Business Finance Report: Cash Flow, Budgeting, and Financial Analysis
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This report provides a comprehensive analysis of business finance, focusing on profit versus cash flow, working capital management, and budgeting techniques. The first part of the report examines the differences between profit and cash flow, the components of working capital (including accounts receivable, payable, and inventory), and the impact of working capital changes on cash flow. It then applies these concepts to the case of Mediterranean Delights Ltd, assessing the effect of working capital practices on the company's financial results and suggesting strategies for improvement. The second part shifts focus to budgeting, defining its importance and exploring various budgeting methods, including traditional, zero-based, rolling, and activity-based budgeting, with a specific application to Second Sight Plc. The report concludes by offering practical recommendations for enhancing cash flow through effective working capital management and budgeting practices.
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Table of Content
Executive Summary...................................................................................................3
Part 1..........................................................................................................................3
Question 1............................................................................................................3
Question 2............................................................................................................5
Question 3............................................................................................................6
Part 2..........................................................................................................................8
Executive Summary :.................................................................................................8
Question 1............................................................................................................8
Question 2..........................................................................................................10
Question 3..........................................................................................................10
References...............................................................................................................11
Executive Summary...................................................................................................3
Part 1..........................................................................................................................3
Question 1............................................................................................................3
Question 2............................................................................................................5
Question 3............................................................................................................6
Part 2..........................................................................................................................8
Executive Summary :.................................................................................................8
Question 1............................................................................................................8
Question 2..........................................................................................................10
Question 3..........................................................................................................10
References...............................................................................................................11


Executive Summary
Business finance refers to the process of managing financial resources of an organization.
It is essential part of running an organization. Success of an organization is depends on how
effectively their mangers manage sources of gearing money. This report is based on data collect
from Mediterranean Delights Ltd. In this concept of profit and cash flow are determined, how
working capital effect on cash flow activities and ways which helps managers for generating
effective cash flow activities with the help of effective management of working capital are
described.
Part 1
Question 1
A) Differences between profit and cash flow:
Profit: It defined as income generates from running a business activity. In other words profit is
the excess of revenue over expenditure (Berger and Black, 2011).
Cash flow: It refers as the net amount generating from cash and cash equivalent
activities. In other words cash flow represent net amount of incoming and outgoing of operating
activities.
In a running organization profit and cash flow both are essential terms to determined
profitability level of business entities at particular time period. Following are the differences
among profit and cash flow:
Particular Profit Cash flow
Meaning Amount of financial gain an
organization generates
through its business activities.
Net sum up of inflow and
outflow of activities related to
cash transactions
Purpose Organization calculates profit
to identifying performance
level of their business
activities.
Main purpose of formulating
cash flow amount is to
analysis activities which helps
in generating more income .
Time Transaction related to profit
are recorded on accrual basis.
Transactions are recorded
when cash amount actually
received and paid by
Business finance refers to the process of managing financial resources of an organization.
It is essential part of running an organization. Success of an organization is depends on how
effectively their mangers manage sources of gearing money. This report is based on data collect
from Mediterranean Delights Ltd. In this concept of profit and cash flow are determined, how
working capital effect on cash flow activities and ways which helps managers for generating
effective cash flow activities with the help of effective management of working capital are
described.
Part 1
Question 1
A) Differences between profit and cash flow:
Profit: It defined as income generates from running a business activity. In other words profit is
the excess of revenue over expenditure (Berger and Black, 2011).
Cash flow: It refers as the net amount generating from cash and cash equivalent
activities. In other words cash flow represent net amount of incoming and outgoing of operating
activities.
In a running organization profit and cash flow both are essential terms to determined
profitability level of business entities at particular time period. Following are the differences
among profit and cash flow:
Particular Profit Cash flow
Meaning Amount of financial gain an
organization generates
through its business activities.
