Abstracts of Doctoral Dissertations

I. Introduction and RationaleWORKING CAPITAL MANAGEMENT (WCM) is the most dynamicfinancial decision making aspect of every business entity as it involves themanagement of ever changing and dynamic current assets and adjustingthem with the level of sales and market demands. WCM being a majorrevenue generating activity is thus of prime importance for maintaining ahealthy and wealthy business. Since its inception in late 1860’s, the literatureon WCM is replete with various empirical studies being either a case studyor comparative or of a fact finding nature or for developing a theory basedon empirical analysis. In the course of literature review it was observed thatall the research studies focused on industries belonging to manufacturingsector and it was very difficult to find a specific study with full fledgedfocus on nature of WCM in the Service Sector. Further, it was difficult to finda comprehensive study covering all the important aspects of WCM, i.e.,working capital policy; current asset structure; current liabilities structure;liquidity management; wcm efficiency; working capital leverage; the impactof sales on working capital; impact of WCL on ROTA; impact of WCM onprofitability even in the manufacturing sector with large samples. In contextof the above, the current study bridges this gap in literature by examiningmany dimensions of WCM over a period of 16 years in the Indian servicesector due to the growing importance of this sector in the Indian and worldeconomy.This study would contribute to the existing literature by providingan insight to the WCM of the Non Financial Service Industry (NFSI) inIndian context