Value-Based Working Capital




Value-Based Working Capital


Hardback 9781137397997

Apr 2014 £65.00 100.00$ 115.00CAN$

Ebook(s) available

Value-Based Working Capital


Determining Liquid Asset Levels in Entrepreneurial


Grzegorz Michalski

Grzegorz Michalski is Assistant Professor of Corporate Finance at the Wroclaw University

of Economics, Poland. His main areas of research are Business Finance and Financial

Liquidity Management. He is currently studying the liquidity decisions made by

organizations. He is the author or co-author of over 80 papers and 10 books, and sits on

the editorial board of international conferences and journals.

About the book

Value-Based Working Capital Management analyzes the causes and effects of improper

cash flow management between entrepreneurial organizations with varying levels of risk.

This work looks at the motives and criteria for decision-making by entrepreneurs in their

efforts to protect the financial security of their businesses and manage financial liquidity.

Michalski argues that businesses exposed to greater risk need a different approach to

managing liquidity levels.



1. Working Capital Management in Context2. Understanding and

Measuring Financial Liquidity Levels3. Intrinsic and External Values of

Liquidity and Optimization4. Net Working Capital Management Strategies




‘Due to the recent financial crisis, interest in the topic of working capital has grown

significantly to both theory and practice. The research results presented by Grzegorz

Michalski contribute to the development of a comprehensive theory of liquidity

management as well as the creation of integrated working capital and liquidity for

different types of business models."-Marek Panfil, Ph.D, Director of Business Valuation,

Warsaw School of Economics, Poland’Value-Based Working Capital Management strikes

the right balance between theory and practical aspects of financial liquidity management.

It is extremely timely and valuable, and should be required reading for all corporate

finance practitioners, academicians, and students of finance.This book will also enable

corporate leaders to make better-informed decisions in their efforts to protect the

financial security of their businesses.’-Petr Polak, Author of Centralization of Treasury

Management, and Associate Professor of Finance, University of Brunei Darussalam

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