<p>Den här uppsatsen syftar till att redogöra för i vilken mån Sveriges storföretag prioriterar arbetet med att optimera sitt rörelsekapital. Studien var av en explorativ sort där målet var att identifiera och uppmärksamma tidigare okända mönster och samband angående hur kapitalrationaliseringsarbetet utförs utifrån perspektiven fokus, ansvar och mätningar.Informationen som studien bygger på inhämtades genom en enkätundersökning som skickades ut till CFO:n på de 200 största svenska företagen rankade efter omsättning, exkluderat finansiella företag. Svarsfrekvens bland respondenterna blev 25 % då exakt 50 företag valde att svara på enkätutskicket. Enkäten skickades elektroniskt och besvarades genom att svara på ett webbaserat program.Resultatet från studien visade att majoriteten av Sveriges största företag prioriterar Working Capital Management. Till vilken nivå de väljer att fokusera på Working Capital Management beror på det enskilda företagets förutsättningar som till exempel vilken bransch de opererar inom.</p>

Den här uppsatsen syftar till att redogöra för i vilken mån Sveriges storföretag prioriterar arbetet med att optimera sitt rörelsekapital. Studien var av en explorativ sort där målet var att identifiera och uppmärksamma tidigare okända mönster och samband angående hur kapitalrationaliseringsarbetet utförs utifrån perspektiven fokus, ansvar och mätningar.Informationen som studien bygger på inhämtades genom en enkätundersökning som skickades ut till CFO:n på de 200 största svenska företagen rankade efter omsättning, exkluderat finansiella företag. Svarsfrekvens bland respondenterna blev 25 % då exakt 50 företag valde att svara på enkätutskicket. Enkäten skickades elektroniskt och besvarades genom att svara på ett webbaserat program.Resultatet från studien visade att majoriteten av Sveriges största företag prioriterar Working Capital Management. Till vilken nivå de väljer att fokusera på Working Capital Management beror på det enskilda företagets förutsättningar som till exempel vilken bransch de opererar inom.

The purpose of this study was to investigate what impact the working capital policies have on the stock performance on the Swedish stock market during the years 2009-2012. Furthermore, the study explores if the firm size or industry of the firms have any impact on the working capital policy and if the theory of risk/return tradeoff indicating that an aggressive policy should generate a higher risk premium holds. This topic is rather unexplored since earlier studies have focused on working capital policies relationship with accounting profit rather than with stock return.In order to come up with answers to the research questions a quantitative research method has been used and data has been collected from the companies listed on the Swedish stock exchanges annual reports and stock prices from the Thomson Reuters Datastream. A database with all numbers and calculations was then constructed in Excel in order to easily transform the numbers into SPSS where the statistical tests where done. As statistical test the Pearson’s correlation was used to find if there is and correlation between working capital and stock return, beta and standard deviation. These tests where then done again but with the companies divided into policies, firm size and sectors.The results of this study show no clear relationship between Swedish firm’s working capital policy and the stock return. Regarding the relation with risk and return, the result indicates that working capital has a significant correlation with risk and that the aggressive policy of managing working capital is more risky. Moreover the size of firms does neither affect the relationship between working capital policies and stock return nor the risk/ return tradeoff. However, when dividing the sample into sectors especially one industry resulted in some standout findings. The industrial sector had significant correlations between level of working capital and risk/return. Concluding, there is no significant relationship between stock performance and working capital policies but after conducting this research we still regard working capital as one important component to take into account both for managers and investors.

