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AN ANALYSIS OF WORKING CAPITAL MANAGEMENT AT THE STATE FORESTS IN TIMES OF CRISIS
Abstract
In recent years, various crises have occurred around the world. There has been the financial crisis, the crisis related to the Covid-19 pandemic, the migration crisis, and now we are in times of armed conflict, and the crisis related to the war in Ukraine. Companies are operating in times of great uncertainty. In many of them, managers are abandoning policies focused on increasing profits and trying to ensure the possibility of continuing business operations. Changes in management policies are visible, shifting to safe strategies in times of crisis. Net working capital serves as a buffer protecting companies against loss of financial liquidity and, in the long term, bankruptcy. Companies strive to maintain a positive level of working capital, ensuring their ability to meet current liabilities, and ensure continued market operation. Depending on their size and industry, companies employ various types of working capital management strategies. The aim of this paper is to analyze working capital management at a state-owned enterprise the Polish State Forests. This unique state entity is largely focused on ecological goals and the green economy, and also has a key impact on Poland's green development through sustainable forest management. The analysis was conducted between 2020 and 2024, thus covering the period of the Covid-19 crisis and the war in Ukraine.
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