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Labor productivity

The correlation between a given output and the percentage of labor time used to produce the output.


Last-in, first-out (LIFO)

An asset-management and valuation system that assumes that assets acquired last will be used, sold or disposed of first.



The process of concealing or disguising illegally obtained funds.


Lead time

The total time required to produce a product or service.



The process by which an individual determines direction, influences a group and directs it toward a specific goal or organizational mission.


Lean manufacturing

A management principle that focuses on the reduction of waste to improve overall customer value.


Learning curve

A graph that depicts the relationship between the rate at which knowledge or a skill is learned and the time spent acquiring it.


Learning organization

An organization where people continually expand their capacity to create the results they truly desire, where new and expansive patterns of thinking are nurtured, where collective aspiration is set free, and where people are continually learning to see the whole together (Peter Senge 1990).Simply put, it is an organization that has developed a continuous ability to learn, adapt and change.


Letter of credit

A letter or certificate issued by a bank or other lending institution guaranteeing that a buyers payment to a seller will be submitted for the correct amount and in a timely manner.


Letter of indemnity

A document issued by the writer to another party, serving as a formal agreement to release or protect from liability for the performance of certain acts.


Letter of intent

A written statement stating the intention of the undersigned to enter into a formal business agreement with another entity or individual.



A term used to describe the degree to which an investor or company is utilizing borrowed money in relation to equity in the companys financial structure.


Leverage ratio

Also referred to as debt/equity ratio, it is the measure of a companys financial leverage.



The items a company is obligated to, such as accounts payable and bond or bank loans.


Liability insurance

An insurance policy purchased to provide protection to an individual or company against claims of negligent or inappropriate acts that result in property damage or bodily injury.


Defaming or harming an individuals reputation in writing.



The licensor usually has a valuable patent, trademark or company name that is licensed to a licensee or partner.


Licensing agreement

An agreement between two enterprises or individuals granting the legal right to use a patent or trademark.


Limited Liability Company (LLC)

A type of business structure that is a cross between a partnership and a corporation. Under an LLC structure, business owners are protected from suffering personal liability, and profits and losses are passed directly to owners without taxation.


Limit order

An order placed by an investor to a broker to buy or sell a specified quantity of stock at a specific price.


Line of credit

A loan arrangement between a lending institution and a borrower that allows the customer to borrow up to a pre-specified dollar amount on an as-needed basis.

Liquidated damages

A specific sum (or a sum readily determinable) of money stipulated by the contracting parties as the amount to be recovered for each day of delay in delivery of the product or completion of a contract.



The process of terminating a business or filing for bankruptcy, resulting in the sale of assets with the proceeds being used to pay creditors.



The percentage of a companys assets that is readily available for cash conversion.


Liquidity ratio

The measure of a companys total cash and marketable securities value divided by its current liabilities.



A legal proceeding in a federal or state court of law to determine and enforce legal rights.


Local responsiveness

The global strategy that emphasizes responsiveness to local markets and needs.



The strategy of applying locale-specific terminology and data to a specific product or application in order to meet the language, cultural and other requirements of a specific market.


Long-term assets

The value of a companys non-liquid assets such as property, equipment and other capital minus depreciation.


Long-term debt

Loans and other financial repayment obligations with a maturity date in excess of one year.


Long-term liabilities

Debt and other repayments recorded on the balance sheet that are due in more than one year.


Long-term orientation

The cultural dimension that values building for the future and making investments that will be successful over time.


Look back option

A call or put option, the strike price of which remains undetermined until option is actually exercised.

Low context cultures

Cultures that primarily value clear and unambiguous messages and emphasize time management, deadlines and punctuality.

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