How Working Capital Affects Firm Profitability in UK

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This study critically investigates how working capital affects the profitability of firms in the UK, specifically in the retail sector. It examines the relationship between working capital and profitability, explores factors that affect working capital, and provides recommendations for improving working capital and firm profitability. The study focuses on Morrison's, Tesco, Sainsbury, and ASDA.

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Investigate how working
capital effect the firm's
profitability in UK

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Table of Contents
CHAPTER 1....................................................................................................................................3
1.1 Introduction...........................................................................................................................3
1. 2 Background..........................................................................................................................3
1.3 Statement of the problem......................................................................................................3
1.4 Research Objectives..............................................................................................................3
1.5 Research Questions...............................................................................................................4
1.6 Significant of the study.........................................................................................................4
1.7 Limitations............................................................................................................................4
CHAPTER 2....................................................................................................................................4
Literature Review........................................................................................................................4
CHAPTER 3....................................................................................................................................8
Research Methodology....................................................................................................................8
CHAPTER 4- DATA ANALYSIS................................................................................................12
Ratio analysis............................................................................................................................12
CHPATER 5- DISCUSSION........................................................................................................25
CHAPTER 6- CONCLUSION AND RECOMMENDATION.....................................................26
Conclusion................................................................................................................................26
Recommendation......................................................................................................................26
REFLECTION:.......................................................................................................................27
REFERENCES..............................................................................................................................29
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Topic: “To critically investigate how working capital tends to affect the profitability of the firm
in UK in the context of retail sector: A study on Morrison's, Tesco, Sainsbury and ASDA.”
CHAPTER 1
1.1 Introduction
Working capital is considered to be as the difference between the current assets and
current liabilities of the company for the set accounting period (Azeez, Abubakar and Olamide,
(2016)). Working capital in turn tends to have influence on the firm's profitability and liquidity.
1. 2 Background
Working capital and profitability tends to have relationship between each other. This
study will highlight on critically investigating how working capital tends to affect the
profitability of the firm in UK in the context of retail sector (Factors influencing Working capital
Management, 2008).
Morrisons is public limited retail company which was founded in the year 1899 by
William Morrison. It deals in clothing, books, food, CD's and magazines. Tesco is one of the
leading retail company which was founded in 1919 by Jack Cohen. This mainly deals in
groceries, toys, petrol, furniture, books, clothing, petrol, financial services, etc. Sainsbury is a
retail company founded in 1869 by John James Sainsbury. It mainly deals in convenience shops,
supermarkets, forecourt shops and hypermarkets. Asda is a British retailer supermarket, founded
in 1949 by Fred Asquith and Peter Asquith. It mainly deals in general merchandise, groceries
and financial services.
1.3 Statement of the problem
“To critically investigate how working capital tends to affect the profitability of the firm
in UK in the context of retail sector: A study on Morrison's, Tesco, Sainsbury and ASDA.”
1.4 Research Objectives
To develop key understanding on the concept of working capital.
To critically explore factors which affects working capital of the company.
To determine how working capital and profitability of the firm are connected with each
other.
To provide appropriate recommendation to improve the working capital and firm's
portability.
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1.5 Research Questions
What are the key understanding on the concept of working capital?
What are the factors which affects working capital of the company?
How working capital and profitability of the firm are connected with each other?
What are appropriate recommendation to improve the working capital and firm's
portability?
1.6 Significant of the study
The key significance of the study is to critically gain higher knowledge related with how
working capital tends to affect the profitability of the firm in UK in the context of retail sector.
This study is going to be very beneficial for the retail company in UK in order to effectively
carry out business operations (Mbawuni, Mbawuni, and Nimako, (2016)). This study is
beneficial for the researcher to gain wider set of knowledge related to the subject matter.
1.7 Limitations.
The key limitation to carry out the study is linked with time constraints. Lack of time in
turn largely affects the reliability of the study to gather valid and useful information.
Unavailability of the resources in turn is also considered to be as the major limitation to carry out
the study.
CHAPTER 2
Literature Review
Literature review is referred to as the survey linked with the scholarly articles related
with books, thesis and journal articles in order to gain wider knowledge on the research
questions. It helps in gaining viewpoints of several authors to bridge the gaps on research topic.
To develop key understanding on the concept of working capital.
Afrifa and Padachi, (2016) sought to determine the fact that, working capital is referred to
as the difference between the current assets and current liabilities of the company for the set
accounting period. Current assets of the company mainly includes account receivables, cash and
inventories. On the other hand, current liabilities of the company mainly includes accounts
payable. On the contrary, Afrifa, (2016) argued that, working capital is considered to be as the
measure of operational efficiency and liquidity of the firm. It helps firms in determining the short
term liability of the firm. Positive working capital in turn demonstrates that, the company has the
ability to grow and invest there business. Positive working capital in turn is considered to be as

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the sign of high degree of financial strength. Negative working capital in turn is considered to be
as a situation where the liability of the company tends to exceed the current asset of the firm.
This in turn states that, there seems to be more short term debt within the company which in turn
eventually affects the business operations negatively. Moreover, Azeez, Abubakar and Olamide,
(2016.) investigated that, high degree of working capital in turn indicates that, the company in
turn has not been managing the cash and asset of the company effectively. This means excessive
amount of fund has been available which is more than what in turn is required to carry out the
operations of the business. The working capital in turn is considered to be very crucial for the
creditors because it tends to determine the liquidity of the organization. Working capital is
referred to as the important metric for all the bushiness because it helps in determining the
liquidity of the organization. The company must be able to pay to all the short term liabilities and
expenses. Charitou, Elfani and Lois, (2016) examined the fact that, the key main components
associated with the working capital is mainly linked with the receivable management, cash
management, accounts payable and inventory management. The formula to measure net working
capital is to subtract total current asset with the total current liability. A working capital ratio
which is less than 1 tends to strongly indicate that, the company is going to face liquidity
problems in the mere future. On the other hand John, (2017) examined the fact that, working
capital ratio of 2.0 tends to represent good short term liquidity. Working capital tends to
demonstrate the ability of the company to pay off the short term debts within the stipulated time
frame. Working capital management is referred to as a necessary measure which in turn is
required for financing the day to day operations of the business. This in turn helps in maximizing
the operational efficiency and in turn focus on managing its short term assets and liabilities of the
firm. This helps in mitigating the risk of under- utilization ad over- utilization of the firm.
