Foreword

The completion of this module in Financial Management is a result of the

mutual desire of Cagayan State University and the author to help students
gain better perspectives on the over-all aspects of the company operation,
and deeper understanding on the financial management tools that focuses on
maximizing the value of the firm, maximizing the shareholder’s wealth and
exhibiting social responsibility and ethical behaviour.

To achieve this goal, we banked on:

a. the CHED Memorandum Order (CMO) Number 27, series of 2017;

b. the summarized feedback from CSU Peace Corps Volunteers as well
as the members of technical evaluators
c. the consensus arrived at by the author in the series of module write
shop sessions that are specifically conducted by the institution for this
purpose
Details of the module include:

1. The activation of prior knowledge of students through various

activities. This section would allow students make use of their schema
where new knowledge can be built on.
2. Enrichment activities were carefully chosen in order help students
develop the 4Cs of the 21st Century Skills. Activities require students’
critical thinking as well be asked to solve real life industry-based
problems. Further, this module contains learning task that will
stimulate student’s creativity as some of the activities that are
purposefully designed for students to be able to showcase their
multiple intelligences. Also, majority of the activities are geared
towards honing abilities of learners to work collaboratively and
communicating effectively.
3. History on the development of fundamental financial management
principles, theories, trend, and other developments are succinctly
explained. This leads to understanding of the role of financial
management in the business environment.
4. Emphasis on creation of sound financial decisions, based on the
financial performance and position, capital structure and leverage, and
working capital of the business is also being underscored in this
material.
5. The application of different financial management tools and
techniques are given prominence.
6. Multiple forms of feedback and/or assessment methods are also
included in this module. Also, students are given the chance to reflect
on the knowledge that they have learned at the end of each unit.

Finance is the foundation of the enterprise system – good financial

management is necessary to the economic health of the business
industry and hence to the nation and the world. Due to this very
reason, it is a must that a business and accountancy student must
have a profound understanding on financial management. The field is

Financial Management Module 1

complex, and it undergoes constant change due to shifts in economic
conditions and demands. Further, the world business arena has
challenged by this pandemic – covid 19 situation. All of this makes
finance stimulating and exciting, but challenging and sometimes
perplexing. It is my hope and desire that, even in the smallest ways, I
can contribute to the student’s better understanding of the financial
management.

-The Author

Financial Management Module 2

 Unit 1:

Introduction to Financial Management

(3 hours)

Introduction

Financial management continues to change at a rapid pace. Advancements are

occurring not only in the theory of financial management but also in its real-
world practice. One result has been for financial management to take on a
greater strategic focus, as managers struggle to create value within a corporate
setting. In the process of value creation, financial managers are increasingly
supplementing the traditional metrics of performance with new methods that
encourage a greater role for uncertainty and multiple assumptions. Corporate
governance issues, ethical dilemmas, conflicting stakeholder claims, a
downsized corporate environment, the globalization of finance, e-commerce,
strategic alliances, the growth of outsourcing, and a host of other issues and
considerations now permeate the landscape of financial decision making. It is
indeed a time of both challenge and opportunity.
This unit will allow you to have a glimpse on what is financial management is
all about, its role in the business environment, and on nation building. This
unit will formulate its own identity separate from accounting but still
strengthen the basic accounting concepts and principles you learned in your
lower years. Also, this unit will established basic ideas and principles that will
be a foundation in learning financial management in totality.

Learning Outcomes

At the end of this unit, you should be able to:

 Know and explain the evolution of finance as a recognized field of

study;
 Know and explain the goals and functions of financial management.
 Research and discuss the recent economic developments establishing
their implications to financial management.

Financial Management Module 3

Topic 1: An Overview of Financial Management

Learning Objectives

At the end of this topic, you will be able to:

 Explain the role of finance and the different types of jobs in finance;
 Identify the advantages and disadvantages of different forms of
business organization;
 Explain the links between stock price, intrinsic value, and executive
compensation;
 Identify the potential conflicts that arise within the firm between
stockholders and bondholders, and discuss the techniques that firms
can use to mitigate these potential conflicts;
 Discuss the importance of business ethics and the consequences of
unethical behavior;

Motivation

Good day 3rd year BS Accountancy students! Welcome to our e-classroom!

