Title: A study on the impact of corporate governance on working capital management

Authors: Preeti Khatri; Mani Bhatia

Addresses: School of Commerce, Presidency University, Bangalore, India ' Department of Accounting and Taxation, IIS (Deemed to be University), Jaipur, India

Abstract: The objective of this research is to investigate how corporate governance mechanism affects working capital management of Indian energy companies. The sample includes seven companies listed in the National Stock Exchange during the 2013-2022 financial years. The data was collected from the database of the Centre for Monitoring Indian Economy (CMIE) Prowess and annual reports of the respective company, which were downloaded from the National Stock Exchange. We first diversified the characteristics of the board of directors in a diversity of board and diversity in board. Panel data analysis was applied in the study to test the hypothesis. The study's findings showed the positive impact of multiple directorships, ROA, and growth while an insignificant effect was found of other variables on working capital management. The findings are useful for investors, policymakers, and other stakeholders who are concerned with working capital efficiency.

Keywords: corporate governance; working capital management; panel data; energy companies; India.

DOI: 10.1504/IJICBM.2025.148413

International Journal of Indian Culture and Business Management, 2025 Vol.36 No.1, pp.87 - 106

Received: 22 Jul 2023
Accepted: 31 Jul 2023
Published online: 04 Sep 2025 *

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