Other Articles by Authors

Grzegorz Zimon
Dominik Zimon

Authors and WSEAS

Grzegorz Zimon
Dominik Zimon

WSEAS Transactions on Business and Economics

Print ISSN: 1109-9526
E-ISSN: 2224-2899

Volume 16, 2019

Notice: As of 2014 and for the forthcoming years, the publication frequency/periodicity of WSEAS Journals is adapted to the 'continuously updated' model. What this means is that instead of being separated into issues, new papers will be added on a continuous basis, allowing a more regular flow and shorter publication times. The papers will appear in reverse order, therefore the most recent one will be on top.

Volume 16, 2019

The Impact of Quality Management Systems on Financial Liquidity in Companies in Group Purchasing Organizations

AUTHORS: Grzegorz Zimon, Dominik Zimon

Download as PDF

ABSTRACT: Financial liquidity is currently the most important area of business management. Its lack is the first step towards bankruptcy of a company, Therefore, small and medium-sized enterprises work together as part of multi-stakeholder organizations to improve the level of financial liquidity. In general, financial liquidity management is considered in terms of profitability and liquidity. Liquidity management is short-term management which is based on a systematic control of individual elements affecting its level. The introduction of standardized quality management systems should be a great facilitation for the liquidity management control process. Literature often includes information on the impact of quality on the production process and on the financial performance of manufacturing companies. Information on the impact of quality management on the functioning of commercial enterprises operating in branch group purchasing organizations is not often found. The aim of this paper is to present the impact of quality management on the level of financial liquidity of SMEs operating in group purchasing organizations.

KEYWORDS: - financial liquidity, quality, group purchasing organization JEL Classification: G30;G33;L15


[1] P. Kafel, and A. Simon, The Reasons for Decertification of ISO 9001: Financial Aspects. Quality Innovation Prosperity, 21(3), 2017, pp.173-184.

[2] L.M.C.M. Fonseca, J.P. Domingues, P.B. Machado, and M. Calderón, Management system certification benefits: where do we stand?. Journal of Industrial Engineering and Management, 10(3), 2017, pp.476-494.

[3] S. Dellana, and J. Kros, J, ISO 9001 and supply chain quality in the USA. International Journal of Productivity and Performance Management, 67(2), 2018, pp. 297-317.

[4] D. Zimon, T. Gajewska, and M. Malindzakova, Implementing the Requirements of ISO 9001 and Improvement Logistics Processes in SMES Which Operate in the Textile Industry. Autex Research Journal, 18(4), 2018, pp. 392-397.

[5] S. Kot, Sustainable Supply Chain Management in Small and Medium Enterprises. Sustainability, 10(4), 2018, pp.1143.

[6] S.T. Foster Jr, Towards an understanding of supply chain quality management. Journal of operations management, 26(4), 2008, pp. 461- 467.

[7] F. Ciampa, The potential of top management characteristics for small enterprise default prediction modelling. WSEAS Transactions on Business and Economi, vol.14 (2017), 2017, pp. 397-407.

[8] G. Zimon, Influence of group purchasing organizations on financial situation of Polish SMEs, Oeconomia Copernicana, vol. 9(1), 2018, pp.87-104.

[9] K. Küting, A. Rösinger, and M. Mojadadr, Notwendigkeit eines Cashund Liquiditätsmanagements. In: Der Betrieb; 63, 2010, pp. 625–631.

[10] Statistisches Bundesamt. Stärkster Anstieg der Firmenpleite seit 2010. In: WeltOnline 2012, 12.06.2012. Online verfügbar unter, http://www.welt.de/wirtschaft/article10650066 8, zuletzt geprüft am 13.07.2012.

[11] W. Huang, and K. Mazouz K, Excess cash, trading continuity, and liquidity risk, Journal of Corporate Finance 48 (2018), 2018, pp. 275– 291.

[12] Y. Huang, S. Elkinawy, and P.K. Jain, Investor protection and cash holdings: evidence from US cross-listing. Journal Banking. Financ. 37 (3), 2013, pp. 937–951.

[13] T.W. Bates, K.M. Kahle, and R.M. Stulz, Why do US firms hold so much more cash than they used to? Journal of Finance 64 (5), 2009, pp. 1985–2021.

