Working Capital Alchemy: Unveiling Triple Effects and Accounting Best Practices for Global Enterprise Success in Economic Shifts

Enkeleda Lulaj

doi:10.2478/sues-2026-0019

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Working Capital Alchemy: Unveiling Triple Effects and Accounting Best Practices for Global Enterprise Success in Economic Shifts

Studia Universitatis „Vasile Goldis” Arad – Economics Series

Volume 36 (2026): Issue 4 (December 2026)

By: Enkeleda Lulaj

Open Access

|Oct 2026

Abstract

This study examines how working capital mastery drives working capital optimization across receivables and credit management, cash flow and payables management, and liquidity and contingency management, while assessing the moderating role of working capital resilience. Using survey data from 202 finance professionals across manufacturing, hospitality, and tourism, and commercial sectors in Kosovo (2023–2025), the study applies factor analysis, structural equation modeling, and moderation analysis. The findings show that stronger working capital mastery consistently improves all dimensions of working capital optimization. Working capital resilience selectively moderates these relationships, weakening the effects on receivables and liquidity management while slightly strengthening the effects on cash flow and payables management. Overall, the results highlight that aligning working capital mastery with resilience is critical for financial performance, operational efficiency, and adaptability during economic shifts.

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Articles in this issue

DOI: https://doi.org/10.2478/sues-2026-0019 | Journal eISSN: 2285-3065 (formerly 1584-2339) | Journal ISSN: 1584-2339

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Language: English

Page range: 82 - 114

Submitted on: Dec 1, 2025

Accepted on: Mar 1, 2026

Published online: Oct 25, 2026

Published in print: Dec 1, 2026

Published by: Vasile Goldis Western University of Arad

In partnership with: Paradigm Publishing Services

Keywords:

Working Capital Mastery,

Working Capital Optimization,

Working Capital Resilience,

Financial Efficiency,

Moderation Analysis,

Structural Equation Modeling,

Enterprise Strategy

JEL:

M41,

G32,

M21

Related subjects:

Business and economics,

Political economics,

Economic policy,

Business management,

Financial reporting, group accounting, accounting and balancing,

Marketing, sales, customer relations,

Industries,

Banks, financial service provider, insurers

© 2026 Enkeleda Lulaj, published by Vasile Goldis Western University of Arad
This work is licensed under the Creative Commons Attribution 4.0 License.

Volume 36 (2026): Issue 4 (December 2026)