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Qualitative Research in Financial Markets

ISSN : 1755-4179

Article publication date: 29 July 2014

The purpose of this paper is to review research on working capital management (WCM) and to identify gaps in the current body of knowledge, which justify future research directions. WCM has attracted serious research attention in the recent past, especially after the financial crisis of 2008.

Design/methodology/approach

Using systematic literature review (SLR) method, the present study reviews 126 articles from referred journal and international conferences published on WCM.

Detailed content analysis reveals that most of the research work is empirical and focuses mainly on two aspects, impact of working capital on profitability of firm and working capital practices. Major research work has concluded that WCM is essential for corporate profitability. The major issues with prior literature are lack of survey-based approach and lack of systematic theory development study, which opens all new areas for future research. The future research directions proposed in this paper may help develop a greater understanding of determinants and practices of WCM.

Practical implications

Till date, literature on classification of WCM has been almost non-existent. This paper reviews a large number of articles on WCM and provides a classification scheme in to various categories. Subsequently, various emerging trends in the field of WCM are identified to help researchers specifying gaps in the literature and direct research efforts.

Originality/value

This paper contains a comprehensive listing of publications on the WCM and their classification according to various attributes. The paper will be useful to researchers, finance professionals and others concerned with WCM to understand the importance of WCM. To the best of the authors’ knowledge, no detailed SLR on this topic has previously been published in academic journals.

  • Literature review
  • Survey methods
  • Operating cycle
  • Working capital management

Pratap Singh, H. and Kumar, S. (2014), "Working capital management: a literature review and research agenda", Qualitative Research in Financial Markets , Vol. 6 No. 2, pp. 173-197. https://doi.org/10.1108/QRFM-04-2013-0010

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Working capital management: a literature review and research agenda

Purpose – The purpose of this paper is to review research on working capital management (WCM) and to identify gaps in the current body of knowledge, which justify future research directions. WCM has attracted serious research attention in the recent past, especially after the financial crisis of 2008. Design/methodology/approach – Using systematic literature review (SLR) method, the present study reviews 126 articles from referred journal and international conferences published on WCM. Findings – Detailed content analysis reveals that most of the research work is empirical and focuses mainly on two aspects, impact of working capital on profitability of firm and working capital practices. Major research work has concluded that WCM is essential for corporate profitability. The major issues with prior literature are lack of survey-based approach and lack of systematic theory development study, which opens all new areas for future research. The future research directions proposed in this paper may help develop a greater understanding of determinants and practices of WCM. Practical implications – Till date, literature on classification of WCM has been almost non-existent. This paper reviews a large number of articles on WCM and provides a classification scheme in to various categories. Subsequently, various emerging trends in the field of WCM are identified to help researchers specifying gaps in the literature and direct research efforts. Originality/value – This paper contains a comprehensive listing of publications on the WCM and their classification according to various attributes. The paper will be useful to researchers, finance professionals and others concerned with WCM to understand the importance of WCM. To the best of the authors’ knowledge, no detailed SLR on this topic has previously been published in academic journals.

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REVIEW OF LITERATURE 3.1 Studies on Working Capital Management in India and Abroad 3.2 Studies on components of Working Capital in India and Abroad

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review of literature on working capital management 2020

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In depth analysis tells that most in case research work is observed and focused mainly on two aspects, working capital on profitability of firm and working capital management.The chief issues with previous literature are lack of survey-based approach and lack of methodical theory advance study, which gives direction and idea for future research. The proposed future research direction is given in this paper may help to develop a better understanding of determinants and practices of working capital management.

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review of literature on working capital management 2020

LITERATURE REVIEW ON WORKING CAPITAL MANAGEMENT.

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In depth analysis tells that most in case research work is observed and focused mainly on two aspects, working capital on profitability of firm and working capital management.The chief issues with previous literature are lack of survey-based approach and lack of methodical theory advance study, which gives direction and idea for future research. The proposed future research direction is given in this paper may help to develop a better understanding of determinants and practices of working capital management.

