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Liquid assets in firm are maintained for risk reduction purposes. During the last 8 years relation between liquid assets levels and firms sales reflects the turbulent influence on Polish firm management practices. The basic financial purpose of an enterprise is maximization of its value. Liquid assets management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another aim (i.e., maximization of enterprise value). The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences that can result from operating risk that is related to liquid assets management policy. An increase in the level of liquid assets in a firm increases both net working capital requirements and the costs of holding and managing working capital. Both of these decrease the value of the firm. But not always it works in the same way, it depends on risk sensitivity. Collected data shows how the firms liquidity management model works in emerging markets reality. In the paper the relation between liquid levels and risk sensitivity is illustrated by empirical data from Polish firms.
JEL classification codes: G32, G31, D24
Keywords: liquidity, cost of capital, firm value
 Acknowledgment: Research project was financed by National Science Centre granted according decision nr DEC-2011/01/B/HS4/04744