Inwestycje w operacyjny kapitał obrotowy netto w rachunku przepływów pieniężnych
Net investments in the operating working capital within the cash flows workshop

Summary/Abstract: The goal of this paper is to define and measure the size of net investments in the operating working capital on the basis of operating cash flows instead of accrual accounting. The paper introduces the following issues to the theory and practice of financial management: (i) the definition and formula of net investments in the operating working capital based on operating cash flows, (ii) formula enabling evaluation of such net investments in operating working capital on data from financial statements and (iii) the NOWC adjustments to get its cash counterpart.

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