Citation

Huang, Changxiang (2025) Impact of stakeholders, internal control, financing constraints and information transparency on working capital management. PhD thesis, Multimedia University.

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Abstract

Working capital, as the firm's most liquid asset, is essential for maintaining operational continuity and financial stability. Amid enhanced market competitiveness and increased macroeconomic uncertainty, the efficacy of working capital management has garnered heightened attention from top executives, emerging as a crucial mechanism for fostering stable business growth and maximizing resource allocation. This study examines A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2023, creating an extensive panel dataset of 9,547 firm-year observations. This thesis employs multiple econometric techniques, including multiple regression analysis, moderation testing, and mediation analysis, to investigate the relationships between media supervision, supplier concentration, customer concentration, and working capital management efficiency. Furthermore, it explores the moderating and mediating roles of internal control quality, financing constraints, and information transparency in these relationships. The empirical results reveal that external media supervision exerts a substantial positive effect on firms’ working capital management efficiency. Customer concentration is positively associated with working capital efficiency, whereas supplier concentration exhibits a significant negative correlation. Internal control significantly moderates the association between media supervision and working capital efficiency, as well as between client concentration and working capital efficiency. Moreover, internal control mitigates the negative impact of supplier concentration on working capital efficiency. Information transparency acts as a significant partial mediator in the relationship between media supervision and working capital management efficiency. Financing constraints also function as significant partial mediators in the relationships between customer concentration, supplier concentration, and working capital efficiency. Theoretically, this study integrates the resource-based view, transaction cost theory, and corporate governance perspective into the working capital domain, filling the gap in existing research that has largely overlooked the interplay between governance mechanisms and external relational structures. By incorporating moderation and mediation analyses, it further elucidates the transmission mechanisms through which media supervision, customer concentration, and supplier concentration influence firms’ financial operations. Practically, the findings offer important implications for optimizing working capital management strategies in complex economic environments. Particularly in the current context where Chinese firms face concurrent challenges of financing constraints and supply chain volatility, managers should leverage external supervision and enhance internal governance capabilities. By optimizing customer structures, strengthening supplier management, and improving information transparency, firms can achieve dynamic and efficient allocation of working capital.

Item Type:	Thesis (PhD)
Additional Information:	Call No.: HG4028.W65 H83 2025
Uncontrolled Keywords:	Working capital—Management
Subjects:	H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance.
Divisions:	Faculty of Management (FOM)
Depositing User:	Ms Nurul Iqtiani Ahmad
Date Deposited:	22 May 2026 07:39
Last Modified:	22 May 2026 07:39
URII:	http://shdl.mmu.edu.my/id/eprint/15902

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