CHAPTER 8 A framework for interpretation. Contents. Introduction – Background for interpretation Financial structure Sources of finance Dividend policy Working capital management Performance measurement. Interpretative framework.
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(1) Compensate inflation
+ (2) Return of risk-free investment
+ (3) Compensate existing risk
= investment with double risk:
Work in progress/finished goods
1 = trade-off between financial and commercial policy
2 = liquidity-objective