IJBED 2051-848X 2051-8498 https://doi.org/10.24052/IJBED/ 20 Volume 07 Issue 01 2019-03-01

171 https://ijbed.org/details&cid=171 2019-04-02 Patents are valuable only when they are enforced in court. The purpose of this paper is to measure a patent owner’s profits that are lost when a competing firm unlawfully makes infringing sales. Our microeconomic methodology computes a two-firm duopoly equilibrium with an infringer present and compares it with the same market but with the infringer removed. The second equilibrium represents a legally sanctioned single-firm patent monopoly. We derive a single equation representing the lost profits damage percent to be paid to the patent owner by the infringer. We incorporate product demand, both firms’ marginal costs, output, market shares, and prices in our equation. There are three contributions of this paper.  One, we derive the simplest duopoly/monopoly damage equation we have seen that captures all the economic effects into a single percentage damage number. Second, that damage percent multiplied times the patent owner’s actual profits (with infringement ongoing) equals the dollar damages the infringer should pay in court for the patent owner’s lost profits.  Third, we apply our formula to a small pilot study of classic US patent lost profit cases and find that our equation’s damage predictions had a correlation of .71 with the actual Federal court damage outcomes.  We also illustrate the use of the formula. For example, if a patent owner’s actual profits on its patented product was $10 million with infringing sales present, then lost profits damages due to the patent owner would be $12.5 million if the two firms’ sales were equal. Patent damages increase to over $40 million if the infringer’s market share increased to triple that of the patent owner in the two-firm market.    Anton, J. J. and Yao, D. A. (2007) ‘Finding “lost” profits: An equilibrium analysis of patent infringement damages’, Journal of Law, Economics, and Organization, 23(1), pp. 186–207. doi: 10.1093/jleo/ewm008. Bohrer, D., Lynde, M. and Morris, E. M. N. (2009) ‘The Shifting Sands of Price Erosion: Price Erosion Damages Shift by Tens of Millions of Dolalrs Depending Upon the Admissibility of Pre-Notice Eroded Prices’, Santa Clara Computer and High - Technology Law Journal, 25(4), pp. 723–763. Broadview Chemical Corporation v. Loctite Corporation, 311 F. Supp. 447, 1970 U.S. Dist. Lexis 13387, 164 U.S.P.Q. (BNA) 419 (United States District Court for the District of Connecticut January 2, 1970  Choi, J. P. (2009) ‘Alternative damage rules and probabilistic intellectual property rights: Unjust enrichment, lost profits, and reasonable royalty remedies’, Information Economics and Policy. Elsevier B.V., 21(2), pp. 145–157. doi: 10.1016/j.infoecopol.2008.11.001. Policy, 21(2), 145–157. https://doi.org/10.1016/j.infoecopol.2008.11.001 Crystal Semiconductor Corporation, Plaintiff-Appellant, v. Tritech Microelectronics International, Inc. and Tritech Microelectronics International Pte Ltd., Defendants-Cross Appellants, and Opti, Inc., Defendant., 246 F.3D 1336, 2001 U.S. App. Lexis 3553, 57 U.S.P.Q.2D (BNA) 1953 (United States Court of Appeals for the Federal Circuit March 7, 2001, Decided).  Epstein, R. J. (2003) ‘The Market Share Rule with Price Erosion: Patent Infringement Lost Profits Damages After Crystal’, AIPLA Quarterly Journal, 31(1), pp. 1–46. doi: 10.3366/ajicl.2011.0005. Gaff, B. M. (2015) Patent Infringement Damages, Computer. doi: 10.1109/MC.2015.330. Gould, D. M. and Gruben, W. C. (1996) ‘The role of intellectual property rights in economic growth’, Journal of Development Economics, 48(2), pp. 323–350. doi: 10.1016/0304-3878(95)00039-9. Henry, M. D. and Turner, J. L. (2010) ‘Patent Damages and Spatial Competition’, The Journal of Industrial Economics, 58(2), pp. 279–305. Available at: http://www.jstor.org/stable/40662184. Janicke, P. M. and Ren, L. (2006) ‘Who Wins Patent Infringement Cases?’, AIPLA Quarterly Journal, 34(1), pp. 1–43. doi: 10.3366/ajicl.2011.0005. Lex Machina (2014) Lex Machina Patent Litigation Damages Reference Sheet. doi: https://lexmachina.com/wp-content/uploads/2014/12/Damages-Reference-Sheet.pdf. Lex Machina (2018) Lex Machina’s Fifth Annual Patent Litigation Year in Review Report Quantifies the Impact of the Landmark TC Heartland v. Kraft Supreme Court Case. doi: https://lexmachina.com/media/press/lex-machinas-fifth-annual-patent-litigation-year-review-report-quantifies-impact-landmark-tc-heartland-v-kraft-supreme-court-case/. Micro Motion, Incorporated, Plaintiff, v. Exac Corporation, Defendant, 761 F. Supp. 1420, 1991 U.S. Dist. Lexis 4843, 91 Daily Journal DAR 4595, 19 U.S.P.Q.2D (BNA) 1001 (United States District Court for the Northern District of California February 27, 1991, Filed).  Minco, Inc. v. Combustion Engineering, Inc., 903 F. Supp. 1204, 1995 U.S. Dist. Lexis 19653 (United States District Court for the Eastern District of Tennessee June 22, 1995, Filed). Modine Manufacturing Co., Plaintiff, v. The Allen Group, Inc. D/B/A/ The G & O Manufacturing Co., Defendant, 1989 U.S. Dist. Lexis 16413, 14 U.S.P.Q.2D (BNA) 1210 (United States District Court for the Northern District of California November 30, 1989, filed; December 4, 1989, Entered).  Nicholson, W. and Snyder, C. (2008) Microeconomic Theory: Basic Principles and Extensions. 10th edn. Mason, Ohio: Thomson/South-Western. Nieberding, J. F. (2003) ‘Lost Profits and Price Erosion in Patent Infringement Cases: Implications of " Crystal Semiconductor "’, Journal of Forensic Economics, 16(1), pp. 37–49. Available at:  http://www.jstor.org/stable/42755931. Panduit Corp., Plaintiff-Appellant, v. Stahlin Bros. Fibre Works, Inc., Defendant-Appellee, 575 F.2d 1152, 1978 U.S. App. Lexis 11500, 197 U.S.P.Q. (BNA) 726 (United States Court of Appeals for the Sixth Circuit April 25, 1978, Decided and Filed).  Pfizer, Inc., Plaintiff-Appellee, v. International Rectifier Corporation, Rachelle Laboratories Italia, S.P.A., Rachelle Laboratories, Inc., Rachelle Pharmaceuticals International, S.A., Defendants-Appellants, 685 F.2d 357, 1982 U.S. App. Lexis 16320, 217 U.S.P.Q. (BNA) 39 (United States Court of Appeals for the Ninth Circuit August 26, 1982).  Pridham, D. (2017) ‘The Patent Litigation Lie’, Forbes. doi:  https://www.forbes.com/sites/davidpridham/2017/04/13/the-patent-litigation-lie/#3678a157ea99. Schankerman, M. and Scotchmer, S. (2001) ‘Damages and Injunctions in Protecting Intellectual Property’, The RAND Journal of Economics, 32(1), pp. 199–220. Available at: http://www.jstor.org/stable/2696404 Accessed: Schankerman, M. and Scotchmer, S. (2005) ‘Still Looking for Lost Profits: The Case of Horizontal Competition’, UC Berkeley: Department of Economics, UCB. doi: 10.2139/ssrn.896165. Tirole, J. (1988) The Theory of Industrial Organization. Cambridge, Massachusetts: The MIT Press. W.R. Grace & Co.-Conn., Plaintiff, v. Intercat, Inc. And Conoco, Inc., Defendants., 60 F. Supp. 2d 316, 1999 U.S. Dist. Lexis 12449, 52 U.S.P.Q.2D (BNA) 1331 (United States District Court for the District of Delaware August 9, 1999, Decided).  Werden, G. J., Froeb, L. and Langenfeld, J. (2000) ‘Lost Profits from Patent Infringement: The Simulation Approach’, International Journal of the Economics of Business, 7(2), pp. 213–227. doi: 10.1080/13571510050084541. https://ijbed.org/cdn/article_file/2019-04-02-10-15-02-AM.pdf Young S. Yoo Stephen P. Magee Economic models intellectual property lost profits patent damages patent lost profits patent valuation 6235 83 0

