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Open research questions in Working Capital and Financial Performance

37 unresolved questions extracted from the limitations and future-work sections of 1,014 Working Capital and Financial Performance papers in our library. Each links back to the study that raised it.

What the literature leaves open

  • Motivation for the study: While global literature has examined liquidity management during crises, limited evidence exists on how listed SMEs in emerging markets, particularly in South Africa, adapted their NWC in response to systemic shocks.

    Net working capital responses of small and medium enterprises listed on the alternative exchange during a financial crisis · 2026 · DOI

  • With reference to the results of the study, the following recommendations are made: i. Executive share ownership or stock option plans should be encouraged in manufacturing companies, since acceptance of these schemes makes managers' interests more compatible with those of the shareholders, which in turn results in better performance of the company. ii. It's important for corporate managers to use financial leverage in an optimal way, not relying on debt too much, especially when interest rates are high and the economy is uncertain. iii. The institutional investors should become more active monitors by effectively engaging in corporate governance processes and reinforce managerial accountability and enhance organisational performance. 110 iv. Businesses need to keep on attracting reliable foreign investors and at the same time establish governance mechanisms that will allow foreign shareholders to play a greater role in strategic decision-making and in boosting operational efficiency. The regulatory bodies such as the Securities and Exchange Commission and the Nigerian Exchange Limited, should persist in their efforts to foster good corporate governance which would promote transparency, accountability and effective capital structure decisions in listed manufacturing companies.

    Ownership structure, financial leverage, and company performance; A study of companies on Nigeria Stock Exchange · 2026 · DOI

  • Furthermore, future research could consider the application of hybrid machine learning–MCDM frameworks to improve predictive capability, as well as cross- country comparative analyses to assess whether the observed patterns are specific to the Turkish manufacturing sector or generalizable across similar industries.

    A Hybrid MEREC-CoCoSo-MARCOS Framework for Assessing Financial Performance: Evidence from Istanbul Stock Exchange · 2026 · DOI

  • • Limited Time Period – The study is based on financial data for a specific period only, which may not reflect the company's long-term performance. • Dependence on Secondary Data – The analysis relies entirely on published annual reports and • financial statements, and therefore depends on the accuracy of the reported information. Company-Specific Study – The research focuses only on PB Fintech Ltd, making it difficult to generalize the findings to other companies in the insurance and fintech sectors. • Use of Financial Ratios Only – The study primarily uses liquidity, profitability, and solvency ratios, • which may not capture all aspects of the company's overall performance. Exclusion of Qualitative Factors – Factors such as management quality, customer satisfaction, technological innovation, and market competition are not considered in the analysis. 3.RSEARCH METHODOLOGY: The present study adopts a descriptive and analytical research design to evaluate the liquidity, profitability, and solvency position of PB Fintech Ltd with reference to Policy bazaar. The study aims to assess the financial strength and overall performance of the company through the analysis of financial indicators and respondents' perceptions. The research is based on both primary and secondary data sources. Primary data were collected from 100 respondents through a structured questionnaire designed to measure perceptions regarding liquidity position, profitability growth, solvency status, debt management, technology impact, investor confidence, and overall financial health of the company. Secondary data were collected from annual reports, financial statements, company publications, financial websites, and other published sources related to PB Fintech Ltd. A convenience sampling technique was employed for selecting respondents. The sample consisted of investors, employees, professionals, students, and individuals familiar with the operations of PB Fintech Ltd. The sample size of 100 respondents was considered adequate for conducting statistical analysis and drawing meaningful conclusions. Various statistical tools were used for data analysis. Percentage analysis was applied to examine respondent opinions. Descriptive statistics such as mean and standard deviation were used to summarize responses. Reliability analysis using Cronbach’s Alpha was performed to assess the consistency of the questionnaire. Correlation analysis was employed to identify relationships among liquidity, profitability, and solvency variables. A One-Sample t-Test was conducted to evaluate the significance of respondents’ perceptions regarding the company’s overall financial performance. Hypothesis of the Study: H0: PB Fintech Ltd does not maintain a strong financial position in terms of liquidity, profitability, and solvency. H1: PB Fintech Ltd maintains a strong financial position in terms of liquidity, profitability, and solvency. © Author(s). This work is peer-reviewed, openly published, and permanently archived This article is openly accessible and reusable with proper attribution. https://ijsmt.org/, Email: [email protected] 5 International Journal of Science, Strategic Management and Technology Volume 02 Issue 06 June-2026 | ISSN: 3108-1762 (Online) | Impact Factor: 3.8 An International, Peer-Reviewed, Open Access Scholarly Journal Indexed in recognized academic databases The study follows ethical research practices by ensuring accuracy in data collection, maintaining objectivity in analysis, and utilizing authentic and publicly available information sources. Proper acknowledgment has been provided for all secondary data sources used in the research. 4. RESULTS AND FINNDINGS: The collected data were analysed using percentage analysis, descriptive statistics, reliability testing, correlation analysis, and hypothesis testing. The responses obtained from 100 respondents were summarized and interpreted to evaluate perceptions regarding the financial performance of PB Fintech Ltd. The analysis focused on awareness levels, liquidity position, profitability growth, solvency status, and overall financial health. Statistical techniques were employed to identify patterns and relationships among the selected variables. The findings provide evidence regarding the company’s financial strength and its ability to sustain growth within the competitive FinTech industry. The major results obtained from the analysis are presented below.

