Working capital management strategies during economic crisis – A scoping review

Ella Silvana Ginting; Mohd Lizam

doi:10.31893/multirev.2026101

Keywords:

Abstract

Effective working capital management (WCM) plays a pivotal role in mitigating financial distress during periods of economic crisis. During such periods, firms often face funding constraints caused by restricted credit access, liquidity shortages, and macroeconomic instability, all of which impair the firm’s capacity to manage short-term assets and liabilities efficiently. This study presents a scoping review aimed at evaluating how firms across various industries implement working capital management strategies during times of crisis. Relevant literature was systematically identified and reviewed from four major databases: Scopus, ScienceDirect, Emerald Insight, and EBSCOhost. The inclusion criteria focused on empirical studies that analysed the relationship between working capital management and firm performance during economic downturns, particularly the 2008 Global Financial Crisis and the COVID-19 pandemic, using panel data methodologies. The findings reveal significant heterogeneity in WCM strategies adopted by firms across different countries and industrial sectors in response to financial shocks. Notably, financial practices diverge according to regional economic structures, industry-specific dynamics, and institutional settings. Moreover, the literature is largely concentrated on the manufacturing sector, small and medium enterprises (SMEs), and publicly listed firms, with limited exploration into service-based industries. The hospitality and tourism sectors—arguably among the most affected by the COVID-19 crisis—remain underrepresented in current research. This review highlights the importance for financial managers to tailor WCM approaches to the specific characteristics of their industry and regional context. The findings underscore a critical research gap, suggesting a need for further empirical inquiry into WCM practices in service-oriented sectors, especially during and after pandemic-induced economic disruptions.
References
1. Abuzayed, B. (2012). Working capital management and firms’ performance in emerging markets: The case of Jordan. International Journal of Managerial Finance, 8(2), 155–179. https://doi.org/10.1108/17439131211216620
2. Afrifa, G. A. (2016). Net working capital, cash flow and performance of UK SMEs. Review of Accounting and Finance, 15(1), 21–44. https://doi.org/10.1108/RAF-02-2015-0031
3. Afrifa, G. A., & Padachi, K. (2016). Working capital level influence on SME profitability. Journal of Small Business and Enterprise Development, 23(1), 44–63. https://doi.org/10.1108/JSBED-01-2014-0014
4. Akgün, A. İ., & Memiş Karataş, A. (2020). Investigating the relationship between working capital management and business performance: Evidence from the 2008 financial crisis of EU-28. International Journal of Managerial Finance, 17(4), 545–567. https://doi.org/10.1108/IJMF-08-2019-0294
5. Aktas, N., Croci, E., & Petmezas, D. (2015). Is working capital management value-enhancing? Evidence from firm performance and investments. Journal of Corporate Finance, 30, 98–113. https://doi.org/10.1016/j.jcorpfin.2014.12.008
6. Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442–458. https://doi.org/10.1108/JES-05-2017-0124
7. Almaghrabi, K. S. (2022). COVID-19 and the cost of bond debt: The role of corporate diversification. Finance Research Letters, 46, 102454.
8. Asif, R., Aslam, R., & Abid, H. (2021). An investigation into the impact of power outage on working capital management in textile sector of Pakistan. Journal of Accounting and Finance in Emerging Economies, 7(4), 833–848. https://doi.org/10.26710/jafee.v7i3.1962
9. Awad, I., & Jayya, F. (2013). Working capital management, liquidity and profitability of the manufacturing sector in Palestine: Panel co-integration and causality. Modern Economy, 4(10), 662–671. https://doi.org/10.4236/me.2013.410072
10. Aysan, A. F., Fendoglu, S., & Kilinc, M. (2014). Managing short-term capital flows in new central banking: Unconventional monetary policy framework in Turkey. Eurasian Economic Review, 4, 45–69.
11. Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2013). The speed of adjustment in working capital requirement. The European Journal of Finance, 19(10), 978–992.
12. Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332–338. https://doi.org/10.1016/j.jbusres.2013.01.016
