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Relationship Between Aggressive Working-Capital Policy, High-Risk Financial Policy, and Firm Performance.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Relationship Between Aggressive Working-Capital Policy, High-Risk Financial Policy, and Firm Performance./
Author:	Owoo, Thomas Kweku.
Description:	1 online resource (134 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-07(E), Section: A.
Contained By:	Dissertation Abstracts International79-07A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780355571103

Relationship Between Aggressive Working-Capital Policy, High-Risk Financial Policy, and Firm Performance.
Owoo, Thomas Kweku.

Relationship Between Aggressive Working-Capital Policy, High-Risk Financial Policy, and Firm Performance. - 1 online resource (134 pages)

Source: Dissertation Abstracts International, Volume: 79-07(E), Section: A.

Thesis (D.B.A.)--Capella University, 2017.

Includes bibliographical references

The dual purpose of this study is first to investigate whether a relationship exists between aggressive working capital (WC) investing, aggressive WC financing policy and firm performance, and second to investigate whether aggressive high-risk financial policy relates to higher returns. The majority of the studies on working capital management (WCM) and performance have concentrated on traditional financial metrics, with very little focus on the influence of aggressive WC and aggressive high-risk metrics on performance. This study focuses on listed firms in the general machinery, equipment supplies merchant and wholesale industries, in the Midwest and Eastern Atlantic seaboard regions of the U.S. This quantitative, explanatory and non-experimental study relied on publicly available financial data from the websites of the Public Register (PR) and the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) of the Securities and Exchange Commission (SEC), to collect public financial data for the study. Furthermore, financial data from the post-recession era from 2010--2014 was examined, and secondary data allowed for computation of financial ratios, means and standard deviations, independent, dependent and control variables. The present study developed necessary research questions and hypotheses based on a review of relevant scholarly literature and used analysis of variance (ANOVA) and multiple linear regression analysis to test hypotheses. The consensus that the application of aggressive WC investing policy (AWCIP) and/or aggressive WC financing policy (AWCFP) relate to performance is not supported among the sampled firms. However, multifactor models revealed that aggressive WC policies are effective for value creation when combined with other influential economic activities. Conversely, the proxies of aggressive high-risk performance, identified by the standard deviations of return on assets (SDROA) and return on equity (SDROE) displayed high variability associated with higher returns. Management seeking to trade-off liquidity for higher returns are likely to adopt aggressive high-risk measures for higher returns and to attract risk-seeking investors. The study was conducted to add depth to the working capital theory.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355571103Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Relationship Between Aggressive Working-Capital Policy, High-Risk Financial Policy, and Firm Performance.
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500 $a Source: Dissertation Abstracts International, Volume: 79-07(E), Section: A.
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502 $a Thesis (D.B.A.)--Capella University, 2017.
504 $a Includes bibliographical references
520 $a The dual purpose of this study is first to investigate whether a relationship exists between aggressive working capital (WC) investing, aggressive WC financing policy and firm performance, and second to investigate whether aggressive high-risk financial policy relates to higher returns. The majority of the studies on working capital management (WCM) and performance have concentrated on traditional financial metrics, with very little focus on the influence of aggressive WC and aggressive high-risk metrics on performance. This study focuses on listed firms in the general machinery, equipment supplies merchant and wholesale industries, in the Midwest and Eastern Atlantic seaboard regions of the U.S. This quantitative, explanatory and non-experimental study relied on publicly available financial data from the websites of the Public Register (PR) and the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) of the Securities and Exchange Commission (SEC), to collect public financial data for the study. Furthermore, financial data from the post-recession era from 2010--2014 was examined, and secondary data allowed for computation of financial ratios, means and standard deviations, independent, dependent and control variables. The present study developed necessary research questions and hypotheses based on a review of relevant scholarly literature and used analysis of variance (ANOVA) and multiple linear regression analysis to test hypotheses. The consensus that the application of aggressive WC investing policy (AWCIP) and/or aggressive WC financing policy (AWCFP) relate to performance is not supported among the sampled firms. However, multifactor models revealed that aggressive WC policies are effective for value creation when combined with other influential economic activities. Conversely, the proxies of aggressive high-risk performance, identified by the standard deviations of return on assets (SDROA) and return on equity (SDROE) displayed high variability associated with higher returns. Management seeking to trade-off liquidity for higher returns are likely to adopt aggressive high-risk measures for higher returns and to attract risk-seeking investors. The study was conducted to add depth to the working capital theory.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
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