    An Empirical Study on Liquidity, Profitability and Solvency Position of PB Fintech Ltd with reference to Policy bazaar” · 2026 · DOI

  • The study depends mainly on secondary data. 2. Analysis is limited to selected financial years. 3. External economic conditions are not fully considered. 4. Findings may vary depending on market conditions. 5. Limited financial indicators are included. FUTURE RESEARCH DIRECTIONS • Future research may focus on: • Comparative analysis across finance companies • Long-term profitability analysis • Advanced financial forecasting techniques • Impact of economic factors on income and expenses • Industry-specific financial performance studies REFERENCES 1. Bharathi, S., & Manikandan, S. (2026). A study on effects of green logistics performance in warehouse management towards Surin Automotive Private Limited with special reference to Hosur. International Journal of Business and Administration Research Review, 13(1), 1–5 2. Pandey, I.M. (2015). Financial Management. Vikas Publishing House. 3. Khan, M.Y., & Jain, P.K. (2017). Financial Management: Text and Problems. McGraw Hill. 4. Brigham, E.F., & Houston, J.F. (2021). Fundamentals of Financial Management. Cengage Learning. 5. Gitman, L.J., & Zutter, C.J. (2015). Principles of Managerial Finance. Pearson. 6. Higgins, R.C. (2015). Analysis for Financial Management. McGraw Hill. 7. Bharathi, S., & Balamurugan, P. (2026). A study on employee grievances handling mechanisms at Accel Frontline Service Limited Chennai. International Journal of Management and Social Science Research Reviews, 13(1). 8. Fraser, L.M., & Ormiston, A. (2016). Understanding Financial Statements. Pearson. 9. Ross, S.A., Westerfield, R.W., & Jordan, B.D. (2019). Fundamentals of Corporate Finance. McGraw Hill. 10. Arnold, G. (2013). Corporate Financial Management. Pearson Education. 11. Walsh, C. (2006). Key Management Ratios. Pearson Education. 12. Foster, G. (1986). Financial Statement Analysis. Prentice Hall. 13. Vignesh, H., G., & Bharathi, S. (2026). A study on enhancement of efficiency in warehouse management toward SVJ Logistics India Private Limited at Salem. International Journal of Business and Administration Research Review, 13(1). © Author(s). This work is peer-reviewed, openly published, and permanently archived This article is openly accessible and reusable with proper attribution.

    A Study on the Comparative Analysis of Income and Expenses of Sakthi Finance Limited, Coimbatore · 2026 · DOI

  • operations. One A small business’s long-term survivability extends from sustainability beyond the first 5 years. Given the high failure rate of small businesses, entrepreneurs must increase their financial knowledge and strategic understanding of for funding entrepreneurs to use internal financing to sustain operations, as this study’s participants often did, minimizing the need for external funds. Small business owners could consider using personal funds, including savings, home equity, investments, outside salaries, and personal loans. findings, this another recommendation is to invest the business’s profit into expanding and sustaining operations. Some entrepreneurs may explore franchising, which provides inventory and lowcost equipment leasing. Collaborating with other businesses to purchase and share equipment could reduce the amount borrowed.