Net sum up of inflow and
outflow of activities related to
cash transactions
Purpose Organization calculates profit
to identifying performance
level of their business
activities.
Main purpose of formulating
cash flow amount is to
analysis activities which helps
in generating more income .
Time Transaction related to profit
are recorded on accrual basis.
Transactions are recorded
when cash amount actually
received and paid by
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company
Calculation Company prepare profit and
loss statement to identify net
profit earn through deducting
all expense from revenue
activities
Statement of cash flow are
prepared to determined net
amount of cash flow at
particular time period.
B) Meaning of working capital, account receivables, account payable and inventory:
Working capital: This term is defined as funds requires for running day to day activities of an
entity (Berger and Udell, 2003).
Working capital is the sum up of current assets of an organization which are used by managers
to formulate their operating level activities. Organizations use working capital to identify
liquidity level of their business activities. Therefore for this they need to calculated net working
capital which defined as amount of current assets minus current liabilities.
Account receivables: Monetary amount due by customers on purchasing and utilizing
products and services from an organizations. It considered as current assets of an organization.
Managers uses receivables to identify debtor turnover ratio. This ratio determined how
effectively customers pay their debt amount. High ratio of receivables shows that managers uses
effective policies for collect receivables amount.
Account payable: This term defined as net amount of debt generates from owing products and
services from vendors of an organization. Account payable generates liability on company, thus
this item is included in current liability side. Managers calculate account payable ratio with the
help of this account. Higher turnover ratio depicts low capacity level of settlement of debts of an
organization (Armstrong, Ch.Vashishtha, 2012).
Inventory: It defined as material and goods require by an entity to regulate their
operating cycle. In other words inventory means sum up of all items which are used in
manufacturing and selling product of an organization. It also defined as stock of the company.
Stock is considered as part of current assets. It is one of the most essential term for
manufacturing business entities. Success of an entity depends on how effectively organizations
manager their stock level, for the purpose of running business.
C) Effect of changes of working capital on cash flow:
Calculation Company prepare profit and
loss statement to identify net
profit earn through deducting
all expense from revenue
activities
Statement of cash flow are
prepared to determined net
amount of cash flow at
particular time period.
B) Meaning of working capital, account receivables, account payable and inventory:
Working capital: This term is defined as funds requires for running day to day activities of an
entity (Berger and Udell, 2003).
Working capital is the sum up of current assets of an organization which are used by managers
to formulate their operating level activities. Organizations use working capital to identify
liquidity level of their business activities. Therefore for this they need to calculated net working
capital which defined as amount of current assets minus current liabilities.
Account receivables: Monetary amount due by customers on purchasing and utilizing
products and services from an organizations. It considered as current assets of an organization.
Managers uses receivables to identify debtor turnover ratio. This ratio determined how
effectively customers pay their debt amount. High ratio of receivables shows that managers uses
effective policies for collect receivables amount.
Account payable: This term defined as net amount of debt generates from owing products and
services from vendors of an organization. Account payable generates liability on company, thus
this item is included in current liability side. Managers calculate account payable ratio with the
help of this account. Higher turnover ratio depicts low capacity level of settlement of debts of an
organization (Armstrong, Ch.Vashishtha, 2012).
Inventory: It defined as material and goods require by an entity to regulate their
operating cycle. In other words inventory means sum up of all items which are used in
manufacturing and selling product of an organization. It also defined as stock of the company.
Stock is considered as part of current assets. It is one of the most essential term for
manufacturing business entities. Success of an entity depends on how effectively organizations
manager their stock level, for the purpose of running business.
C) Effect of changes of working capital on cash flow:

Working capital is the sum up of all current assets. Increment in working assets shows
high level of current assets compare to current liabilities. This will adversely effect on cash flow
as company cannot generates cash inflow. On the other side decrease in working capital increase
the ratio of cash inflow because companies generate cash by taking loan from their creditors.
Managers thus make those policies which help them to maintain their level of current liability
and current assets to manage flow related to their cash activities.
