REVIEW OF LITERATURE ON WORKING CAPITAL MANAGEMENT AND FUTURE RESEARCH AGENDA

2018 ◽  
Vol 33 (3) ◽  
pp. 827-861 ◽  
Author(s):  
Punam Prasad ◽  
Sivasankaran Narayanasamy ◽  
Samit Paul ◽  
Subir Chattopadhyay ◽  
Palanisamy Saravanan
Keyword(s):  
Research Agenda ◽  
Future Research ◽  
Review Of Literature ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Future Research Agenda

A systematic literature review on working capital management – an identification of new avenues

2019 ◽  
Vol 11 (3) ◽  
pp. 352-366 ◽  
Author(s):  
Umar Nawaz Kayani ◽  
Tracy-Anne De Silva ◽  
Christopher Gan
Keyword(s):  
Literature Review ◽  
Systematic Literature Review ◽  
Empirical Relationship ◽  
Deep Understanding ◽  
Future Research ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Content Type ◽  
Behavioural Aspects

Purpose This paper aims to provide a review of the existing literature available on working capital (WC) and working capital management (WCM). Design/methodology/approach A systematic literature review (SLR) methodology is used to review 187 articles selected from referred journals, books and international conferences for the period 1980-2017. Findings This comprehensive review reveals that much of the focus in the existing literature is paid on investigating the empirical relationship between WCM and firm performance. Furthermore, the attention has been paid towards studying the WC practices. The behavioural aspects, qualitative studies, survey studies and systematic theory development have been ignored in most of the prior studies. These areas have a broader scope for future research. Research limitations/implications This study is based on literature review and theoretical in nature. Therefore, it does not have any empirical results. Practical implications So far, a limited literature review studies have been conducted in WCM perspective. This review provides various emerging trends, which may be considered in future research for providing a deep understanding of WCM. Originality/value This is the first time a detailed review of WCM literature has been conducted by using SLR for the period of 1980-2017. This review will be useful for researchers, business policymaker, finance professionals and all other having direct or indirect concerns with WCM study.

scholarly journals Working Capital and Earnings Management among Manufacturing Firms: A Review of Literature

2020 ◽  
pp. 71-97
Author(s):  
Josiah Aduda ◽  
Morgan Ongoro
Keyword(s):  
Earnings Management ◽  
Negative Relationship ◽  
Future Research ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Management Level ◽  
Accounting Accruals ◽  
The Relationship

This study critically reviewed literature on the relationship between working capital management and earnings management. The specific objectives of the study included determination of documented evidence on; the relationship between working capital management and earnings management, the existence of target working capital management level and target earnings management level and knowledge gaps between the two study variables. Findings on the first objective were conflicting with some researchers establishing a positive relationship, others a negative relationship whereas others were non-conclusive. Findings on the second objective were also conflicting. The divergence in findings were attributed to differences in conceptual, methodological and contextual setups with inconsistencies in operationalization of the study variables playing a pivotal role. The study revealed a biased inclination towards usage of accounting accruals as proxies for earnings management with no consideration for non-accounting accruals like real earnings managements. The study also identified lack of related studies in frontier economies as a potential research gap paving way for future related studies with expanded scope. The study further recommended future research on determination of an optimal working capital level that minimizes real earnings management.

scholarly journals Working Capital Optimization in Supply Chains

2018 ◽  
Vol 12 (4) ◽  
pp. 29-42
Author(s):  
Nikolay Zenkevich ◽  
Anastasiia Ivakina
Keyword(s):  
Supply Chain ◽  
Supply Chains ◽  
Liquidity Constraints ◽  
Organizational Level ◽  
Future Research ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Cash Conversion Cycle ◽  
Collaborative Working

This article is devoted to working capital management and its optimization on an inter-organizational level when supply chain members operate collaboratively. We aim to develop and validate a model of collaborative approach to working capital management in supply chains for cases of constrained liquidity and imposed return requirements using supply chain finance (factoring, reverse factoring and inventory financing). As such, we suggest a tool of working capital optimization using financial terms and cash flows verified on Russian supply chain data. Mathematical modeling is suggested as a method to modify an existing working capital management model on the grounds of collaborative financial cost minimization under industry specific liquidity constraints. These liquidity constraints are constructed in such a way as to eliminate possible violations from companies, because their violation will lead to the inverse relation between liquidity and rate of return. The results of the optimization provide recommended values for cash conversion cycle elements – days of inventories, days of accounts payable, days of accounts receivable – that guarantee the coordinating effect of collaborative working capital management. Calculation, further optimization and monitoring of cash conversion cycle values sustain effective working capital management on an inter-organizational level while meeting the liquidity and return levels for each company in a chain. The suggested model can be implemented for a day-to-day decision making process by companies oriented to stay competitive in the long run. Besides, the results obtained show the potential for further coordination among the key members of the supply chain in terms of aligning financial, product, and information flows. Despite the fact that the model provides a static solution to the problem of collaborative working capital management, it has potential for the further development of a dynamic algorithm. Future research should seek to investigate the possible imputation options for gained costs reduction values on the grounds of cooperative games with a coalition structure.