In the past years, I have read several outputs of your activities (recitations,
case studies, and essay) and to be honest, I was inspired. Inspired because
many of you have good written and oral communication skills. Evidently,
there were many of you who are good in using the business language. It just
shows that the passion to learn the rigors of business is already in your
system. Keep it up! This is accounting. If you want to learn accounting
effectively and efficiently, you must know how to relate it to other fields like
finance. Learning accounting should go beyond the walls of accounting. And
having a good grasp of finance is an edge in the accounting world.

Some reminders before we proceed to the discussion proper:

1. Please be loyal in the power of learning. In today’s set-up, there are few
possible means to complete your output. The most fulfilling among them
is when you submit yourself to self-directed learning. Hence, we should
always remind ourselves that in order to grow, leave your comfort zones.
Work independently without any guilt of cheating. Remember, as future
accounting professionals, honesty is our core foundation in all business
transactions. So, keep that young vibe. The vibe to improve and grow.
Keep the passion to learn!

Financial Management Module 4

2. I believe that online learning should go beyond accumulation of
knowledge. It is more than reading and comprehending all forms of
discussion – whether in a written form or in an oral form. It should direct
you to a higher form of learning, i.e., learning how to learn. Being
proactive is a must in today’s highly competitive accounting arena.
Knowledge-based learning is an old-school concept. It is where spoon-
feeding greatly resides. And as future accounting professionals, we do
not want you to reside there. Instead, we want you to be accountants
who can work with less supervision, who can work under pressure, who
can work collaboratively with others, who can work with critical
thinking and problem solving skills, and who can work with an end of
self-improvement.

Hence, for the weeks, months to come, expect for learning tasks that would
challenge and excite you a lot. Your study hours should be devoted greatly
doing learning tasks and not merely reading or watching video tutorials. You
must apply that knowledge accumulated to reinforce a higher form of
learning. No worries, we will provide you the best possible content
discussion here. If you have concerns on the content or you cannot
comprehend them, feel free to collaborate with your classmates, ates, kuyas,
and to us – your mentors.
(Adapted – Sir Jerome of USL)

Discussion Proper

Activating Prior Learning

In order to facilitate learning, we must have a good understanding of

ourselves. We must know where we came from, where we are, and where are
going through.

To start, let us embark on this activity. Your task is to fill in the K-W-L chart
below by jotting down what you have known and what are the things that you
would like to know about Financial Management. (You may use a separate
sheet of paper for this activity)

What I already Know What I Want to know What I have Learned

Financial Management Module 5

 Presentation of Contents

The financial manager plays a dynamic role in a modern company’s

development. This has not always been the case. Until around the first half of
the 1900s financial managers primarily raised funds and managed their firms’
cash positions – and that was pretty much it. In the 1950s, the increasing
acceptance of present value concepts encouraged financial managers to
expand their responsibilities and to become concerned with the selection of
capital investment projects.
Today, external factors have an increasing impact on the financial
manager. Heightened corporate competition, technological change, volatility
in inflation and interest rates, worldwide economic uncertainty, fluctuating
exchange rates, tax law changes, environmental issues, and ethical concerns
over certain financial dealings must be dealt with almost daily. As a result,
finance is required to play an ever more vital strategic role within the
corporation.
The financial manager has emerged as a team player in the overall
effort of a company to create value. The “old ways of doing things” simply are
not good enough in a world where old ways quickly become obsolete. Thus
today’s financial manager must have the flexibility to adapt to the changing
external environment if his or her firm is to survive.
The successful financial manager of tomorrow will need to supplement
the traditional metrics of performance with new methods that encourage a
greater role for uncertainty and multiple assumptions. These new methods will
seek to value the flexibility inherent in initiatives – that is, the way in which
taking one step offers you the option to stop or continue down one or more
paths. In short, a correct decision may involve doing something today that in
itself has small value, but gives you the option to do something of greater
value in the future.
If you become a financial manager, your ability to adapt to change,
raise funds, invest in assets, and manage wisely will affect the success of your
firm and, ultimately, the overall economy as well. To the extent that funds are
misallocated, the growth of the economy will be slowed. When economic
wants are unfulfilled, this misallocation of funds may work to the detriment of
society. In an economy, efficient allocation of resources is vital to optimal
growth in that economy; it is also vital to ensuring that individuals obtain
satisfaction of their highest levels of personal wants. Thus, through efficiently
acquiring, financing, and managing assets, the financial manager contributes
to the firm and to the vitality and growth of the economy as a whole.