13. Bhatia, P., & Chakrabarti, P. (2022). Does group affiliation impact financial constraints? Evidence from India. Managerial Finance. Advance online publication. https://doi.org/10.1108/mf-08-2021-0392
14. Biais, B., & Gollier, C. (1997). Trade credit and credit rationing. The Review of Financial Studies, 10(4), 903–937.
15. Chambers, N., & Cifter, A. (2022). Working capital management and firm performance in the hospitality and tourism industry. International Journal of Hospitality Management, 102, 103144. https://doi.org/10.1016/j.ijhm.2022.103144
16. Chang, C.-C., Kam, T.-Y., Chang, Y.-C., & Liu, C.-C. (2019). Effects of the 2008 financial crisis on the working capital management policy of US enterprises. International Journal of Business and Economics, 18(2), 121–140.
17. Dash, S. R., Sethi, M., & Swain, R. K. (2023). Financial condition, working capital policy and profitability: Evidence from Indian companies. Journal of Indian Business Research. Advance online publication. https://doi.org/10.1108/JIBR-12-2020-0378
18. De, P. E., R. I., & E. F. (2015). The integrated measuring of working capital management efficiency on financial performance in Indonesia Stock Exchange. Information Management and Business Review, 7(3), 26–33. https://doi.org/10.22610/imbr.v7i3.1150
19. Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of Business Finance & Accounting, 30(3–4), 573–588. https://doi.org/10.1111/1468-5957.00008
20. EL-Ansary, O., & Al-Gazzar, H. (2021a). Working capital and financial performance in MENA region. Journal of Humanities and Applied Social Sciences, 3(4), 257–280. https://doi.org/10.1108/jhass-02-2020-0036
21. EL-Ansary, O., & Al-Gazzar, H. (2021b). Working capital and financial performance in MENA region. Journal of Humanities and Applied Social Sciences, 3(4), 257–280. https://doi.org/10.1108/JHASS-02-2020-0036
22. Hassan, M. K., Aysan, A. F., Kayani, U. N., & Choudhury, T. (2023). Working capital as a firm performance savior? Evidence from Scandinavian countries. Research in International Business and Finance, 65, 101959. https://doi.org/10.1016/j.ribaf.2023.101959
23. Hassan, T., Hollander, S., van Lent, L., & Tahoun, T. (2020). Firm-level exposure to epidemic diseases: COVID-19, SARS, and H1N1. Institute for New Economic Thinking Working Paper Series, 1–46. https://doi.org/10.36687/inetwp119
24. Heryán, T. (2020). Managers of tourism companies can no longer expect any financial support from company owners: Different working capital management due to the global financial crisis. E a M: Ekonomie a Management, 23(1), 50–59. https://doi.org/10.15240/tul/001/2020-1-004
25. Ke, Y. (2021). The impact of COVID-19 on firms’ cost of equity capital: Early evidence from U.S. public firms. Finance Research Letters, 46, 102242. https://doi.org/10.1016/j.frl.2021.102242
26. Kwenda, F. (2015). Investment and financing constraints: Can working capital management make a difference in South Africa? Investment Management and Financial Innovations, 10(1), 24–33.
27. Lazaridis, I., & Tryfonidis, D. (2006). Relationship between working capital management and profitability of listed companies in the Athens stock exchange. Journal of Financial Management and Analysis, 19(1).
28. Lim, J. (2013). The impact of the global financial meltdown and new growth strategies for the Philippines. Institutions and Economies, 5(2), 69–99.
29. Loo, P. Y., & Lau, W. T. (2019). Key components of working capital management: Investment performance in Malaysia. Management Science Letters, 9(12), 1955–1964. https://doi.org/10.5267/j.msl.2019.7.010
30. Lyngstadaas, H., & Berg, T. (2016). Working capital management: Evidence from Norway. International Journal of Managerial Finance, 12(3), 295–313. https://doi.org/10.1108/IJMF-01-2016-0012
31. Mansilla-Fernández, J. M., & Milgram-Baleix, J. (2023). Working capital management, financial constraints and exports: Evidence from European and US manufacturers. Empirical Economics, 64(4), 1769–1810. https://doi.org/10.1007/s00181-022-02295-5
32. Michel, L., Lahiani, A., Aytac, B., & Hoang, T. H. V. (2020). Working capital management and profitability of wine firms in France: An empirical analysis. International Journal of Entrepreneurship and Small Business, 41(3), 368. https://doi.org/10.1504/ijesb.2020.10032621
33. Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.
34. Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & PRISMA Group. (2009). Preferred reporting items for systematic reviews and meta-analyses: The PRISMA statement. Annals of Internal Medicine, 151(4), 264–269.
35. Moussa, A. A. (2018). The impact of working capital management on firms’ performance and value: Evidence from Egypt. Journal of Asset Management, 19(4), 259–273. https://doi.org/10.1057/s41260-018-0081-z
36. Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39(3), 575–592.
37. Nia, M. M., & Mansoori, E. (2016). Relationship between financial constraints, economic crises and working capital management of companies listed on Tehran stock exchange. International Business Management, 10(15), 3141–3145.
38. Nobanee, H., & Ellili, N. O. D. (2015). Working capital management and performance of Kuwait construction companies. Corporate Ownership and Control, 12(2, Continued 1), 349–355. https://www.scopus.com/inward/record.uri?eid=2-s2.0-84924294785&partnerID=40&md5=2de94f7544674659477fb51138940b6f
39. Nobanee, H., Abdullatif, M., & AlHajjar, M. (2011). Cash conversion cycle and firm’s performance of Japanese firms. Asian Review of Accounting, 19(2), 147–156. https://doi.org/10.1108/13217341111181078
40. Oseifuah, E. K., & Gyekye, A. B. (2018). Global financial crisis, working capital management and firm value: Evidence from JSE listed non-financial firms. Journal of Accounting and Management, 8(1), 5–22.
41. Panigrahi, S. K., Al Farsi, M. J., Kumaraswamy, S., Khan, M. W. A., & Rana, F. (2022). Working capital management and shareholder’s wealth creation: Evidence from manufacturing companies listed in Oman. International Journal of Financial Studies, 10(4). https://doi.org/10.3390/ijfs10040089
42. Petersen, M. A., & Rajan, R. G. (1997). Trade credit: Theories and evidence. The Review of Financial Studies, 10(3), 661–691.
43. Pourmansouri, R., Mehdiabadi, A., Shahabi, V., Spulbar, C., & Birau, R. (2022). An investigation of the link between major shareholders’ behavior and corporate governance performance before and after the COVID-19 pandemic: A case study of the companies listed on the Iranian stock market. Journal of Risk and Financial Management, 15(5), 208.
44. Respati, D. K., Musyaffi, A. M., Zahra, S. F., & Hindaryatiningsih, N. (2022). Exploring working capital management and performance of manufacturing firms in Indonesia. Quality - Access to Success, 23(188), 198–203. https://doi.org/10.47750/QAS/23.188.26
45. Rey-Ares, L., Fernández-López, S., & Rodeiro-Pazos, D. (2021). Impact of working capital management on profitability for Spanish fish canning companies. Marine Policy, 130, 104583.
46. Salehi, M., Mahdavi, N., Zarif Agahi Dari, S., & Tarighi, H. (2019). Association between the availability of financial resources and working capital management with stock surplus returns in Iran. International Journal of Emerging Markets, 14(2), 343–361. https://doi.org/10.1108/IJoEM-11-2017-0439
47. Simon, S., Sawandi, N., & Abdul-Hamid, M. A. (2019). Working capital management and firm performance: The moderating effect of inflation rates. Pertanika Journal of Social Sciences and Humanities, 27(1), 235–257.
48. Singal, M. (2015). How is the hospitality and tourism industry different? An empirical test of some structural characteristics. International Journal of Hospitality Management, 47, 116–119. https://doi.org/10.1016/j.ijhm.2015.03.006
49. Singhania, M., & Mehta, P. (2017). Working capital management and firms’ profitability: Evidence from emerging Asian countries. South Asian Journal of Business Studies, 6(1), 80–97. https://doi.org/10.1108/SAJBS-09-2015-0060
50. Talonpoika, A.-M., Kärri, T., Pirttilä, M., & Monto, S. (2016). Defined strategies for financial working capital management. International Journal of Managerial Finance, 12(3), 277–294. https://doi.org/10.1108/IJMF-11-2014-0178
51. Tarkom, A. (2022). Impact of COVID-19 exposure on working capital management: The moderating effect of investment opportunities and government incentives. Finance Research Letters, 47, 102666. https://doi.org/10.1016/j.frl.2021.102666
52. Ukaegbu, B. (2014). The significance of working capital management in determining firm profitability: Evidence from developing economies in Africa. Research in International Business and Finance, 31, 1–16. https://doi.org/10.1016/j.ribaf.2013.11.005
53. Zariyawati, M. A., Annuar, M. N., Taufiq, H., & Rahim, A. S. A. (2009). Working capital management and corporate performance: Case of Malaysia. Journal of Modern Accounting and Auditing, 5(11), 47.

