Abstract
Interviews were undertaken with six professionals of the financial segment from SMEs, an International company and an investment fund on the problematic of the liquidity risk. Firstly this thesis will present what are the different factors that are influencing the working capital management and the liquidity risk. Furthermore it will also study what were the impact of the crises events on the liquidity of the companies.
Secondly it will also study why the working capital management and the liquidity risks are important parts of the management of the companies today.
Thirdly, this thesis will analyse what were the impact of the crises on the behaviours of the financials managers that are confronts to the liquidity risks.
The first objective of this thesis is to analyze how the companies view this major risk and how they manage it.
The second objective of this thesis is to help to understand, what are the reasons behind the actions they took and still take at the present time concerning the management of the liquidity risk.
Finally, the third objective of this thesis is to analyze and criticize the behaviours of financials managers concerning this risk. Author keywords: Working capital management, liquidity risk, behaviour, financial managers, SME, France
