1,Improve your writing skill

2, give citation for strong statements

3, your not writing a research paper, so write in deatail and brief.

Follow the this format for intro chapter

1, introduction

Backroung of the study

Problem statement

Redearch question

Research objectives As postulated by ………

As an alternative to As noted by Wood [1997] you could say:

Wood [1997] concludes:

As Wood [1997] states:

As Wood states in his 1997 paper:

In his Conclusions, Wood [1997] writes:

As noted by Wood [1997]:

Purpose of the study

Scope of the study

Try to write these things in detail.

Introduction:

For many manufacturing firm, the current assets account for over half of their total
assets.
Furthermore, working capital management efficiency is vital especially for manufacturing firms, where a major
part of the assets is composed of current assets. Working capital management efficiency is vital
especially for manufacturing firms, where the major part of assets and liabilities are
composed of current assets especially inventory and trade receivables, and current liabilities;
trade payable.(Arunkmar and Ramanan, 2013)

Therefore the manufacturing firms in the globalised level should take the action to get the better level of efficiency

in the working capital management through the corporate governance practices to achieve goals as survival,

solvency, and profitability of the business. Finally A study on Corporate Governance practices and Working Capital

Management Efficiency among manufacturing firms from an emerging market like Srilanka, in the South Asian

Context, can be fruitful empirical work, which may likely to differ from other developing countries in world wide.

Working capital management is simply the management of firm's current assets and current
liabilities at most favorable level. Current assets are referring to cash and any other assets
that are easily converted to cash within one year and current liabilities are the amount of
money that is due to be paid within one yea Current assets include inventory, account
receivables, cash and short term investments. Current liabilities involve account payables and
short-term borrowings.(
Bratland & Hornbrinck 2013) r. The management of firm current assets and current liabilities
involves managing inventories, account receivable, account payable and cash. Working capital
management is essential for the survival of a firm. Similarly to get the optimal level of
working capital the management of working capital components is very important in order
to get ultimately the financial strength of the firm. The primary main purpose of working
capital management is to keep the current assets and current liabilities an optimal level (Nazir*
and Afza ,2009) in such level to meet day to day activities of the firm. The main objective of
working capital management is to maintain an optimal balance
among each of the working capital components. As Fiber and Kruenger (2005) states: "The aim of

working capital management is to maintain an optimal balance of each component of working

capital". As noted by Amarjit Gill (1995): "The main objective of working capital management

is to maintain the balance between each of the working capital component". Reference to the

above statements the firm should maintain the working capital component an adequate level to

run the day to day activities more effectively and [Link] to thr above statements the

firm should maintain the amount of current assets and and current liabilities an optimal level .

here an optimal level mean that The element of working capital should not increase than the

requirement and should neither decrease than the requirement, because both levels of working

capital may are harmful to the business. Frtther,If a firm keeps the element of working capital

more than its requirement then it is a cause of idle cash and can become a sign of risk.

Similarly, if a firm keeps the element of working capital less than its requirement then it is

also a sign of risk for the firm and become the cause of inefficiency in the day to day

activities. Decreasing account receivable referring that company has limited credit sale which

ultimately effects on profitability. Decreasing the inventory of a firm may lose demand of the

customers and hence the cause of reducing the revenue of the business. Similarly, too much cash

can cause of mismanagement and idle cash thus effect on investors investment. As noted by

Faisal Shakoor, Abdul Qayyum Khan, Samina Nawab [September 2012] "To decrease accounts

receivable, a firm may have strict collections policies and limited sales credits to its customers.

However, the strict collection policies and lesser sales credits would lead to lost sales thus

reducing the profits. Minimizing inventory may lead to lost sales by stock-outs." Therefore the

managements should maintain an optimal level of working capital on the continuous base.

Because the only optimal level of working capital can add values in the business day to day
activities. "Therefore the firm should try to keep an optimal level of working capital that

maximizes their value" (Deloof, 2003).

