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ABSTRACT
The main aim of this study is to assess the working
capital practices of Orange Group Limited and determine whether such
practices conform to the conventional working capital practices; which
offer competitive advantage, as expounded in other literatures on this
same topic. The study is purely qualitative in nature so the descriptive
and exploratory designs were used. The case study research strategy was
used in this study. The sample for the study comprises six (6) top
officers of the company who were sampled using the purposive or
judgemental sampling technique. The semi-structured interview was used
to gather the data for this study which were subsequently categorised
into sub-groups with similar themes. The themes were linked and
inferences drawn to arrive at the conclusions made in this study. The
results from the study highlighted that the kind of working capital
policies adopted for an entity depends on the nature of business of that
entity. As a result different policies were in place for the different
Divisions of the company. The findings from the study show that working
capital management practices at Orange Group Limited in many aspects
conformed to the conventional working capital management.
CHAPTER ONE
GENERAL INTRODUCTION
1.1 Background of the Study
Most
studies found in the literature of corporate finance are conventionally
dealing with the financial decisions that are long-term oriented. The
most of such studies examined structure of the capital, investment
decisions, and dividend valuation decisions related to the company.
According to Sanger in Bagchi and Kharmrui (2012, p. 1), working capital
has always been ignored in financial decision-making because it
involves investment and financing in short-term period and also acts as a
restrain in financial performance, since it does not contribute to
Return on Equity (ROE). Most managers of business organisations are
inclined to focus more on long-term investment since those investments
take a chunk of the cash resources of their organisations.
In as much
as long-term goals provide focus and purpose for every business, these
goals must be broken down into short-term operational, workable and
achievable objectives for the organization to attain its mission. Short
term financial decisions relating to current assets and current
liabilities should also be equally important and should be analyzed
carefully. The success of every long-term investment heavily depends on
how effectively that investment is managed in the short-term.
Most of
the operations of a firm in the short run deal with the management of
current assets and current liabilities of the firm. Van Horn (2000)
indicates that working capital management involves the administration of
current assets and the financing (especially current liabilities)
needed to support current assets. Atril (2006. p. 386) also asserts that
working capital represents a net investment in short-term assets. These
assets are continually flowing into and out of the business, and are
essential for day-to-day
operations. Working capital is thus seen as
the lifeblood of the business, the fuel that funds the daily operations
and ability to pursue near-term growth opportunities for the business.
Working capital is also defined as money tied up in the business and
used to finance its day to day needs, such as buying raw materials.
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