Analyzing the Dynamics of Strategic Working Capital Management and Its Impact on Corporate Financial Resilience under Macroeconomic Uncertainty: Evidence from Companies Listed on the Tehran Stock Exchange

Economic volatility, high inflation, financial constraints, and persistent macroeconomic instability have significantly shaped the operating environment of Iranian publicly listed firms in recent years. Under such conditions, working capital management (WCM) becomes not only an operational necessity but also a strategic mechanism for ensuring financial continuity and resilience. In response to growing concerns regarding firms’ vulnerability to external shocks, this study investigates the dynamics of strategic working capital management and its impact on corporate financial resilience, with specific attention to the moderating role of macroeconomic uncertainty among firms listed on the Tehran Stock Exchange (TSE). This research adopts a quantitative and applied approach. The population consists of all non‑financial firms listed on the TSE, covering the period ۲۰۲۱–۲۰۲۵. After applying screening criteria, a final sample of ۱۵۰ firms was selected, yielding ۷۵۰ firm‑year observations. Data were collected from audited financial statements and the Codal database. Strategic working capital management was measured using indicators such as the cash conversion cycle, days sales outstanding, days inventory outstanding, and days payable outstanding. Financial resilience was assessed using operating cash flow to total assets and the current ratio. The analysis employed panel data regression with fixed effects, and the moderating impact of macroeconomic uncertainty—captured through inflation and exchange‑rate volatility—was tested using interaction terms. The empirical findings reveal that efficient strategic working capital management has a positive and statistically significant effect on financial resilience. Firms with shorter cash conversion cycles and more optimized working capital policies demonstrate stronger financial stability. Moreover, the results show that macroeconomic uncertainty positively moderates this relationship, indicating that the benefits of effective WCM become more pronounced when firms operate under higher economic volatility. Overall, the study underscores the critical importance of strategic working capital management as a key financial capability that enhances corporate resilience, particularly in emerging markets characterized by high uncertainty.

کلیدواژه ها:

Strategic Working Capital Management ، Financial Resilience ، Macroeconomic Uncertainty ، Tehran Stock Exchange ، Panel Data Analysis