Defined strategies for financial working capital management

2016 ◽  
Vol 12 (3) ◽  
pp. 277-294 ◽  
Author(s):  
Anna-Maria Talonpoika ◽  
Timo Kärri ◽  
Miia Pirttilä ◽  
Sari Monto
Keyword(s):  
Stock Exchange ◽  
Qualitative Comparative Analysis ◽  
Capital Intensity ◽  
Capital Requirements ◽  
Previous Literature ◽  
Future Research ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Content Type

Purpose – The purpose of this paper is to develop strategies for financial working capital management and to present previous literature on financial working capital management and its measures. Design/methodology/approach – Qualitative comparative analysis is used to formulate the strategies, and the variables in the analysis have been selected from previous literature. Empirical data consists of 91 companies listed in the Helsinki Stock Exchange during 2008-2012. Findings – The results indicate 11 possible strategies for financial working capital management which all aim at increasing financial working capital. There are suitable strategies for all companies independent from their profitability, capital intensity or working capital requirements. Research limitations/implications – The presented strategies have been created theoretically and have not been tested in companies, which could be done in future research. Originality/value – This study has three contributions. First, previous literature on financial working capital management is reviewed. Second, a novel measure for financial working capital is developed. Third, strategies for financial working capital management are presented.

scholarly journals Working Capital Management in Blue Bharath Exim Pvt.Ltd, Chennai

2019 ◽  
Vol 8 (2S8) ◽  
pp. 148-152
Keyword(s):  
Excessive Amount ◽  
Future Research ◽  
Capital Management ◽  
Working Capital ◽  
Short Term ◽  
Working Capital Management ◽  
The Future ◽  
Administration Procedure

Working capital is the distinction between current resources and current liabilities, which is a piece of capital that needn't to satisfy for the time being. That is, working capital mirrors the overall security of short-term capital. We can be educated on the endeavor's money related hazard, by the benefit of working capital and some related pointers. By and large, the additionally working capital endeavors possess, the less budgetary hazard they may confront. Be that as it may, an excessive amount of working capital isn't reasonable for the undertakings who wish a long-term advancement, as the lost benefit. We propose to improve the working capital administration, for its significance and money related vigor. Notwithstanding, there are seldom looks into associated with developing a working capital administration framework. [1],[ 3],[5] To consummate the administration procedure, we propose an effective working capital administration framework on execution, which might be a changing cycle. We would like to give a reference to the future research and the board rehearses

Marketing capabilities and firm performance: literature review and future research agenda

2015 ◽  
Vol 64 (8) ◽  
pp. 1041-1067 ◽  
Author(s):  
Shampy Kamboj ◽  
Zillur Rahman
Keyword(s):  
Systematic Review ◽  
Firm Performance ◽  
Research Agenda ◽  
The Body ◽  
Future Research ◽  
Marketing Capabilities ◽  
Review Of Literature ◽  
Product Price ◽  
Content Type ◽  
Future Research Agenda

Purpose – The purpose of this paper is to broaden the body of knowledge on marketing capabilities (MC) and firm performance (FP) by presenting a systematic review of literature along with providing a path for future research agenda. Design/methodology/approach – In total, 101 empirical research papers from 51 different journals of online databases were selected systematically. The papers were reviewed thoroughly and summarized under strategic, functional and operational marketing capability classifications. Findings – The paper depicts a research field that is immature and developing quickly. The results found were diverse in terms of publication trend, industries and countries studied in reviewed articles. Product, price, promotion and distribution found as majorly studied measures of MC with mainly positive and significant impact on FP. In identified 38 different measures of FP, highly used were market share, customer satisfaction, sales growth, profitability and ROI. The findings also present the summary of different internal and contextual factors driving MC. In addition, from the review some of the research gaps also found that helps scholars in future research. Research limitations/implications – The review was guided by considering peer review journals with inclusion criteria that have restricted the findings. This paper will be utilitarian for both academicians and managers. Originality/value – This is the first paper that demonstrates a systematic review of literature on MC and FP for the period 1987-2014. The study also addresses gaps in this field and represent them in the form of research inquiries for further probe.

Working capital management: a literature review and research agenda

2014 ◽  
Vol 6 (2) ◽  
pp. 173-197 ◽  
Author(s):  
Harsh Pratap Singh ◽  
Satish Kumar
Keyword(s):  
Literature Review ◽  
Research Work ◽  
Future Research ◽  
Capital Management ◽  
Working Capital ◽  
Research Directions ◽  
Research Attention ◽  
Working Capital Management ◽  
Content Type ◽  
Future Research Directions

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.

The Limits of Ego Depletion

2019 ◽  
Vol 50 (5-6) ◽  
pp. 292-304 ◽  
Author(s):  
Mario Wenzel ◽  
Marina Lind ◽  
Zarah Rowland ◽  
Daniela Zahn ◽  
Thomas Kubiak
Keyword(s):  
Research Agenda ◽  
Statistical Power ◽  
Interindividual Variability ◽  
Ego Depletion ◽  
Crossover Design ◽  
Effect Sizes ◽  
Future Research ◽  
Future Research Agenda ◽  
Depletion Effect ◽  
Within Subjects

Abstract. Evidence on the existence of the ego depletion phenomena as well as the size of the effects and potential moderators and mediators are ambiguous. Building on a crossover design that enables superior statistical power within a single study, we investigated the robustness of the ego depletion effect between and within subjects and moderating and mediating influences of the ego depletion manipulation checks. Our results, based on a sample of 187 participants, demonstrated that (a) the between- and within-subject ego depletion effects only had negligible effect sizes and that there was (b) large interindividual variability that (c) could not be explained by differences in ego depletion manipulation checks. We discuss the implications of these results and outline a future research agenda.

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