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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.

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Introduction 1. Working Capital Management in Context 2. Understanding and Measuring Financial Liquidity Levels 3. Intrinsic and External Values of Liquidity and Optimization 4. Net Working Capital Management Strategies Conclusion Conclusion

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´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 and the creation of an integrated working capital and liquidity for different types of business model. The job is processed on a high quality level."

-Marek Panfil, Ph.D, Director of Business Valuation Department Warsaw School of Economics

´The book of Grzegorz Michalski is a very good publication that has found 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. Value-Based Working Capital Management is comprehensive, highly readable publication, and replete with useful practical examples. It has also enabled corporate leaders to make better-informed decisions in their efforts to protect the financial security of their businesses and manage financial liquidity.´

-Petr Polak, Author of Centralization of Treasury Management, and Associate Professor of Finance, University of Brunei Darussalam

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Grzegorz M. Michalski is Assistant Professor of Corporate Finance in the Institute of Financial Management´s Department of Corporate Finance and Value Management at Wroclaw University of Economics, Poland.

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