Effective working capital management in turn helps in investing in various range of products and
services and helps in expanding the business.
To critically explore factors which affects working capital of the company.
Masri and Abdulla, (2018) established the fact that, it is very crucial for any organization
to effectively and accurately measure the capital required to carry out day to day operations of
the business. Shortage of working capital in turn largely affects the smooth flow of the operating
cycle of the business. The length of the operating cycle in turn is considered to be one of the
major factor which helps in determining the time period which in involved at the time of
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production. It mainly starts with the acquisition of the raw material to finished goods in order to
carry out day to day business operations. Shortage related with the supply of the raw material
which helps in increasing the requirement of the working capital. A liberal credit policy in turn is
another factor which results in high level of the working capital. On the other hand, stringent
credit policy in turn reduces the working capital. Masud, (2017) examined the fact that,
competition in turn is considered to be one of the major factor which in turn largely affects
working capital of the business. High competition in turn requires high degree of working
capital. Another major factor which in turn affects the working capital of the business includes
production policy and seasonality of the industry. The company which in turn produces
frequently aids fluctuation within the requirement of the working capital within the company.
The management of the working capital in turn varies from industry to industry. In retail
industry, inventory is required to be maintained which in turn affects the working capital of the
business. Moreover, Mbawuni, Mbawuni, and Nimako, (2016) investigated that, the magnitude
to which each working capital is affected is different for the company. The market conditions in
turn plays a prominent role which in turn tends to have crucial bearing on the needs and
requirements of the working capital. The size of the company is considered to be one of the most
prominent factor which in turn helps in effectively determining the amount of working capital
which in turn is required to carry out business operations. Hence, large companies in turn
requires more working capital when compared with the smaller companies. On the contrary,
Shabbir, Iftikhar and Raja, (2018) argued that, long and complicated manufacturing process in
turn requires more working capital and vice versa in case of short and simple manufacturing
process. In case company wish to expand its business operations, then it will require high degree
of working capital in order to maintain optimum level of growth. In case, the company focuses
on selling goods on cash bases and purchasing goods on credit, them it requires more working
capital. Another major factor which affects the business working capital is linked with the
condition of supply. It means, when there is regular supply of the raw material, then the company
can keep lower inventory which results in lower requirement of working capital. At the time of
the boom of the period the sales of the company in turn gets high. During this time, large amount
of capital is invested in raw material. Hence, it requires more working capital to the business. A
long operating cycle in turn is one of the key factor which affects the working capital of the
business. There are various other factors such as transport facilities, credit standing, change in
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the price levels, etc. are key factors which in turn affects the working capital requirements of the
company. The rate of turnover in turn also largely influence the requirement of the working
capital. In case the sales are fast the low amount of working capital is required. Hence, these
factors largely affect the working capital of the business.
To determine how working capital and profitability of the firm are connected with each other.
Shah, Gujar, and Sohu, (2018) established the fact that, working capital in turn tends to
have influence on the firm's profitability and liquidity. Working capital refers to the money
available to the company for meeting its daily operations. This could also be referred as the
difference between its current assets and the current liabilities of a business. Working capital is
very important for the business enterprise to run its operations successfully as stated by Shah,
Gujar, and Sohu, (2018). It is also defined as the measure of liquidity, financial health and
operational efficiency company. Company with positive working capitals have the more
potential of growing and getting success in the market as compared with those who are not
having the required working capital for their business enterprise. Changes in working capital has
a direct effect over the cash flows of company. A company requires working capital project or
expansion plan it is wishing to adopt for the business. As not business or project could be carried
out without the cash. Singh, Kumar and Colombage, (2017) established the fact that, The
working capital requirements are to be decided by the company in advance by effectively
forecasting and assessing the previous business trends. On assessing the cash requirements for
meeting the daily operations of business. On the basis of these companies decide the sources of
working capital, it ensures whether it is having enough funds for carrying out the operations of
business or not. In case of scarce funds it takes short term loans from banks or other financial
institutions for meeting the cash requirements. It is also affected by the cash operating cycle of
business. This defines the efficiency of management in utilising its resources and generating the
cash on time. Company with shorter cash cycle tend to have greater cash requirements, therefore
the companies strive for having adequate cash conversion cycle. On the other hand higher
working capital refers to funds blocked in the company. There is a direct link between the
profitability of the business and working capital. If the company is having enough working
capital for meeting its operational requirement it is considered profitable as compared with ones
that face problems in managing their working capital. As per Mishra, (2019) it could be
interpreted that businesses for raising the capital borrows funds short term loans from banks that

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are available at higher interests rates. The finance cost decreases the profit margins of the
company. This also affects the liquidity position of company. There are situations where
company seems to be profitable but is not having funds for carrying out day to day business
activities. This also affects the production activities of the business which leads to delay in
production increasing the carrying cost and labour of company. This is a significant factor
affecting the company's survival. Those firms investing more in current assets tends to have
higher liquidity than the firms not investing. This reduces the liquidity risks decreasing the rate
of return. It is stated that low investments in working capital is termed as having aggressive
policy related to working capital that tends to have higher risks and higher returns. There should
be significant flow of cash in the business so that working capital do not affect the profitability
of business.
Singh, Kumar and Colombage, (2017) viewed that working capital reflects the reputation of
the business and in case of dealing in buying and selling of good or services, it results in
examining the growth of the company. For e.g. In case of Sainsbury, the company carrying the
renowned brand image and also dealing in wider range of products. In respect of planning to
expand the business, it is necessary that company must carry enough resources to manage their
operation and thus by this manner the profitability is determined through getting higher sales. On
the other hand Shabbir, Iftikhar and Raja (2018) stipulated that there must be constant cash flow
in the business and thus through this manner, they can manage the profits by dealing with
authentic companies to expand the business in the form of licensing or franchising. But
sometimes the cries occurs in respect of blockages of money in context of investing in particular
projects. This also affects the profitability of the business regarding not getting good return on
the invested money (Kumar, 2019). As company usually plans their financial budgets for the
entire period and if any such period, such issues raised, than it results in causing direct impact
upon the profitability which also affects the integrity of the business.
CHAPTER 3
Research Methodology
It refers to the specific or particular procedures that is used for identifying, processing,
analysing and selecting an information regarding the research topic or problem. This section
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includes details regarding the method, sources of gathering the data, technique used for assessing
data and limitation of the research. This section helps in evaluating overall reliability and the
validity of the study.