172 https://ijbed.org/details&cid=172 2019-04-02 The purpose of this paper is to investigate the relationships between ownership structure and Earnings Management (EM) of Egyptian companies. Discretionary accruals using the modified Jones model is evaluated to calculate the extent of EM. A sample of 50 companies listed on the Egyptian stock market for twelve years is used in the study. Three ownership indicators for concentration are included in the current research: block holder ownership, managerial ownership, and public ownership. A set of control variables are used in the current study: return on assets, firm size, firm age, debt ratio and market to book value. The statistical results indicated that there is a positive relationship between the Block holder ownership and the degree of earning management. However, no relationship was found between the Managerial Ownership and the Public Ownership on level of Earning Management. Agnes Cheng, C. and Reitenga, A. (2009). Characteristics of institutional investors and discretionary accruals. International Journal of Accounting & Information Management, 17 (1), 5-26. Al-Fayoumi, N., Abuzayed, B and Alexander, D. (2010). Ownership Structure and EMin Emerging Markets: The Case of Jordan.  International Research Journal of Finance and Economics, ISSN 1450-2887 Issue 38 28-47.  Alves, S. (2013). The impact of audit committee existence and external audit on earnings management: evidence from Portugal.  Journal of Financial Reporting and Accounting, 11 (2), 143-165. Amar, B. (2014). The Effect of Independence Audit Committee on Earnings Management: The Case in French. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(1), 96–102. Bedard, J., Chtourou, M. and Courteau, L. (2004). The effect of audit committee expertise independence, and activity on aggressive earnings management.  Auditing A Journal of Practice & Theory, 23(2), 13-35.     Bhimani, A. (2008). Making corporate governance count: the fusion of ethics and economic rationality. Journal of Management & Governance, 12(2), 135–147.  Boulila, N. and Mbarki, I. (2014). Board characteristics, external auditing quality and EM Evidence from the Tunisian banks. Journal of Accounting in Emerging Economies, 4 (1), 79-96. Charitou, A., Lambertides, N. and Trigeorgis, L. (2007). Earnings behavior of financially distressed firms: the role of institutional ownership. Abacus, 43 (3), 271-296. Chen, Y. and Rezaee, Z. (2012). The role of corporate governance in convergence with IFRS: evidence from China.  International Journal of Accounting & Information Management, 20 (2) 171-188. Chen, Y., Elder, J. and Hsieh, M. (2007). Corporate governance and earnings management: the implications of corporate governance best-practice principles for Taiwanese listed companies.  Journal of Contemporary Accounting & Economics, 3 No. (2), 73-105. Chung, H. and Kallapur, S. (2003). Client importance, non-audit services, and abnormal accruals. The Accounting Review, 78 (4), 931-955. Chung, R., Firth. M., and Kim. J., (2002). Institutional monitoring and opportunistic earnings management.  Journal of Corporate Finance 8: 29-48.     Cohen, D. and Zarowin, P., (2008). Economic consequences of real and accrual-based EM activities. Leonard Ster School of Business& New York University, Working Paper. Daily, C., Dalton, D. and Canella, A. (2003). Corporate governance: decades of dialogue and data. Academy of Management Review, 28 (3), 371 ‐ 83 Davidson, R., Goodwin-Stewart, J., Kent, P. (2005). Internal governance structures and earnings management. Accounting & Finance, 45(2), 241–267.  Dechow, M., Hutton, P., Kim, H. and Sloan, G. (2012). Detecting earnings management: A new approach. Journal of Accounting Research, 50(2), 275–334.    DeFond, L., Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of accounting and economics, 17(1), 145–176.  Dimitropoulos, E. and Asteriou, D. (2010). The effect of board composition on the informativeness and quality of annual earnings: empirical evidence from Greece.  