Question 2
Effect on financial results of Mediterranean Delights Ltd by applying concepts of working
capital and others:
Managers of Mediterranean Delights Ltd needs to change their polices related to
management of inventories, collection of debtors and payment of creditors. The company only
earns benefits when they properly manage their operating activities. Company earns 5 million
profit from operating activities. Due to lack of effecting managerial policies company unable to
generate profit in upcoming years. Manager of the company needs to sell their outstanding stock
which cannot sell due to disputer arising with their potential customers. They also needs to solve
out matter with their identical customers because Delios Ltd and San Pedro ltd are the main
source of generating revenue for the organization. To increase cash inflow activities they need to
satisfy their debtors. The managers needs to provide best quality of services to their customers.
The business entity can change their financial situation by managing their strategies effectively.
To control wastage of stock, managers must uses inventory control techniques which helps to
identify dangerous level of stock available in market (Atanassov, Han Kim, 2009).
Manager of this organization needs to identify best supplier who provides best quality of raw
materials to the company. Also business entity needs to enhance their productivity level by
generating their cash inflow activities. They can generate money if they can influence other
investors to invest in their company. Capital of Mediterranean Delights Ltd acquire Italian
company can increases their cash inflow if other members will get ready to invest in this
organization. Manager of this company needs to sort out dispute with their supplier of raw
materials. In case they sued Mediterranean Delights Ltd, due to legal actions, it will affect the
future earnings.
Question 3
Improve company’s cash flow through better working capital management:
high level of current assets compare to current liabilities. This will adversely effect on cash flow
as company cannot generates cash inflow. On the other side decrease in working capital increase
the ratio of cash inflow because companies generate cash by taking loan from their creditors.
Managers thus make those policies which help them to maintain their level of current liability
and current assets to manage flow related to their cash activities.
Question 2
Effect on financial results of Mediterranean Delights Ltd by applying concepts of working
capital and others:
Managers of Mediterranean Delights Ltd needs to change their polices related to
management of inventories, collection of debtors and payment of creditors. The company only
earns benefits when they properly manage their operating activities. Company earns 5 million
profit from operating activities. Due to lack of effecting managerial policies company unable to
generate profit in upcoming years. Manager of the company needs to sell their outstanding stock
which cannot sell due to disputer arising with their potential customers. They also needs to solve
out matter with their identical customers because Delios Ltd and San Pedro ltd are the main
source of generating revenue for the organization. To increase cash inflow activities they need to
satisfy their debtors. The managers needs to provide best quality of services to their customers.
The business entity can change their financial situation by managing their strategies effectively.
To control wastage of stock, managers must uses inventory control techniques which helps to
identify dangerous level of stock available in market (Atanassov, Han Kim, 2009).
Manager of this organization needs to identify best supplier who provides best quality of raw
materials to the company. Also business entity needs to enhance their productivity level by
generating their cash inflow activities. They can generate money if they can influence other
investors to invest in their company. Capital of Mediterranean Delights Ltd acquire Italian
company can increases their cash inflow if other members will get ready to invest in this
organization. Manager of this company needs to sort out dispute with their supplier of raw
materials. In case they sued Mediterranean Delights Ltd, due to legal actions, it will affect the
future earnings.
Question 3
Improve company’s cash flow through better working capital management:

Determine business activities: In this step company needs to identify those activities
through which flow of activities are generated.
Preparation of business strategies: After determining activities company needs to make
strategies by which organization receive money and pay cash to their vendors. In this steps
company built policies regarding collection of account receivables, payment of suppliers and
management of their inventories.
Calculate working capital: In this steps managers calculate net working capital to identify level
at which organization is able to pay debt (Banos-Caballero, Garcia-Teruel, Martinez-Solano,
2012).
Calculate operating cycle: After calculating working capital managers in this step calculate
operating cycles days which helps them to analysis status of their business daily routine
activities.
