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All Journal International Business and Accounting Research Journal
Eisenberg, Paul
Sekolah Tinggi Ekonomi dan Bisnis Islam Lampung
Economics, Econometrics & Finance

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GDF SUEZ Case Study - Evaluation of Capital Structure, Short-Term Financing and Working Capital Eisenberg, Paul
International Business and Accounting Research Journal Vol 3, No 1 (2019): January 2019
Publisher : Sekolah Tinggi Ekonomi dan Bisnis Islam Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (366.633 KB) | DOI: 10.15294/ibarj.v3i1.53

Abstract

This article analyses the financial structure of GDF SUEZ for the years 2013 – 2014 by the way of a case study. The company, one of the global players of the energy market, offers rich opportunities to test finance theories reaching from the work of Modigliani and Miller (1958) and Altman (1968) to the more recent approaches of working capital analysis by Panigrahi and Chaudhury (2015), to mention but a few. The study shows a company struggling to accelerate sales and to collect receivables, while over relying on costly short-term finance and stretching accounts payable. Thus, GDF SUEZ forgoes prompt payment discounts and loses supplier goodwill. Taken together with declining revenues, the study provides for a company profile raising going concern issues. The paper may be of interest for finance students, scholars and financial reports analysts as it offers a comprehensive real-life study based on commonly accepted financial modelling.
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