, receivables and reconciliation processes have a better operating margin. On the other hand, the data did not show significant results for important best-in-class practices such as: cash visibility, intercompany netting and shared services centers.

The object of this work is cash management of concrete business. The objective is an analysis of this system and illustration his working on plan of year 2010. The work is intent on valuation of metods, instruments and sources, these are useful for cash management. It solves at first time a temporary absence of own sources for financing of business needs. The result of this work is proposal of improvement and recommendation for efficiency of system.

This thesis concerns the cash pooling sector that concentrates cash of big companies and top corporates and contributes to an effective control of liquidity. The first part completely describes this bank product using mostly technical foreign sources. The second part analyses individual legal and fiscal apects influencing cash pooling in the Czech republic. The last two chapters of my thesis deals with detailed analysis of this sophisticated product by an example of Komercni banka. Implementation of cash pooling from the perspective of the bank, clients portfolio using this product together with comparison of its differents types is studied in this thesis.

Выпускная квалификационная работа (магистерская диссертация) посвящена характеристике расчетно-кассового обслуживания клиентов в коммерческих банках, включающее в себя открытие и ведение банковских счетов юридических и физических лиц, является для банков очень важным видом деятельности. Расчетно-кассовое обслуживание в совокупности с проведением операций по привлечению денежных средств физических и юридических лиц во вклады и размещением этих средств от имени и за счет банка является классической банковской операцией. / Final qualification work (master thesis) is devoted to the cash management customer service in commercial banks, including opening and maintaining Bank accounts of legal and natural persons to banks is a very important activity. Cash management services in conjunction with the operations on attraction of funds of physical and legal persons into deposits and placement of these funds on behalf of and for the account of the Bank is a classic Bank transaction.