The cash flow per share and the investment ratio experienced significance changes
during the 15 year study period. It appears that aggressive management of working capital
and significant increases in productivity have resulted in a significant improvement in cash
flow per share and reduced 本文来自!辣~文-论#&网(原文请找腾讯752018766 by these management practices with cash
flow per share becoming more positively skewed and working capital becoming less
positively skewed during the 1990-2004 study period.
SUMMARY AND CONCLUSIONS
大学生恋爱情况调查报告This study has investigated whether corporate financial management practices with
respect to working capital management and reinvestment policies have altered the
distributions of key financial ratios during the 1990 to 2004 time period. This is one of the
first studies to associate empirical results on financial ratios to macro changes in
management policies. I am not convinced that the changes are due so much to policy as to
technology and interest rate climate. These results are significant because they run counter
to the prevailing wisdom that any changes in working capital policies to improve cash flows
will be transitory and short lived (Mulford and Ely, 2003). One can hardly conclude that 15
years is a transitory period or short-term. Furthermore given that the sample crosses into
many industries, there can be no assertion that the results are industry specific. In fact, it
begs the question, are the results even stronger in some industries? We found that there were
significant shifts in the means of the accounts payable, working capital per share and cash
flow per share measures over the investigation period. These are important results because
they confirm that the prevailing wisdom is called into question, because we see the shift of
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