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Theoretical and Applied Economics
No. 4 / 2012 (569)

The Economic Crisis and Working Capital Management of Companies

University of Economics in Prague, Czech Republic

Abstract. This article aims to highlight the impact of the economic crisis in the economy at the microeconomic level. The crisis that began in 2007 as a financial crisis, naturally grown into an economic one. Reduced availability of capital has reduced demand from vendors. It also worsened the possibility of rational adaptation, because the company had to deal with only short-term problems and there was not the opportunity and time for strategic management. The biggest problems hit the long inefficient firms(that survived only thanks to temporary excess demand) and growth-oriented businesses, which focused only on short-term time horizon. Paradoxically, firms that have had long-term ineffective conservative financing coped relatively well with the crisis by releasing detainee excessive working capital. At present there is uncertainty and companies are afraid of further development, which, as shown in the article, leads to further problems with working capital.

    The article is elaborated as one of outputs of researching project New theory of economy and organizations´ management and their adaptation processes registrated at MŠMT of the Czech republic under registration number MSM 6138439905.

Keywords: crisis; corporate finance; working capital; strategic management; operating management.

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Marin Dinu

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