2017年财务管理外文翻译—财务管理实践对中小企业盈利能力的影响及代理成本的调节作用

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1、字数：英文 2939 单词， 16394 字符；中文 5144 汉字  出处： S Muneer,AA Rao,A Ali.Impact of Financial Management Practices on SMEs Profitability with Moderating Role of Agency CostJInformation Management and Business Review.2017, 9(1):23-30 外文文献：   Impact of Financial Management Practices on SMEs Profitabilit

2、y with Moderating Role of Agency Cost Abstract  The importance of Small and medium enterprises (SMEs) towards economic development and growth is considerable. Some SMEs are facing difficulties to their development due to the lack of financial resources and management experience. The objective o

3、f this study is to check the relationships of financial management practices on profitability of small and medium enterprises and also to check the impact of agency cost on this relationship. This study consists of data analysis of two hundred SMEs from Faisalabad Pakistan. The study used primary da

4、ta predominantly. SPSS 23 is used for descriptive analysis and Structural Equation Model (SEM) through Partial Least Square (PLS) 3 for hypothesis testing. The findings of this study indicate the presence of positive relationship between financial management practices and SMEs profitability but agen

5、cy cost as a moderator has no effect on this relationship. The study strongly recommends higher adherence to financial management practices. Policy makers, developments partners, owners, and managers of SMEs may use these findings for sustainability of their business in Pakistan. Keywords: Financial

6、 management practices, Agency cost, SMEs, Working Capital 1.Introduction Small and medium enterprises (SMEs) have significant contribution toward creating employment and also toward the economic development and growth (International Labor Organization, 2013, p. 1; Ratten, 2014; ulHaq, Usman, Hussain, and Anjum, 2014; Karadag, 2015). In Japan, small and medium industries have marked dominance, constituting about 99% of corporations (The Information Dissemination and Policy Promotion Division of Japans P