Research type- It means the design or the method that the researcher has chosen for
conducting the study. There are majorly two types of the method through which a researcher can
make the study that involves quantitative, qualitative method and mixed methods. Qualitative
research reflects understanding and exploring meaning relating to an individual or the group for
ascribing to the human and the social problems. However, quantitative method focuses on testing
the objective theories through examining relationship among the variables. Moreover, mixed
methods referred as an approach to an inquiry which combines or associate quantitative and the
qualitative forms in the research study.
In this study, scholar has used quantitative method with an application of the statistical or
mathematical techniques that is ratio analysis for different group of company in order make
comparison between the firms so that financial performance of each and every firm can be
measured adequately. This method helps in making broader study with an inclusion of large
number of the subjects, enhancing generalization of results, allows for a greater level of
objectivity and accuracy of the results. Quantitative method allows an investigator in finding out
appropriate results and in making an adequate discussion on the research problem. By making
use of this method, the steps are standardized which in turn reduces the bias at the time of
assessing and obtaining the data. This method enables in making valid, generalizable and the
reliable results to the larger population.
Data collection- It means a procedure for measuring and obtaining an information on
interest variable in established and the systematic manner. It is the process for measuring,
analysing and collecting an accurate insight for the research by making use of the standard
validating tools. The two main sources by which data can be obtained involves primary and the
secondary sources. Primary sources referred as the first-hand information that is collected
directly from the participant. On the other note, secondary sources of data collection means
gathering an information from the published books, journals and the articles. Primary data
mainly refers to collecting the information by raising questions from the respondents which are
responsible to answer the queries raised (Wilson and Wilson, 2017). Through this manner,
original data is to be presented and also make the research unique and different from others.
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Secondary method refers to using the various author’s data to present the information in better
way (Fletcher, 2017). By adapting the secondary method, it helps in saving the time by using the
other author’s information and also save cost regarding reducing the expenses for travelling
allowances.
With reference to this research report, an investigator has opted for using secondary
sources as the data regarding the financial performance of different companies is been used for
the purpose of determine an impact of the working capital management on the profitability of the
company. Secondary sources helps in making the study with more accuracy as it involves
analysis of already published data with appropriate findings and the results in relation to the
particular research problem. This sources act as economical and saves time & efforts of the
scholar. It helps in framing the study in useful manner by identifying the deficiencies and the
gap along with an additional information that needs to be gathered.
Data Analysis- It refers to the process of applying the logical and the statistical
techniques in a systematic manner for illustrating, describing, recapping, condensing and
evaluating the data. It acts as an important component for ensuring integrity of the data and
appropriate assessment of the research findings. Techniques of data analysis are classified into
two parts that includes SPSS, statistical tools and thematic analysis. SPSS means as the statistical
software that involves formulation of the hypotheses and applying appropriate methods or
theories for testing the hypotheses in order to draw appropriate inferences within the study.
Thematic analysis is the tool used in qualitative analysis for assessing the data by preparing for
several themes based on the research problem and responses of the participant. Moreover, there
are various statistical tools which can also be sued by the scholar in conducting the research
study that includes regression, correlation etc.
As per this study, researcher has made use of ratio analysis and correlation technique for
analysing the financial data of several firms. These technique helped the scholar in determining
relationship between working capital and the profitability performance of the companies and also
helps in making comparative study of the data. Ratio analysis act as the most useful tool it assist
in depicting an effect of managing the working capital on the profitability of the company by
using different types o the ratios such as liquidity ratios, efficiency ratio, profitability ratio etc. It
provides for evaluating efficiency of the company in using its resources with its impact on the

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financial performance of an enterprise. Furthermore, correlation is the statistical tool that shows
the strength between the relationship of two and more variables that is working capital and the
profitability. It helps in gaining the quantitative data that could be analysed with ease and
presents an appropriate interpretation with respect to an effect of the working capital on the
profitability of the company.
Research limitations- It reflects an influences that the scholar couldn't control. These
include conditions, shortcomings or influences that could not be controlled by researcher which
places a restriction on drawing the results and the findings. The major limitations that are been
faced by the scholar involves framing of the aims and the objectives with respect to the research
problem but by reviewing the other article, this limitation has been overcome. Moreover, an
adequate execution of the methods for collecting data also seen as the difficult task for an
investigator as it requires detailed knowledge and skills in using statistical techniques. However,
by using proper research methods in relation to gathering data such as primary sources and
secondary sources, such execution problem can be resolved or overcome by an investigator
effectively and efficiently. Lack in making use of the previous studies with respect to this
particular research area also seen as the main research limitation. For getting over from this kind
of the limitation, scholar has made use of appropriate articles and journals based on impact of
working capital management on firm's profitability.
Another limitation which is faced by the researcher is relating to lack in managing the time.
As in few activity, effective time is required regarding gathering the detailed information which
helps in making the research more useful. But due to facing time boundation, it restricts to carry
the research in that particular areas (Atnafu and Balda, 2018). Thus, more useful information
can’t be presented in the research. In some cases, cost is also one of the major issues which
results in bounding to collect data from such places which requires extra fees to be paid to gather
the information (Wiek and Lang, 2016). This lack of cost management is another issues which
results in not collecting the information from authentic places, which provide detailed
information.