Most of the construction industry's working capital is high demand, the face of the cash conversion cycle will also need to show stability of the state, to ensure smooth operation. Current construction industry is less focus on working capital , but this study suggests that working capital can be managed through the construction industry issues to explore and understand their working capital management, and thus the status of the problem to find a solution. This study proposes to financial report discusses the case Fu Tai Construction Co., Ltd of its working capital management on the effectiveness of performance, to understand the Working capital management impact on operating performance, follow-up on the case Fu Tai Construction Co., Ltd with discuss the strategies and effectiveness of analysis In this study, financial statements analysis and case study research. Financial Statement Analysis calculated for the relevant indicators, working capital management policies, including some working capital investment policy and financing policy, performance parts into return on assets, return on equity and net profit rate. Case study method and the main result of this case five Listed in working capital management policies and business performance in the indicators observed by comparing the value of the company's strengths and weaknesses of cases, followed by case discussion, strategies. Research results are as follows 1. Taiwan¡¦s Listed Construction Industry working capital management on the operational performance (1).Working capital assets policies: the fixed assets turnover rate will be affected by changes in time, but the ratio of current assets to total assets and total assets turnover rate is not; (2)Working capital financing policy: the current ratio, liquidity ratio and financing decisions liabilities to total assets does not change over time; 3. operating performance: net profit rate of the economy most affected by the return on assets and return on equity is affected to a lesser extent by the economy. 2. The case company's working capital management to improve the implementation of manner in response to the circumstances. (1).The case company policy of working capital assets, an indicator of quality of listed companies, little difference in the policy part of the working capital assets less the same general construction industry, there is no immediate urgency for improvement;(2) working capital financing policy of the indicators in the current ratio and financing decision-making ratio is less than the average listed company, with considerable room for improvement; (3).operating performance indicators are showing a lower level (0.03 to 0.12), representing the need to pay attention to the management of operational activities, to increase management efficiency in order to avoid unnecessary losses.

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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.

This report aims primarily at analyzing working capital management in non-profit organizations. Since most non-profit organizations experience financial difficulty in the short-term, an evaluation is conducted with regard to the components that make up working capital. Five organizations were analyzed, in order to identify if these problems are uniform, cyclical or unrelated occurrences. To prevent inconsistencies the organizations that were analyzed operate in similar environments and provide similar services. This study was prompted by the ever-changing economic conditions in the country and the effect that they have on non-profit organizations' survival. Based on this, a short-term financial perspective was undertaken and the effects of working capital management were analyzed. This was further elaborated by the fact that non-profit organizations are finding it difficult to bridge the discrepancies between revenue and expenditure, which was substantiated by Braswel et. al, (1984). A case study methodology approach was adopted which identified financial theory as a base; thereafter, an analysis was conducted of the organizations' financial statements. Once this was completed, a survey was undertaken with all financial decision-makers. Thereafter, an interview was conducted with financial managers to establish the effective management of working capital. Based on these methods, conclusions were drawn and recommendations made, so that corrective action could be taken to eliminate or reduce the recurrence of these problems. The aim of this study is to provide non-profit organizations with greater understanding of financial planning models and techniques, which would aid them in their management of working capital. / Thesis (MBA)-University of KwaZulu-Natal, 2004.

Master-Arbeit Univ. St. Gallen, 2007.

Master-Arbeit Univ. St. Gallen, 2008.

A research report submitted to the Faculty of Commerce,Law and Management in fulfilment of the requirements for the degree of Master of Commerce in Finance. / Cash flow is one of the critical factors influencing the operational, investments and financing decisions of a firm. Since working capital management deals with shortterm cash flows, this research explores the interaction between working capital management and profitability. Utilising 110 South African industrial firms listed on the JSE and ALTX this study firstly investigates the impact of working capital management on the profitability of firms from 2001-2010. Secondly this study investigates the impact of different working capital policies on profitability of South African industrial firms. The results show that after removing the problems associated with panel data, the cash conversion cycle which is the main measure of working capital is negatively related to both measures of profitability (return on assets and return on equity). The results of the study have also revealed that profitable firms have less days in account receivables, days in inventory, days in accounts payables, leverage ratio and high sales revenue. Lastly the sectorial analysis was conducted and the results revealed heterogeneous working capital management patterns.