Research in International Business and Finance, 24 (2), 190-205. Elham, S., Salehi, H. and Vali Pour, H. (2016). A study of the interaction of audit quality and ownership structure on EM of listed firms on Tehran Stock Exchange. International Journal of Humanities and Cultural Studies, ISSN 2356-5926 1596-1606. El-Sayed, I. (2012). EM to meet or beat earnings thresholds Evidence from the emerging capital market of Egypt.  African Journal of Economic and Management Studies, 3 (2), 240-257. Gabrielsen, G., Gramlich, J. and Plenborg, T. (2002). Managerial ownership, information content of earnings, and discretionary accruals in a non–US setting.  Journal of Business Finance & Accounting 29 (7‐8): 967-988.  Gerayli, S., Yanesari, M. and Ma’atoofi, R. (2011). Impact of audit quality on earnings management: evidence from Iran. International Research Journal of Finance and Economics, 66, 77-84. Gonzalez, S. and Garcia-Meca, E. (2014). Does corporate governance influence EMin Latin American Markets? Journal of Business Ethics, 121 (3), 419-440. Gul, A., Fung, K. and Jaggi, B. (2009). Earnings quality: some evidence on the role of auditor tenure and auditors’ industry expertise.  Journal of Accounting and Economics, 47 (3), 265-287. Gul, A., Chen, J. and Tsui, S. (2003). Discretionary accounting accruals, managers’ incentives, and audit fees. Contemporary Accounting Research, Vol. 20 No. 3, pp. 441-464. Habbash, M. (2010). The Effectiveness of Corporate Governance and External Audit on Constraining EM Practice in the UK, Durham University. Hassan, A., Romilly, P., Giorgioni, G. and Power, D. (2009). The value relevance of disclosure: evidence from the emerging capital market of Egypt.  The International Journal of Accounting, 44. (1), 79-102. Hsu, G., and Koh, P. (2005). Does the presence of institutional investors influence accruals management? Evidence from Australia", Corporate Governance 13, 809-823.  Jelinek, K. (2007). The effect of leverage increases on earnings management. Journal of Business & Economic Studies, 13 (2), 24-46. Jensen, C. and Meckling, H. (1976). Theory of the firm: managerial behavior, agency costs, and ownership structure.  Journal of Financial Economics, 3 (4), 303-360.    Johari, H., Saleh, M. Jaffar, R. and Hassan, S. (2008). The influence of board independence, competency and ownership on EM in Malaysia. International Journal of Economics and Management, 2(2), 281-306.  Jung, K. and Kwon, Y. (2002). Ownership structure and earnings informativeness: evidence from Korea. The International Journal of Accounting, 37 (3), 301-325. Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33 (3), 375-400. Kouaib, A. and Jarboui, A. (2014). External audit quality and ownership structure: interaction and impact on EM of industrial and commercial Tunisian sectors. Journal of Economics, Finance and Administrative Science, 19, 78–89.  Latif, S. and Abdullah, F. (2015). The effectiveness of corporate governance in constraining EM in Pakistan. The Lahore Journal of Economics, 20(1), 135–155. Mitra S. (2002). The Impact of institutional stock ownership on the firm EM practices: An empirical investigation", Louisiana State University and Agricultural and Mechanical College, PhD Thesis. Park, W. and Shin, H. (2004). Board composition and EM in Canada. Journal of Corporate Finance, 10 (3), 431-457. Parveen, S., Malik, N. Mahmood, Y. and Ali, F. (2016). Impact of Ownership Structure on Earnings Management: Evidence from Pakistani Banking Sector. Journal of Poverty, Investment and Development, 23, ISSN 2422-846, 24-34. Peasnell, V., Pope, F. and Young, S. (2005). Board monitoring and earnings management: do outside directors influence abnormal accruals? Journal of Business Finance & Accounting, 32 (7/8), 1311-1346. Peasnell, V., Pope, F. and Young, S. (2000). Detecting EM using cross-sectional abnormal accruals models.  