CHAPTER 14

WORKING CAPITAL
MANAGEMENT
FIN303 – Advanced Corporate Finance
Instructor: Do T. Thanh Huyen
Lecturer, Faculty of Business
FPT University
LEARNING OBJECTIVES
CHAPTER 14: Working Capital Management

1. Define net working capital, discuss the importance of working

capital management, and compute a firm's net working capital.
2. Define the operating and cash conversion cycles, explain how they
are used, and compute their values for a firm.
3. Discuss the relative advantages and disadvantages of pursuing (1)
flexible and (2) restrictive current asset management strategies.
4. Explain how accounts receivable are created and managed, and
compute the cost of trade credit.
5. Explain the trade-off between carrying costs and reorder costs, and
compute the economic order quantity for a firm's inventory orders.
6. Define cash collection time, discuss how a firm can minimize this
time, and compute the economic costs and benefits of a lockbox.
7. Describe three current asset financing strategies and discuss the
main sources of short-term financing.

2
14.1 WORKING CAPITAL
BASICS

FIN303 – CHAPTER 14
 LEARNING OBJECTIVES
1. DEFINE NET WORKING CAPITAL, DISCUSS THE
IMPORTANCE OF WORKING CAPITAL MANAGEMENT, AND
COMPUTE A FIRM'S NET WORKING CAPITAL.

4
14.1 WORKING CAPITAL BASICS
purchasing
Working capital and
paying for
refers to the short-term assets necessary to raw
run a business on a day-to-day basis. materials

Working capital management

is the management of the short-term Working
investment and financing of a company. capital
management
(1) What is the appropriate amount and mix of collecting
cash for selling
current assets for the firm to hold? finished
sales made inventory
on credit
(2) How should these current assets be
financed?
5
BASIC TERMS ASSOCIATED WITH WORKING CAPITAL MANAGEMENT
TERM EXPLAINATION
Current assets are cash and other assets that the firm expects to convert into cash in a year or less.
• These assets are usually listed on the balance sheet in order of their liquidity.
• Typical current assets include cash, short-term investments (sometimes also called
marketable securities or cash equivalents because of their liquidity), accounts
receivable, inventory, and others, such as prepaid expenses.
Current liabilities are obligations that the firm expects to repay in a year or less.
(or short-term • They may be interest bearing, such as short-term notes and current maturities of long-
liabilities) term debt, or noninterest bearing on such as accounts payable, deferred revenue, or
accrued expenses.
Working capital includes the funds invested in a company's cash and short-term investment accounts,
(also called gross accounts receivable, inventory, and other current assets.
working capital) • All firms require a certain amount of current assets to operate smoothly and to carry
out day-to-day operations. Note that working capital is defined in terms of current
assets, so the two terms are one and the same.
6
BASIC TERMS ASSOCIATED WITH WORKING CAPITAL MANAGEMENT
TERM EXPLAINATION
Net working capital refers to the difference between current assets and current liabilities.
(NWC) NWC = Total Curent assets − Total Curent liabilities
• NWC is important because it is a measure of a firm's liquidity. It is a measure of
liquidity because it is the amount of working capital a firm would have left over after
it paid off all of its short-term liabilities.
Working capital involves management of current assets and their financing.
management) • The financial manager's responsibilities include determining the optimum balance for
each of the current asset accounts and deciding what mix of short-term debt, long-
term debt, and equity to use in financing working capital.
Working capital is a term that refers to how efficiently working capital is used.
efficiency • It is most commonly measured by a firm's cash conversion cycle. The shorter a firm’s
cash conversion cycle, the more efficient is its use of working capital.
Liquidity is the ability of a company to convert assets—real or financial—into cash
quickly without suffering a financial loss.
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WORKING CAPITAL ACCOUNTS AND TRADE-OFFS
The objective of the managers of these accounts is to enable the It is importance we work out the
company to operate effectively with the smallest possible net right level of working capital you
investment in working capital.
will need.
 To do this managers must make cost/benefit trade-offs. If the working capital is too:
The trade-offs arise because it is easier to run a business with a  High – Business has surplus
generous amount of net working capital, but it is also more costly
to do so.
funds which are not earning a
return
 Low – May indicate that
your business is facing
financial difficulties.

8
14.2 THE OPERATING AND
CASH CONVERSION CYCLES

FIN303 – CHAPTER 14
 LEARNING OBJECTIVES
2. DEFINE THE OPERATING AND CASH CONVERSION
CYCLES, EXPLAIN HOW THEY ARE USED, AND COMPUTE
THEIR VALUES FOR A FIRM.

10
OVERVIEW
1) The firm uses cash to pay for raw
materials and the cost of
converting them into finished
goods (conversion costs),
2) Finished goods are held in
finished goods inventory until they
are sold,
3) Finished goods are sold on credit
to the firm’s customers, and finally
4) Customers repay the credit the
firm has extended them and the
firm receives the cash.

11
CASH CONVERSION CYCLE
Cash conversion cycle:
This is the length of time from the point at which a
company actually pays for raw materials until the point at
which it receives cash from the sale of finished goods
made from those materials.

This is an important concept because the length of the

cash conversion cycle is directly related to the amount of
money that a firm needs to finance its working capital.

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OPERATING CYCLE
Operating Cycle
is the length of time it takes a company’s investment in inventory to be collected in cash from customers,
starting with the receipt of raw materials and ends with the collection of cash from customers for the sale
of finished goods made from those materials.

The length of the company’s operating and cash

conversion cycles is a factor that determines how
much liquidity a company needs.
 The longer the cycle, the greater the company’s
need for liquidity.

13
FORMULA
Operating cycle = DSI + DSO (14.1)

CCC = Operating Cycle − DPO (14.2)

14
 THE OPERATING AND CASH CONVERSION CYCLES – EXAMPLE
EXHIBIT 14.3 Time Line for Operating and Cash Conversion Cycles for Apple Inc. in 2020

Financial Ratio Apple Comparison Firm

(days) Average
DSI 8.74 25.45
DSO 21.43 49.68
DPO 91.05 81.27
Operating cycle 30.17 75.13
CCC -60.88 -6.14

15
MANAGING THE CASH CONVERSION CYCLE
Financial managers generally want to achieve several goals in
managing this cycle:
 Delay paying accounts payable as long as possible without suffering any penalties.
 Maintain the minimum level of raw material inventories necessary to support
production without causing manufacturing delays.
 Use as little labor and other inputs to the production process as possible while
maintaining product quality.
 Maintain the level of finished goods inventory that represents the best trade-off
between minimizing the amount of capital invested in finished goods inventory and
the desire to avoid lost sales.
 Offer customers terms on trade credit that are sufficiently attractive to support
sales and yet minimize the cost of this credit, both the financing cost and the risk of
nonpayment.
 Collect cash payments on accounts receivable as quickly as possible to close the
loop.

Managing the length of the cash conversion cycle is one aspect of managing working capital to
maximize the value of the firm
16
 14.3 WORKING CAPITAL
MANAGEMENT STRATEGIES

FIN303 – CHAPTER 14
 LEARNING OBJECTIVES
3. DISCUSS THE RELATIVE ADVANTAGES AND
DISADVANTAGES OF PURSUING (1) FLEXIBLE AND (2)
RESTRICTIVE CURRENT ASSET MANAGEMENT STRATEGIES.

18
WORKING CAPITAL MANAGEMENT STRATEGIES
Flexible Current Asset Management Strategy
What is it? Current asset management strategy that involves
keeping high balances of current assets on hand
 The flexible strategy is perceived to be a low-risk and
low-return course of action for management.
Advantages the large working capital balances the firm’s ability to
survive unforeseen threats.
Downsides The strategy’s downside is the high carrying cost
associated with owning a high level of inventory and
providing liberal credit terms to its customers.
Whereas:
Inventory carrying costs expenses associated with
maintaining inventory, including interest forgone on
money invested in inventory, storage costs, taxes, and
insurance.
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Restrictive Current Asset Management Strategy
Current asset management strategy that involves
keeping the level of current assets at a minimum.
 The restrictive strategy is a high-risk high-return
alternative to the flexible strategy. A restrictive policy
has a low percent of current assets to sales.
A restrictive strategy enables the firm to invest a larger
fraction of its money in higher yielding assets.
The high risk comes in the form of shortage costs which
can be either financial or operating.
Whereas:
Shortage costs is costs incurred because of lost
production and sales or illiquidity
 Financial shortage costs arise mainly from illiquidity, shortage
of cash, and a lack of marketable securities to sell for cash.
 Operating shortage costs result from lost production and sales.
THE WORKING CAPITAL TRADE-OFF
The optimal current assets investment strategy will depend on the relative magnitudes of carrying costs
and shortage costs. This conflict is often referred to as the working capital trade-off.
Financial managers need to balance shortage costs against carrying costs to define an optimal strategy.

Carrying costs are larger

the firm will maximize value by adopting a more restrictive strategy
than shortage costs

Shortage costs dominate

the firm will need to move towards a more flexible policy
carrying costs

Overall, management will try to find the level of current assets that minimizes the sum of the
carrying costs and shortage costs.

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14.4 ACCOUNTS RECEIVABLE

FIN303 – CHAPTER 14
 LEARNING OBJECTIVES
4. EXPLAIN HOW ACCOUNTS RECEIVABLE ARE CREATED
AND MANAGED, AND COMPUTE THE COST OF TRADE
CREDIT.

22
TERMS OF SALE
Terms of sale
Whenever a firm sells a product, the seller spells out the
terms and conditions of the sale in a document called the
terms of sale

Term of sale
Cash on delivery • no credit is offered. Most firms would
(COD) prefer to get cash from all sales
immediately on delivery
Credit sale • the terms of sale spell out the credit How do firms determine their terms of sale?
agreement between the buyer and seller
Factors include:
Trade credit • which is short-term financing, is typically
made with a discount for early payment
i. the industry in which the firm operates
rather than an explicit interest charge. ii. the customer’s creditworthiness
23
TRADE CREDIT
In this case, the seller is offering to lend the buyer money
for an additional 30 days. How expensive is it to the buyer
to take advantage of this financing?
To calculate the cost, we need to determine the interest
rate the buyer is paying.
 To find the annual interest rate, we need to compute the
effective annual interest rate (EAR)

For example, suppose a firm offers terms of sale of

“3/10, net 40.”
365 / days credit
 Discount  By not paying on Day 10, but instead waiting until Day
EAR=  1+  -1 (14.4) 40, the buyer firm is paying an effective annual interest
 Discounted price 
rate of 44.86 percent for the use of the money provided
by the seller.
24
AGING ACCOUNTS RECEIVABLE
• A tool that credit managers commonly use for this purpose is an aging schedule, which organizes the firm’s
accounts receivable by their age.
• Its purpose is to identify and track delinquent accounts and to see that they are paid. Aging schedules are also
an important financial tool for analyzing the quality of a company’s receivables.
• The aging schedule reveals patterns of delinquency and shows where collection efforts should be concentrated.

EXHIBIT 14.6 Aging Schedule of Accounts Receivable

(𝐴𝑔𝑒 𝑜𝑓 𝑎𝑐𝑐𝑜𝑢𝑛𝑡 𝑐𝑎𝑡𝑒𝑔𝑜𝑟𝑦 𝑖𝑛 𝑑𝑎𝑦𝑠 𝑥 𝑃𝑒𝑟𝑐𝑒𝑛𝑡 𝑜𝑓 𝑡𝑜𝑡𝑎𝑙 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑠

Effective DSO= σ
25 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔 𝑓𝑜𝑟 𝑡ℎ𝑒 𝑎𝑐𝑐𝑜𝑢𝑛𝑡 𝑐𝑎𝑡𝑒𝑔𝑜𝑟𝑦)
14.5 INVENTORY
MANAGEMENT

FIN303 – CHAPTER 14
 LEARNING OBJECTIVES
5. EXPLAIN THE TRADE-OFF BETWEEN CARRYING COSTS
AND REORDER COSTS, AND COMPUTE THE ECONOMIC
ORDER QUANTITY FOR A FIRM'S INVENTORY ORDERS.

27
MANAGING INVENTORY
• Objective of managing inventory:
To determine and maintain the level of inventory that is sufficient to meet demand, but not more than
necessary.
• Motives for holding inventory:
 Transaction motive: To hold enough inventory for the ordinary production-to-sales cycle.
 Precautionary motive: To avoid stock-out losses.
 Speculative motive: To ensure availability and pricing of inventory.
• Approaches to managing levels of inventory:
 Economic order quantity: Reorder point—the point when the company orders more inventory, minimizing the sum of
order costs and carrying costs.
 Just in time (JIT): Order only when needed, when inventory falls below a specific level
 Materials or manufacturing resource planning (MRP): Coordinates production planning and inventory management.
Bottom line: The appropriateness of an inventory management system depends on the costs and benefits of
holding inventory and the predictability of sales.

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ECONOMIC ORDER QUANTITY
ECONOMIC ORDER QUANTITY
Reorder point—the point when the company orders more inventory,
minimizing the sum of order costs and carrying costs.

Assumptions:
(1) that a firm’s sales are made at a constant rate over a period,
(2) that the cost of reordering inventory is a fixed cost, regardless of the
number of units ordered, and
(3) that inventory has carrying costs, which includes items such as the cost of
space, taxes, insurance, and losses due to spoilage and theft .

2 𝑥 𝑅𝑒𝑜𝑟𝑑𝑒𝑟 𝑐𝑜𝑠𝑡𝑠 𝑥 𝑆𝑎𝑙𝑒𝑠 𝑝𝑒𝑟 𝑝𝑒𝑟𝑖𝑜𝑑

𝐸𝑂𝑄 = (14.5)
𝐶𝑎𝑟𝑟𝑦𝑖𝑛𝑔 𝐶𝑜𝑠𝑡

29
ECONOMIC ORDER QUANTITY – EXAMPLE
Suppose that Best Buy sells Hewlett-Packard color printers at the rate of 2,200 units per year. The total cost of
placing an order is $750, and it costs $120 per year to carry a printer in inventory.
a) Using the EOQ formula, what is the optimal order size?
b) What is the average inventory? If Best Buy’s buffer stock should be
i. 0 printers.
ii. 15 printers.

SOLUTION: Thus, over time, the average inventory is:

i. about 83 printers [(166 printers − 0
2 𝑥 𝑅𝑒𝑜𝑟𝑑𝑒𝑟 𝑐𝑜𝑠𝑡𝑠 𝑥 𝑆𝑎𝑙𝑒𝑠 𝑝𝑒𝑟 𝑝𝑒𝑟𝑖𝑜𝑑 printers)/2 = 83 printers], with the
𝐸𝑂𝑄 = (14.5)
𝐶𝑎𝑟𝑟𝑦𝑖𝑛𝑔 𝐶𝑜𝑠𝑡 inventory varying from a minimum of zero
to a maximum of 166 printers.
2 𝑥 $750 𝑥 $2,200
= = 165.83 𝑜𝑟 166 𝑝𝑟𝑖𝑛𝑡𝑒𝑟𝑠 𝑝𝑒𝑟 𝑜𝑟𝑑𝑒𝑟
$120 ii. the buffer stock should be 15 printers
 the average inventory would be 98
Best Buy should place about 13 orders per year (2,200 printers printers (83 printers + 15 printers =
per year/166 printers per order = 13.25 orders per year). 98 printers).
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JUST-IN-TIME INVENTORY MANAGEMENT
• An important development in the management of raw material inventories is just-in-time inventory
management, pioneered by Japanese firms such as Toyota Motor Company.
• In this system the exact day-by-day, or even hour-by-hour raw material needs are delivered by the
suppliers, who deliver the goods “just in time” for them to be used on the production line.

ADVANTAGE: DOWNSIDE:
A firm using a just-in-time system has essentially no the firm is heavily dependent on its suppliers. If a
raw material inventory costs and no risk of supplier fails to make the needed deliveries, then
obsolescence or loss to theft. production shuts down.

• When such systems work, they can reduce working capital requirements dramatically.

32
14.6 CASH MANAGEMENT
AND BUDGETING

FIN303 – CHAPTER 14
 LEARNING OBJECTIVES
6. DEFINE CASH COLLECTION TIME, DISCUSS HOW A FIRM
CAN MINIMIZE THIS TIME, AND COMPUTE THE ECONOMIC
COSTS AND BENEFITS OF A LOCKBOX.

35
REASONS FOR HOLDING CASH
There are three main reasons for holding cash.

(1) to facilitate transactions.
• Operational activities usually require
cash.
• If a firm runs out of cash, it might have
to sell some of its other investments or
borrow, either of which will result in the
firm incurring transaction costs.
(2) to ensure that the firm has
sufficient cash
• to make it through unexpected crises or
to take advantage of unexpected
investment opportunities.
(3) To meet banks’ requirement
• banks often require firms to hold
minimum cash balances as partial
compensation for the loans and other
services the banks provide. These are
known as compensating balances.

Note: Firms may hold more cash than required by the transaction and precautionary motives. There are two common
explanations for why firms hold excess cash.
i. Cash holdings can be used by managers to pursue their own self-interest in conflict with their stockholders.
ii. Is attributable to differences in the tax rates applied to the earnings of multinational firms.
36
CASH COLLECTION
COLLECTION TIME:
is the time between when a customer makes a payment and when the cash becomes available to the firm.

Collection time can be broken down into three components.

Delivery or mailing time Processing delay Delay time

• When a customer mails a • Once the payment is received, • there is a delay between the
payment, it may take several it must be opened, examined, time of the deposit and the
days before that payment accounted for, and deposited time the cash is available for
arrives at the firm. at the firm's bank. withdrawal

37
CASH COLLECTION – FORMS OF PAYMENT
Cash payments
• Cash payments made at the point
of sale are the simplest, with a
cash collection time of zero.
• If a firm takes checks or credit
cards at the point of sale, then
mailing time is eliminated, but
processing and availability
delays will still exist.
38
Lockboxes or Concentration
accounts.
• A lockbox system allows
geographically dispersed
customers to send their payments
to a post office box close to
them.
• A concentration account system
replaces the post office box with
a local branch of the company.
• With either system, mailing time is
reduced because the mailing has
less distance to travel and
availability delay is often
reduced because the checks are
more frequently drawn on local
banks.
Electronic funds transfers
• Electronic payments reduce cash
collection time in every phase.
• First, mailing time is eliminated.
• Second, processing time is
reduced or eliminated, since no
data entry is necessary.
• Finally, there is little or no delay
in funds availability.
• From the firm’s point of view,
electronic funds transfers offer a
perfect solution.
14.7 FINANCING WORKING
CAPITAL

FIN303 – CHAPTER 14
 LEARNING OBJECTIVES
7. DESCRIBE THREE CURRENT ASSET FINANCING
STRATEGIES AND DISCUSS THE MAIN SOURCES OF SHORT-
TERM FINANCING.

40
LEVEL OF WORKING CAPITAL
In order to fully understand the strategies that might be used to finance working capital, it is important to
recognize that some working capital needs are short term in nature and that others are long term, or
permanent, in nature.

the minimum level of working capital that a firm will always

Permanent working capital
have on its books

The seasonal needs for working capital that fluctuates with

Seasonal working capital needs
the level of sales.

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WORKING CAPITAL FINANCING STRATEGIES
Three alternative strategies for financing working capital and fixed assets are

(1) Maturity matching strategy

• which matches the maturities of assets and the sources of funding

(2) Long-term funding strategy

• which relies on long-term debt to finance both working capital and

fixed assets

(3) Short-term funding strategy

• which uses short-term debt to finance all seasonal working capital
needs and a portion of permanent working capital and fixed assets.

EXHIBIT 14.7 Working Capital Financing

42 Strategies
SOURCES OF SHORT-TERM FINANCING
Accounts Payable (Trade
Credit)
• Accounts payable (trade credit)
constitute close to 35 percent of
total current liabilities for all
publicly traded manufacturing
firms.
• The buyer needs to figure out
whether it makes financial sense to
pay early and take advantage of
the discount or to wait and pay in
full when the account is due.
43
Short-term bank loans
• Short-term bank loans account for
close to 20% of total current
liabilities for all publicly traded
manufacturing firms.
• If the firm backs the loan with an
asset, the loan is defined as
secured; otherwise, the loan is
unsecured.
• Secured loans allow the borrower
to borrow at a lower interest rate,
all else being equal.
• Types: (1) line of credit and (2)
formal line of credit
Commercial paper
• Commercial paper is a promissory
note issued by large financially
secure firms, which have high credit
ratings.
• Commercial paper is not “secured”
which means that the issuer is not
pledging any assets to the lender in
the event of default.
• However, most commercial paper is
backed by a credit line from a
commercial bank.
• Therefore, the default rate on
commercial paper is very low,
resulting in an interest rate that is
usually lower than what a bank
would charge on a direct loan.
SHORT-TERM BANK LOANS
An informal line of credit is a verbal agreement between the firm and the bank, allowing the firm to
borrow up to an agreed-upon upper limit. In exchange for providing the line of credit, a bank may
require that the firm holds a compensating balance with them.
Example 01: Suppose Virginia City Bank requires borrowers to hold a 10 percent compensating balance
in an account that pays no interest. If the Miller Corporation borrows $120,000 from Virginia City at a 9
percent stated rate, what is the effective interest rate on the loan?

Solution:
• Miller Corp. will have to maintain a compensating balance: 0.1 × $120,000 = $12,000.
• Because Miller cannot use this money, the effective amount borrowed is equal to only:
= $120,000 − $12,000 = $108,000
• The firm’s interest expense is 0.09 × $120,000 = $10,800
 Effective rate on the loan is $10,800/$108,000 = 0.1, or 10% rather than 9%

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SHORT-TERM BANK LOANS
A formal line of credit is also known as “revolving credit.” Under this type of agreement, the bank
has a contractual obligation to lend to the firm an amount of money up to a preset limit. The firm pays a
yearly fee, in addition to the interest expense on the amount they borrow.
Example 02: Higgins Ltd. has a formal credit line of $20 million for five years with First Safety Bank. The
interest rate on the loan is 6 percent. Under the agreement, Higgins has to pay 75 basis points (0.75
percent) on the unused amount as the yearly fee. Suppose Higgins borrows $4 million the first day of the
agreement.
What is the effective interest rate on the loan for the first year?

Solution:
• If Higgins does not borrow at all, it will still have to pay First Safety 0.0075 × $20,000,000 =
$150,000 for each year of the agreement.
• Suppose Higgins borrows $4 million the first day of the agreement.
• Then the fee drops to 0.0075 × ($20,000,000 − $4,000,000) = $120,000.
• Annual interest expense of 0.06 × $4,000,000 = $240,000.
 Effective rate on the loan for the first year is ($240,000 + $120,000)/$4,000,000 = 0.09, or 9%
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ACCOUNTS RECEIVABLE FINANCING
For medium-size and small businesses, accounts receivable financing is an important source of funds.
Accounts receivable can be financed in two ways.
(1) Pledging
• a company can secure a bank loan by pledging (assigning) the firm's accounts receivable as security. Then, if
the firm fails to pay the bank loan, the bank can collect the cash shortfall from the receivables as they come
due. If for some reason the assigned receivables fail to yield enough cash to pay off the bank loan, the firm is
still legally liable to pay the remaining bank loan.
• During the pledging process, the company retains ownership of the accounts receivable.

(2) Factoring
• a company can sell the receivables to a factor at a discount.
• A factor is an individual or a financial institution, such as a bank or a business finance company, that buys
accounts receivable without recourse. “Without recourse” means that once the receivables are sold, the factor
bears all of the risk of collecting the money due from the receivables.
• Factoring is just a specialized type of financing. The “discount” is the factor's compensation (in the trade, it is
called a “haircut”), which typically ranges from 2 to 5 percent of the face value of the receivable sold.

46
ACCOUNTS RECEIVABLE FINANCING – EXAMPLE
Problem
Kirby Manufacturing sells $100,000 of its accounts receivable to a factor at a 5 percent discount. The firm's average
collection period is one month. What is the simple annual cost of the financing provided by the factor, and what is
the effective annual loan equivalent cost?

Solution
• The discount is 5 percent, and the average collection period is one month.
Therefore, in one month, the factor should be able to collect one dollar for every 95 cents paid today.
• The dollar cost to the company of receiving cash one month earlier is 5 cents ($1 × 0.05 = $0.05), and the
amount received is 95 cents ($1 × 0.95 = $0.95).
Thus, the monthly cost is $0.05/$0.95 = 0.0526, or 5.26 percent.
• Plugging the appropriate values into Equation 6.7 and solving for the EAR yields:

47
SUMMARY
SUMMARY OF KEY EQUATIONS

49
PRACTICE
THANK YOU FOR YOUR
ATTENTION
Instructor: Do T. Thanh Huyen
Lecturer, Faculty of Business
FPT University
Email: HuyenDTT24@fe.edu.vn