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

Author

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  • Umar Nawaz Kayani
  • Tracy-Anne De Silva
  • Christopher Gan

Abstract

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.

Suggested Citation

  • Umar Nawaz Kayani & Tracy-Anne De Silva & Christopher Gan, 2019. "A systematic literature review on working capital management – an identification of new avenues," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 11(3), pages 352-366, July.
    • Handle: RePEc:eme:qrfmpp:qrfm-05-2018-0062
    DOI: 10.1108/QRFM-05-2018-0062
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    Citations

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    Cited by:

    1. Miemie Struwig & Storm Watson, 2023. "Working Capital Management and Systems Disruption during the COVID-19 Pandemic: Evidence from South Africa," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 9(1), pages 45-48, January.
    2. Umar Nawaz Kayani & Misbah Sadiq & Mustafa Raza Rabbani & Ahmet Faruk Aysan & Farrukh Nawaz Kayani, 2023. "Examining the Relationship between Economic Growth, Financial Development, and Carbon Emissions: A Review of the Literature and Scientometric Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 489-499, March.
    3. Muhammad Azeem Naz & Rizwan Ali & Ramiz Ur Rehman & Collins G. Ntim, 2022. "Corporate governance, working capital management, and firm performance: Some new insights from agency theory," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(5), pages 1448-1461, July.

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