Accounting and Business Research, 30 (4), 313-326. Ragab, A. and Omran, M. (2006). Accounting information, value relevance, and investors’ behavior in the Egyptian equity market. Review of Accounting and Finance, 5(3): 279-297. Roodposhti, F. and Chashmi, S. (2011). The impact of corporate governance mechanisms on earnings management. African Journal of Business Management, 5 (11), 4143-4151. Saleem, E. (2016a). Ownership structure and earnings management: evidence from Jordan. International Journal of Accounting and Information Management, 24(2), 135-161 Saleem, E. (2016b). Audit quality and earnings management: evidence from Jordan. Journal of Applied Accounting Research, 17 (2) 170-189. Sanchez-Ballesta, P. and Garcia-Meca, E. (2007). Ownership structure, discretionary accruals and the informativeness of earnings. Corporate Governance: An International Review, 15 (4), 677-691.     Shah, A., Zafar, N. and Durrani, K. (2009). Board Composition and EM an Empirical Evidence Form Pakistani Listed Companies. Middle Eastern Finance and Economics, 3(3), 30–44.  Shleifer, A. and Vishny, W. (1997). A survey of corporate governance. The Journal of Finance 52, 737–783. Siregar, S. and Utama, S. (2008). Type of EM and the effect of ownership structure, firm size, and corporate-governance practices: Evidence from Indonesia", The International Journal of Accounting 43(1), 1-27. Tanewski, G. and Bartholomeusz, S. (2006). The Relationship between Family firms and corporate Governance. Journal of Small Business Management, 44, 245-267.     Taufil-Mohd, K., Md-Rus, R. and Musallam, S. (2013). The Effect of Ownership Structure on Firm Performance in Malaysia. International Journal of Finance and Accounting, 2(2) 75-81. Teshima, N. and Shuto, A. (2008). Managerial ownership and earnings management: theory and empirical evidence from Japan.  Journal of International Financial Management & Accounting, 19(2), 107-132. Tsipouridou, M. and Spathis, C. (2014). Audit opinion and earnings management: Evidence from Greece, in: Accounting Forum, 38(1), 38–54.  Velury, U. and Jenkins, D. (2006). Institutional ownership and the quality of earnings.  Journal of Business Research 59(9) 1043-1051.  Wang, M. (2014), “Which types of institutional investors constrain abnormal accruals?”, Corporate Governance: An International Review, Vol. 22 No. 1, pp. 43-67. Wei, B., Xie, X. and Zhang, R. (2005). Ownership structure and firm value in China’s privatized firms: 1991–2001. Journal of Financial and Quantitative Analysis, 40(1), 87–108. Yeo, H., Tan, P., Ho, W. and Chen, S. (2002). Corporate ownership structure and the informativeness of earnings. Journal of Business Finance & Accounting, 29 (7/8), 1023-1046. Zgarni, I. (2016). Effective audit committee, audit quality and EM Evidence from Tunisia, Journal of Accounting in Emerging Economies, 6 (2) 138-155.     Zhang, H. and Kyaw, K. (2017). Ownership Structure and Firm Performance: An Empirical Analysis of Chinese Companies. Applied Economics and Finance, 4(2), 57-64. Zhong, K. and Gribbin, W. and Zheng, X. (2007). The effect of monitoring by outside block holders on earnings management. Quarterly Journal of Business and Economics, 46 (1), 37-60. https://ijbed.org/cdn/article_file/2019-04-02-10-19-34-AM.pdf Racha El Moslemany Demyana Nathan Agency theory Discretionary Accruals Earnings Management Managerial ownership. 9715 120 6

