Mapping the Research Landscape: A Bibliometric Analysis of Working Capital Management

Abstract

This study conducted a bibliometric analysis of the development of the working capital management (WCM) literature by reviewing 99 journal articles from 2011 to 2025. The results show that WCM is a growing research field with a primary focus on working capital efficiency, the cash conversion cycle (CCC), and corporate profitability. The study identified that the majority of contributions come from authors and institutions in Europe and Asia, with a significant increase in international collaboration. Furthermore, there is a shift in research themes towards investment, banking, sustainability, and digitalization. While the WCM literature is well-established, this study highlights the need to delve deeper into the MSME sector, emerging markets, and the integration of behavioral and managerial strategic perspectives. These findings provide a strong foundation for future research directions that are more multidisciplinary and contextual.