Working Capital Management Practices of UK SMEs: The Role of Education and Experience

Abor J., and Quartey, P. (2010). Issues in SME Development in Ghana and South Africa. International Research Journal of Finance and Economics, 39, 218-228.
Advani, A. (1997). Industrial clusters: A support system for small and medium-sized enterprises, the private sector development. World Bank Occasional Paper No. 32, Washington DC.
Afrifa, G. A. (2013). Working capital management and AIM listed SME companies profitability: a mixed research method approach. PhD. dissertation, Bournemouth University, Bournemouth.
Agiomirgianakis, G., Asteriou, D., Monastiriotis, V. (2002). Growth Effects of Human Capital and Stages of Economic Development: A Panel Data Investigation of Different Country Experiences”, The ICFAI Journal of Applied Economics, vol. I, issue: 1, pp: 31-47.
Agyei-Mensah, B. K. (2010). Working Capital Management Practices of Small Firms in the Ashanti Region of Ghana. Available from: http://ssrn.com/abstract=1596734 [Accessed 23 July 2011].
Aldrich, H., and Langton, N. (1997). ‘Human Resource Management Practices and Organizational Life Cycles’, in P. D. Reynolds, W. D. Bygrave, N. M. Carter, P. Davidsson, W. B. Gartner, C. M. Mason, and P. P. McDougall, (eds.), Frontiers of Entrepreneurship Research, Wellesley, MA: Babson College Center for Entrepreneurship, 349-357.
Almeida, P., Dokko, G., and Rosenkopf, L. (2003). Startup size and the mechanisms of external learning: Increasing opportunity and decreasing ability? Res. Policy 32(2), 301–315.
Atrill, P. (2006). Financial Management for Decision Makers, (4th edition) Prentice Hall.
Bassanini, A. and Scarpetta, S. (2001). Does Human Capital Matter For Growth in OECD Countries? Evidence from Pooled Mean Group Estimates, OECD Economics Department Working Paper, No. 282.
Bates, T. (1995). Analysis of survival rates among franchise and independent small business startups. Journal of Small Business Management, 33(2), 26-36.
Beck, T., Demirguc-Kunt, A., and Levine, R. (2004). SMEs, Growth, and Poverty: Cross-Country Evidence. Available from: http://www.worldbank.org/research/projects/sme/Beck-SMEs_Growth_and_ Poverty.pdf, 21 April, 2004 8:45 am.
Belt, B., and Smith, K. V. (1991). Comparison of working capital management practices in Australia and the United States. Global Finance Journal, 2(2), 27-54.
Belt, B., and Smith, K. V. (1992). Recent Changes in Working Capital Management Practices. Midwestern Journal of Business and Economics, 1, 1-18.
Benhabib, J., and Mark, M. S. (1994). The Role of Human Capital in Economic Development: Evidence from Aggregate Cross-Country Data, Journal of Monetary Economics, 34, 143-173.
Berisha-Namani, M. (2009). The role of information technology in small and medium sized enterprises in Kosova. Fulbright Academy 2009. Conference Small Places Can Change the World. Available from: http://www.fulbrightacademy.org/file_depot/0- n+SMEs+in+Kosovo.pdf [Accessed 15 July 2010).
Berryman, J. (1983). Small Business Failure and Bankruptcy, a Survey of the Literature, European Small Business Journal 1(4), 47-59.
Burns, R., and Walker, J. (1991). A Survey of Working Capital Policy among Small Manufacturing Firms, The Journal of Small Business Finance, 1 (1), pp. 61-74
Caner, S. (2010). The Role of Small and Medium Size Enterprises in Economic Development. HSE Conference, Moscow.
Chen, M., Cheng, S., Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance, Journal of intellectual capital, vol.6 no.2.
Chiliya, N., and Roberts-Lombard, M. (2012). Impact of Level of Education and Experience on Profitability of Small Grocery Shops in South Africa. International Journal of Business Management & Economic Research; 2012, Vol. 3 Issue 1, p462
Cosh, A., and Hughes, A. (2003). Enterprise Challenged: Policy and Performance in the British SME Sector 1999-2002, ESRC Centre for Business Research, Cambridge.
De Saulles, M. (2008). SMEs and the web. Available from: http://www.mdesaulles.net/storage/ SMEWebSurveyJul08%20M%20De%20Salles.pdf [Accessed 29April 2011].
Deloof, M. (2003). Does Working Capital Management Affect Profitability of Belgian Firms? Journal of Business, Finance and Accounting, 30(3), 573-587.