Effective policies for debtors: To enhance cash flow of business entity, Managers need to
make effective policies which attract receivables to pay their sue at time. For this company
can offers discount policies, by one get one free, coupons and gift vouchers on cash purchase
to increase their cash inflow activities.
Identification of best supplier: For the purpose of purchasing raw materials managers need
to analyse the market area and select those vendors which provides material at discount and
give best qualitative materials.
Management of inventories: For the purpose of improving activities related to cash flows
managers need to manage their inventories. For this purpose they can use inventory
management techniques like VED, ABC analysis to manage stock level of the organization.
Resolve conflict with customers: This can help running business activities efficiently.
Managers need to sort out disputes with their vendors and debtors. Dispute arise changes in
working capital and it will badly impact on brand value which is main causes of decline sell.
Therefore they need to solve dispute from their parties.
Check financial status of organization: To maintain cash-flow activities managers need to
analyse the financial performance of the organization. This helps to identify those activities
by which company generates higher profit and money. It will also help identifying those
transaction on which large expenses accrue.
through which flow of activities are generated.
Preparation of business strategies: After determining activities company needs to make
strategies by which organization receive money and pay cash to their vendors. In this steps
company built policies regarding collection of account receivables, payment of suppliers and
management of their inventories.
Calculate working capital: In this steps managers calculate net working capital to identify level
at which organization is able to pay debt (Banos-Caballero, Garcia-Teruel, Martinez-Solano,
2012).
Calculate operating cycle: After calculating working capital managers in this step calculate
operating cycles days which helps them to analysis status of their business daily routine
activities.
Effective policies for debtors: To enhance cash flow of business entity, Managers need to
make effective policies which attract receivables to pay their sue at time. For this company
can offers discount policies, by one get one free, coupons and gift vouchers on cash purchase
to increase their cash inflow activities.
Identification of best supplier: For the purpose of purchasing raw materials managers need
to analyse the market area and select those vendors which provides material at discount and
give best qualitative materials.
Management of inventories: For the purpose of improving activities related to cash flows
managers need to manage their inventories. For this purpose they can use inventory
management techniques like VED, ABC analysis to manage stock level of the organization.
Resolve conflict with customers: This can help running business activities efficiently.
Managers need to sort out disputes with their vendors and debtors. Dispute arise changes in
working capital and it will badly impact on brand value which is main causes of decline sell.
Therefore they need to solve dispute from their parties.
Check financial status of organization: To maintain cash-flow activities managers need to
analyse the financial performance of the organization. This helps to identify those activities
by which company generates higher profit and money. It will also help identifying those
transaction on which large expenses accrue.
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By applying above mention steps, an organization can enhance their performance through
managing working capital (Damodaran, 2012. Investment).
Part 2
Executive Summary :
Budget is a statement which depicts future earning of an organization. Managers prepare
budget for the purpose of identify performance level of their entity at fixed time in future. This
report is prepare on Second Sight Plc data. This section describes importance of budging, various
methods of preparing budgeting and usefulness of budget in context with this company.
Question 1
It is an numerical statement which is prepared to identify income and expenditure of
predetermined time period. Budget is a tool of management accounting techniques. Managers
uses this tool to identify profitability level of an organization. It also helps in performance
appraisal of employers and comparison business entity with their rivalry industries. Managers
uses different kind of techniques for preparing budget (Denis, Sibilkov, 2010.).
Traditional budgeting technique: It defined as a process of preparing budget in which
managers use past years data for preparing budget. This technique is differ from modern
techniques of budgeting as in this technique managers analyse past 3 years data and then built
budget on the basis of past years performance of an business entity.
Advantage: It is very easy method to formulate budget.
This method of budgeting helps in decentralization as all the process of operating
activities are based on past year performances and helps their subordinates to make
decision within limited area.
Disadvantages: Budget formulates by this method have rigid policies as managers
cannot changes their policies according to time.
