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Working Capital Management Practices of UK SMEs: The Role of Education and Experience

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  • Godfred Adjapong Afrifa

    ()
    (The Business School)

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    Abstract

    This paper reports the results of an investigation into the effect of education and work experience possessed by managers on the working capital management practices of Small and Medium Enterprises (SMEs) listed on the Alternative Investment Market (AIM), from the perspective of financial directors. The analyses are based on questionnaire distributed to 248 AIM listed SMEs. The paper employs the T-test, one-way ANOVA and post hoc test on responses from 72 managers of AIM listed SMEs. The results show that managers with the highest qualification and many years of work experience have the ability to confidently managing all aspects of WCM, and therefore have the best WCM practices. Specifically, the results indicate that managers possessing professional qualification are more competent and therefore able to manage all WCM components. Also, managers with 21 years or over of work experience have the best WCM practices.

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    Bibliographic Info

    Article provided by Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences in its journal International Journal of Academic Research in Accounting, Finance and Management Sciences.

    Volume (Year): 3 (2013)
    Issue (Month): 4 (October)
    Pages: 185-196

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    Handle: RePEc:hur:ijaraf:v:3:y:2013:i:4:p:185-196

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    Web page: http://hrmars.com/index.php/pages/detail/Accounting-Finance-Journal

    Related research

    Keywords: Working Capital Management Practices; Small and Medium Enterprises; Alternative Investment Market; United Kingdom;

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    8. Steven M. Fazzari & Bruce C. Petersen, 1993. "Working Capital and Fixed Investment: New Evidence on Financing Constraints," RAND Journal of Economics, The RAND Corporation, vol. 24(3), pages 328-342, Autumn.
    9. G Agiomirgianakis & D Asteriou & V Monastiriotis, 2002. "Growth Effects of Human Capital and Stages of Economic Development: A Panel Data Investigation of Different Country Experiences," The IUP Journal of Applied Economics, IUP Publications, vol. 0(1), pages 31-47, November.
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