Żurakowska-Sawa, Joanna (Instytut Ekonomii i Zarządzania, Państwowa Szkoła Wyższa im. Papieża Jana Pawła II w Białej Podlaskiej)
Płynność finansowa przedsiębiorstw przemysłowych w zależności od strategii gospodarowania kapitałem obrotowym
Financial Liquidity of Industrial Companies According to Strategies of Working Capital Management
Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, 2012, vol., nr 97, s. 67-80
Abstract
The article presents the indicator assessment of the financial liquidity of the industrial companies in different sectors of industry and working capital management strategies. The study included 63 manufacturing companies listed on the Polish Stock Exchange in the period of 2004–2009. The empirical findings show a dependencies between working capital management strategies, and a financial liquidity. A moderate strategy in the scope usually allowed to gain the highest level of effectiveness. Opposite approaches to working capital management do not usually ensure the optimal level of financial liquidity. The highest rates of current liquidity were characteristic of companies in the plastics and pharmaceuticals industry. Companies in the oil and automotive industry reached the lowest levels of quick and cash ratio.