In this method resources are allocated on the basis of prior information and there will be
chances of conflicts arising between departments due to allocation of resources.
There will be another methods of preparing budget which includes, activity based budget, rolling
budget, zero based budget, etc. All these methods are considered as modern techniques of
preparing budget. Following are the advantages and disadvantages of these methods:
managing working capital (Damodaran, 2012. Investment).
Part 2
Executive Summary :
Budget is a statement which depicts future earning of an organization. Managers prepare
budget for the purpose of identify performance level of their entity at fixed time in future. This
report is prepare on Second Sight Plc data. This section describes importance of budging, various
methods of preparing budgeting and usefulness of budget in context with this company.
Question 1
It is an numerical statement which is prepared to identify income and expenditure of
predetermined time period. Budget is a tool of management accounting techniques. Managers
uses this tool to identify profitability level of an organization. It also helps in performance
appraisal of employers and comparison business entity with their rivalry industries. Managers
uses different kind of techniques for preparing budget (Denis, Sibilkov, 2010.).
Traditional budgeting technique: It defined as a process of preparing budget in which
managers use past years data for preparing budget. This technique is differ from modern
techniques of budgeting as in this technique managers analyse past 3 years data and then built
budget on the basis of past years performance of an business entity.
Advantage: It is very easy method to formulate budget.
This method of budgeting helps in decentralization as all the process of operating
activities are based on past year performances and helps their subordinates to make
decision within limited area.
Disadvantages: Budget formulates by this method have rigid policies as managers
cannot changes their policies according to time.
In this method resources are allocated on the basis of prior information and there will be
chances of conflicts arising between departments due to allocation of resources.
There will be another methods of preparing budget which includes, activity based budget, rolling
budget, zero based budget, etc. All these methods are considered as modern techniques of
preparing budget. Following are the advantages and disadvantages of these methods:

Zero Based Budget: In this method budgets are prepared without using any data related
to past information. Individuals started with initial level and prepare budget through researching
and collecting information by analyzing current situation of market environment. It also known
as scratch level budgeting method.
Advantage : This method is useful to decrease extra cost incurred on allocating
resources.
This method is useful for comparison with new and old project.
Disadvantage: Highly cost incurred in preparation of budget by applying this method.
This method is not useful for manufacturing units .
Rolling budget: In this method budgets are prepared for short term period. After
competition of short period managers prepared another budget by analyzing last budget polices.
Company changes their policies through identifying past period budget .
Advantage: Formulating budget by this method is very easy process.
Rolling budgets helps organization to become flexible as managers changes policies after
competition of short term period of budget (Duchin, Matsusaka, Ozbas, 2010).
Disadvantage: This is very expensive method for formulating budget.
Employee of the company get de motivated and dissatisfied as they can not adopt
themselves in changing environment, because managers change policies after completion
of short period budget
Activity based budgeting: This is a tool of managerial accounting. In this method
manager prepares budget on the basis of allocating of cost on particular business activities. In
other words activity based budgeting is process of preparing budget through allocating
resources. It is one of the most useful method to run their business activities for the purpose of
achieving predetermining goals.
Advantage: This technique helps in enhancing coordination between human resources of
the organization.
Budget are prepared after deep research. Managers only consider those activities which are
essential . These method helps in cutting wastage activities in running organization
Disadvantage: Activity based budgeting is very complex process. 'It requires skilled
person to prepare budget from this technique.
to past information. Individuals started with initial level and prepare budget through researching
and collecting information by analyzing current situation of market environment. It also known
as scratch level budgeting method.
Advantage : This method is useful to decrease extra cost incurred on allocating
resources.
This method is useful for comparison with new and old project.
Disadvantage: Highly cost incurred in preparation of budget by applying this method.
This method is not useful for manufacturing units .
Rolling budget: In this method budgets are prepared for short term period. After
competition of short period managers prepared another budget by analyzing last budget polices.