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CHAPTER 4- DATA ANALYSIS
Ratio analysis
BWNG LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
2.7507 0.0575 80.2017
3/3/2001 3.142 0.0407 77.693
3/2/2002 3.0295 0.0786 70.1041
3/1/2003 4.0843 0.2502 71.0587
2/28/2004 4.7268 0.2965 70.4934
2/26/2005 5.4787 0.6104 72.9121
2/25/2006 4.5679 0.5425 86.1266
2/24/2007 2.4666 0.2173 83.9639
3/1/2008 4.4889 0.4342 83.5463
2/28/2009 4.8599 0.4312 80.9345
2/27/2010 4.5243 0.4625 73.3549
2/26/2011 3.346 0.2658 77.0675
3/3/2012 5.1088 0.4437 84.1611
3/2/2013 5.4211 0.4763 83.4948
3/1/2014 5.763 0.3556 82.787
2/28/2015 5.715 0.3367 90.9016
2/27/2016 7.0983 0.4544 93.135
3/4/2017 5.8444 0.5012 94.6942
3/3/2018 4.4453 0.3149 94.4076
MKS LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
0.9942 0.3179 33.5937
3/3/2001 0.9104 0.2091 35.735
3/2/2002 1.1957 0.4661 29.7017
3/1/2003 0.9859 0.2758 24.4328
2/28/2004 1.109 0.3823 27.3468
2/26/2005 0.6726 0.226 27.4586
2/25/2006 0.5662 0.2384 26.9742
2/24/2007 0.4997 0.1364 27.4237
3/1/2008 0.5941 0.1844 29.7634
2/28/2009 0.6025 0.2063 32.7812
2/27/2010 0.8041 0.3055 36.0211
2/26/2011 0.7428 0.3104 39.2857
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3/3/2012 0.7281 0.2277 40.2697
3/2/2013 0.5665 0.0938 42.3341
3/1/2014 0.5825 0.085 45.5862
2/28/2015 0.6891 0.103 47.2787
2/27/2016 0.6943 0.1267 46.1138
3/4/2017 0.7277 0.204 43.4068
3/3/2018 0.7217 0.1212 42.128
LTHM LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
2.6571 0.2634 73.2749
3/3/2001 2.5675 0.269 67.664
3/2/2002 2.4262 0.0586 67.1816
3/1/2003 1.9745 0.0583 65.2878
2/28/2004 1.8879 0.0297 64.8446
2/26/2005 2.2098 0.0068 79.0239
2/25/2006 2.6793 0.0794 78.0336
2/24/2007 2.873 0.4835 67.1683
3/1/2008 2.7091 0.4525 65.4963
2/28/2009 3.1778 0.7051 65.6214
2/27/2010 2.9952 0.5913 68.2388
2/26/2011 2.8206 0.3321 75.4217
3/3/2012 2.7894 0.3165 76.5561
3/2/2013 3.1079 0.3973 79.0585
3/1/2014 2.9458 0.4595 73.3845
2/28/2015 3.0536 0.4855 75.8543
2/27/2016 3.442 0.6774 78.9459
3/4/2017 3.2481 0.6034 77.2929
3/3/2018 3.2132 0.4672 77.8606
JLH LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
0.6353 0.234 51.2902
3/3/2001 0.4568 0.1035 59.1435
3/2/2002 0.88 0.575 48.3735
3/1/2003 1.1224 0.8701 39.508
2/28/2004 1.0907 0.4286 91.5215
2/26/2005 1.0932 0.5199 83.3811
2/25/2006 1.2677 0.6655 97.2135
2/24/2007 1.5924 0.7811 107.1072
3/1/2008 1.4865 0.8051 98.5497
2/28/2009 1.24 0.5673 121.9234

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2/27/2010 1.0026 0.6529 55.2179
2/26/2011 1.0699 0.6517 24.3069
3/3/2012 1.0288 0.7154 26.3581
3/2/2013 1.0291 0.7367 21.1331
3/1/2014 1.0328 0.7822 19.4081
2/28/2015 0.8933 0.6326 18.197
2/27/2016 0.7705 0.5074 17.8419
3/4/2017 0.9043 0.6541 17.3305
3/3/2018
TED LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
1.0981 0.0154 166.9124
3/3/2001 1.0078 0.0168 194.9308
3/2/2002 1.5282 0.2704 167.3012
3/1/2003 1.4396 0.1688 169.1353
2/28/2004 1.7401 0.4994 160.6728
2/26/2005 1.8738 0.4379 168.1014
2/25/2006 1.8907 0.46 171.6736
2/24/2007 2.3957 0.6063 179.5984
3/1/2008 2.2418 0.5125 174.6051
2/28/2009 1.9348 0.1387 195.274
2/27/2010 2.3567 0.4791 202.3159
2/26/2011 2.1385 0.3454 192.17
3/3/2012 1.9755 0.1841 205.8793
3/2/2013 1.7215 0.1505 227.2529
3/1/2014 1.6127 0.3185 218.3466
2/28/2015 1.7521 0.081 233.2109
2/27/2016 1.7523 0.1218 234.9563
3/4/2017 1.5853 0.1364 249.2354
3/3/2018 1.5232 0.0945 272.5503
MTC LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
0.9126 0.1993 128.8242
3/3/2001 1.5887 0.5183 75.8567
3/2/2002 1.5712 0.1884 44.819
3/1/2003 1.4972 0.1418 43.9367
2/28/2004 1.985 0.6705 42.2411
2/26/2005 1.8459 0.6066 40.94
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2/25/2006 2.1234 0.6422 41.8996
2/24/2007 2.2109 0.6606 41.4407
3/1/2008 1.2275 0.1892 37.059
2/28/2009 1.4719 0.2021 46.9996
2/27/2010 1.5389 0.2939 49.802
2/26/2011 1.3902 0.1098 51.1436
3/3/2012 1.1583 0.0119 51.7926
3/2/2013 1.306 0.1181 54.8117
3/1/2014 1.0772 0.1095 53.3507
2/28/2015 1.4791 0.2354 50.138
2/27/2016 1.3964 0.0926 55.4396
3/4/2017 1.3084 0 60.9458
3/3/2018 1.128 0 60.4322
DC/ LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
#N/A N/A #N/A N/A #N/A N/A
3/3/2001 #N/A N/A #N/A N/A #N/A N/A
3/2/2002 #N/A N/A #N/A N/A #N/A N/A
3/1/2003 #N/A N/A #N/A N/A #N/A N/A
2/28/2004 #N/A N/A #N/A N/A #N/A N/A
2/26/2005 #N/A N/A #N/A N/A #N/A N/A
2/25/2006 #N/A N/A #N/A N/A #N/A N/A
2/24/2007 #N/A N/A #N/A N/A #N/A N/A
3/1/2008 #N/A N/A #N/A N/A #N/A N/A
2/28/2009 #N/A N/A #N/A N/A #N/A N/A
2/27/2010 4.4557 4.2194 #N/A N/A
2/26/2011 4.1536 3.9412 #N/A N/A
3/3/2012 1.4802 0.2107 21.1243
3/2/2013 1.3221 0.1385 34.5962
3/1/2014 1.3812 0.2885 46.8938
