2471_Faulkner-Participants-Population-Sampling-16102023-AKLReview-18OCT2023.docx65446c35d818f8127

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THE IMPACT OF CASH FLOW MANAGEMENT ON PROFITABILITY by Terry Steven Faulkner _______________________ Applied Doctoral Research Project – Capstone Project Consulting Project Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration ______________________ Liberty University, School of Business December 2024 The Applied Doctoral Research Project (ADRP) is the capstone project for the Doctor of Business Administration (DBA) program. As a capstone project, it is intended for educational purposes to allow the doctoral candidate to demonstrate the ability to conduct and present meaningful doctoral-level research. The ADRP is limited to a Single Case Study design focusing on a business problem found in the literature within a single organization, related to the candidate's cognate. The ADRP is not intended for publication, and the results are not intended to be relatable or generalizable to a larger population. Because of these limitations, the ADRP is not considered to be research and is excluded from the review and approval of the Liberty University Institutional Review Board (IRB) under 45 CFR 46.102(l).

THE IMPACT OF CASH FLOW MANAGEMENT ON PROFITABILITY by Terry Steven Faulkner Applied Doctoral Research Project – Capstone Project Consulting Project Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration ______________________ Liberty University, School of Business December 2024 __ /s/. Terry S. Faulkner_____ _______________ _ 16th October 2023 _ Terry Steven Faulkner, Doctoral Candidate Date _________________________________________ ___________________ Dr. A. Love, Research Chair Date _________________________________________ ___________________ Alexander Averin, PhD, Chair of Doctoral Programs Date

Table of Contents Participants, Population, and Sampling ........................................................................................... 1 Participants ................................................................................................................................. 1 Population and Sampling ........................................................................................................... 2 Discussion of Population – Eligible Participants ................................................................. 2 Discussion of Sampling – Selection, Access, and Saturation .............................................. 3 Summary .................................................................................................................................... 4 References ........................................................................................................................................ 5

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1 Participants, Population, and Sampling Participants When selecting participants for an exploratory case study on real estate investment firms' cash flow optimization strategies, it is essential to identify individuals whose professional responsibilities and experiences align with the research goals (Wang et al., 2023; Wouters & Stadtherr, 2021). For this consulting project, a group with expertise in finance emerged as ideally positioned to provide insights are: (a) senior management team, (b) Chief Financial Officers (CFOs), and (c) departmental finance managers. With their extensive involvement in financial policymaking and oversight, senior management may offer an invaluable perspective into prevailing practices, obstacles, and potential improvements based on their strategic vantage point (Laghari et al., 2023; Nguyen et al., 2020). Those involved in finance functions and their understanding were able to shed light on organizational cash flow dynamics crucial to developing optimization strategies (Ma et al., 2021). Furthermore, by providing information into departmental finance and the managers' technical expertise unveiled tactical realities of cash flow patterns within discrete operating units that shaped broader optimization efforts (Badakhshan & Ball, 2022; Wouters & Stadtherr, 2021). With their distinct but complementary insights, those involved in the study should yield crucial qualitative data for exploring research questions on cash flow optimization. Moreover, given CFOs' comprehensive command of financial operations, they provided discerning assessments of how diverse cash flow approaches aligned with strategic objectives (Wang et al., 2023; Whittaker & Jespersen, 2022). Their expertise positioned them to articulate how organizational strategies translated into tactical implementation (Chiu et al., 2022; Hinton 2020). With their extensive involvement in financial oversight and policymaking, senior

2 management and CFOs provided strategic perspectives on optimization. Meanwhile, finance managers revealed tactical cash flow insights. Together, interviewing these leaders in the various different financial areas of the business with distinct expertise promise to yield crucial qualitative data for exploring research questions on cash flow optimization for profit maximization. Population and Sampling The intricacies surrounding the selection of an optimal sample for qualitative research were diverse and complex, as the constellation of participants ultimately shaped the richness of insights gained (Casteel & Bridier, 2021). As such, the dynamics of the target population and sampling approach warranted extensive consideration (Stratton, 2021). In the proposed exploratory case study, I intend to explore cash flow optimization strategies in a real estate firm headquartered in Denver, Colorado. At the epicenter of the study lies the target population – real estate investment leaders shaped by and immersed in successful cash flow strategies to maximize profits. Discussion of Population – Eligible Participants For the proposed study, the population of focus will be comprised of real estate investment leaders involved in the financial complexities and technical minutiae of cash flow management at the real estate firm. More specifically, the population will include senior management personnel tasked with overseeing strategic policies governing cash flows, departmental finance managers responsible for gathering and analyzing cash flow data within their departments, and the CFOs accountable for the financial performance of the company. Within the population certain criteria will be established such as (a) education, (b) licenses/certifications, (c) experience within the industry, and (d) experience within the company. Undeniably, the specialized expertise and insider perspective afforded by the (a) senior