To maintain the element of working capital at a favorable level the concern financial
management of a company should have to keep an eye on those factors which effect on the
optimal level of working capital .There are certain internal and external factors that effect on the
optimal level of current assets and current [Link] note by
Chaudhry and Ahmad(2015) The factors that effect working capital manamgement consist on
external factors consist on
Economic and business environment [4, 5], Industrial effects , Legislation [8], Competition[1-3], Economic and
business environment [4, 5], Industrial effects [6, 7], Legislation [8], Competition [6], Financing regulations [9, 10],
Managerial practice/ Working capital policy [11-14], Performance measurement system [15], Information
technology [16], Employees behavior [17], Investment policy [18, 19], Supply chain and production management
[20, 21], Shareholders wealth [6, 22], Inventory management [12, 23], Payable management [24, 25], Credit policy
[24, 26], Employees financial knowledge [27, 28], Capital expenditure [29] and Firm size [30]. the political
situation, economic situation, competition etc and internal factors consist of working capital
policy, business size, management practices etc. These factors can effect on the optimal level of
working capital management of the firm by different dimension. Among these factors, the
corporate governance is very important factors that impact on working capital management.
Corporate governance plays an important role in
controlling the management of working capital by formulating sound policies.(Meshack,2015)
( Weak corporate governance may have adverse
consequences for cash consequences for cash management, accounts receivable,
inventory, accounts payable, and cash conversion.(

Cadbury (1992) defined corporate governance as “the system by which companies are directed

and controlled”. Corporate mean the (large company) and governance means to regulate

and control, so corporate governance refers to the system by which company is regulated

and controlled. According to the Australian standard (2003), the corporate governance is

considered the process by which corporation is directed and controlled. Corporate governance is

the process, structure, and mechanism which ensure value for the firm shareholders and enhance

the performance of firm through accountability (Velnampy 2003) corporate governance is

fundamental for antiona economic groeth and devloment because business is the key for

nationaecnomic development. . According to Gomez (2005) if enterprise businesses do not

prosper, they will stagnant and [Link] business enterprise do not prosper ,there will be no
economic growth;no employment ,no tax paid and invariably the country will not

[Link] manufacturing business have large cobtribution in national economy so there

must have proper governance for manufacturing business in country .As noted by Valnampy

and Pratheepkanth (2012) "Good corporate governance practices are important in

reducing the risk for investors; attracting investment capital and improving the

performance of companies".

BasicallyIN business corporation , for governance board of directors are responsible.

Shareholder role in corporate governance is to appoint directors while the director's role in

corporate governance to make policies and strategies according to the requirement of the

company. If these policies and strategies of the board of directed are well governed then it leads

the company to the best level and vice versa. It is concerned with the duties and responsibilities of

a company’s board of directors to successfully lead the company, and their relationship with its

shareholders and other stakeholder groups (Pass 2004). So it is to be saying that corporate

governance has an effect on the corporation via different dimension, it effects on company

performance, growth and profitability act. Exactly, in the same manner, corporate governance

also have an impact on working capital management of a firm. Hence, the purpose and objective

of the study is to find out the impact of corporate governance on working capital management of

listed manufacturing firm in [Link] to find out the important variables of corporate

governance that are most relevant an influencing working capital management. This study has

include a sample of 25 listed manufacturing company form 100 index for the period of 2010 to

2014.

To justify the need for study is that previous financial corporate scandals as happened in

the case of Enron, Tyco, WorldCom etc the globe has evolved to justify the system of
corporate governance. The discharge of those frauds and scandals subsequently become

the of slogan of debate and has captured the attention of different academia and

researchers to evaluate corporate governance function more deeply in relation to different

parameters of the firm like profitability, performance and growth etc. Similarly in

Pakistan frauds like Mehran bank, crescent bank, Taj Company and PTCL etc are the

close comparison with the world corporate scandals. Unlike others countries of the world

Pakistan is still lacking to develop an implemented policy, law or act to lessen up such

practices.

Keeping in view the importance of corporate governance which is fundamental for national

economic development because business development and growth is the key to any country

economic development and prosperity and the inclusion of good corporate governance can

make this possible for the businesses to grow and develop. According to Gomez (2005) "if

enterprise businesses do not prosper, they will stagnant and [Link] business enterprise

do not prosper ,there will be no economic growth;no employment ,no tax paid and

invariably the country will not developed".The current study will explore the importance of

corporate governance in relation to board size ,board meeting and board committee to

provide empirical proof to the legislative authority to implement a formal law and more

importantly to give useful awareness and necessary information to investors, organization

policy makers.