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How to cite

Ginting, E. S., & Lizam, M. (2025). Working capital management strategies during economic crisis – A scoping review. Multidisciplinary Reviews, 9(3), 2026101. https://doi.org/10.31893/multirev.2026101

[1] Abuzayed, B. (2012). Working capital management and firms’ performance in emerging markets: The case of Jordan. International Journal of Managerial Finance, 8(2), 155–179. https://doi.org/10.1108/17439131211216620

[2] Afrifa, G. A. (2016). Net working capital, cash flow and performance of UK SMEs. Review of Accounting and Finance, 15(1), 21–44. https://doi.org/10.1108/RAF-02-2015-0031

[3] Afrifa, G. A., & Padachi, K. (2016). Working capital level influence on SME profitability. Journal of Small Business and Enterprise Development, 23(1), 44–63. https://doi.org/10.1108/JSBED-01-2014-0014

[4] Akgün, A. İ., & Memiş Karataş, A. (2020). Investigating the relationship between working capital management and business performance: Evidence from the 2008 financial crisis of EU-28. International Journal of Managerial Finance, 17(4), 545–567. https://doi.org/10.1108/IJMF-08-2019-0294

[5] Aktas, N., Croci, E., & Petmezas, D. (2015). Is working capital management value-enhancing? Evidence from firm performance and investments. Journal of Corporate Finance, 30, 98–113. https://doi.org/10.1016/j.jcorpfin.2014.12.008

[6] Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442–458. https://doi.org/10.1108/JES-05-2017-0124

[7] Almaghrabi, K. S. (2022). COVID-19 and the cost of bond debt: The role of corporate diversification. Finance Research Letters, 46, 102454.

[8] Asif, R., Aslam, R., & Abid, H. (2021). An investigation into the impact of power outage on working capital management in textile sector of Pakistan. Journal of Accounting and Finance in Emerging Economies, 7(4), 833–848. https://doi.org/10.26710/jafee.v7i3.1962

[9] Awad, I., & Jayya, F. (2013). Working capital management, liquidity and profitability of the manufacturing sector in Palestine: Panel co-integration and causality. Modern Economy, 4(10), 662–671. https://doi.org/10.4236/me.2013.410072

[10] Aysan, A. F., Fendoglu, S., & Kilinc, M. (2014). Managing short-term capital flows in new central banking: Unconventional monetary policy framework in Turkey. Eurasian Economic Review, 4, 45–69.

[11] Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2013). The speed of adjustment in working capital requirement. The European Journal of Finance, 19(10), 978–992.

[12] Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332–338. https://doi.org/10.1016/j.jbusres.2013.01.016

[13] Bhatia, P., & Chakrabarti, P. (2022). Does group affiliation impact financial constraints? Evidence from India. Managerial Finance. Advance online publication. https://doi.org/10.1108/mf-08-2021-0392

[14] Biais, B., & Gollier, C. (1997). Trade credit and credit rationing. The Review of Financial Studies, 10(4), 903–937.

[15] Chambers, N., & Cifter, A. (2022). Working capital management and firm performance in the hospitality and tourism industry. International Journal of Hospitality Management, 102, 103144. https://doi.org/10.1016/j.ijhm.2022.103144

[16] Chang, C.-C., Kam, T.-Y., Chang, Y.-C., & Liu, C.-C. (2019). Effects of the 2008 financial crisis on the working capital management policy of US enterprises. International Journal of Business and Economics, 18(2), 121–140.

