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EFFECTS OF WORKING CAPITAL MANAGEMENT ON COOPERATIVE EFFICIENCY
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Working capital management in
cooperative business is concerned with the management of the enterprise current
account which encompasses current asset and current liabilities. The management
of Working Capital in Cooperatives is one of the most special aspects of
industrial overall financial management. If the cooperative enterprise cannot
maintain a satisfactory level of working capital, it is likely to become
bankrupt. The current asset of the cooperative enterprise should be large
enough to cover its current liabilities in order to maintain a reasonable margin of financial safety. Working
capital management in Cooperative deals with actual management of current asset
and current liabilities in the enterprise.
Working Capital can be defined as the
excess of current asset over current liabilities. Onuoha(2009). Basically,
there are four conventional class of current asset which are cash, inventories,
marketable securities and account recurable while current liability entail
account payable, accruals and taxes working capital is used to finance
production to invert in stock and to provide credit to customers. A deeper
understanding of the importance of working capital by a cooperative society and
it’s satisfactory management can lead not only to efficiency of capital
management but also assist in fulfilling the
ultimate aim of the cooperative
business such as increasing surpluses, maximizing cost and return on cooperative
investment.
Consequently, the extent to which
working capital management affect cooperative efficiency is the thrust of this
study.
1.2
Statement of the Problem
Working capital is the live wire of
any enterprise which means that its management is quite crucial to the
business. Cooperative societies of whatever type survive with efficient working
capital management. The capital of the cooperative enterprise has to be
effectively managed for the benefit of the cooperative business so that stated
objectives can be achieved. Given every stage and level of cooperative
activities, finance tends to play a significant role in the efficiency of the
enterprise.
Many cooperative businesses may have
adequate finance but could lack proper efficient working capital management. It
is disheartening to discover that several cooperative societies seem not be
performing up to expectation even in the light of apparent effective and
efficient working capital management on cooperative efficiency so that informed
measures could be taken to facilitate efficient working capital management in
cooperatives in such a way that the cooperative business can effectively
achieve stated objectives for the benefit of the members. Consequently, how
working capital management affects cooperative efficiency and the modalities
that could ensure effective working
capital management to promote cooperative business is the thrust of the study.
1.3
Objectives of the Study
The objectives of this study are to:
1.
Find
out how working capital management affects cooperative efficiency.
2.
Determine
the extent of member’s participation in working capital management in
cooperatives.
3.
Find
out the modalities in ensuring effective working capital management by
cooperative organizations.
4.
To
identify the problems affecting efficient working capital management in
cooperatives.
1.4 Research Questions
The
research questions of this study are:
1.
What
are the effects of working capital management on cooperative efficiency?
2.
What is the extent of member’s participation
in working capital management in cooperatives?
3.
What
are the modalities in ensuring effective working capital management by cooperative organizations?
4.
What
are the problems affecting working capital management in cooperative?
1.5 Significance of the Study
This study examines the effects of
working capital management on cooperative efficiency. No doubt, this study is
significant to government cooperative departments, cooperative societies and of
course incoming students.
It is hoped that at the end of this
research work, the findings will reveal which pattern of working capital
management will be ideal for any cooperative society. The society will be able
to appreciate what is capital composition will be for effective and efficient
running of the society towards attaining her aims and objectives. Hence, the
significance of this study can be said to be enormous.
To the government cooperative
department, the result of this study will be a pointer for evaluating problems
hindering the development of cooperative societies in the country with
reference to working capital management. Besides, the government cooperative
department can also use the research findings to protect cooperative from
exploitative by some individual, groups, private business and other cooperative
organization and other researchers may use this study as a reference material
for their own study by referring to the research methodology, data presentation
modalities and the pattern of statistical analysis.
1.6
Scope and Delimitations of the study
This study finds out the effects of
working capital management on the efficiency of cooperatives, an examination of
the extent of member’s participation in working capital management by
cooperative organizations fall within the ambit of the study. Included in the
scope is a critical assessment of the problems affecting working capital
management by cooperatives so that possible solutions could be proffered.
1.7 Definition of Terms
The following terms are contextually
defined:
·
Account Payment: This is the receipt of inventories
and payment for it.
·
Account Receivable: These are all payments made to an organization
for the sale of its inventories and collection or receivable.
·
Accruals: These are liabilities not paid for
but postponed to the following financial years.
·
Bankruptcy: The inability to pay debt in full and
the asst of the business confiscated and distributed to the business creditors.
·
Business: Any legal activities which
individual, group cooperative bodies etc. engage themselves in doing to provide
satisfying goods and services with the ultimate aim of making profit.
·
Current Liabilities: These are liabilities that can be
payable within the next accounting year and operational circle and which can be
incurred in the ordinary course of business. These will consist of money owned
to suppliers, tax and all other current expenses that will be incurred by the
cooperative enterprises.
·
Inventories: Inventories are stocked goods which
include raw materials, spare part, tools, component, assembles, semi finished
goods, finished goods.
·
Management: The effective and efficient
utilization of human and material to achieve organizational goal and objective
i.e ability to get things done through other people.
·
Working capital: This is simply current asset minus
current liability. Current assets are the assets that will be turned over in
the normal course of the business. They
include stock of goods, debtors and cash at hand etc.
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