International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

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Does Working Capital Management Play a role in fostering Financial Growth of Business Enterprises?

Author(s) Dr. Amitbrata Nag
Country India
Abstract Abstract-
This study investigates the efficiency of working capital management (WCM) and its role in fostering financial growth in the Indian textile industry. Moving beyond conventional ratio analysis, the study employs the Bhattacharya Index Method to evaluate WCM efficiency through the Performance Index (PI), Utilization Index (UI), and Efficiency Index (EI). Using a balanced panel dataset of 78 textile firms listed in the BSE 500 over 12 years (2008–09 to 2019–20), the study applies descriptive statistics and non-parametric techniques to ensure robustness. The results indicate that the industry demonstrates overall efficiency (mean EI = 2.11), though significant disparities exist across firms. Normality tests confirm non-normal distribution, necessitating the use of the Friedman test, which reveals statistically significant temporal variations in efficiency. The findings highlight a structural “Performance–Utilization Gap,” suggesting that while firms excel in generating sales, inefficiencies persist in asset utilization. The study contributes to the literature by offering a refined methodological framework and provides implications for managers and policymakers to enhance financial sustainability.
Keywords Keywords –Working Capital Management, Performance Index (PI), Utilization Index (UI), Efficiency Index (EI), Textile Industry, Firm Performance.
Field Mathematics > Economy / Commerce
Published In Volume 8, Issue 1, January-February 2026
Published On 2026-02-25
DOI https://doi.org/10.36948/ijfmr.2026.v08i01.74697
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E-ISSN 2582-2160
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