Financial Management Module 6

What is Finance?

Before understanding the definition of financial management, let’s take a look

first on the definition of finance. According to the Webster’s Dictionary,
finance is a system that includes the circulation of money, the granting of
credit, the making of investments, and the provision of banking facilities. In
reality, it is hard to define finance - the term has many facets, which makes it
difficult to provide a clear and concise definition. But as we go on with our
discussion, you could developed a good perspective of finance in your minds.

Areas of Finance

1. Financial Management, also called corporate finance, focuses on

decisions relating to how much and what types of assets to acquire, how
to raise the capital needed to purchase assets, and how to run the firm so
as to maximize its value. Much of this course is concerned with financial
management.
2. Capital Markets, relate to the markets where interest rates, along with
stocks and bond prices, are determined. Also studied here are the financial
institutions that supply capital to business. Banks, investment banks,
stockholders, mutual funds, insurance companies, and the like bring
together “savers” who have money to invest and businesses, individuals,
and other entities that need capital for various purposes.
3. Investments, relate to decisions concerning stocks and bonds and include
a number of activities: (1) Security analysis deals with finding the proper
values of individual securities (i.e., stocks and bonds). (2) Portfolio
theory deals with the best way to structure portfolios, or “basket,” of
stocks and bonds. Rational investors want to hold diversified portfolios in
order to limit risks, so choosing a properly balanced portfolio is an
important issue for any investor. (3) Market Analysis deals with the issue
of whether stock and bond markets at any given time are “too high,” “too
low,” or “about right.”
Although could be separated, these 3 areas could be closely interconnected.
And because of these interdependencies, all those areas are covered in this
course.

Finance Versus Economics and Accounting

Finance as we know it today grew out of economics and accounting.

Economists developed the notion that an asset’s value is based on the future
cash flows the asset will provide, and accountants provided information
regarding the likely size of those cash flows. Finance then grew out of and lies
between economics and accounting, so people who work in finance need
knowledge of those two fields.

Financial Management Module 7

Also, as discussed next, in the modern corporation, the accounting department
falls under the control of the chief financial officer (CFO).

Finance Within an Organization

The board of directors is the top governing body, and the chairperson of the
board is generally the highest-ranking individual. The CEO comes next, but
note that the chairperson of the board often serves as the CEO as well. Below
the CEO comes the chief operating officer (COO), who is often also
designated as a firm’s president. The COO directs the firm’s operations, which
include marketing, manufacturing, sales, and other operating departments. The
CFO, who is generally a senior vice president and the third ranking officer, is
in charge of accounting,

Corporate Governance

Corporate governance refers to the system by which corporations are managed

and controlled. It encompasses the relationships among a company’s
shareholders, board of directors, and senior management. These relationships
provide the framework within which corporate objectives are set and
performance is monitored. Three categories of individuals are, thus, key to
corporate governance success: first, the common shareholders, who elect the
board of directors; second, the company’s board of directors themselves; and,
third, the top executive officers led by the chief executive officer (CEO).

Financial Management Module 8

The board of directors – the critical link between shareholders and managers –
is potentially the most effective instrument of good governance. The oversight
of the company is ultimately their responsibility. The board, when operating
properly, is also an independent check on corporate management to ensure that
management acts in the shareholders’ best interests.

Role of the Board of Directors

The board of directors sets company-wide policy and advises the CEO and
other senior executives, who manage the company’s day-to-day activities. In
fact, one of the board’s most important tasks is hiring, firing, and setting of
compensation for the CEO.
Boards review and approve strategy, significant investments, and acquisitions.
The board also oversees operating plans, capital budgets, and the company’s
financial reports to common shareholders.
Typically boards have 10 or 11 members, with the company’s CEO often
serving as chairman of the board.

Sarbanes – Oxley Act of 2002

Sarbanes-Oxley mandates reforms to combat corporate and accounting fraud,

and imposes new penalties for violations of securities laws. It also calls for a
variety of higher standards for corporate governance, and establishes the
Public Company Accounting Oversight Board (PCAOB). The Securities and
Exchange Commission (SEC) appoints the chairman and the members of the
PCAOB. The PCAOB has been given the power to adopt auditing, quality
control, ethics, and disclosure standards for public companies and their
auditors as well as investigate and discipline those involved.