[17] Dash, S. R., Sethi, M., & Swain, R. K. (2023). Financial condition, working capital policy and profitability: Evidence from Indian companies. Journal of Indian Business Research. Advance online publication. https://doi.org/10.1108/JIBR-12-2020-0378

[18] De, P. E., R. I., & E. F. (2015). The integrated measuring of working capital management efficiency on financial performance in Indonesia Stock Exchange. Information Management and Business Review, 7(3), 26–33. https://doi.org/10.22610/imbr.v7i3.1150

[19] Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of Business Finance & Accounting, 30(3–4), 573–588. https://doi.org/10.1111/1468-5957.00008

[20] EL-Ansary, O., & Al-Gazzar, H. (2021a). Working capital and financial performance in MENA region. Journal of Humanities and Applied Social Sciences, 3(4), 257–280. https://doi.org/10.1108/jhass-02-2020-0036

[21] EL-Ansary, O., & Al-Gazzar, H. (2021b). Working capital and financial performance in MENA region. Journal of Humanities and Applied Social Sciences, 3(4), 257–280. https://doi.org/10.1108/JHASS-02-2020-0036

[22] Hassan, M. K., Aysan, A. F., Kayani, U. N., & Choudhury, T. (2023). Working capital as a firm performance savior? Evidence from Scandinavian countries. Research in International Business and Finance, 65, 101959. https://doi.org/10.1016/j.ribaf.2023.101959

[23] Hassan, T., Hollander, S., van Lent, L., & Tahoun, T. (2020). Firm-level exposure to epidemic diseases: COVID-19, SARS, and H1N1. Institute for New Economic Thinking Working Paper Series, 1–46. https://doi.org/10.36687/inetwp119

[24] Heryán, T. (2020). Managers of tourism companies can no longer expect any financial support from company owners: Different working capital management due to the global financial crisis. E a M: Ekonomie a Management, 23(1), 50–59. https://doi.org/10.15240/tul/001/2020-1-004

[25] Ke, Y. (2021). The impact of COVID-19 on firms’ cost of equity capital: Early evidence from U.S. public firms. Finance Research Letters, 46, 102242. https://doi.org/10.1016/j.frl.2021.102242

[26] Kwenda, F. (2015). Investment and financing constraints: Can working capital management make a difference in South Africa? Investment Management and Financial Innovations, 10(1), 24–33.

[27] Lazaridis, I., & Tryfonidis, D. (2006). Relationship between working capital management and profitability of listed companies in the Athens stock exchange. Journal of Financial Management and Analysis, 19(1).

[28] Lim, J. (2013). The impact of the global financial meltdown and new growth strategies for the Philippines. Institutions and Economies, 5(2), 69–99.

[29] Loo, P. Y., & Lau, W. T. (2019). Key components of working capital management: Investment performance in Malaysia. Management Science Letters, 9(12), 1955–1964. https://doi.org/10.5267/j.msl.2019.7.010

[30] Lyngstadaas, H., & Berg, T. (2016). Working capital management: Evidence from Norway. International Journal of Managerial Finance, 12(3), 295–313. https://doi.org/10.1108/IJMF-01-2016-0012

[31] Mansilla-Fernández, J. M., & Milgram-Baleix, J. (2023). Working capital management, financial constraints and exports: Evidence from European and US manufacturers. Empirical Economics, 64(4), 1769–1810. https://doi.org/10.1007/s00181-022-02295-5

[32] Michel, L., Lahiani, A., Aytac, B., & Hoang, T. H. V. (2020). Working capital management and profitability of wine firms in France: An empirical analysis. International Journal of Entrepreneurship and Small Business, 41(3), 368. https://doi.org/10.1504/ijesb.2020.10032621

[33] Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.

[34] Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & PRISMA Group. (2009). Preferred reporting items for systematic reviews and meta-analyses: The PRISMA statement. Annals of Internal Medicine, 151(4), 264–269.

[35] Moussa, A. A. (2018). The impact of working capital management on firms’ performance and value: Evidence from Egypt. Journal of Asset Management, 19(4), 259–273. https://doi.org/10.1057/s41260-018-0081-z

[36] Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39(3), 575–592.

[37] Nia, M. M., & Mansoori, E. (2016). Relationship between financial constraints, economic crises and working capital management of companies listed on Tehran stock exchange. International Business Management, 10(15), 3141–3145.