[14] B. Palazzo, Cash holdings, risk, and expected returns. J. Financ. Econ. 104 (1), 2012, pp. 162–185.

[15] M. Simutin, Excess cash and stock returns. Financ. Manag. 39 (3), 2010, pp. 1197–1222

[16] R. Reider, Understanding effective cash management. Journal of Corporate Accounting & Finance, 17, 2005,pp.7-15.

[17] H. Ooghe, and S. De Prijcker, , Failure processes and causes of company bankruptcy: a typology, Management. Decision 46 (2), 2008, pp. 223–242.

[18] J.R. Baldwin, Failing concerns: business bankruptcy in Canada, Failing Concerns: Business Bankruptcy in Canada, 1998, p.23.

[19] Y. Ma, J. Ansell, and G. Andreeva, Exploring management capability in SMEs using transactional data, Journal of the Operational Research Society.67 (1), 2014, pp. 1–8.

[20] M. Özbayrak and M. Akgün, The effects of manufacturing control strategies on the cash conversion cycle in manufacturing systems. International Journal of Production Economics, 2006; 103: p. 535-550.

[21] E.I Altman, and G. Sabato, Modelling credit risk for SMEs: evidence from the US market, Abacus 43 (3), 2007, pp. 332–357.

[22] G. Zimon, Organization of Transport in a Commercial Enterprise Operating in a Branch Purchasing Group, Estudios de Economia Aplicada, vol. 36-3, 2018, pp. 811-824

[23] P. Madzík, Increasing accuracy of the Kano model–a case study. Total Quality Management & Business Excellence, 29(3-4), 2018, pp. 387- 409.

[24] A. P. Kakouris, and E. Sfakianaki, Impacts of ISO 9000 on Greek SMEs business performance. International Journal of Quality & Reliability Management, 35(10), 2018, pp.2248-2271.

[25] H. Hu, and X. Zhao, Building supply chain quality management theory from case study in China. International Journal of Services Technology and Management, 24(1-3), 2018, pp. 4-29.

[26] L.M, Fonseca, and J.P Domingues, Empirical research of the ISO 9001: 2015 transition process in Portugal: Motivations, benefits, and success factors. Quality Innovation Prosperity, 22(2), 2018, pp. 16-46.

[27] E. Casey, and C.M O'Toole, Bank-lending constraints, trade credit and alternative financing during the financial crisis: evidence from European SMEs. J. Corp. Finan.27,2014, pp. 173–193.

[28] S. Carbo-Valverde, F. Rodriguez-Fernandez, and G.F. Udell, Bank market power and SME financing constraints. Review of Finance 13, 2009, pp. 309–340.

[29] A. Ferrando, and K. Mulier, Do firms use trade credit channel to manage growth? J. Bank. Financ. 37, 2013, pp. 3035–3046.

[30] M.A. Petersen and R.G. Rajan, Trade credit: theories and evidence. Rev. Financ. Stud. 10, 1997, pp. 661–691.

[31] G. Zimon, and D. Zimon, An assessment of the influence of Nominalized Quality Management Systems on the Level of Receivables in Enterprises Operating in Branch Group Purchasing Organizations , QUALITY ACCESS TO SUCCESS, Volume: 20 Issue: 169, 2019, pp.47-51.

[32] R. Rajan, and L. Zingales, What do we know about capital structure? Some evidence from international data. Journal of Finance 50, 1995, pp. 1421–1460.

[33] S. Bougheas, S. Mateut, and P. Mizen, Corporate trade credit and inventories: New evidence of a trade-off from accounts payable and receivable, Spiros Bougheas Journal of Banking & Finance 33,2009, pp. 300–307.

[34] A. Guariglia, and S. Mateut, Credit channel, trade credit channel, and inventory investment: Evidence from a panel of UK firms. Journal of Banking and Finance 30, 2006, pp. 2835–2856.

[35] Y. Ge, and J. Qiu, Financial development, bank discrimination and trade credit. Journal of Banking and Finance 31, 2007, pp. 513–530.

WSEAS Transactions on Business and Economics, ISSN / E-ISSN: 1109-9526 / 2224-2899, Volume 16, 2019, Art. #19, pp. 163-170

Copyright Β© 2018 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution License 4.0