  • Working Capital Management
  • components of working capital management
  • cash conversion cycle
  • inventory turnover in days
  • Bills payable in days
  • Bill receivables in days.
  • Gurumurthy N. and Reddy Jayachandra K. (2014) https://www.worldwidejournals.com p...Volume : 3 | Issue : 4 | April?2014?? ISSN No 2277 ? 8160
  • Madhavi K. (2014) Impacjournals.us 2, Issue 3, Mar?2014, 63-72 Working Capital Management
  • Kaur Harsh V. and Singh Sukhdev (2013) Asian Journal of Business Management 5(2) 197-207,? 2013
  • N.SureshBabu IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563 Vol. 4, No.5, October 2014 Study on the Working Capital ManagementEfficiency in Indian Leather Industry- An Empirical Analysis
  • DrKaddumiThair A. and Dr Ramadan Imad Z. (2012) researchgate.net ?? Profitability and Working Capital Management The Jordanian? 962-795-004-334
  • Rahman Mohammad M. (2011)
  • Rao and Rao&Ramachandran (2010) ( Published in Asia Pacific? Journal ?of Management
  • Kushwah, Mathur& Ball(2009) https://www.researchgate.net/.../publication
  • RamachandranAzhagaiah and Janakiraman Muralidharan2009) National? Publishing House? Volume 7 ? Number 1

[ Ms Divya P. Solanki. (2017); LITERATURE REVIEW ON WORKING CAPITAL MANAGEMENT. Int. J. of Adv. Res. 5 (Dec). 336-342] (ISSN 2320-5407). www.journalijar.com

Article DOI: 10.21474/IJAR01/5967       DOI URL: http://dx.doi.org/10.21474/IJAR01/5967

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  1. REVIEW OF LITERATURE ON WORKING CAPITAL MANAGEMENT AND ...

    Singh, H.P. and Kumar, S. (2014) W orking capital management: a literature review and research agenda. Qualitative Research in F inancial Markets 6 (2): 173-197. Singh, J.P. and Pandey, S. (2008 ...

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    Working capital management is a challenge for every firm as each firm intends to maintain the optimum level of working capital. ... Section 2 presents a literature review and research hypothesis about the components ... & Gan, C. (2020). Working capital management and firm performance relationship: An empirical investigation of Australasian ...

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    2. Literature review and hypothesis development. For sustainable firm performance, the right choice of working capital is most important since it optimises the operating costs and maintains financial liquidity (; Zimon & Tarighi, Citation 2021).The working capital literature provides two types of policies: working capital investment policy and working capital financing policy.

  4. Effects of working capital management on firm performance: Evidence

    Working capital management (WCM) is interrelated to the operating activities of a firm. Working capital (WC) represents a firm's operating liquidity and it is measured as the difference between current assets and current liabilities. ... Section 2 described a literature review and hypothesis development. Section 3 discussed the research ...

  5. Review of Literature on Working Capital Management and Future Research

    Moreover, it aims to spell out the areas for further research on WCM so that the body of knowledge can be expanded. A systematic literature review of the research works on WCM has been performed using Google Scholar. Articles with citations of 50 and above as of June 05, 2018 are considered for the detailed citation based analysis.

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    An analysis of working capital and working capital management (WCM) is the purpose of this study. This study analyzes the research published between 1960 and 2021 using the systematic literature ...

  7. Role of working capital management in profitability considering the

    DOI10.1108/AJAR-04-2020-0023. most often, business and financial directors are entitled to implement relevant working capital management policies. These policies are needed for financing because errors in working capital management may lead the commercial operations to withdrawn.

