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management practices in a Russian Multinational Company (RMC). The paper is motivated by the lack of empirical evidence on financial management practices outside the Western World (especially from Russia and from other Commonwealth of Independent States). Data for the analysis are gathered from documents and in‐depth interviews with finance managers in the company. The findings of the paper suggest that the company implemented an international cash management system reminiscent of international cash management discussed in the Western literature. For example, techniques such as netting, leading and lagging, re‐invoicing center and cash flow planning are used in the company. Thus, our conclusion is that financial management techniques are likely to be the same in Russia as in the Western world. However, differences are likely to be found in the ways in which these techniques are implemented and used in practice due to differences in environmental conditions. For example, the company did not use any of the sophisticated cash management models discussed in the literature. Our research has implications for understanding financial management practices outside the Western World, especially in Russia.

This paper outlines the theoretical models of international cash management and assesses their implications for corporate practice. Corporate practice is then reviewed through the analysis of survey research and case studies. It emerges that whilst the implications of theoretical models are captured in essence by corporate practice, there is scant evidence of companies using sophisticated models in international cash management. The practice of international cash management is largely driven by developments in communications and computer technology, relaxation of regulatory and tax impediments, the internationalisation of banking and the development of new banking prod ucts. International treasurers may therefore be able to find appropriate cash management solutions to meet their business needs with the co‐operation of banks and technology providers. Further academic research should evaluate the extent to which corporate practice is consistent with extant multi‐currency balance and net work optimisation models and also explain why particular approaches to interna tional cash management persist in companies.

Several papers have investigated the use of foreign exchange (FX) derivatives but evidence on the use of international cash management meth ods to hedge FX is scarce. This paper contributes to the existing evidence by considering the use of international cash management systems to hedge foreign exchange (FX) risks using a sample of French and UK companies. We find that matching, netting and pricing policies are the most commonly used techniques in both the UK and French samples al though there is evidence of greater use of all cash management techniques in the UK. We also consider whether the theoretical explanations of hedging determine the use of cash management techniques for FX hedging, and if there are differences between the UK and French samples. We find support for the theoretical prediction that FX hedgers have higher levels of financial distress, and that these firms tend to be larger, more international and less liquid. We find little support for the under investment theory. The extent of internationalisation appears to play no role in the decision of French firms to use cash management techniques to manage FX risk, and the use of all cash management techniques were lower than in UK firms. These latter findings may be explained by the reduction in FX risk facing French firms following the introduction of the euro.

An increasing amount of effort has been devoted to cash management in the Netherlands in recent years but a survey undertaken among 350 Netherlands based companies (1982–3) indicates that cash flows are generally badly managed, cash and foreign exchange being handled on the basis of ad hoc opinions rather than soundly conceived cash management policy. Improvements can be achieved through clarification of organisational problems, positioning cash management within the entire financial function of the company, and definition of the foreign exchange managers' tasks and responsibilities.

The author takes one example of product development, the introduction by Midland Bank in 1982 of its International Cash Management Service, in order to highlight the way that a new product may in practice be brought to the market.

Recent globalization of markets has led to corporate activities that span numerous national boundaries within a single multinational corporation. We address the particular problem of cash flow management in a multinational setting. Uncertainty regarding changes in exchange rates, differences between currency bid and ask prices, possibly unknown changes in both lending and borrowing rates, and uncertain cash flows from subsidiaries make this problem difficult to specify in a traditional crisp environment. In this paper, we show how fuzzy programming techniques can be employed to handle the general problem of multinational cash flow netting. We also provide a specific numerical example comparing the results of the crisp and fuzzy contexts with the aid of sensitivity analysis.

Since the first Volume of this Bibliography there has been an explosion of literature in all the main areas of business. The researcher and librarian have to be able to uncover specific articles devoted to certain topics. This Bibliography is designed to help. Volume III, in addition to the annotated list of articles as the two previous volumes, contains further features to help the reader. Each entry within has been indexed according to the Fifth Edition of the SCIMP/SCAMP Thesaurus and thus provides a full subject index to facilitate rapid information retrieval. Each article has its own unique number and this is used in both the subject and author index. The first Volume of the Bibliography covered seven journals published by MCB University Press. This Volume now indexes 25 journals, indicating the greater depth, coverage and expansion of the subject areas concerned.

Has two general objectives: to evaluate auto dealers′ current cash budgeting practices, and to make an assessment of the potential for using a computerized cash budgeting model – a model which can have a great impact on the financial management of auto dealerships. However, a decision to utilize a computerized model is directly affected by the dealers′ current financial management practices, as well as attitudes and perceptions concerning computers and budgets. Analyses a sample of 500 automobile dealerships located throughout the USA using multiple regression and discriminant analysis. Results indicate that several specific variables are significant in auto dealerships′ cash planning and budgeting processes, including the level of used car inventory, dealers′ attitudes towards sales forecasts and the ability to predict economic conditions.

The purpose of this paper is to investigate the working capital management (WCM) practices adopted by Indian firms listed on the National Stock Exchange (NSE).

Using a questionnaire, the authors gather data from 110 financial managers and use various statistical techniques to test for statistical significance.

The evidence shows that the majority (54.5 percent) of sample firms follow a moderate approach in financing their activities, which involves a trade-off between liquidity and profitability. Respondents tend to use an informal approach for WCM and consider receivables management as the most important component of WCM. In terms of WCM monitoring and financial measures, respondents mainly consider the cash conversion cycle and net working capital. Indian firms tend to use centralized cash management and rely heavily on material requirement planning (MRP) and enterprise resource planning (ERP) for proper inventory management.

Tests involving firm size, foreign sales, and average age do not differ significantly between the NSE-listed firms and the sample firms. This evidence lessens concerns of non-response bias and the ability to generalize the findings to Indian firms.

By updating and extending previous research on WCM, this study fills a gap in the literature by providing insights into practices adopted by Indian firms in managing WCM and its components.

Construction companies require meticulous and thorough financial planning to ensure business survival in an increasingly competitive global market. Past studies assert that cash flow management is also crucial to meeting project and organisational performance expectations. However, the link between an advance payment system (APS), cash flow and project performance has hitherto received scant academic attention. Therefore, this study aims to investigate the attributes and impact of APS on cash flow, project and organisational performance. This study surveyed all registered contractors listed in Grades 1–9 on the Construction Industry Development Board Register of Contractors in South Africa.

This study adopted an empirical epistemological design and deductive reasoning to analyse primary data collated via a questionnaire data collection instrument. Summary statistical and regression analysis were used to explore data garnered.

This study found that key significant attributes of APS in South Africa were payment of balance to the contractor upon project delivery; advance payment to contractors before the commencement of the work; and payment to contractors as agreed. This study proffers that project performance in terms of cost, time and quality performance is highly and positively supported by APS. Moreover, APS positively supports the efficiency, competitiveness and profitability of construction organisations. Cumulatively, these findings confirm that APS attributes in South Africa conforms to the global attributes of APS. The research concludes that client use of APS on projects improves the likelihood of attaining improved quality and time performance. This paper concludes with a recommendation that both public and private clients consider the option of an APS as the ideal payment system to support project and organisational performance.

To the best of the authors’ knowledge, this work constitutes the first attempt to explore the linkages between an APS, cash flow and project performance in South Africa and seeks to engender wider polemic debate and further discussion among industry stakeholders.