174 https://ijbed.org/details&cid=174 2019-04-02 The United Kingdom has voted to exit the European Union.  Within the European Union, the rich states of the north (led by Germany) control most policies, and the less rich states of the southern tier are suffering the effects of austerity (Greece, Spain, Italy).  Traditional political parties are losing strength, and populist and nationalist parties are gaining votes and forming coalition governments (Greece, Spain, Italy).  The European Union is not serving the needs of all its members, and this casts doubt on the concept of a union of sovereign nations. Armstrong, K. (2017). Brexit Time: Leaving the EU – Why, How and When? Cambridge: Cambridge University Press. Blyth, M. (2015). Austerity – The History of a Dangerous Idea, Oxford: Oxford University Press. Bootle, R. (2017). Making a Success of Brexit and Reforming the EU. London: Nicholas Brealey Publishing. Bremmer, I. (2018). Us vs. Them – The Failure of Globalism, New York: Portfolio/Penguin. Clarke, H., M. Goodwin, and P. Whiteley (2017). BREXIT – Why Britain Voted to Leave the European Union, Cambridge: Cambridge University Press. Drozdiak, W. (2017). Fractured Continent – Europe’s Crises and the Fate of the West, New York: W. W. Norton & Company. Dunt, I. (2016). BREXIT – What the Hell Happens Now? Surrey UK: Canbury Press. Evans, G. and A. Menon (2017). BREXIT and British Politics, Cambridge UK: Polity Press. Halligan, L and G. Lyons. (2018). Clean Brexit: Why Leaving the EU Still Makes Sense, London: Biteback Publishing. Hannan, D. (2016a). Why Vote Leave, London: Head of Zeus, Ltd. Hannan, D. (2016b). What Next: How to Get the Best from Brexit, London: Head of Zeus, Ltd. Krastev, I. (2014). Democracy Disrupted – The Politics of Global Protest, Philadelphia: University of Pennsylvania Press. Krastev, I. (2017). After Europe, Philadelphia: University of Pennsylvania Press. Nordvig, J. (2014). The Fall of the Euro – Reinventing the Eurozone and the Future of Global Investing, New York: McGraw-Hill Education. Oliver, T. (2017). What Does Brexit Mean for the European Union? In D. Bailey and Leslie Budd, editors, The Political Economy of Brexit. Newcastle upon Tyne, UK: Agenda Publishing. Oliver, T. (2018). Understanding Brexit – A Concise Introduction, Bristol: Policy Press. Owen, D. (2012).  Europe Restructured: The Eurozone Crisis and Its Aftermath, York: Methuen & Co.  Rodrik, D. (2011). The Globalization Paradox, New York: W. W. Norton & Company. Shipman, T. (2016).  All Out War – The Full Story of Brexit, London: William Collins. Shipman, T. (2017). Fall Out – A Year of Political Mayhem, London: William Collins. Stiglitz, J.  (2018). Globalization and its Discontents, New York: W. W. Norton & Co. Wambach, A. (2018). The EU Single Market – 25 Years of Success with Room for Improvement, ZEW News, Mannheim Centre for European Economic Research – ZEW, May/June 2018. Verhofstadt, G. (2017). Europe’s Last Chance: Why the European States Must Form a More Perfect Union. New York: Basic Books. Zielonka, J. (2014). Is the EU Doomed? Cambridge: Polity Press. Zielonka, J. (2018). Counter Revolution – Liberal Europe in Retreat, Oxford: Oxford University Press.  https://ijbed.org/cdn/article_file/2019-04-02-10-34-09-AM.pdf Warren Matthews Robert Driver Common market European Union single market 6397 57 0

175 https://ijbed.org/details&cid=175 2019-04-02 This paper examined the effect of key financial drivers on organizational performance of public establishments in Nigeria. There exists difficulty in achieving continued exercise and growth, poor management funding, failure to adequately anticipate cash flow, technology or reaction to competition with private establishments, indiscipline among members in public ministry and ill-timed financing. The objectives of this study are therefore to; examine the effect of cash flow management on organizational performance of public establishments in Nigeria and examine the effect of cost management on organizational performance of public establishments in Nigeria. The research design for this study was experimental design used to test the hypothesis in reaching a valid conclusion. The population of the study comprised of the public establishments in Ogun State, and the target population of the study was Agbado