    Strategies to Obtain Working Capital for Small Businesses · 2026 · DOI

  • this study was Limitations stem from methodology and design issues beyond the researcher’s control (Yin, 2017). A the use of qualitative limitation of methodology because qualitative findings are subjective and dependent upon the researcher’s interpretation (see Dennis, 2018). Qualitative findings are specific to the population studied and not transferable to other populations, settings, or phenomena (Rahman, 2020; Simon & Goes, 2013). Qualitative data analysis was a limitation because reliability and validity depend on the researcher’s determination of relevant themes and data saturation (Simon & Goes, 2013). Another limitation was the time-intensive data analysis in case studies (see Heale & Twycross, 2018; Rahman, 2020), 5597 particularly those with participant interviews (see Queirós et al., 2017). Participants’ honesty and willingness to share information and documents could have been a limitation. In one-on-one interviews, social desirability bias may result when participants provide answers to present themselves in the best light rather than answering truthfully (Bergen & Labonté, 2020).

    Strategies to Obtain Working Capital for Small Businesses · 2026 · DOI

  • The present study is subject to certain limitations. The analysis is based on secondary data collected from company records, and due to confidentiality, slight adjustments have been made to the data for presentation purposes. The study covers a period of three years, which may not fully reflect long-term trends in financial performance. In addition, the analysis is limited to ratio analysis and working capital evaluation and does not include advanced statistical techniques. The study also focuses on a single company, and therefore, the findings may not be applicable to other industries or organizations. © 2026 The Author(s). Published by IJCOPE Journal. Website: https://ijcope.org/ 7 International Journal of Creative and Open Research in Engineering and Management ISSN: 3108-1754 (Online) Volume 02 Issue 03 March-2026 | Impact Factor: 3.5 10. CONCLUSION The study concludes that working capital management plays a crucial role in determining the liquidity and profitability of LNV Technology Pvt. Ltd. The company maintains a stable operational structure, but liquidity is affected due to high receivables and increasing current liabilities. Efficient management of working capital components, along with proper use of financial instruments such as BG and LC, is essential for improving financial performance. Overall, better control over receivables and cash flow can help the company achieve stronger liquidity and profitability in the future. REFERENCES 1. Raheman, A., & Nasr, M. (2007), “Working Capital Management and Profitability – Case of Pakistani Firms,” International Review of Business Research Papers, Volume 3, Issue 1, PP: 279–300. 2. Deloof, M. (2003), “Does Working Capital Management Affect Profitability of Belgian Firms?” Journal of Business Finance & Accounting, Volume 30, Issue 3, PP: 573–588. 3. Shin, H.H., & Soenen, L. (1998), “Efficiency of Working Capital Management and Corporate Profitability,” Financial Practice and Education, Volume 8, Issue 2, PP: 37– 45. 4. Padachi, K. (2006), “Trends in Working Capital Management and its Impact on Firms’ Performance,” International Review of Business Research Papers, Volume 2, Issue 2, PP: 45–58. 5. Lazaridis, I., & Tryfonidis, D. (2006), “Relationship between Working Capital Management and Profitability of Listed Companies,” Journal of Financial Management and Analysis, Volume 19, Issue 1, PP: 26–35. 6. Gill, A., Biger, N., & Mathur, N. (2010), “The Relationship Between Working Capital Management and Profitability,” Business and Economics Journal, Volume 2010, Issue BEJ-10. 7. Dong, H.P., & Su, J.T.

    An Analytical Study of Working Capital Management and its Effect on Liquidity and Profitability with Special Reference to LNV Technology Pvt. Ltd., Chennai.” · 2026 · DOI

  • Furthermore, it differentiates itself by exploring the underexplored landscape of the Indian FMCG sector by utilizing secondary data instead of more commonly used primary data.

