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W hile major theoretical advanceshave been made in recent years with respect to the longer-range financial decisions of the firm, research devoted to shorter-range or working capital decision-making would appear to have been less productive. At the same time, we can probably attribute a large number of business failures in recent years to an inability of financial managers to plan and control properly the current assets and current liabilities of their
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Keith Smith (1973) studied this question.
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