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    • 簡(jiǎn)介:中文3450字,2300單詞,13500英文字符文獻(xiàn)出處ENQVISTJ,GRAHAMM,NIKKINENJTHEIMPACTOFWORKINGCAPITALMANAGEMENTONFIRMPROFITABILITYINDIFFERENTBUSINESSCYCLESEVIDENCEFROMFINLANDJRESEARCHININTERNATIONALBUSINESSBUSINESSCYCLESPROFITABILITY1INTRODUCTIONTHISPAPERINVESTIGATESTHEEFFECTOFTHEBUSINESSCYCLEONTHELINKBETWEENWORKINGCAPITAL,THEDIFFERENCEBETWEENCURRENTASSETSANDCURRENTLIABILITIES,ANDCORPORATEPERFORMANCEEFFICIENTWORKINGCAPITALMANAGEMENTISRECOGNIZEDASANIMPORTANTASPECTOFFINANCIALMANAGEMENTPRACTICESINALLORGANIZATIONALFORMSINACKNOWLEDGEMENTOFTHISIMPORTANCE,THECFOMAGAZINEPUBLISHESANANNUALSTUDYOFCORPORATEWORKINGCAPITALMANAGEMENTPERFORMANCEINMANYCOUNTRIESTHEEXTENSIVELITERATUREINDICATESTHATITIMPACTSDIRECTLYONCORPORATELIQUIDITYKIMETAL,1998ANDOPLERETAL,1999,PROFITABILITYEG,SHINANDSOENEN,1998,DELOOF,2003,LAZARIDISANDTRYFONIDIS,2006ANDUKAEGBU,2014,ANDSOLVENCYEG,BERRYMAN,1983ANDPEELANDWILSON,1994ITISREASONABLETOASSUMETHATECONOMYWIDEFLUCTUATIONSEXOGENOUSTOTHEOPERATIONSOFTHEFIRMPLAYANIMPORTANTROLEINTHEDEMANDFORFIRMS’PRODUCTSANDANYFINANCINGDECISIONKORAJCZYKANDLEVY2003,FORINSTANCE,SUGGESTTHATFIRMSTIMEDEBTOFTHISIMPORTANTWORKINGCAPITAL–PROFITABILITYRELATIONSHIPHITHERTONOACADEMICSTUDYHASEXAMINEDTHEWORKINGCAPITAL–PROFITABILITYRELATIONSHIPINTHENORDICREGION,TOTHEBESTOFOURKNOWLEDGESURVEYSONWORKINGCAPITALMANAGEMENTINTHENORDICREGIONCARRIEDOUTBYDANSKEBANKANDERNSTYOUNGIN2009SHOW,HOWEVER,THATMANYCOMPANIESRATEDTHEIRWORKINGCAPITALMANAGEMENTPERFORMANCEASAVERAGE,WITHAGROWINGFOCUSONOPTIMIZINGWORKINGCAPITALINTHEFUTURETHESURVEYSARE,HOWEVER,SILENTONHOWTHISAVERAGEPERFORMANCEAFFECTEDPROFITABILITYTHISGIVESFURTHERIMPETUSFOROURSTUDYOURRESULTSPOINTTOANUMBEROFINTERESTINGFINDINGSFIRST,WEFINDTHATFIRMSCANENHANCETHEIRPROFITABILITYBYINCREASINGWORKINGCAPITALEFFICIENCYTHISISASIGNIFICANTRESULTBECAUSEMANYNORDICFIRMSFINDITHARDTOTURNGOODPOLICYINTENTIONSONWORKINGCAPITALMANAGEMENTINTOREALITYERNSTANDYOUNG,2009ECONOMICALLY,FIRMSMAYGAINBYPAYINGINCREASINGATTENTIONTOEFFICIENTWORKINGCAPITALPRACTICESOUREMPIRICALFINDING,THEREFORE,SHOULDMOTIVATEFIRMSTOIMPLEMENTNEWWORKPROCESSESASAMATTEROFNECESSITYWEALSOFOUNDTHATWORKINGCAPITALMANAGEMENTISRELATIVELYMOREIMPORTANTINLOWECONOMICSTATESTHANINTHEECONOMICBOOMSTATE,IMPLYINGWORKINGCAPITALMANAGEMENTSHOULDBEINCLUDEDINFIRMS’FINANCIALPLANNINGTHISFINDINGCORROBORATESEVIDENCEFROMTHESURVEYRESULTSINTHENORDICREGIONSPECIFICALLY,THESURVEYRESULTSBYERNSTANDYOUNG2009INDICATETHATTHELARGESTPOTENTIALFORIMPROVEMENTINWORKINGCAPITALCOULDBEFOUNDWITHINTHEOPTIMIZATIONOFINTERNALPROCESSESTHISSUGGESTSTHATTHISAREAISNOTPRIORITIZEDINTIMESOFBUSINESSGROWTHWHICHISTYPICALOFTHEGENERALECONOMICEXPANSIONPERIODSANDISEXPOSEDINECONOMICDOWNTURNSTHEREMAINDEROFTHISPAPERISORGANIZEDASFOLLOWSSECTION2PRESENTSABRIEFREVIEWOFTHELITERATUREPRESENTSTHEHYPOTHESESFOREMPIRICALTESTINGSECTIONS3AND4DISCUSSDATAANDMODELSTOBEESTIMATEDTHEEMPIRICALRESULTSAREPRESENTEDINSECTION5ANDSECTION6CONCLUDES2RELATEDLITERATUREANDHYPOTHESES21LITERATUREREVIEWMANYFIRMSHAVEINVESTEDSIGNIFICANTAMOUNTSINWORKINGCAPITALANDANUMBEROFSTUDIESHAVEEXAMINEDTHEDETERMINANTSOFTHISINVESTMENTFOREXAMPLEKIMETAL1998ANDOPLERETAL1999,CHIOUETAL2006ANDD’MELLOETAL2008FINDTHATTHEAVAILABILITYOFEXTERNALFINANCINGISADETERMINANTOFLIQUIDITYTHUSRESTRICTEDACCESSTO
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    • 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