Purpose

This study aims to explore changes in working capital management (WCM) practices in response to economic downturns, especially during the coronavirus pandemic.

Design/methodology/approach

This study adopts an interpretative approach. This paper used semi-structured interviews with 2 finance directors and 13 top managers for data collection. This paper used thematic analysis for analysing the interview data.

Findings

The study findings suggest that the traditional ways of managing working capital may no longer be sufficient during a crisis. Instead, dynamic financing, trade credit policy and continuous staff training to develop new skills are alternative WCM practices to navigate the challenges of a crisis. Further, this paper finds that economic conditions, such as inflation rates, interest rates, exchange rates and government policy, negatively affect WCM.

Practical implications

The study findings highlight practical issues that may help firms meet their present and future financing needs, manage their day-to-day operational activities and enhance performance, both operational and financial. The study is beneficial for regulators in understanding a firm’s constraints during crises and respond appropriately.

Originality/value

This is the first study, to the best of the knowledge that uses a qualitative approach to investigate the impact of economic downturns on WCM practices of firms. Thus, this study offers new insights into the fundamentals of WCM practices during crises.

中文翻译：

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经济衰退和营运资金管理实践：定性调查

目的

本研究旨在探索营运资本管理 (WCM) 实践的变化以应对经济衰退，尤其是在冠状病毒大流行期间。

设计/方法/方法

本研究采用解释性方法。本文对 2 位财务总监和 13 位高层管理人员进行了半结构化访谈来收集数据。本文采用主题分析法对访谈数据进行分析。

发现

研究结果表明，在危机期间，管理营运资金的传统方式可能不再足够。相反，动态融资、贸易信贷政策和持续的员工培训以开发新技能是应对危机挑战的替代 WCM 做法。此外，本文还发现经济状况，例如通货膨胀率、利率、汇率和政府政策，会对 WCM 产生负面影响。

实际影响

研究结果突出了实际问题，这些问题可能有助于公司满足其当前和未来的融资需求、管理其日常运营活动并提高运营和财务绩效。该研究有利于监管机构了解企业在危机期间的制约因素并做出适当的反应。

原创性/价值

据了解，这是第一项使用定性方法调查经济衰退对公司 WCM 实践影响的研究。因此，这项研究为危机期间 WCM 实践的基本原理提供了新的见解。