Tinjauan Manajemen Modal Kerja: Analisis Bibliometrik dan Prospek Masa Depan
DOI:
https://doi.org/10.32534/jpk.v12i4.8092Kata Kunci:
Working Capital Management, Bibliometric Analysis, Research Trends, Corporate Finance, Database ScopusAbstrak
Main Purpose - The aim of the research is to analyze trends, patterns, and future directions of working capital management using a bibliometric approach.
Method - This study employed a bibliometric analysis method utilizing publications obtained from the Scopus database. The search process was conducted based on keywords, field of study, document type, language, and open access, resulting in 88 final publications for analysis.
Main Findings - Research on working capital management continues to grow, focusing on business and management, economics, econometrics, and finance. Developing countries like Indonesia and China are leading research contributions, while developed countries like France, Canada, and others are making new contributions.
Theory and Practical Implications - Theoretically, this research enriches academic understanding of the evolution of working capital management studies through a bibliometric approach. Practically, it provides direction for academics, practitioners, and policymakers to develop evidence-based, collaborative, and contextualized working capital management strategies addressing global change.
Novelty - The novelty of this research lies in the use of bibliometric analysis to comprehensively map the trends, patterns, and directions of global development of working capital management research in the 2009–2025 time period, which has not previously been widely done in financial studies.
Unduhan
Referensi
Abuhommous, A. A., Alsaraireh, A. S., & Alqaralleh, H. (2022). The impact of working capital management on credit rating. Financial Innovation, 8(1), 1–20. https://doi.org/10.1186/s40854-022-00376-z
Agustiyana, A. R., & Hersugondo. (2020). Manajemen Modal Kerja Dan Profitabilitas Perusahaan Publik Sektor Manufaktur Di Indonesia. Jurnal Studi Manajemen Organisasi, 17(2), 49–57. https://ejournal.undip.ac.id/index.php/smo/article/view/39217
Akdoğan, E. C., & Dinç, D. T. (2019). Managing working capital efficiency in Turkish agribusinesses and the impact of globalization: Insights from an emerging market. International Food and Agribusiness Management Review, 22(4), 557–569. https://doi.org/10.22434/IFAMR2018.0069
Anton, S. G., & Afloarei Nucu, A. E. (2021). The Impact of Working Capital Management on Firm Profitability: Empirical Evidence from the Polish Listed Firms. Journal of Risk and Financial Management, 14(9), 1–14. https://doi.org/10.3390/jrfm14010009
Baas, J., Schotten, M., Plume, A., Côté, G., & Karimi, R. (2020). Scopus as a curated, high-quality bibliometric data source for academic research in quantitative science studies. Quantitative Science Studies, 1(1), 377–386. https://doi.org/10.1162/qss_a_00019
Basnet, S. K. (2024). Tracking Research Trends in Working Capital Management : A Ten-Year Bibliometric Review Based on Dimensions AI Database NPRC Journal of Multidisciplinary Research. NPRC Journal of Multidisciplinary Research, 1(4), 96–111. https://doi.org/https://doi.org/10.3126/nprcjmr.v1i4.70949
Candeias, T., & Dias, D. (2023). administrative sciences Wine Companies ’ Profitability in the Old World : Working Capital ’ s Impact. Administrative Sciences, 13, 171. https://doi.org/https://doi.org/10.3390/admsci13080171
Chen, H., Tsang, Y. P., & Wu, C. H. (2023). When text mining meets science mapping in the bibliometric analysis: A review and future opportunities. International Journal of Engineering Business Management, 15, 1–15. https://doi.org/10.1177/18479790231222349
Demiraj, R., Dsouza, S., & Abiad, M. (2022). Working Capital Management Impact on Profitability: Pre-Pandemic and Pandemic Evidence from the European Automotive Industry. Risks, 10(12), 236. https://doi.org/10.3390/risks10120236