2/28/2015 0.9437 0.0723 46.8938
2/27/2016 0.9322 0.0935 45.253
3/4/2017 0.9075 0.077 46.8833
3/3/2018 0.9452 0.0838 48.8319
ALY LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
1.905 0.3984 140.0921
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3/3/2001 1.7348 0.33 103.3689
3/2/2002 1.5844 0.1299 113.1193
3/1/2003 1.379 0.1903 103.0602
2/28/2004 1.6392 0.3186 96.3862
2/26/2005 1.8571 0.4035 101.2284
2/25/2006 1.8345 0.508 105.5751
2/24/2007 1.7116 0.6015 107.485
3/1/2008 1.4009 0.4288 111.6884
2/28/2009 1.1698 0.1137 120.7968
2/27/2010 1.1912 0.2393 121.5337
2/26/2011 1.4837 0.5245 110.2719
3/3/2012 1.3772 0.4386 115.8699
3/2/2013 1.4116 0.4669 105.8507
3/1/2014 1.3244 0.2939 107.179
2/28/2015 1.4666 0.4041 109.8117
2/27/2016 1.319 0.2938 109.8117
3/4/2017 1.2019 0 119.2014
3/3/2018 1.2696 0 130.0786
KGF LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
0.8903 0.1507 82.8711
3/3/2001 0.8732 0.0721 122.4865
3/2/2002 0.9599 0.1739 106.4175
3/1/2003 0.9766 0.0749 151.4727
2/28/2004 0.8866 0.0873 112.3204
2/26/2005 0.9741 0.0812 90.9563
2/25/2006 0.9818 0.1054 94.2682
2/24/2007 1.0561 0.1805 95.2058
3/1/2008 1.0256 0.0889 104.9158
2/28/2009 1.174 0.3776 102.2268
2/27/2010 0.9857 0.3673 90.5658
2/26/2011 0.9904 0.2339 92.7658
3/3/2012 0.98 0.1925 98.0394
3/2/2013 1.069 0.1387 110.0723
3/1/2014 1.2211 0.1918 107.4852
2/28/2015 1.2803 0.2217 107.2058
2/27/2016 1.281 0.3021 110.9221
3/4/2017 1.3001 0.2903 107.2043
3/3/2018 1.1548 0.0754 120.9882

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MUL LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
0.8587 0.0182 179.1689
3/3/2001 2.4196 0.0696 216.6206
3/2/2002 1.5187 0.0175 224.5839
3/1/2003 1.0488 0.0065 198.9782
2/28/2004 2.876 0.3183 204.3225
2/26/2005 2.5289 0.4981 156.5259
2/25/2006 2.197 0.8654 109.4884
2/24/2007 2.3458 1.1568 122.7302
3/1/2008 1.9939 0.866 128.4337
2/28/2009 2.0912 0.3157 176.0091
2/27/2010 2.1365 0.8807 147.6543
2/26/2011 1.6196 0.6185 136.3987
3/3/2012 1.8315 0.6687 176.5428
3/2/2013 2.189 0.6665 205.4423
3/1/2014 2.3506 0.7777 211.3571
2/28/2015 2.0041 0.3173 227.2792
2/27/2016 2.2941 0.4649 258.4744
3/4/2017 2.6542 0.7124 246.5949
3/3/2018 2.7311 0.8063 257.4692
MOSB LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
1.8523 0.3335 129.9722
3/3/2001 1.9177 0.3692 119.9078
3/2/2002 1.7503 0.3513 116.6
3/1/2003 1.7894 0.5541 124.8117
2/28/2004 2.0834 0.7982 124.3054
2/26/2005 2.4292 0.9239 120.3162
2/25/2006 2.9678 1.1227 125.2894
2/24/2007 2.486 0.9332 123.3724
3/1/2008 2.0579 0.7517 119.798
2/28/2009 1.8873 0.5108 104.9965
2/27/2010 1.7402 0.377 101.8591
2/26/2011 1.5215 0.3322 180.1062
3/3/2012 2.6022 1.4634 147.4518
3/2/2013 2.7881 1.6218 120.0856
3/1/2014 2.5928 1.5888 111.0463
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2/28/2015 2.6941 1.3361 113.1133
2/27/2016 2.7345 1.3371 112.7997
3/4/2017 2.0585 0.9963 114.4188
3/3/2018 1.707 0.7921 110.4663
FRAS LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
#N/A N/A #N/A N/A #N/A N/A
3/3/2001 #N/A N/A #N/A N/A #N/A N/A
3/2/2002 #N/A N/A #N/A N/A #N/A N/A
3/1/2003 #N/A N/A #N/A N/A #N/A N/A
2/28/2004 #N/A N/A #N/A N/A #N/A N/A
2/26/2005 #N/A N/A #N/A N/A #N/A N/A
2/25/2006 #N/A N/A #N/A N/A #N/A N/A
2/24/2007 0.8335 0.302 #N/A N/A
3/1/2008 0.4525 0.034 115.4206
2/28/2009 0.5536 0.0441 108.1244
2/27/2010 0.6268 0.0423 101.5131
2/26/2011 1.2935 0.2115 84.5308
3/3/2012 1.437 0.233 90.8802
3/2/2013 1.6387 0.3409 107.6869
3/1/2014 1.0558 0.189 118.8008
2/28/2015 2.2955 0.2047 123.7765
2/27/2016 2.4259 0.4331 137.0002
3/4/2017 1.7195 0.2763 133.3443
3/3/2018 2.1778 0.508 139.1342
ASC LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
0.9639 0.2088 #N/A N/A
3/3/2001 1.051 0.2572 65.7518
3/2/2002 0.9628 0.0001 74.1108
3/1/2003 1.3582 0.8575 53.8159
2/28/2004 1.7498 0.7619 9.5783
2/26/2005 1.72 0.7284 55.5589
2/25/2006 1.5018 0.687 64.9532
2/24/2007 1.595 0.6739 61.4618
3/1/2008 1.3595 0.5252 72.6689
2/28/2009 1.2616 0.3803 77.4811
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2/27/2010 1.5614 0.4195 92.4888
2/26/2011 1.2956 0.07 91.0934
3/3/2012 1.4721 0.278 159.8893
3/2/2013 1.5342 0.4682 119.8951
3/1/2014 1.4049 0.4007 113.4257
2/28/2015 1.4206 0.5023 113.7719
2/27/2016 1.0406 0.4043 114.3275
3/4/2017 0.9454 0.2946 109.8441
3/3/2018 0.9025 0.0765 113.0226
HAT LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
#N/A N/A #N/A N/A #N/A N/A
3/3/2001 #N/A N/A #N/A N/A #N/A N/A
3/2/2002 #N/A N/A #N/A N/A #N/A N/A
3/1/2003 #N/A N/A #N/A N/A #N/A N/A
2/28/2004 #N/A N/A #N/A N/A #N/A N/A
2/26/2005 10.1802 0.4018 #N/A N/A
2/25/2006 7.9093 0.4344 158.0545
2/24/2007 7.1108 0.3121 186.9009
3/1/2008 5.337 0.2662 186.4294
