TABLE OF CONTENTS
Content Page
Title page - - - - - - - - - - i
Declaration - - - - - - - - - - ii
Approval - - - - - - - - - - iii
Dedication - - - - - - - - - - iv
Acknowledgements - - - - - - - - - v
Abstract - - - - - - - - - - vi
List of tables - - - - - - - - - xi
List of figure - - - - - - - - - xi
CHAPTER ONE : INTRODUCTION
1.1 Background to the Study - - - - - - 1
1.2 Statement of the Problem - - - - - - - 3
1.3. Objectives of the Study - - - - - - - 4
1.4 Research Questions - - - - - - - - 5
1.5 Research Hypotheses - - - - - - - 5
1.6 Scope of the Study - - - - - - - 6
1.7 Significance of the Study - - - - - - - 7
References - - - - - - - - - 8
CHAPTER TWO: REVIEW OF LITERATURE
2.0. Introduction - - - - - - - - 10
2.1. Conceptual Review - - - - - - - 10
2.1.0. Concepts of Working Capital Management - - - - 10
2.1.1. Working Capital - - - - - - - - 10
2.1.2. Working Capital Management - - - - - - 12
2.1.3 Working Capital Management Efficiency - - - - - 13
2.1.4. Policy of Working Capital - - - - - - - 13
2.1.5. Working Capital Cycle - - - - -- - - 16
2.1.6. Components of Working Capital Management (WCM) - - - 18
2.1.7. Cash Management - - - - - - - - 19
2.1.8 Cash Positioning - - - -- - - - - 22
2.1.9 Cash Flow Volatility, Earnings Volatility and Firm Value. - - 23
2.1.10 Cash Budget - - - - - - - - - 25
2.1.11. Management of Cash Receivables - - - - - 26
2.1.12. Credit Standards - - - - - - - - 26
2.1.13. Credit Extension Policy - - - - - - - 27
2.1.14. Credit Collection Policy - - - - - - - 28
2.1.15. Inventory (Inv) Management - - - - - - 29
2.1.16. Need to Hold Inventory - - - - - - - 30
2.1.17 Inventory Control - - - - - - - - 31
2.1.18. The Economic Order Quantity (EOQ) - - - - - 31
2.1.19. Re-Order Point - - - - - - - - 32
2.1.20. Relation to Financial Management - - - - - 32
2.1.20.1. Payables Management - - - - - - - 33
2.1.21. Receivables Management - - - - - - - 33
2.1.22. Cash Conversion Cycle (CCC) Management - - - - 34
2.1.23. Measures of Profitability - - - - - - - 34
2.1.24. Liquidity - - - - - - - - - 36
2.1.25. Nature of Working Capital - - - -- - - - 37
2.1.26. Trade-Off between Profitability and Risk - - - - 37
2.1.27. The Efficient Management of Firm’s Working Capital - - 38
2.1.29 . The Consequences of Inefficient Management of Working Capital 39
2.1.30. The Costs and Benefits of Firm’s Investments in Working Capital - 44
2.1.31. The Nigerian Economy and Working Capital Management of Quoted
Firms in Nigeria =- - - - - - - - 46
2.20. Theoretical Review - - - - - - - - 47
2.2.1. The Operating Cycle Theory - - - - - - 48
2.2.2. The Cash Conversion Cycle (CCC) Theory - - - - 48
2.2.3. The Pecking Order Theory - - - - - - - 49
2.2.4 Agency Theory - - -- - - - - - 50
2.2.5. The Risk –Return Trade-Off Theory - - - - - 51
2.3.0. Review of Empirical Studies - - - - - - 51
2.3.1. Summary of Literature Review - - - - - 57
References - - - - - - - - - - 58
CHAPTER THREE: METHODOLOGY
3.0 Introduction - - - - - - - - - 60
3.1 Research Design - - - - - - - - 60
3.2 Population of the Study - - - - - - - 61
3.3 Sampling Techniques and Sample Size - - - - - 61
3.4 Sources of Data Collection - - - - - - - 61
3.5 Variables Used for the Study - - - - - - 62
3.5.1 Dependent Variable - - - - - - - - 62
2.5.2 Independent Variables - - - - - - - 63
3.6 Data Analysis Techniques - - - - - - - 65
3.7 Model Specification - - - - - - - 66
3.8 Limitation of the Study - - - - - - - 66
References - - - - - - - - - 68
CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND
INTERPRETATION
4.0 Introduction - - - - - - - - 69
4.1. Presentation and Analysis of Multiple Regression Results - - 70
4.2. Data Validity Test - - - - - - - - 71
4.3. Summary of Regression Results - - - - - 72
4.4. Testing of Research Hypotheses - - - - - 73
4.5. Interpretation of results and discussion of findings - - - 75
4.5.1. The Impact of ACRP on Profitability - - - - 75
4.5.2. The Impact of Inventory Period (INVP) on Profitability - - - 75
4.5.3. The Impact of Cash Conversion Cycle (CCC) on Profitability - 76
4.5.4. The Impact of Sales Growth (SG) on Profitability - - - 76
CHAPTER FIVE: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS
5.1. Introduction - - - - - - - - 78
5.2. Summary - - - - - - - - - 78
5.3. Conclusions - - - - - - - - - 80
5.3.1 Policy Implication - - - - - - - - 81
5.4. Recommendations - - - - - - - - 81
5.5. Suggestions for Further Research - - - - - - 82
Bibliography - - - - - - - - - 83
Appendices - - - - - - - - 86
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