Jobs in Finance

Next to health care, jobs in finance have been growing faster than any other
area. Finance prepares students for jobs in banking, investments, insurance,
corporations, and the government. Accounting students need to know finance,
marketing, management, and human resources; they also need to understand
finance, for it affects decisions in all those areas. s. For example, marketing
people propose advertising programs, but those programs are examined by
finance people to judge the effects of the advertising on the firm’s
profitability. So to be effective in marketing, one needs to have a basic
knowledge of finance. The same holds for management—indeed, most
important management decisions are evaluated in terms of their effects on the
firm’s value. This is called value-based management, and it is the “in” thing
today.

Financial Management Module 9

Forms of Business Organization

1. Proprietorship – an unincorporated business owned by one individual.

Advantages:
i) Easy and inexpensive to form;
ii) Subject to few government regulations
iii) Subject to lower income taxes than are corporations
Limitations:
i) Unlimited personal liability for the business’ debts, so they can
lose more than the money they invested in the business.
ii) Life of the business is limited to the life of the individual who
created it.
iii) Difficulty of obtaining large sum of capital.
2. Partnership – a legal arrangement between two or more persons who
decide to do business together. Partnerships are similar to proprietorships
in that they can be established relatively easily and inexpensively.
Moreover, the firm’s income is allocated on a pro rata basis to the partners
and is taxed on an individual basis. This allows the firm to avoid the
corporate income tax. However, all of the partners are generally subject to
unlimited personal liability, which means that if a partnership goes
bankrupt and any partner is unable to meet his or her pro rata share of the
firm’s liabilities, the remaining partners will be responsible for making
good on the unsatisfied claims.
3. Corporation – is a legal entity created by a state, and it is separate and
distinct from its owners and managers, having unlimited life, easy
transferability of ownership, and limited liability.
*Limited Liability Partnership
*Cooperative
*Sole Corporation . . .

What is Financial Management?

Financial management is concerned with the acquisition, financing, and

management of assets with some overall goal in mind. Thus the decision
function of financial management can be broken down into three major areas:
the investment, financing, and asset management decisions.

3 Major Decision Function of FinMan

1. Investment Decision - The investment decision is the most important of

the firm’s three major decisions when it comes to value creation. It begins
with a determination of the total amount of assets needed to be held by the
firm. Picture the firm’s balance sheet in your mind for a moment. Imagine
liabilities and owners’ equity being listed on the right side of the balance

Financial Management Module 10

 sheet and its assets on the left. The financial manager needs to determine
the peso amount that appears above the double lines on the left-hand side
of the balance sheet – that is, the size of the firm. Even when this number
is known, the composition of the assets must still be decided. For
example, how much of the firm’s total assets should be devoted to cash or
to inventory? Also, the flip side of investment – disinvestment – must not
be ignored. Assets that can no longer be economically justified may need
to be reduced, eliminated, or replaced.

2. Financing Decision - The second major decision of the firm is the

financing decision. Here the financial manager is concerned with the
makeup of the right-hand side of the balance sheet. If you look at the mix
of financing for firms across industries, you will see marked differences.
Some firms have relatively large amounts of debt, whereas others are
almost debt free. Does the type of financing employed make a difference?
If so, why? And, in some sense, can a certain mix of financing be thought
of as best?
In addition, dividend policy must be viewed as an integral part of the
firm’s financing decision. The dividend-payout ratio determines the
amount of earnings that can be retained in the firm. Retaining a greater
amount of current earnings in the firm means that fewer peso will be
available for current dividend payments. The value of the dividends paid
to stockholders must therefore be balanced against the opportunity cost of
retained earnings lost as a means of equity financing.
Once the mix of financing has been decided, the financial manager must
still determine how best to physically acquire the needed funds. The
mechanics of getting a short-term loan, entering into a long-term lease
arrangement, or negotiating a sale of bonds or stock must be understood.

3. Asset Management Decision - The third important decision of the firm is

the asset management decision. Once assets have been acquired and
appropriate financing provided, these assets must still be managed
efficiently. The financial manager is charged with varying degrees of
operating responsibility over existing assets. These responsibilities require
that the financial manager be more concerned with the management of
current assets than with that of fixed assets. A large share of the
responsibility for the management of fixed assets would reside with the
operating managers who employ these assets.