Gallegos Mardones, J. A., Moraga-Flores, H. A., & Briones Soto, V. P. (2024). Effects of Working Capital Management on Small-Sized Businesses in Competitive Environments with Economic Policy Uncertainty—A Case Study Applied to Chilean Companies. Sustainability (Switzerland), 16(21), 2989. https://doi.org/10.3390/su16219289
Huynh, N., & Le, Q. N. (2025). From chain to capital: Supply chain risks and working capital management. Economics Letters, 247(August 2024), 112100. https://doi.org/10.1016/j.econlet.2024.112100
Janik, A., Ryszko, A., & Szafraniec, M. (2021). Exploring the social innovation research field based on a comprehensive bibliometric analysis. Journal of Open Innovation: Technology, Market, and Complexity, 7(4), 226. https://doi.org/10.3390/joitmc7040226
Kiymaz, H., Haque, S., & Choudhury, A. A. (2024). Working capital management and firm performance: A comparative analysis of developed and emerging economies. Borsa Istanbul Review, 24(3), 634–642. https://doi.org/10.1016/j.bir.2024.03.004
Konu Kadirhanogullari, M., & Ozay Kose, E. (2024). A Bibliometric Analysis of Articles on Bibliometric Studies in Science Education. International Journal of Research in Education and Science, 10(2), 315–339. https://doi.org/10.46328/ijres.3370
Kotcharin, S., & Jantadej, K. (2024). Behavior of small and medium shipping enterprises ’ working capital management : moderating role of firm-specific characteristics in times of crises and geopolitical risk. Cogent Business & Management, 11(1), 2396544. https://doi.org/10.1080/23311975.2024.2396544
Lestari, L., Ahmad, L. A. A., Aziz, M. A., Suryaman, A., & Handayani, S. (2022). Manajemen Modal Kerja Tinjauan Ekonomi Islam. AKSY Jurnal Ilmu Akuntansi Dan Bisnis Syariah, 4(2), 85–102. https://doi.org/10.15575/aksy.v4i2.23392
Liu, L., Zhou, X., & Xu, J. (2024). Does working capital management improve financial performance in China’s agri-food sector during COVID-19? A comparison with the 2008 financial crisis. PLoS ONE, 19(4 April), 1–18. https://doi.org/10.1371/journal.pone.0300217
Mai, W., Ambashe, M. S., & Ohueri, C. C. (2025). Optimizing Working Capital in E-Commerce Supply Chains: A Data-Driven Financial Approach. International Journal of Information Systems and Supply Chain Management, 18(1). https://doi.org/10.4018/IJISSCM.369154
Marlés-Sáenz, E., Gómez-Luna, E., Guerrero, J. M., & Vasquez, J. C. (2025). Innovative Bibliometric Methodology: A New Big Data-Based Framework for Scientific Research. Energies, 18(10), 1–34. https://doi.org/10.3390/en18102437
Mavromatti, A., Kontogeorgos, A., & Chatzitheodoridis, F. (2021). Greek Fish Farming : Measuring Profitability and Efficiency of the Sector at the peak of Economic Crisis. WSEAS Transactions on Business and Economics, 18, 1272–1279. https://doi.org/10.37394/23207.2021.18.118
Miguel, P., & Gonçalves, S. (2023). Working capital and performance : Europe ’ s challenge to crises Abstract. Journal of Business Economics & Management, 25(4), 789–808. https://doi.org/https://doi.org/10.3846/jbem.2024.21685
Morshed, A. (2024). Strategic working capital management in Polish SMEs: Navigating risk and reward for enhanced financial performance. Investment Management and Financial Innovations, 21(2), 253–264. https://doi.org/10.21511/imfi.21(2).2024.20
Naidu, M. Y. (2024). A Systematic Literature Review of Working Capital Management in Business Organizations. Interantional Journal of Scientific Research in Engineering and Management, 08(05), 1–5. https://doi.org/10.55041/ijsrem33393
Nastiti, P. K. Y., Atahau, A. D. R., & Supramono, S. (2019). Working capital management and its influence on profitability and sustainable growth. Business: Theory and Practice, 20, 61–68. https://doi.org/10.3846/BTP.2019.06
Nobanee, H., & Dilshad, M. N. (2021). A bibliometric analysis on working capital management: Current status, development, and future directions. Academy of Strategic Management Journal, 20(SpecialIssue2), 1–13. https://www.abacademies.org/articles/a-bibliometric-analysis-on-working-capital-management-current-status-development-and-future-directions.pdf