3 management, (b) departmental finance managers, and (c) the CFO should furnish invaluable first-hand insights into the impact of their cash flow management on profitability. Discussion of Sampling – Selection, Access, and Saturation To select the sample for the proposed study, purposive sampling will be employed to intentionally identify information-rich individuals from the target population whose perspectives align with the stated research goals. Purposive sampling was chosen over other types of non- probability sampling methods such as (a) convenience, (b) quota, and (c) snowball because this study is focused on subject area knowledge over ease of the other sampling choices. Kumar et al. (2023) delineated that purposive sampling occurs through a deliberate selection of participants expected to yield optimal insights of the phenomenon of interest. In the proposed study, the perspectives of the senior managers, departmental finance managers, and the CFO, will be interviewed to understand their perspectives perspectives in cash flow management decisions and utilization. More specifically, the proposed sample will comprise of senior managers, departmental finance managers, and the CFO with a total sample size of between fifteen and twenty-eight individuals. Gaining access to the sample group will be facilitated through future connections with the organization's Human Resources (HR) Director, by means of an invitation letter requesting permission to contact employees directly. The HR Director will be asked to provide names and contact information for qualified participants from the target population. As Negrin et al. (2022) noted, developing relationships with senior leadership was necessary when accessing specialized populations. Participants will then be recruited directly via email requests emphasizing the objective of gathering their valued insights. Data saturation will be reached through conducting in-depth, semistructured interviews that focus on drawing out comprehensive information from

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4 the highly knowledgeable sample. Interviews will continue with additional participants until a point of saturation is attained, indicated by participants providing repetitive answers to the interview questions. Summary In summary, the intricate complexities surrounding the selection of an optimal sample for the proposed qualitative study warrant extensive rumination. At the epicenter lies the target population comprising of employees immersed in the financial and technical complexities of the company's cash flow management activities. Specifically, the The population will be comprise d of senior managers who oversee cash flow policies, departmental finance managers who gather and analyze cash flow data, and the CFOs who has high-level oversight of all financial operations. Given their specialized expertise and insider perspective on cash flow management's impact on profitability, purposive sampling will be leveraged to intentionally select information- rich participants aligned with the stated research goals. The sample will involve individuals from the target population, including (a) senior managers, (b) departmental finance employees and managers, and (c) the CFO. Gaining access to the group will be facilitated through connections with the Human Resources Director, who will provide contact information for qualified participants to then be directly recruited through various means preferable preferably by email. Finally, comprehensive, in-depth semi-structured interviews focused on drawing out insights will continue with participants until data saturation is reached, as indicated by repetitive responses. In summary, the section provides an in-depth examination explanation of the target population, use of purposive sampling, gaining access through the HR Director, and continuing interviews until saturation to obtain optimal insights for the proposed qualitative case study on cash flow strategies.

5 References Badakhshan, E., & Ball, P. (2022). Applying digital twins for inventory and cash management in supply chains under physical and financial disruptions . International Journal of Production Research , 61 (15), 5094–5116. https://doi.org/10.1080/00207543.2022.2093682 Casteel, A., & Bridier, N. (2021). Describing populations and samples in doctoral student research. International Journal of Doctoral Studies , 16 , 339–362. https://doi.org/10.28945/4766 Chiu, C., Ho, A. Y., & Tsai, L. (2022). Effects of financial constraints and managerial overconfidence on investment-cash flow sensitivity. International Review of Economics & Finance , 82 , 135–155. https://doi.org/10.1016/j.iref.2022.06.008 Hinton, J. B. (2020). Fit for purpose? Clarifying the critical role of profit for sustainability. Journal of Political Ecology , 27 (1), 125–262. https://doi.org/10.2458/v27i1.23502 Kumar, S. S., Muthukumaran, V., Devi, A., Geetha, V., & Yadav, P. N. (2023). A quantitative approach of purposive sampling techniques for security and privacy issues in iot healthcare applications. In Handbook of research on advancements in AI and IoT convergence technologies (pp. 281–299). IGI Global. https://doi.org/10.4018/978-1- 6684-6971-2.ch016 Laghari, F., Ahmed, F., & García, M. d. l. N. L. (2023). Cash flow management and its effect on firm performance: Empirical evidence on non-financial firms of China. PLoS ONE , 18 (6), Article e0287135. https://doi.org/10.1371/journal.pone.0287135

6 Ma, Y., Zhang, Q., & Yin, Q. (2021). Top management team faultlines, green technology innovation and firm financial performance. Journal of Environmental Management , 285 , 112095. https://doi.org/10.1016/j.jenvman.2021.112095 Negrin, K. A., Slaughter, S. E., Dahlke, S., & Olson, J. (2022). Successful recruitment to qualitative research: A critical reflection. International Journal of Qualitative Methods , 21 , 160940692211195. https://doi.org/10.1177/16094069221119576 Nguyen, T. H., Ntim, C. G., & Malagila, J. K. (2020). Women on corporate boards and corporate financial and non-financial performance: A systematic literature review and future research agenda. International Review of Financial Analysis , 71 , 101554. https://doi.org/10.1016/j.irfa.2020.101554 Stratton, S. J. (2021). Population research: Convenience sampling strategies . Prehospital and Disaster Medicine , 36 (4), 373–374. https://doi.org/10.1017/s1049023x21000649 Wang, C., Lee, C., & Wu, L. (2023). The relationship between cash flow uncertainty and extreme risk: International evidence. Pacific-Basin Finance Journal , 77 , 101927. https://doi.org/10.1016/j.pacfin.2022.101927 Whittaker, S., & Jespersen, K. (2022). Stretching or confirming? Financing urban climate change adaptation in Copenhagen. Buildings & Cities , 3 (1). https://doi.org/10.5334/bc.238 Wouters, M., & Stadtherr, F. (2021). Extending target costing to include targets for R&D costs and production investments for a modular product portfolio - A case study. International Journal of Production Economics , 231 , 107871. https://doi.org/10.1016/j.ijpe.2020.107871

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