The Goal of the Firm

Efficient financial management requires the existence of some objective or

goal, because judgment as to whether or not a financial decision is efficient
must be made in light of some standard. Although many companies focus on
maximizing a broad range of financial objectives, such as growth, earnings per
share, market share, these goals should not take precedence over the main
financial goal, which is to maximize the wealth of the firm’s present owners.
Shares of common stock give evidence of ownership in a corporation.
Shareholder wealth is represented by the market price per share of the firm’s

Financial Management Module 11

common stock, which, in turn, is a reflection of the firm’s investment,
financing, and asset management decisions. The idea is that the success of a
business decision should be judged by the effect that it ultimately has on share
price.

Value Creation

Frequently, profit maximization is offered as the proper objective of the firm.

However, under this goal a manager could continue to show profit increases
by merely issuing stock and using the proceeds to invest in Treasury bills. For
most firms, this would result in a decrease in each owner’s share of profits –
that is, earnings per share would fall. Maximizing earnings per share,
therefore, is often advocated as an improved version of profit maximization.

However, maximization of earnings per share is not a fully appropriate goal

because it does not specify the timing or duration of expected returns.
Is the investment project that will produce a P100,000 return five years from now
more valuable than the project that will produce annual returns of $15,000 in each
of the next five years? An answer to this question depends on the time value of money
to the firm and to investors at the margin. Few existing stockholders would think
favorably of a project that promised its first return in 100 years, no matter how large
this return. Therefore our analysis must take into account the time pattern of returns.

Another shortcoming of the objective of maximizing earnings per share – a

shortcoming shared by other traditional return measures, such as return on
investment – is that risk is not considered. Some investment projects are far
more risky than others. As a result, the prospective stream of earnings per
share would be more risky if these projects were undertaken. In addition, a
company will be more or less risky depending on the amount of debt in
relation to equity in its capital structure. This financial risk also contributes to
the overall risk to the investor. Two companies may have the same expected
earnings per share, but if the earnings stream of one is subject to considerably
more risk than the earnings stream of the other, the market price per share of
its stock may well be less.

For the reasons just given, an objective of maximizing earnings per share may
not be the same as maximizing market price per share. The market price of a
firm’s stock represents the focal judgment of all market participants as to the
value of the particular firm. It takes into account present and expected future
earnings per share; the timing, duration, and risk of these earnings; the
dividend policy of the firm; and other factors that bear on the market price of
the stock. The market price serves as a barometer for business performance; it
indicates how well management is doing on behalf of its shareholders.

Financial Management Module 12

Determinants of Value

The top box indicates that managerial actions, combined with the economy,
taxes, and political conditions, determine stock prices and thus investors’
returns. Remember that no one knows for sure what those future returns will
be - we can estimate them, but expected and realized returns are often quite
different. Investors like high returns, but they dislike risk; so the larger the
expected profits and the lower the perceived risk, the higher the stock’s price.
The second row of boxes differentiates what we call “true expected returns”
and “true risk” from “perceived” returns and “perceived” risk. By “true,” we
mean the returns and risk that investors would expect if they had all of the
information that existed about a company. “Perceived” means what investors
expect, given the limited information they actually have.
The third row of boxes shows that each stock has an intrinsic value, which is
an estimate of the stock’s “true” value as calculated by a competent analyst
who has the best available risk and return data, and a market price, which is
the actual market price based on perceived but possibly incorrect information
as seen by the marginal investor. Not all investors agree, so it is the
“marginal” investor who determines the actual price.
When a stock’s actual market price is equal to its intrinsic value, the stock is in
equilibrium, and when equilibrium exists, there is no pressure for a change in
the stock’s price. Market prices can and do differ from intrinsic values; but
eventually, as the future unfolds, the two values tend to converge.

Actual stock prices are easy to determine—they can be found on the Internet
and are published in newspapers every day. However, intrinsic values are
estimates; and different analysts with different data and different views about
the future form different estimates of a stock’s intrinsic value. Indeed,
estimating intrinsic values is what security analysis is all about and is what

Financial Management Module 13

distinguishes successful from unsuccessful investors. Investing would be easy,
profitable, and essentially riskless if we knew all stocks’ intrinsic values; but,
of course, we don’t. We can estimate intrinsic values, but we can’t be sure that
we are right. A firm’s managers have the best information about the firm’s
future prospects, so managers’ estimates of intrinsic values are generally better
than those of outside investors. However, even managers can be wrong.

