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1、外文翻译ImpactofAggressiveWorkingCapitalManagementPolicyonFirms’ProfitabilityMaterialSource:http://www.stieykpn.ac.id/images/artikel/Presentasi%205%20-%20Impact%20of%20Aggresive%20Working%20Capital%20Management%20Policy%20on%20Firms%20Profitability.pdfAuthor:MianSajidNazir*andT
2、alatAfza**IntroductionThecorporatefinanceliteraturehastraditionallyfocusedonthestudyoflong-termfinancialdecisions,particularlyinvestments,capitalstructure,dividendsorcompanyvaluationdecisions.However,short-termassetsandliabilitiesareimportantcomponentsoftotalassetsandneedto
3、becarefullyanalyzed.Managementoftheseshort-termassetsandliabilitieswarrantsacarefulinvestigationsincetheworkingcapitalmanagementplaysanimportantroleinafirm’sprofitabilityandriskaswellasitsvalue(Smith,1980).Efficientmanagementofworkingcapitalisafundamentalpartoftheoverallcor
4、poratestrategyincreatingtheshareholders’value.Firmstrytokeepanoptimallevelofworkingcapitalthatmaximizestheirvalue(Deloof,2003;HoworthandWesthead,2003andAfzaandNazir,2007).Ingeneral,fromtheperspectiveofChiefFinancialOfficer(CFO),workingcapitalmanagementisasimpleandstraightfo
5、rwardconceptofensuringtheabilityoftheorganizationtofundthedifferencebetweentheshort-termassetsandshort-termliabilities(Harris,2005).However,a‘Total’approachisdesiredasitcancoverallthecompany’sactivitiesrelatingtovendor,customerandproduct(Hall,2002).Inpractice,workingcapital
6、managementhasbecomeoneofthemostimportantissuesintheorganizationswheremanyfinancialexecutivesarestrugglingtoidentifythebasicworkingcapitaldriversandanappropriatelevelofworkingcapital(Lamberson,1995).Consequently,companiescanminimizeriskandimprovetheoverallperformancebyunders
7、tandingtheroleanddriversofworkingcapitalmanagement.Afirmmayadoptanaggressiveworkingcapitalmanagementpolicywithalowlevelofcurrentassetsasapercentageoftotalassets,oritmayalsobeusedforthefinancingdecisionsofthefirmintheformofhighlevelofcurrentliabilitiesasapercentageoftotallia
8、bilities.Excessivelevelsofcurrentassetsmayhaveanegativeeffectonthefirm’sprofitabil