Company changes their policies through identifying past period budget .
Advantage: Formulating budget by this method is very easy process.
Rolling budgets helps organization to become flexible as managers changes policies after
competition of short term period of budget (Duchin, Matsusaka, Ozbas, 2010).
Disadvantage: This is very expensive method for formulating budget.
Employee of the company get de motivated and dissatisfied as they can not adopt
themselves in changing environment, because managers change policies after completion
of short period budget
Activity based budgeting: This is a tool of managerial accounting. In this method
manager prepares budget on the basis of allocating of cost on particular business activities. In
other words activity based budgeting is process of preparing budget through allocating
resources. It is one of the most useful method to run their business activities for the purpose of
achieving predetermining goals.
Advantage: This technique helps in enhancing coordination between human resources of
the organization.
Budget are prepared after deep research. Managers only consider those activities which are
essential . These method helps in cutting wastage activities in running organization
Disadvantage: Activity based budgeting is very complex process. 'It requires skilled
person to prepare budget from this technique.

These method are only useful for those organization who prepares budget for short term period.
This method does not provide accurate result for long term period as this is based on activities
that can change with time.
Question 2
Second Sight Plc is multinational company which is situated in Manchester, the organization
provides sunglasses and prescription glasses to their customers, now they decide to expend their
business in India and Netherlands. For this purpose manager prepares budget to analysis their
future expected income and expenses for these projects. Organization uses budget method as
this tool helps them to minimize their cost through cutting wastage activities. Manager of Second
Sight Plc will use traditional budgeting approach to analyses their profitability rate. The
company prepares budget for Netherlands project on the basis of their past data related to
Manchester branch as various market conditions are similar between these two places. The
manager makes plans and policies on the basis of Manchester branch budget. For establishing
new branch in India traditional budgeting approach is also beneficial as past data helps company
to identifying those models of sunglasses which provides more benefits in India (Eckbo, Kisser,
2013).
Question 3
Second Sight Plc is a manufacturing organization which produce sunglasses to their customers.
Being a manufacturing entity is essential for them to prepare budgets for analyzing future
position of their company. Manager of this company can uses various approaches to prepare
budget as every method has their own benefits and drawbacks. The company gets more benefit
if they use modern approaches of preparing budget. Budges are used for making essential
decisions for the organization. Not every approach of budgeting can be apply and every section
of manufacturing industry, as company doesn't use zero based budgeting method for Netherlands
project and activity based budgeting for Indian projects. This is essential for organization to
make decision regarding budget after analyzing each aspect of market environment. The
company gets more benefit if uses modern approaches of preparing budget. The organization
needs to use rolling budgeting method for their Indian project so that they can easily recognize
their short term gain and losses and change policies according to the preferences of their target
market customers .The target market is much wider and complicated . Managers of Second
This method does not provide accurate result for long term period as this is based on activities
that can change with time.
Question 2
Second Sight Plc is multinational company which is situated in Manchester, the organization
provides sunglasses and prescription glasses to their customers, now they decide to expend their
business in India and Netherlands. For this purpose manager prepares budget to analysis their
future expected income and expenses for these projects. Organization uses budget method as
this tool helps them to minimize their cost through cutting wastage activities. Manager of Second
Sight Plc will use traditional budgeting approach to analyses their profitability rate. The
company prepares budget for Netherlands project on the basis of their past data related to
Manchester branch as various market conditions are similar between these two places. The
manager makes plans and policies on the basis of Manchester branch budget. For establishing
new branch in India traditional budgeting approach is also beneficial as past data helps company
to identifying those models of sunglasses which provides more benefits in India (Eckbo, Kisser,
2013).
Question 3
Second Sight Plc is a manufacturing organization which produce sunglasses to their customers.