Agency Problems

Agent(s) – Individuals authorized by another person, called the principal, to

act on the latter’s behalf.

Agency (theory) – A branch of economics relating to the behaviour of

principals (such as owners) and their agents (such as managers).

Stockholder-Manager Conflict
It has long been recognized that managers’ personal goals may compete with
shareholder wealth maximization. In particular, managers might be more
interested in maximizing their own wealth than their stockholders’ wealth;
therefore managers might pay themselves excessive salaries.
Effective executive compensation plans motivate managers to act in their
stockholders’ best interests.

Useful motivational tools include;

1. Reasonable compensation packages – consistent over time, sufficient

to attract and retain managers but should not go beyond what is
needed, and structured so that managers are rewarded on the basis of
the stock’s performance over the long run, not the stock’s price on an
option exercise date.
2. Firing managers who don’t perform well
3. Threat of hostile takeovers
Corporate Raiders – Individuals who target corporations for takeover
because they are undervalued.
Hostile Takeover – The acquisition of a company over the opposition
of its management.

Stockholder-Debtholder Conflicts

Conflicts can also arise between stockholders and debtholders. Debtholders,

which include the company’s bankers and its bondholders, generally receive
fixed payments regardless of how well the company does, while stockholders
do better when the company does better. This situation leads to conflicts
between these two groups, to the extent that stockholders are typically more
willing to take on risky projects.
Bondholders attempt to protect themselves by including covenants in the bond
agreements that limit firms’ use of additional debt and constrain managers’
action in other ways.

Financial Management Module 14

Balancing Shareholder Interest and the Interest of Society

Corporate social responsibility (CSR) - A business outlook that acknowledges

a firm’s responsibilities to its stakeholders and the natural environment.

Stakeholders - All constituencies with a stake in the fortunes of the company.

They include shareholders, creditors, customers, employees, suppliers, and
local and international communities in which the firm operates.

Sustainability - Meeting the needs of the present without compromising the

ability of future generations to meet their own needs.

Important Business Trends

1. Business ethics that resulted from a series of scandals in the late 1990s
2. Increased globalization of business
3. Improvements in Information Technology
4. Changes in Corporate Governance

Corporate Governance

Corporate Governance – The system by which corporations are managed and

controlled. It encompasses the relationships among a company’s shareholders,
board of directors, and senior management.

Ethics – standards of conduct or moral behaviour.

Business Ethics – Company’s attitude and conduct toward its employees,

customers, community, and stockholders. A firm’s commitment to business
ethics can be measured by the tendency of its employees, form top down, to
adhere to laws, regulations, and moral standards relating to product safety and
quality, fair employment practices, fair marketing and selling practices, the
use of confidential information for personal gain, community involvement,
and the use of illegal payments to obtain business.

Self Test

1. What are the three areas of finance? Are these areas independent of
one another, or are they interrelated? Explain.
2. What is the relationship among economics, finance and accounting?
3. Why might conflicts arise between stockholders and debt holders?
How can bondholders protect themselves from managers’ action that
negatively impact bondholders?

Financial Management Module 15

 Application

Answer the following essay problems below. Your answers for each item
should be presented orderly with introduction, discussion (supported by facts,
theories and principles), and summary and conclusion. The minimum number
of pages should be 3, short bond paper, double space, font size: 12 – Times
New Roman.
1. Short case analysis. Suppose you are relatively wealthy and are
looking for a potential investment. You do not plan to be active in the
business. Would you be more interested in investing in a partnership or
in a corporation? Defend your answer.
2. Study the case of Enron and Worldcom. What went wrong in their
financial system? Discuss how Sarbanes Oxley Act of 2002 had
addressed those governance issues.
3. Make a position paper. Choosing between the two; Shareholder Wealth
Maximization or Corporate Social Responsibility, which will be the
primary priority of the company?
4. Unethical acts are generally committed by unethical people. What are
some things companies can do to help ensure that their employees act
ethically?

Feedback

1. Fill in “What I have Learned” column by writing down what you have
learned from this topic
What I already Know What I Want to know What I have Learned

Financial Management Module 16

References:

Brigham, Eugene F. et. al. (2019). Essentials of Financial Management.

Fourth Edition. Cengage Learning Asia Pte Ltd.

Van Horne, James C. and John M. Wachowicz, Jr. (2009). Fundamentals of

Financial Management. Pearson Eduction Limited.

Financial Management Module 17