تأثير سياسات استثمار رأس المال العامل في تحديد الاستثمار الأمثل وانعكاسه على قرارات الاستثمار المصرفي

Rp-The impact of working capital investment policies in determining the optimal investment and its impact on investment banking decisions.pdf

Banks always face unexpected challenges, such as financial crises, which have a great impact on optimal investment. Therefore, due to the ambiguity in the business environment, banks should maintain minimum liquidity requirements to be able to be flexible in times of crisis so that they can overcome their problems, and knowledge of working capital investment policies (conservative, moderate, adventurous) that Which the bank chooses depends largely on the liquidity situation, because maintaining sufficient liquidity is the key to the financial success of the bank in the short term. This research aims to achieve two main objectives: the first is to test the impact of working capital investment policies on optimal investment. The second is to test the effect of optimal investment on investment decisions.To achieve these goals, the research uses a structured questionnaire distributed to (13) banks, (120) complete answers were obtained through which the impact of conservative policy, moderate policy, and adventurous policy on optimal investment was tested, and the impact of optimal investment on investment decisions was tested. To analyze the questionnaire, the statistical software (Smart-PLS) was used. The results of the research indicated that working capital investment policies (conservative, moderate, adventurous) contribute to determining the optimal investment. Optimal investment also influences investment decisions. All research hypotheses were accepted because (P value = 0.000) in all tests achieved the highest acceptance score.These results are supported by the theory of funds, which says that the sound management of working capital investment policies affects the optimal investment, and this leads to the improvement of investment banking decisions. And the most important conclusions reached by this research are that the conservative working capital investment policy is used by banks that operate in an unstable environment because they need more reserve stocks to reduce the risk of opportunity cost and stop production operations, the moderate working capital investment policy is used by small and medium banks The size that plays a major role in economic growth, the adventurous working capital investment policy is used by banks that are going through the growth stage because of its positive impact on the performance of banks, and that the investment policy in inventory Short-term bonds, short-term stocks, receivables, and maintaining moderate cash flow contribute to determining the optimal investment, and this reflects positively on investment banking decisions. This research recommends using the appropriate working capital investment policy according to the surrounding environmental conditions.