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Competitive advantage based on working capital management during the economical recession period
Vojta, Josef ; Veber, Jaromír (advisor) ; Scholleová, Hana (referee) ; Struž, Jan (referee)
The reasons, why doctoral thesis named ?Competitive advantage based on working capital management during the economical recession period? has been compiled, are indentified as follows: ? Due to existing economical recession there is a deficiency of free foreign capital on the market and the price of capital is rapidly growing. ? There are some companies on the market, which are able to maintain the turnover dynamics and their business results (their ROI ratios) are significantly better than a market average. The two objectives of research have been stipulated: ? To prove whether there is a relation between the value of company?s working capital divided by the total turnover in the current period and the change of company?s turnover in the following period. The change of market value average shall be taken into account. ? To prove whether there is a relation between the company?s most liquid assets (receivables and short-term financial assets) divided by the value of total assets in the current period and company?s ROI ratio in the following period. These objectives have been achieved through extensive theoretical research at first, secondly through evaluation of empirical resources from a survey done based on data from 44 German companies connected with building industry between the years 2004 and 2007 and finally, the analysis and synthesis of these resources. The doctoral thesis clarifies the essential targets of working capital management, methods of company?s working capital optimization and reasons, why effective value of working capital could be seen as a source of company?s competitive advantage during economical recession period. The conclusions have pointed out that there is obvious delay of working capital optimization positive effects onto the company?s turnover dynamics and ROI ratios.
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