Oh, K., Jeong, E., & Yoo, H. (2023). Global Business & Finance Review Effects of Working Capital Management on Small and Medium-sized Enterprises ’ Profitability from the Continuity of Supply Chain Relationships. Global Business & Finance Review, 28(5), 51–66. https://doi.org/Https://doi.org/10.17549/gbfr.2023.28.5.51
Panigrahi, A. K. (2025). Working Capital Management and Profitability in India ’ s Cement Sector : Evidence and Sustainability Implications. Journal of Risk and Financial Management, 18(10), 541. https://doi.org/https://doi.org/10.3390/ jrfm18100541
Passas, I. (2024). Bibliometric Analysis: The Main Steps. Encyclopedia, 4(2), 1014–1025. https://doi.org/10.3390/encyclopedia4020065
Pico-Saltos, R., Carrión-Mero, P., Montalván-Burbano, N., Garzás, J., & Redchuk, A. (2021). Research trends in career success: A bibliometric review. Sustainability (Switzerland), 13(9), 1–24. https://doi.org/10.3390/su13094625
Ramadan, A., Maali, B., Morshed, A., Baker, A. A. R., Dahbour, S., & Ahmad, A. B. (2024). Optimizing working capital management strategies for enhanced profitability in the UK furniture industry: Evidence and implications. Journal of Infrastructure, Policy and Development, 8(9), 6302. https://doi.org/10.24294/jipd.v8i9.6302
Respati, D. K., Musyaffi, A. M., Zahra, S. F., & Hindaryatiningsih, N. (2022). Exploring Working Capital Management and Performance of Manufacturing Firms in Indonesia. Quality - Access to Success, 23(188), 198–203. https://doi.org/10.47750/QAS/23.188.26
Rodeiro-Pazos, D., Fernández-López, S., Rios-Rodríguez, R., & Dios-Vicente, A. (2023). Working capital management and firm sales growth: Evidence from fish processing industry. Agribusiness, 39(4), 1254–1278. https://doi.org/10.1002/agr.21816
Shabbir, N. C. & M. S. (2025). Social entrepreneurship education landscape mapping: A bibliometric analysis and analysis of empirical research. The International Journal of Management Education, 23(2). https://doi.org/https://doi.org/10.1016/j.ijme.2024.101122
Sharma, R. C. & U. (2024). A Review Of Working Capital Management: A Bibliometric Study For Future Directions. International Education and Research Journal, 10(7), 33–38. https://doi.org/https://doi.org/10.21276/IERJ24378981871950
Vijayakumaran, R., & Lanka, S. (2019). Efficiency of Working Capital Management and Firm Value : Evidence From Chinese Listed Firms. International Journal of Financial Research, 10(6), 133–144. https://doi.org/10.5430/ijfr.v10n6p133
Wang, Z., Akbar, M., & Akbar, A. (2020). The interplay between working capital management and a firm’s financial performance across the corporate life cycle. Sustainability (Switzerland), 12(4), 1661. https://doi.org/10.3390/su12041661
Wanzala, R. W., & Obokoh, L. (2024). The Effects of Working Capital Management on the Financial Performance of Commercial and Service Firms Listed on the Nairobi Securities Exchange in Kenya. Risks, 12(8). https://doi.org/10.3390/risks12080119
Weber, M. M., & Kokott, P. (2024). Organizational Resilience and the Attention-Based View of the Firm—Empirical Evidence from German SMEs. Sustainability (Switzerland), 16(11), 4691. https://doi.org/10.3390/su16114691
Xuan, T., Huynh, T., Thu, T., Nguyen, H., & Nguyen, C. Van. (2025). The impact of working capital management on the financial performance of listed enterprises : an empirical evidence from Vietnam. Cogent Business & Management, 12(1), 2473033. https://doi.org/10.1080/23311975.2025.2473033
Yan, L., & Zhiping, W. (2023). Mapping the Literature on Academic Publishing: A Bibliometric Analysis on WOS. SAGE Open, 13(1), 1–16. https://doi.org/10.1177/21582440231158562
Unduhan
Diterbitkan
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2025 Khoirotut Tamami, Surya Raharja

Artikel ini berlisensi Creative Commons Attribution 4.0 International License.
