2/28/2009 7.0283 0.2113 187.7901
2/27/2010 5.6096 0.2887 144.2233
2/26/2011 7.2611 0.3679 162.6255
3/3/2012 2.2678 0.1495 151.1278
3/2/2013 9.7855 0.8765 206.9926
3/1/2014 10.4952 0.9933 257.3303
2/28/2015 14.2425 1.7828 237.1862
2/27/2016 9.9246 0.9602 253.2305
3/4/2017 10.4298 0.7753 250.406
3/3/2018 14.2065 1.3952 211.0938
CAMB LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
#N/A N/A #N/A N/A #N/A N/A
3/3/2001 #N/A N/A #N/A N/A #N/A N/A
3/2/2002 #N/A N/A #N/A N/A #N/A N/A
3/1/2003 #N/A N/A #N/A N/A #N/A N/A
2/28/2004 #N/A N/A #N/A N/A #N/A N/A
2/26/2005 #N/A N/A #N/A N/A #N/A N/A

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2/25/2006 #N/A N/A #N/A N/A #N/A N/A
2/24/2007 #N/A N/A #N/A N/A #N/A N/A
3/1/2008 1.0349 0.048 #N/A N/A
2/28/2009 1.0663 0.109 71.3755
2/27/2010 1.0372 0.1207 56.204
2/26/2011 1.069 0.1645 67.1711
3/3/2012 1.0759 0.1651 68.0543
3/2/2013 1.0732 0.1778 64.933
3/1/2014 0.9695 0.1017 66.2421
2/28/2015 0.978 0.1302 64.8789
2/27/2016 0.9359 0.1447 61.1952
3/4/2017 0.9761 0.1597 64.0105
3/3/2018 0.9252 0.1198 63.6999
SDRY LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
#N/A N/A #N/A N/A #N/A N/A
3/3/2001 #N/A N/A #N/A N/A #N/A N/A
3/2/2002 #N/A N/A #N/A N/A #N/A N/A
3/1/2003 #N/A N/A #N/A N/A #N/A N/A
2/28/2004 #N/A N/A #N/A N/A #N/A N/A
2/26/2005 #N/A N/A #N/A N/A #N/A N/A
2/25/2006 #N/A N/A #N/A N/A #N/A N/A
2/24/2007 2.2825 0.1695 #N/A N/A
3/1/2008 1.557 0.019 137.2943
2/28/2009 1.5872 0.0446 123.6351
2/27/2010 2.7922 1.2242 106.4891
2/26/2011 2.815 0.7541 127.1576
3/3/2012 2.4248 0.5808 146.1289
3/2/2013 3.0366 0.9495 154.0426
3/1/2014 2.9863 1.1792 157.1397
2/28/2015 2.8685 0.8362 177.5074
2/27/2016 2.8402 0.9759 176.1531
3/4/2017 2.5746 0.5117 164.2261
3/3/2018 2.5547 0.5122 159.0944
STU LN
Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
1.7867 0.0477 115.0008
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3/3/2001 1.9299 0.031 113.8565
3/2/2002 2.0086 0.0454 108.4847
3/1/2003 2.2857 0.1293 121.1904
2/28/2004 2.2143 0.0745 116.4383
2/26/2005 1.5882 0.0215 136.8361
2/25/2006 3.3585 0.0228 130.5036
2/24/2007 2.6302 0.0564 120.8892
3/1/2008 2.2476 0.0723 127.2079
2/28/2009 2.1741 0.0684 107.1527
2/27/2010 0.739 0.0998 84.79
2/26/2011 4.1479 0.3642 90.585
3/3/2012 4.2915 0.4659 103.6405
3/2/2013 3.7614 0.3217 88.0223
3/1/2014 3.6442 0.2929 84.5336
2/28/2015 3.9865 0.4672 109.812
2/27/2016 4.2168 0.4516 99.9585
3/4/2017 3.2818 0.3178 87.0317
3/3/2018 3.8413 0.3232 72.0251
SMWH LN
Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
#N/A N/A #N/A N/A #N/A N/A
3/3/2001 #N/A N/A #N/A N/A #N/A N/A
3/2/2002 #N/A N/A #N/A N/A #N/A N/A
3/1/2003 #N/A N/A #N/A N/A #N/A N/A
2/28/2004 #N/A N/A #N/A N/A #N/A N/A
2/26/2005 #N/A N/A #N/A N/A #N/A N/A
2/25/2006 1.0902 0.2588 #N/A N/A
2/24/2007 1.0766 0.3295 73.2062
3/1/2008 0.7822 0.0726 73.2
2/28/2009 0.9324 0.1673 79.3942
2/27/2010 0.95 0.1867 84.7923
2/26/2011 0.881 0.1395 91.1007
3/3/2012 0.8066 0.118 96.399
3/2/2013 0.809 0.1076 102.7637
3/1/2014 0.7993 0.1156 106.1554
2/28/2015 0.8244 0.1219 104.4428
2/27/2016 0.8806 0.1418 104.4155
3/4/2017 0.8897 0.1397 107.8244
3/3/2018 0.9059 0.1568 110.7385
FCCN LN
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Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
1.46 0.1013 121.4172
3/3/2001 1.5293 0.1379 124.8611
3/2/2002 1.353 0.087 129.7487
3/1/2003 1.6316 0.4752 142.1613
2/28/2004 1.8861 0.75 127.809
2/26/2005 2.2317 0.9387 126.2581
2/25/2006 2.3002 1.01 144.8236
2/24/2007 2.4298 0.9877 159.6875
3/1/2008 2.7055 1.0082 170.7574
2/28/2009 2.3722 0.6678 202.6322
2/27/2010 1.9297 0.6274 182.5
2/26/2011 2.1882 0.7462 143.4181
3/3/2012 2.1935 0.6965 142.3435
3/2/2013 2.1865 0.6643 157.519
3/1/2014 1.9779 0.6239 147.1774
2/28/2015 2.1883 0.6154 142.0084
2/27/2016 2.1856 0.3878 148.3588
3/4/2017 2.1691 0.4006 149.5271
3/3/2018 2.1465 0.3025 149.9191
PDG LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
1.0491 0 43.4683
3/3/2001 1.2479 0.0449 58.7221
3/2/2002 1.0813 0.0298 57.2357
3/1/2003 1.096 0.0229 58.4121
2/28/2004 0.9459 0.1196 61.2271
2/26/2005 1.022 0.0928 83.9676
2/25/2006 0.9688 0.0163 61.9771
2/24/2007 0.9355 0.0445 68.9419
3/1/2008 0.9334 0.1471 75.5023
2/28/2009 0.8314 0.1084 74.4305
2/27/2010 0.8796 0.1115 55.6591
2/26/2011 0.9395 0.1195 64.477
3/3/2012 0.9035 0.0681 67.0424
3/2/2013 0.9098 0.0684 64.984
3/1/2014 0.9484 0.0966 67.0954
2/28/2015 1.0201 0.1264 70.4156
2/27/2016 0.9736 0.075 77.1495
3/4/2017 0.94 0.0417 80.6388

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3/3/2018 0.9645 0.0391 87.8856
JD/ LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
1.5701 0.0035 104.5598
3/3/2001 1.6927 0.0403 94.4334