Being a manufacturing entity is essential for them to prepare budgets for analyzing future
position of their company. Manager of this company can uses various approaches to prepare
budget as every method has their own benefits and drawbacks. The company gets more benefit
if they use modern approaches of preparing budget. Budges are used for making essential
decisions for the organization. Not every approach of budgeting can be apply and every section
of manufacturing industry, as company doesn't use zero based budgeting method for Netherlands
project and activity based budgeting for Indian projects. This is essential for organization to
make decision regarding budget after analyzing each aspect of market environment. The
company gets more benefit if uses modern approaches of preparing budget. The organization
needs to use rolling budgeting method for their Indian project so that they can easily recognize
their short term gain and losses and change policies according to the preferences of their target
market customers .The target market is much wider and complicated . Managers of Second
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Sight Plc use activity based budgeting method to prepare budget for Netherlands project because
this approach is much more beneficial.
this approach is much more beneficial.

References
Books and Journals:
Armstrong, Ch. S., Vashishtha, R., 2012. Executive stock options, differential risk-taking
incentives, and firm value. J. Financ. Econ. 104, 70–88.
Atanassov, J., Han Kim, E., 2009. Labor and corporate governance: International evidence from
restructuring decisions. J. Financ. 64, 341–374.
Banos-Caballero, S., Garcia-Teruel, P .J., Martinez-Solano, P., 2012. How does working capital
management affect the profitability of Spanish SMEs? Small Bus. Econ. 39, 517–529.
Banos-Caballero, S., Garcia-Teruel, P.J., Martinez-Solano, P., 2014. Working capital
management, corporate performance, and financial constraints. J. Bus. Res. 67, 332–
338.
Damodaran, A., 2012. Investment valuation: tools and techniques for determining the value of
any asset. 3rd edition. Wiley Finance.
Denis, D. J., Sibilkov, V., 2010. Financial constraints, investment, and the value of cash
holdings. Rev. Financ. Stud. 23, 247–269.
Duchin, R., Matsusaka, J. G., Ozbas, O., 2010a. When are outside directors effective? J. Financ.
Econ. 96, 195–214. Duchin, R., Ozbas, O., Sensoy, B.A., 2010b. Costly external finance,
corporate finance, and the subprime mortgage credit crisis. J. Financ. Econ. 97, 418–435.
Eckbo, B. E., Kisser, M., 2013. Corporate funding: who finances externally? Working Paper.
Tuck School of Buiness At Dartmouth
Books and Journals:
Armstrong, Ch. S., Vashishtha, R., 2012. Executive stock options, differential risk-taking
incentives, and firm value. J. Financ. Econ. 104, 70–88.
Atanassov, J., Han Kim, E., 2009. Labor and corporate governance: International evidence from
restructuring decisions. J. Financ. 64, 341–374.
Banos-Caballero, S., Garcia-Teruel, P .J., Martinez-Solano, P., 2012. How does working capital
management affect the profitability of Spanish SMEs? Small Bus. Econ. 39, 517–529.
Banos-Caballero, S., Garcia-Teruel, P.J., Martinez-Solano, P., 2014. Working capital
management, corporate performance, and financial constraints. J. Bus. Res. 67, 332–
338.
Damodaran, A., 2012. Investment valuation: tools and techniques for determining the value of
any asset. 3rd edition. Wiley Finance.
Denis, D. J., Sibilkov, V., 2010. Financial constraints, investment, and the value of cash
holdings. Rev. Financ. Stud. 23, 247–269.
Duchin, R., Matsusaka, J. G., Ozbas, O., 2010a. When are outside directors effective? J. Financ.
Econ. 96, 195–214. Duchin, R., Ozbas, O., Sensoy, B.A., 2010b. Costly external finance,
corporate finance, and the subprime mortgage credit crisis. J. Financ. Econ. 97, 418–435.
Eckbo, B. E., Kisser, M., 2013. Corporate funding: who finances externally? Working Paper.
Tuck School of Buiness At Dartmouth
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