  8. PDF Working Capital Management and Financial Indicators: A Literature Review

    A Literature Review Dr. Madhu Bala Associate professor Bhagini Nivedita College, University of Delhi Abstract: As necessitated by the dearth of literature review on the impact of working capital management (WCM) on financial indicators, this paper intends to thoroughly review the extant literature on the subject, and

  9. Full article: Working capital management and business performance

    2. Review of the literature. Latin American companies face riskier macroeconomic surroundings than companies in developed economies, and this affects investment in working capital (Baum et al., Citation 2006; López Pérez et al., Citation 2018).The evidence shows that, in countries with restrictions in their balance of payments, commercial surpluses, and capital inflow, companies have greater ...

  10. Working capital management: a literature review and research agenda

    Purpose - - The purpose of this paper is to review research on working capital management (WCM) and to identify gaps in the current body of knowledge, which justify future research directions. WCM has attracted serious research attention in the recent past, especially after the financial crisis of 2008. Design/methodology/approach - - Using systematic literature review (SLR) method, the ...

  11. LITERATURE REVIEW ON WORKING CAPITAL MANAGEMENT

    In depth analysis tells that most in case research work is observed and focused mainly on two aspects, working capital on profitability of firm and working capital management.The chief issues with previous literature are lack of survey-based approach and lack of methodical theory advance study, which gives direction and idea for future research.

  12. Review of Literature on Working Capital Management and Future Research

    Moreover, it aims to spell out the areas for further research on WCM so that the body of knowledge can be expanded. A systematic literature review of the research works on WCM has been performed using Google Scholar. Articles with citations of 50 and above as of June 05, 2018 are considered for the detailed citation based analysis.

  13. Review of Literature on Working Capital Management and Future Research

    The purpose of this study is to take a stock of what has been studied on working capital management (WCM) so far and ascertain the factors which are more likely to be impacted by poor WCM. Moreover, it aims to spell out the areas for further research on WCM so that the body of knowledge can be expanded. A systematic literature review of the research works on WCM has been performed using Google ...

  14. Working capital management: a literature review and research agenda

    Purpose. The purpose of this paper is to review research on working capital management (WCM) and to identify gaps in the current body of knowledge, which justify future research directions. WCM has attracted serious research attention in the recent past, especially after the financial crisis of 2008.

  15. Working capital management: a literature review and ...

    Working capital management: a literature review and research agenda. Purpose - The purpose of this paper is to review research on working capital management (WCM) and to identify gaps in the current body of knowledge, which justify future research directions. WCM has attracted serious research attention in the recent past, especially after ...

  16. Review Of Literature On Working Capital Management And Futur

    Downloadable! The purpose of this study is to take a stock of what has been studied on working capital management (WCM) so far and ascertain the factors which are more likely to be impacted by poor WCM. Moreover, it aims to spell out the areas for further research on WCM so that the body of knowledge can be expanded. A systematic literature review of the research works on WCM has been ...

  17. Full article: Threshold effect of working capital management on firm

    Literature review. Working capital management is highly relevant to a firm's success because of its impact on profitability and risk, ... (Citation 2020), efficient working capital management is linked to superior financial performance of listed industrial businesses in the United States. J.

  18. (PDF) REVIEW OF LITERATURE 3.1 Studies on Working Capital Management in

    REVIEW OF LITERATURE 3.1 Studies on Working Capital Management in India and Abroad 3.2 Studies on components of Working Capital in India and Abroad ... Accounting World, ICFAI University Press, March 2008, pp. 37-48 Ramudu, Janaki P. and Rao, Durga S., (2008), Working Capital Management- A Review of Research, Finance India, Vol. XXII, No. 1, pp ...

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    The current study aims to evaluate the impact of working capital components on the financial performance of Indian pharmaceutical companies. Moreover, it aims to analyze working capital among small, medium and large firms. The study uses a panel data of 82 pharmaceutical companies for the period from 2008 to 2017.

  20. Literature Review On Working Capital Management

    In depth analysis tells that most in case research work is observed and focused mainly on two aspects, working capital on profitability of firm and working capital management.The chief issues with previous literature are lack of survey-based approach and lack of methodical theory advance study, which gives direction and idea for future research.