3/2/2002 1.9245 0.0431 93.3576
3/1/2003 1.6241 0.0664 129.1056
2/28/2004 1.529 0.0886 98.7208
2/26/2005 1.2228 0.1108 85.3512
2/25/2006 1.1245 0.1316 75.9634
2/24/2007 1.1727 0.1739 70.3836
3/1/2008 0.9311 0.1292 67.5301
2/28/2009 1.1414 0.28 62.0417
2/27/2010 1.2913 0.4882 62.0863
2/26/2011 1.4474 0.6162 64.7737
3/3/2012 1.1763 0.3134 72.5887
3/2/2013 1.2071 0.2514 79.5926
3/1/2014 1.1548 0.2688 96.9989
2/28/2015 1.225 0.3713 95.6004
2/27/2016 1.4669 0.6204 89.9571
3/4/2017 1.3345 0.4626 87.8252
3/3/2018 1.4243 0.5093 94.0142
NXT LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
1.9073 0.3916 56.1756
3/3/2001 1.4951 0.3006 52.9869
3/2/2002 1.5915 0.4995 48.5157
3/1/2003 0.8839 0.049 50.1704
2/28/2004 1.2317 0.108 50.1704
2/26/2005 1.3763 0.1229 49.936
2/25/2006 1.2046 0.0924 50.7969
2/24/2007 1.3303 0.1664 46.5962
3/1/2008 0.9393 0.0537 45.8249
2/28/2009 1.5047 0.1853 49.1238
2/27/2010 1.3734 0.1525 48.3227
2/26/2011 1.2814 0.0641 52.846
3/3/2012 1.5354 0.0928 56.2302
3/2/2013 1.4801 0.1935 52.5537
3/1/2014 1.7593 0.3289 52.2288
2/28/2015 1.8227 0.3107 54.9755
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2/27/2016 1.4029 0.0566 61.5088
3/4/2017 2.2905 0.0686 62.9517
3/3/2018 1.9649 0.0585 62.0296
NTG LN Equity
Dates CUR_RATIO CASH_RATIO INVENT_DAYS
0.6845 0.1435 10.956
3/3/2001 0.6052 0.1812 11.7863
3/2/2002 0.5879 0.1745 13.272
3/1/2003 0.53 0.1698 13.3885
2/28/2004 0.8809 0.3451 17.941
2/26/2005 1.4034 0.4121 18.6499
2/25/2006 1.3968 0.2241 11.4878
2/24/2007 2.1858 0.3473 9.0129
3/1/2008 2.2211 0.4265 9.4919
2/28/2009 1.9324 0.4329 10.5875
2/27/2010 0.9765 0.3328 14.6656
2/26/2011 2.4857 0.9916 14.6189
3/3/2012 0.6335 0.0476 14.7451
3/2/2013 1.9253 0.2453 16.2014
3/1/2014 1.6089 0.2621 16.0632
2/28/2015 1.2237 0.1148 16.7034
2/27/2016 1.1916 0.4641 17.8431
3/4/2017 1.1864 0.3547 20.141
3/3/2018 1.0234 0.1632 21.2215
Interpretation- from the above analysis it has been interpreted that over the years the current
ratio of all the companies seems as fluctuating and increasing which results to increase in the
cash ratio and this leads to higher sales & profitability. This clearly reflects that working capital
is directly proportional or relates to profitability of an entity. This means that with better working
capital management, company could be able to generate higher profits along with greater
revenue. However, with poor management of working capital, smooth running and profitability
of the business gets negatively affected.
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CHPATER 5- DISCUSSION
With the above analysis and discussion it is clear that the working capital intends to
affect the profitability of the company to a great extent. This is majorly important because of the
reason that if the working capital will not be managed in effective manner then it means that the
company is not in good condition of paying off its current liabilities with its current asset (Afrifa
and Padachi, 2016). This is shown with help of current ratio which the ratio of the current asset
with its current liabilities. With the help of the analysis of different data it is clear that current
ratio and the cash ratio need to be very good and always positive. This is because of the fact that
this ratio illustrate the position of the company that is how much capable is the company in
managing its daily operations. With the evaluation of the data of all the companies it was
interpreted that most of the companies have good current ratio and this illustrates that the
position of the company is good.
Also, this states that the company has high liquidity and in case of any of the emergency
the company can convert its assets into cash and pay off the liabilities. Also, in many of the
companies the current ratio fluctuates to a great extent and this also has a major impact over the
inventory days of the company with high degree of impact. The major reason underlying this fact
is that if the current working capital is not completed on time then the credit sales will take time
in getting converted to the cash. Thus, this will misbalance or negatively impact the working
capacity and day to day operations of the company to a great extent. But in some cases the
current ratio is that good that this has no impact over the working and operating cycle of the
company. The operating cycle of the company is defined as the time frame which is taken to
convert the credit sales back into cash. Thus, at this time there is low incoming of cash in hand
and here there may be need of converting the current asset into the cash for the company and its
operations (Lyngstadaas and Berg, 2016).
