This issue is important to examine not only to determine ifchanges in management 本文来自!优~文^论#&网(原文请找腾讯3249,114
practices have impacted cash flow and value creation, butalso to investigate whether ratio
norms may have changed and shifted the benchmarks for comparisons between firms
(McLeay, 1986, p. 217). Furthermore, these benchmarks are derived from the measures of
central tendency, but the appropriate use of these benchmarks may be influenced (or biased)
by the third (skewness) and fourth (kurtosis) moments of the ratio distributions or industry
effects (Fieldsend, Longford, McLeay, 1987; Barnes, 1987; Salmi and Martikainen, 1994) or
financial condition (Chen and Shimerda, 1981). If the bias exists and if the skewness is
significant, then the appropriate benchmarks may deviate significantly from the mean,
median, or mode. In the past, some researchers excluded “outliers,” e.g., introduced by
skewness, from their studies because they were responsible for departures from normality
(Frecka and Hopwood, 1983), or they made square root or logarithmic transformations to the
data to reestablish or more nearly approach normality (Deakin, 1976). These adjustments
theoretically would leave the “benchmarks” unaltered. But, there is substantial evidence the
distributions of financial ratios exhibit positive skewness (Ezzamel and Mar-Molinero,
1990; Ezzamel, Mar-Molinero and Beecher, 1987; and Ezzamel, Brodie and Mar-Molinero,
1987).
美菱冰箱营销策划书 Previous studies show that distributions of financial ratios exhibit positive skewness
and departures from normality. However there have been no attempts to explain the source
of the skewness. If management has engaged in practices that should attenuate mean
deviations, skewness, or kurtosis, then there may be evidence of this that can be discovered
by following firms over time. If ratio distributions have shifted over time, then a
longitudinal study may assist in determining whether the shifts are transitory or long
standing. If distributions have shifted (mean, variance, skewness, and/or kurtosis), then a
longitudinal investigation may lead to the establishment of new benchmarks or a new
benchmark measurement process, as well as examine the impact on stock price performance.
Also, if evidence exists for ratio distribution shifts, then there is cause to reexamine the
value creation process and the causality of cash flow generation to value creation. Therefore,
the starting point is this longitudinal study of an original sample of 50 firms to determine if
distributions have shifted due to changes in working capital management and corporate
reinvestment policies.
HYPOTHESIS FORMULATION
This study will look at the distributional properties of several financial ratios tied to
the working capital management and capital investment processes of the firm. We will
investigate whether there is evidence to support the acceptance of the hypotheses that
corporations, especially the largest firms, have become more vigorous in managing their
working capital processes or capital investment practices to generate significant
improvements in cash flow. Specifically, corporations may have improved the management
of accounts receivable, inventory, accounts payable, and advance payments to such an extent
that distributions of the related financial ratios have shifted significantly. The distributions
also may be more skewed as a result of these changes in corporate policy to accelerate
customer payments or extend the period taken to pay suppliers. In addition, corporations
may have reduced their reinvestment in the firm as a result of productivity improvements
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