An introduction to cybernetics.

An analysis of working capital management

This study empirically examines the impact of working capital management (WCM) on the profitability of Small and Medium Scale Enterprises (SMEs) in the context of a developing economy, Ghana We an

https://journals.sagepub.com/doi/pdf/10.1177/2158244021989317

Working Capital Management and SMEs Profitability in Emerging Economies: The Ghanaian Case:

Today, one of the main priorities in Europe is to introduce measures to increase environmental protection. Therefore, SMEs operating in the branch related to renewable energy are essential for several EU priorities. SMEs can also be vulnerable, especially during times of crisis, which could negatively affect renewable energy development. Therefore, this paper aims to evaluate and analyze the financial security management of renewable energy SMEs during the COVID-19 pandemic. The research is conducted on SMEs operating in the renewable energy sector in Poland. The research periods are 2019 (before the COVID-19 crisis) and 2020 (during the crisis). By analyzing different financial performance ratios, we found that SMEs operating in the energy sector have been able to stabilize and maintain their current economic position compared to the past. The results of this study indicate that the receivables collection period, cash conversion cycle, and operating cycle could have been insignificantly shorter during the COVID-19 crisis. Furthermore, to have stronger financial security, SMEs have adopted a conservative policy in which the share of accounts receivable in current assets has been significantly reduced during COVID-19. In contrast, an insignificant increase in liquidity, quick ratios, and inventory turnover have been observed. In general, Polish SMEs have chosen to adopt conservative strategies during COVID-19 to have better liquidity security.

/pdf/assessment-of-financial-security-of-smes-operating-in-the-30vwci5j.pdf

Assessment of Financial Security of SMEs Operating in the Renewable Energy Industry during COVID-19 Pandemic

Working capital management is a crucial pillar in corporate finance. The performance of transport companies can be improved by efficient working capital management through cash management, inventory management, and receivables management. This approach aims at sustainable growth of transport companies in international competition. The main aim of the article is to identify statistically significant variables from working capital management describing liquidity and activity, with a focus on corporate performance in the Visegrad Group countries. We designed models for small and medium-sized enterprises for each member state of the Visegrad Group and a universal model for the entire region. We applied a comprehensive model design process using multi-criteria linear regression, mainly on indicators from the Amadea financial statements in IBM SPSS 25. We described the overall sample using descriptive statistics, identify outliers, identify multicollinearity, and design models, and compared with other models describing return on assets. The added value is the explanation of the impact of working capital management on the performance of small and medium-sized transport companies in the Visegrad Group, which make up most companies in this sector. These findings help identify key aspects of working capital management that contribute to business performance. The paper presents a detailed output for future research into the role of working capital in corporate management.

/pdf/the-impact-of-working-capital-management-on-corporate-1u0x5pfv.pdf

The Impact of Working Capital Management on Corporate Performance in Small–Medium Enterprises in the Visegrad Group

Changes in understanding and interpretation of decision-making processes have shed more light on complex interplay given the different settings, and different actors. The limitations in human decision-making and their significance and long-term implications on organizational management or policy making inspired a large body of evidence and research. Exploration of decision-making processes spans over decades, and is closely connected to the role of power; the amount of power in organizations is usually joined by the knowledge and prior experience, which together play a significant role in decision-making process, as well in selection of candidates for the job. However, there is an evident void concerning publications on decision-making processes in academic institutions, and it rapidly becomes the focus of interest due to a specific opposition contained in its core; positions of high level administrators are held by the university professors with no mandatory previous experience and/or knowledge in organisational management. JEL Classification: G30, G39

/pdf/the-impact-of-working-capital-management-on-profitability-of-34oxwvbk8a.pdf

The Impact of Working Capital Management on Profitability of Croatian Software Companies

This paper reports the results of a mail survey of capital budgeting practices of Croatian firms and compared the results with similar studies in the USA, UK, Sweden, and other European countries where available. It is based on a questionnaire sent to 200 firms selected from 400 of the best Croatian firms (special edition of «Privredni vjesnik) and to 34 banks from the rank list of banks in Croatia (special edition of «Privredni vjesnik). The response rate was 25, 21%. The goal of the empirical survey was to determine the present application of quantitative capital budgeting methods, cost of capital and cash flow estimation, risk analysis and application of real options approach in capital budgeting practices in Croatian firms. This is the first empirical survey of Croatian capital budgeting practices that has been undertaken.

/pdf/capital-budgeting-practices-a-survey-of-croatian-firms-4hint1wm6f.pdf

Capital Budgeting Practices: A Survey of Croatian Firms

The subject of this paper is a modified net present value, and how it could be a useful tool for synergy valuation in the process of business combination. Every successful acquisition has to result in synergy in the post acquisition value. In the process of valuation each company has three components that must be taken into account for an efficient valuation (assets, earning power and firm uniqueness). The process of analyzing business combination could be divided in three interdependent analyses: (1) An analyst must start by applying traditional capital budgeting analyses; (2) followed by identifying various flexibility options; and finally, (3) an analyst must determinate the present value of other strategic options along with the overall certainty of exercising them, together with the added certainty value of these options on traditional present value of business combination. Traditional capital budgeting analyses of business combination is based on net present value techniques. These techniques result with inadequate present value if the post-acquisition reinvestment rate is different from the post-acquisition cost of capital. In these cases, the analyst can apply modified net present value method.

/pdf/modified-net-present-value-as-a-useful-tool-for-synergy-isb1iyo5ub.pdf

Modified net present value as a useful tool for synergy valuation in business combinations

Due to globalization, nowadays enterprises run their businesses in a competitive and dynamic environment. Such a complex ambient has made the managers more cautious while making their business decisions. The same applies when it comes to the financing decisions since they undoubtedly affect the future value of the firm and its existence on the market. The purpose of this paper is to analyze the capital structure of Croatian firms in the time period from 2007. – 2012. Since most of the literature on capital structure studies firms in developed countries, it would be important to investigate whether the same results apply to enterprises of transition economies. The authors of this paper familiarize the readers with the most important ideas and theories developed in this area, as with the main research and empirical results that confirm or refute theoretical hypothesis. Since financing decisions have a strong influence on the value of enterprises, the aim of this paper is to encourage the development of capital structure research in transition economies. In doing so, the authors descriptively analyze the financial leverage of Croatian firms during the six-year period and examine the determinants of capital structure that seems to have the most important influence on financing decisions of firms. With that aim, the authors investigate relations between financial leverage as a dependent, and profitability, firm size, business risk, and tangibility as independent variables.

Capital structure of Croatian enterprises

In this paper we first present some developed theories of financing that firms might accord with in their development stages. The framework, assumptions and predictions of the capital structure of firms in each theory is shown. Afterwards, crowdfunding, as a fairly new source of financing that is increasing significance, is described and is differentiated on the basis of the type of return on investment for the outside investors. In recent literature there have been models that introduce crowdfunding in the framework of financing firms through their life cycle stages. We point the difficulty of encompassing crowdfunding in the mentioned models because of characteristics that are unique to it from the perspective of the investor and the firm. While it is not surprising that crowdfunding is used in development stages, these characteristics make it difficult to construct a model of financing firms that has traditional means of financing and crowdfunding. JEL Classification: G32, L26

/pdf/crowdfunding-in-a-context-of-financing-firms-through-their-49y3knmr52.pdf

Crowdfunding in a Context of Financing Firms Through Their Life Cycle

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