Doctoral thesis of Philosophy: Development of a risk-adjusted working capital model: empirical evidence on its contribution to profitability and credit ratings

This thesis contributes to three distinct areas. Firstly, it explores whether risk management has become the fifth arm of working capital. Secondly, it tests if the determinants of working capital affect the profitability of an organisation. Finally, it investigates the influence of working capital on corporate ratings. There is a significant contribution to the finance literature in these three different areas. In addition, there are methodological advances in this area.