Wpływ Długości Cyklu Operacyjnego Na Wzrost Wartości Przedsiębiorstwa (Operating Cycle Length Influence on Value of the Firm Creation, in Polish)

FINANSE WOBEC SFERY REALNEJ GOSPODARKI (FINANCE IN REAL ECONOMY), K. Znaniecka, T. Zieliński, eds., Katowice, 2008

7 Pages Posted: 14 Nov 2011

See all articles by Grzegorz Michalski

Grzegorz Michalski

Uniwersytet Ekonomiczny we Wrocławiu - Faculty of Engineering and Economics

Date Written: January 13, 2008

Abstract

The basic financial purpose of an enterprise is maximization of its value. Operating cycle management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another aim (i.e., maximization of enterprise value). The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences for the firm that can result from operating risk that is related to unsuitable target operating cycle.

Note: Downloadable document is in Polish.

Keywords: operating cycle, working capital, liquidity, cash value, value of the firm

JEL Classification: G32

Suggested Citation

Michalski, Grzegorz, Wpływ Długości Cyklu Operacyjnego Na Wzrost Wartości Przedsiębiorstwa (Operating Cycle Length Influence on Value of the Firm Creation, in Polish) (January 13, 2008). FINANSE WOBEC SFERY REALNEJ GOSPODARKI (FINANCE IN REAL ECONOMY), K. Znaniecka, T. Zieliński, eds., Katowice, 2008. Available at SSRN: https://ssrn.com/abstract=1959094

Grzegorz Michalski (Contact Author)

Uniwersytet Ekonomiczny we Wrocławiu - Faculty of Engineering and Economics ( email )

ul. Komandorska 118-120
Wroclaw, 53-345
Poland

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