Denison, E. (1967). Sources of Postwar Growth in Nine Western Countries, American Economic Review, 57:2.
DTI. (1997). Small and Medium Enterprise Statistics for the United Kingdom, 1996, SME Statistics Unit, Department of Trade and Industry, URN 97/92, HMSO, London.
Fazzari, S., and Petersen, B. (1993). Working capital and fixed investment: new evidence on financing constraints, RAND Journal of Economics, Vol. 24, pp. 328-42.
Garcia-Teruel, P. J., and Martinez-Solano, P. (2007). Effects of Working Capital Management on SME Profitability. International Journal of Managerial Finance, 3(2), 164-177.
Gockel, A. G., and Akoena, S. K. (2002). Financial Intermediation for the Poor: Credit Demand by Micro, Small and Medium Scale Enterprises in Ghana. A Further Assignment for Financial Sector Policy? IFLIP Research Paper 02-6, International Labour Organisation.
Griliches, Z. (1970). Notes on the role of education in production functions and growth accounting, In education, income and human capital. Edited by: W. Lee Hansen, Studies in Income and Wealth, Columbia University Press, New York, vol. 35, pp. 71–115.
Harif, M. A., Osman, H. B., and Hoe, C. H. (2010). Financial Management Practices: An In-Depth Study Among The CEOs of Small and Medium Enterprises (SMEs). International Review of Business Research Papers Volume 6. Number 6. December 2010, pp.13 – 35.
Haskel, J., and Hawkes, D. (2003). How much of the Productivity spread is explained by Skills? UK Evidence Using Matched Establishment/Workforce Survey Data, CeRIBA discussion paper
HM Treasury. (2000). Productivity in the UK: The Evidence and the Government’s Approach.
Howorth, C., and Westhead, P. (2003). The Focus of Working Capital Management in UK Small Firms. Management Accounting Research, 14(2), 94-111.
Huckman, R. S., and Pisano, G. P. (2006). The firm specificity of individual performance: Evidence from cardiac surgery. Management Science, 52(4), 473–488.
Islam, R., Pische, V., and Waard De, J. M. (1994). Small firms informally finances- studies from Bangladesh. Washington, DC: The World Bank.
Khoury, N. T., Smith, K. V., and MacKay, P. I. (1999). Comparing Working Capital Practices in Canada, the United States, and Australia: A Note. Purdue CIBER Working Papers. Paper 132. http://docs.lib.purdue.edu/ciberwp/132
Levine, R. (2005). Does firm size matter for growth and poverty alleviation? Prepared for the Brookings Blum Roundtable: The Private Sector in the Fight against Global Poverty. Brown University and the National Bureau of Economic Research. Available from: http://www.brookings.edu/global/ 200508blum_levine.pdf [Accessed 5 July, 2009].
Lukacs, E. (2005). The economic role of SMEs in world economy, especially in Europe. European Integration Studies, Miskolc, 4(1), 3-12.
Lumpkin, G. T., and Marvel, M. R. (2007). Technology entrepreneurs’ human capital and its effects on innovation radicalness. Entrepreneurship Theory and Practice, 31(6), 807-828.
Magoutas, A., Papadogonas, T. A., and Sfakianakis, G. (2012). Market Structure, Education and growth, International Journal of Business and Social Science, Vol. 3 (12), pp. 88-95
Mincer, J. (1962). On-the-Job Training: Costs, Returns, and Some Implications, The Journal of Political Economy, Vol. 70, No. 5, Part 2: pp. 50-79
Newberry, D. (2006). The Role of Small and Medium-Sized Enterprises in the Futures of Emerging Economies. Available from: http://earthtrends.wri.org/features/view [Accessed 6 May 2010].
Nobanee, H., and Alhajjar, M. (2009). A note on working capital management and corporate profitability of Japanese firms. http://ssrn.com/abstract=1433243. [Accessed 12 October 2010].
Nyamao, N. R., Patrick, O., Martin, L., Odondo, A. J. and Simeyo, O. (2012). Effect of working capital management practices on financial performance: A study of small scale enterprises in Kisii South District, Kenya. African Journal of Business Management 6(18), 5807-5817.
Pansiri, J., and Temtime, Z. T. (2008). Assessing managerial skills in SMEs for capacity building. Journal of Management Development, 27(2), 251-60.
Pavot, W., Diener, E., Colvin, C. R., and Sandvik, E. (1991). Further validation of the Satisfaction with Life Scale: Evidence for the cross-method convergence of well-being measures. Journal of Personality Assessment, 57, 149–161.