Hence, here the current ratio will help as the company will be able to sell off its current
asset in order to pay off the current liabilities of the company. As and when the credit sales will
be converted into cash then the mount will again the reinvested in the current asset and this will
again be helpful in case of any emergency. Thus, from the analysis of the above companies it is
clear that it is very essential for the company to manage its working capital as this assist the
company in managing the daily and regular operations of the company. This involves a lot of
money that is cash in hand and not in form of physical asset or any other thing.

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CHAPTER 6- CONCLUSION AND RECOMMENDATION
Conclusion
From the above study, the report concludes the matters relating to examining the
importance of working capital in the business and also its impact upon the profitability regarding
managing the integrity in the market. In this research, the discussion is based upon the impact of
working capital which trends to affect the profitability of the business and such study is based
upon the retail sectors. As various data and information are gathered from the companies of
TESCO, Sainsbury, ASDA and Morrison. Every companies had their own criteria and strategies
regarding earning profits or also investing in certain project to manage their working capital.
Thus, in this aspect the discussion is based upon conducting the primary and secondary method
to gather the information from various sources.
In respect of carrying the literature review, various authors presented their judgement and
views regarding the working capital and also its link with the profitability of the business. Some
suggestion made are in favour of this research topic but some argued regarding getting negative
impact of applying this factors for the longer term growth of the business. By the above
discussion, it clearly reflects that most of the authors had already conduct the research relevant to
this topic. Thus, various aspects are to be identified in respect of managing the working capital
and profitability of the business in better way.
In third chapter, the discussion is based upon choosing the appropriate method to conduct
the research in authentic manner. Thus, by applying method such as research types, data
collection, data analysis, helps in providing various ways to collect the information and also
interpret them to provide effective results. In fourth chapters, the matter is concluded regarding
discussing about the SPSS procedure which is used to collect and interpreted the previous year
data of the company. Through this manner the accurate information is to be provide regarding
the actual working capital and profitability of the companies.
Recommendation
In context of sustaining the growth of the business in emerging market, it is necessary to
improve the working capital through managing the profitability in the business. It carries the
following aspects such as:
1. Major expenses is occurred by the company regarding not managing the inventory or
also not keeping the records of the inventory used. Thus, in such aspect in respect of
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improving the working capital, it is necessary to not overstock the inventory and also
the finished goods are to be sold as soon as possible (Darlington and et.al., 2016).
Through this manner, company can reorder the new stock and also manage the
existing inventory in better way. The profitability in this case can be managed in
respect of cutting the products or services which are not in demanding and also
ordering the raw materials which are required to produce the new products.
2. In respect of tracking the working of the employees and also managing the day to
day payment, automation is to be done instead of appointing the expertise to handle
the matters (11 Best Ways to Improve Working Capital, 2020). As through this
manner, expenses can be reduced and also accurate track records are to maintain
which results in managing the dues and expenses in better way. Thus, by this aspects,
the profits is to be gained in respect of managing the expenses of the company in
right manner.
3. As companies majorly faces expenses regarding managing disputes with the
customer and vendors (Gyimah and Boachie, 2018). Thus, in such aspect before
reaching the matters in the court, it is necessary to settle the matters under delay time
period, so that they can save money and also not had to pay extra amount regarding
settling matters.
REFLECTION:
From this research, I learned wider of things regarding the meaning of the working
capital and also its impact upon the profitability of the business. The main reason of
choosing this topic is that the working capital reflects the overall integrity of the business
and thus it is important to gather the information for retail sectors information regarding
the criteria which they used to secure their goodwill. I was very excited regarding achieving
all the chapters within the set time limit. That the reason it motivates me to prepare the TO
DO List through which I mentioned all the task with the set time guidance. It helps me in
cross checking it with tutors and also making changes within the set boundaries to submit
the research. The barrier which I faced during collecting the data is lot of company
restriction regarding collecting their internal information and presenting it in research. I
also faced the time boundation during collecting the quantitative data as every company
reflect the different details and also their profitability ratio which impact through working
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capital also varies. Overall I feel happy that I choose this topic which is unique from other
researcher and also gather detailed about the three top retail sectors in UK.

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REFERENCES
Books and Journals
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Afrifa, G.A., 2016. Net working capital, cash flow and performance of UK SMEs. Review of
Accounting and Finance.
Atnafu, D. and Balda, A., 2018. The impact of inventory management practice on firms’
competitiveness and organizational performance: Empirical evidence from micro and
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management on profitability of listed Nigerian conglomerate companies. FWU Journal of
Social Sciences.10(1). pp.10-20.
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firm’s profitability: Empirical evidence from an emerging market. Journal of Business &
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John, J.A., 2017. Working Capital Management of Manufacturing Companies Listed in
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Kumar, R., 2019. Research methodology: A step-by-step guide for beginners. Sage Publications
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Lyngstadaas, H. and Berg, T., 2016. Working capital management: evidence from
Norway. International Journal of Managerial Finance.
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Masri, H. and Abdulla, Y., 2018. A multiple objective stochastic programming model for
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146.
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management on profitability of petroleum retail firms: Empirical evidence from
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Mishra, R.K., 2019. Does Working Capital Management Affect the Firm's Performance? A
Review of Global Empirical Work. FOCUS: Journal of International Business.6(1).
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Qurashi, M., 2017. Effect of Working Capital on the Firm’s Profitability: An Analysis of UK
Pharmaceuticals and Biotechnology FTSE All Share Index Firms. Empirical Economic
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Shabbir, M., Iftikhar, U. and Raja, A.A., 2018. Impact of Working Capital Management on
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Singh, H.P., Kumar, S. and Colombage, S., 2017. Working capital management and firm
profitability: a meta-analysis. Qualitative Research in Financial Markets.
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Online
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Factors influencing Working capital Management. 2008. [Online]. Available
through:<https://www.citeman.com/3680-factors-influencing-working-capital-
management.html>
11 Best Ways to Improve Working Capital. 2020. [Online]. Available through: <
https://www.invensis.net/blog/finance-and-accounting/11-best-ways-improve-working-
capital/>.
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