[38] Nobanee, H., & Ellili, N. O. D. (2015). Working capital management and performance of Kuwait construction companies. Corporate Ownership and Control, 12(2, Continued 1), 349–355. https://www.scopus.com/inward/record.uri?eid=2-s2.0-84924294785&partnerID=40&md5=2de94f7544674659477fb51138940b6f

[39] Nobanee, H., Abdullatif, M., & AlHajjar, M. (2011). Cash conversion cycle and firm’s performance of Japanese firms. Asian Review of Accounting, 19(2), 147–156. https://doi.org/10.1108/13217341111181078

[40] Oseifuah, E. K., & Gyekye, A. B. (2018). Global financial crisis, working capital management and firm value: Evidence from JSE listed non-financial firms. Journal of Accounting and Management, 8(1), 5–22.

[41] Panigrahi, S. K., Al Farsi, M. J., Kumaraswamy, S., Khan, M. W. A., & Rana, F. (2022). Working capital management and shareholder’s wealth creation: Evidence from manufacturing companies listed in Oman. International Journal of Financial Studies, 10(4). https://doi.org/10.3390/ijfs10040089

[42] Petersen, M. A., & Rajan, R. G. (1997). Trade credit: Theories and evidence. The Review of Financial Studies, 10(3), 661–691.

[43] Pourmansouri, R., Mehdiabadi, A., Shahabi, V., Spulbar, C., & Birau, R. (2022). An investigation of the link between major shareholders’ behavior and corporate governance performance before and after the COVID-19 pandemic: A case study of the companies listed on the Iranian stock market. Journal of Risk and Financial Management, 15(5), 208.

[44] Respati, D. K., Musyaffi, A. M., Zahra, S. F., & Hindaryatiningsih, N. (2022). Exploring working capital management and performance of manufacturing firms in Indonesia. Quality - Access to Success, 23(188), 198–203. https://doi.org/10.47750/QAS/23.188.26

[45] Rey-Ares, L., Fernández-López, S., & Rodeiro-Pazos, D. (2021). Impact of working capital management on profitability for Spanish fish canning companies. Marine Policy, 130, 104583.

[46] Salehi, M., Mahdavi, N., Zarif Agahi Dari, S., & Tarighi, H. (2019). Association between the availability of financial resources and working capital management with stock surplus returns in Iran. International Journal of Emerging Markets, 14(2), 343–361. https://doi.org/10.1108/IJoEM-11-2017-0439

[47] Simon, S., Sawandi, N., & Abdul-Hamid, M. A. (2019). Working capital management and firm performance: The moderating effect of inflation rates. Pertanika Journal of Social Sciences and Humanities, 27(1), 235–257.

[48] Singal, M. (2015). How is the hospitality and tourism industry different? An empirical test of some structural characteristics. International Journal of Hospitality Management, 47, 116–119. https://doi.org/10.1016/j.ijhm.2015.03.006

[49] Singhania, M., & Mehta, P. (2017). Working capital management and firms’ profitability: Evidence from emerging Asian countries. South Asian Journal of Business Studies, 6(1), 80–97. https://doi.org/10.1108/SAJBS-09-2015-0060

[50] Talonpoika, A.-M., Kärri, T., Pirttilä, M., & Monto, S. (2016). Defined strategies for financial working capital management. International Journal of Managerial Finance, 12(3), 277–294. https://doi.org/10.1108/IJMF-11-2014-0178

[51] Tarkom, A. (2022). Impact of COVID-19 exposure on working capital management: The moderating effect of investment opportunities and government incentives. Finance Research Letters, 47, 102666. https://doi.org/10.1016/j.frl.2021.102666

[52] Ukaegbu, B. (2014). The significance of working capital management in determining firm profitability: Evidence from developing economies in Africa. Research in International Business and Finance, 31, 1–16. https://doi.org/10.1016/j.ribaf.2013.11.005

[53] Zariyawati, M. A., Annuar, M. N., Taufiq, H., & Rahim, A. S. A. (2009). Working capital management and corporate performance: Case of Malaysia. Journal of Modern Accounting and Auditing, 5(11), 47.

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