文章基本信息

标题：Working capital management and liquidity reserves:The context of risk retention1
本地全文：下载
作者：Monika Wieczorek-Kosmala ; Anna Doś ; Joanna Błach 等
期刊名称：Journal of Economics and Management
印刷版ISSN：1732-1948
出版年度：2016
卷号：23
期号：1
页码：5-20
语种：English
出版社：Publishing House of the University of Economics in Katowice
摘要：Working capital management belongs to most relevant company’s decisions,as it influences both profitability and liquidity. In the liquidity context,the paper offers a broader view on the scope of working capital management decisions,by expanding its linkages with risk management. In particular,the paper develops a conceptual model of the analysis of company’s liquidity reserves,which is relevant for establishing company’s risk retention capabilities. In the empirical layer,the paper examines the sample of Polish listed companies with regard to the magnitude,relevance and time-suitability of liquidity reserves. The empirical verification is also directed on the identification of these areas of working capital management which are relevant for sourcing liquidity reserves. In this aspect,cluster analysis and factor analysis was implemented. The study found that the majority of the examined companies hold liquidity reserves. As the most relevant aspect of working capital management the maintenance of financial stability has emerged.
关键词：working capital management;liquidity;liquidity reserves;risk;risk retention.