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Remodeling of FLIEM: The Cash Management in Polish Small and Medium Firms with Full Operating Cycle in Various Business Environments

In: Efficiency in Business and Economics

Author

Listed:
  • Grzegorz Michalski

    (Wroclaw University of Economics)

  • Małgorzata Rutkowska-Podołowska

    (Wroclaw University of Science and Technology)

  • Adam Sulich

    (Wroclaw University of Science and Technology)

Abstract

The Financial Liquidity Investment Efficiency Model (FLIEM) was presented and discussed by Michalski (Value-based working capital management: determining liquid asset levels in entrepreneurial environments. Palgrave Macmillan, 2014). Here the Cash Levels in Full Operating Cycle (CLFOC) is proposed as a FLIEM remodelling. Some external factors resulting from the economic situation surrounding the enterprise were pointed out in this paper. These factors interact with the operating cycle of the overall firm operational risk which is reflected in the level of cash held. These are so called environmental conditions we should take into account during considering a model of cash holdings in the full operating cycle firm. The aim of the study was to determine the rules governing the modern cash management in small and medium firms with a full operating cycle with a particular emphasis on environmental conditions influencing firms. At the core of the research hypothesis is the belief that the level of cash and cash management policies in the firm in an integrated manner with other elements resulting from the operating cycle, contribute to moderating the risk of the firm and it can be shown using empirical data from enterprises operating effectively in practical business.

Suggested Citation

  • Grzegorz Michalski & Małgorzata Rutkowska-Podołowska & Adam Sulich, 2018. "Remodeling of FLIEM: The Cash Management in Polish Small and Medium Firms with Full Operating Cycle in Various Business Environments," Springer Proceedings in Business and Economics, in: Tadeusz Dudycz & Grażyna Osbert-Pociecha & Bogumiła Brycz (ed.), Efficiency in Business and Economics, pages 119-132, Springer.
    • Handle: RePEc:spr:prbchp:978-3-319-68285-3_10
    DOI: 10.1007/978-3-319-68285-3_10
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    Cited by:

    1. Armstrong Amoah & Frederic Marimon, 2021. "Project Managers as Knowledge Workers: Competencies for Effective Project Management in Developing Countries," Administrative Sciences, MDPI, vol. 11(4), pages 1-13, November.

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