Peel, M. J., Wilson, N., and Howorth, C. A. (2000). Late payment and Credit management in the small firm sector: Some Empirical Evidence. International Small Business Journal, 18(2), 52-68.
Peel, M. J., and Wilson, N. (1994). Working Capital and Financial Management Practices in the Small Firm sector, International Small Business Journal, 14(2).
Petersen, M. A., and Rajan, R. G. (1997). Trade Credit: Theories and Evidence. The Review of Financial Studies, 10(3), 661-691.
Poutziouris, P., Michaelas, N., and Soufani, K. (2005). Financial management of trade credits in small-medium sized entreprises, working paper, Concordia University, and presentation at the meetings of the European Financial Management Association.
Psacharopoulos, G., and Patrinos, H. A. (2004). Returns to investment in education: a further update, Education Economics, Vol. 12, No. 2.
Raheman, A., Afza, T., Qayyum, A., and Bodla, M. A. (2010). Working capital management and corporate performance of manufacturing sector in Pakistan. International Research Journal of Finance and Economics, 47, 156-169.
Raheman, A., and Nasr, M. (2007). Working capital management and profitability – case of Pakistani firms. International Review of Business Research Papers, 3(1), 279-300.
Ramachandran, A., and Janakiraman, M. (2009). The relationship between working capital management efficiency and EBIT, Managing Global Transitions, 7(1), 61-74.
Rynes, S. L., Orlitzky, M. O., and Bretz, Jr. R. D. (1997). Experienced hiring versus college recruiting: Practices and emerging trends. Personnel Psych. 50(2), 309–339.
Sainidis, F., Gill, R. E., and White, A. (2001). Emergent strategies in SMEs. 4th SME International Conference, Allborg, Denmark, pp. 242-247
Saleh, A. S., and Ndubisi, N. O. (2006). An Evaluation of SME Development in Malaysia, International Review of Business Research Papers, 2(1), 1-14.
SBRC. (1992). The State of British Enterprise: Growth, Innovation and Competitive Advantage in Small and Medium-Sized Firms, Small Business Research Centre, University of Cambridge.
Schmidt, F. L., Hunter, J. E., and Outerbridge, A. N. (1986). Impact of job experience and ability on job knowledge, work sample performance, and supervisory ratings of job performance, J. Appl. Psych. 71(3) 432–439.
Sekaran, U. (2000). Research method for business: A skill building approach, John Wiley and Sons, Inc.
SMIDEC. (2002). SMI Development Plan (2001–2005). Percetakan Nasional Malaysia Berhad, Kuala Lumpur.
Smith, K. V., and Sells, S. B. (1980). Working Capital Management in Practice. In Smith, K.V. (Ed.), Readings on the Management of Working Capital (pp.51-84). St. Paul, Minnesota: West Publishing Company.
Solanki, A. H. (2009). Working Capital Management in Selected Small Scale Industries of Gujarat State. Thesis, (PhD). Saurashtra University.
Swierczek, F. W., and Ha, T. T. (2003). Entrepreneurial orientation, uncertainty avoidance and firm performance: an analysis of Thai and Vietnamese SMEs, International Journal of Entrepreneurship and Innovation, 4 (1), 46-58.
Tauringana, V., and Afrifa, G. A. (2013). The relative importance of working capital management and its components to SMEs' profitability, Journal of Small Business and Enterprise Development, Vol. 20 Iss: 3, pp.453 – 469.
Thapa, A. (2007). Micro-enterprises and household Income, The Journal of Nepalese Business Studies, 4 (1) Vol. (5), pg: 110-118.
Toohey, G. (2009). Experience and New Venture Performance, Cambridge Scholars Publishing, New Castle Upon Tyne, United Kingdom.
Whited, T. M. (1992). Debt, Liquidity constraints, and corporate investment: evidence from panel data, Journal of Finance, Vol. 47, pp. 1425-60.
Youndt, M., Subramaniam, M., and Snell, S. A. (2004). Intellectual Capital Profiles: An Examination of Investments and Returns, Journal of Management Studies, vol. 2, pp. 335-361.

In-Text Citation: (Afrifa, 2013)
To Cite this Article: Afrifa, G. A. (2013). Working Capital Management Practices of UK SMEs: The Role of
Education and Experience. International Journal of Academic Research in Accounting Finance and
Management Sciences. 3(4), 244 – 259.

Copyright: © 2013 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode