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THE ROLE OF FINANCIAL MANAGEMENT A CORPORATE ORGANISATION A CASE STUDY OF NICON INSURANCE COMPANY LIMITED ENUGU, ENUGU STATE

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CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Financial management involves all activities of a financial manager concerned with arising of capital, planning cash and credit requirement including the effective control of financial resource. The activities could be segregated as follows: Converting forecasts into plans and budgets Planning the appropriate capital structure Raising cash from outside the business Forecasting the future availability of and requirement of cash Investing surplus finds Controlling cash balances and flows in accordance with plans and with changing circumstances. With the emergence of finance as a separate field of study the emphases was more or less on legal matter such as mergers formation of new company’s disposal and consolidation.

With most vital problem of the firm was identification of means of raising capital for possible expansion due to increasing ware in industrialization, the mobility of funds from area of surplus to are of scarcity pose a lot of problems. In the 1930s the stock of depression ushered in an era of conservation, and attention shier to such topics as preservation of capital, maintenance of liquidity, reorganization of financially troubled corporations, and the bankruptcy process the federal government assumed a much larger role in regulating business. In 1940s and early 1950s offered little new in the study or produce of corporate finance. However, in the mid- 50s a major shi in emphasis took place. Up to that time, the study of finance had been descriptive o definitional in nature. Furthermore, the orientation had been from the viewpoint of a third partly, or outside looking in the all changed in the mid-50s as a more analytical decision oriented approach began to evolve. The first area of study to generate the new found enthusiasm for decision related analysis was capital budgeting, in which the financial manager was presented with analytical techniques for allocating resources among the various assets of the firm the enthusiasms spread to other decision making areas of the firm such as cash and inventory management, capital structure formulation, and dividend and policy. The emphasis shied from that of the outside looking in to that of the financial manger force to make tough day to-decision affecting the performance of firm. Form the late 1960s through todays; financial management has focus on risk-return relationship and the maximization of return for a given level of risk.

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THE ROLE OF FINANCIAL MANAGEMENT A CORPORATE ORGANISATION A CASE STUDY OF NICON INSURANCE COMPANY LIMITED ENUGU, ENUGU STATE
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