    Analyzing the performance of FMCG firms: role of competitive strategies and capital structure · 2025 · DOI

  • Limitations and Directions for Future Research: The principal limitation of this study is its reliance on historical secondary data from a single market leader during a specific macroeconomic timeframe.

    An Empirical Study on the Impact of Financial Management Practices on Profitability At Tata Consultancy Services · 2026 · DOI

  • Future research is recommended to expand the scope of analysis by incorporating additional variables that may influence profitability, such as operational efficiency, asset utilization, service quality, and macroeconomic factors.

    The Contribution of Regular Transportation Services, Government Subsidies, and the Optimization of Leverage and Liquidity in Enhancing Profitability for the Sustainability of Perum Damri · 2026 · DOI

  • Future research could expand the scope to other sectors or cross-national contexts, utilize pri- mary data to explore deeper strategic aspects, and test non-linear or longitudinal models to capture long-term dynamics.

    DO FINANCIAL INNOVATIONS MATTER? EXPLORING STRATEGY–PERFORMANCE LINKAGES IN INDONESIAN BANKING UNDER COMPETITIVE PRESSURE · 2026 · DOI

  • It has been established that, despite the overall growth in the nominal volume of financial resources of enterprises in the hospitality industry, the real level of their financial provision remains insufficient and is characterised by significant structural imbalances.

    Assessment of financial security and the effectiveness of financial resource management in the domestic hotel and restaurant sector · 2026 · DOI

  • 3 Suggestions for Further Research Future studies could explore the factors that limit the effectiveness of participatory budgeting in The study recommends additional studies of a similar kind be carried out in other Medium-Sized Enterprises in Kenya. Future research should examine how medium-sized enterprises can better optimize diversification of funding sources, with particular focus on the integration of fintech solutions and different financing models. Additionally, future research could investigate sector-specific financing preferences to determine how industry characteristics shape the effectiveness of funding diversification strategies among medium-sized enterprises. Future studies should focus on alternative collateral frameworks, particularly the role of intangible assets such as intellectual property, brand equity, and digital assets in accessing finance. Finally, future research should explore the dynamics of relationship banking in greater depth, particularly the gap between maintaining strong financial relationships and realizing tangible performance benefits.

    Credit Access Strategies and Performance of Medium Sized Enterprises in Nakuru East Sub-County, Kenya · 2026 · DOI

  • Although Altman's model for predicting financial distress is widely used, there is limited evidence from Slovakia, particularly regarding how company size and ownership affect its predictions.

    ALTMAN’S Z″-SCORE FOR SLOVAK CONSTRUCTION COMPANIES: DO COMPANY SIZE AND OWNERSHIP MATTER? · 2025 · DOI

  • Research limitations/implications The limitations of this study are the lack of an agreed general indicator framework for indicators representing multiple capitals in integrated reporting, each bank’s data disclosure of different indicators and differentiation of the shared data between sources.

    Development of capitals in integrated reporting and weighting representative indicators with entropy approach · 2021 · DOI

  • The idea developed throughout is a better understanding of the financial indicators used in this area, even quantitative or qualitative, with a view from outside, as an investor interested to achieve one of the best choice in Romanian market, with a limited information at its disposal.

    HOW TO USE FINANCIAL STATEMENTS WITHIN THE GLOBAL ECONOMIC ANALYSIS TREND · 2017

  • Further studies on hotel capital structures and their determinants are needed to explore circumstances other than the location of facilities alone, such as the degree of hotel centralization or the size of hotel chains.

    Determinants of Capital Structure in Polish Hotel Companies · 2016 · DOI

  • Nevertheless, limited studies have been done on this matter and is very much pronounced in the East Asian countries, despites the fact that these countries are the worst affected by the crisis.

    Determinants of working capital management before, during, and after the global financial crisis of 2008: Evidence from Malaysia · 2016 · DOI

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37 open questions have been extracted from the limitations and future-work passages of 1,014 Working Capital and Financial Performance papers in our library. Each one below links back to the study that raised it, so you can read the original claim in context.

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