District Comprehensive High School, Oke Aro, Ogun State using purposive sampling. The study employed the use of primary data through the administering of questionnaire. Multiple regression models were used to analyze the data. Based on the findings, the study recommended that public establishments should take advantage of the excellent benefits derivable from the adoption of well-designed cash flow management. Also, public establishments should carefully implement cost management techniques to aid business performance and ensure continuity. Ademolekan, L., & Gboyega, A. (1979). Leading issues in Nigeria Public Service. University of Ife Press. Anyanwu. J., C. (1999). Analysis of Nigeria privatization, 1988-1995. Atrill, P. (2006). Financial Management for Decision Makers. New York: Prentice Hall. Baumol, W. (1952). “The transactions demand for cash: An Inventory Theoretic Approach. Quarterly Journal of Economics, 66 (1), 545-556. Crossman, E., R. (1953). Co-efficient Alpha and Internal Structure of Tests. Garson, G. 2012. Testing statistical assumptions. Asheboro, NC: Statistical Associates Publishing. Gichuki, W., C. (2012). Effect of Cost Management Strategies on the Financial Performance of Manufacturing Companies listed on the Nairobi Securities Exchange. A research project submitted for the award of degree of Master of Science in finance, University of Nairobi, Kenya. Head & Watson (2009). Exploring Corporate Strategy: Text and cases, 8th edition, London, prentice Hall, Pearson education Ltd. Jones, D., Mark, B. & Sim, J. (2007). A new look at the Antecedents. Hansen, D., R. (2005). Cost Management: Accounting and Control 5th edition, published in South- Western College. Kangangi, G., W. (2014). The Role of performance management on strategy implementation in the Insurance Industry in Kenya, Strategic Journal of Business and Change Management, 2(8), 133-157. Kombo, D., K., & Tromp, L., A. (2006). Proposal and Thesis Writing: An Introduction, Nairobi: Paulines Publications Africa. Mihaiu, D. (2014). Sustainable Performance of Public Organizations: Shaping a Coherent System for Implementing and Measuring the Concept. Studies in Business and Economics, 9(3). Mutindi, J., M., Namusonge, G., S., & Obwogi, J. (2013). Effect of Strategic Management Drivers on Organizational Performance: A Survey of the Hotel Industry in Kenya Coast. International Journal of Art and Commerce, 2(11), pp. 21-35. Muchina, S., & Kiano, E. (2011). Influence of Working Capital Management on Firms Profitability: A Case of SMEs in Kenya. International Business Management, 5(5), pp. 279-286. Mutti, C., & Hughes, W. (2002). Cash Flow Management in Construction Firms. In: Greenwood, D(Ed.), 18th Annual ARCOM Conference, 2-4 September 2002, University of Northumbria, Association of Researchers in Construction Management, vol. 1, 23-32. Mshenga, P.., & Owuor, G. (2009). Research Methods: Quantitative and Qualitative Approaches.  Naser, K., Nuseibel, R. & Al-Hadeya, A. (2013). Working Capital Management and Financial Performance on manufacturing sector in Sri Lanka. European Journal of Business Management, 4(15), 23-30. Pandey, I. M. (2008). “Financial Management”, 10th Edition. New Delhi: Vikas Publishing House Pvt. Limited. Stenzel, P. (2010). “Corporate Performance of public enterprises in Scotland. International Research Journal of Finance and Economics, 8 (5), 23-27. Wael, O., A. (2017). New Emerging Trends in Organizational Learning to Business Enterprises Development with Special Focus on Egypt. Global Journal of Political Science and Administration, 5(5), 1-16. Williamson, O., E. (1975).  Markets and Hierarchies. Free Press, New York, USA.  https://ijbed.org/cdn/article_file/2019-04-02-10-37-32-AM.pdf Lawal Babatunde Akeem Financial drivers cash flow management cost management performance organization and establishments. 7183 71 1