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Working Capital Management in the Business Context

In: Value-Based Working Capital Management

Author

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  • Grzegorz Michalski

Abstract

This chapter discusses the objectives and nature of enterprises in the context of their risk sensitivity, as well as the relationships between the objectives of enterprises and the characteristic features of their businesses. Enterprises operate in various business environments, but generally speaking, they all have one main aim: wealth creation for their owners. The realization of that aim depends on an idea of business in which the enterprise is an instrument to collect money from clients of the enterprise’s services and products. Business environment is crucial not only for future enterprise cash inflows from the market but also for risk and uncertainty (Asch, and Kaye 1997; Copeland, and Weston 1988; Fazzari, and Petersen 1993). According to the author, it is necessary to include an understanding of that risk and uncertainty of future in the rate that reduces the net size of free cash flows for the enterprise owners, beneficiaries, or more generally stakeholders.

Suggested Citation

  • Grzegorz Michalski, 2014. "Working Capital Management in the Business Context," Palgrave Macmillan Books, in: Value-Based Working Capital Management, chapter 1, pages 7-31, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-39183-4_2
    DOI: 10.1057/9781137391834_2
    as

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