Capital de trabajo y desempeño financiero: tendencias y avances de investigación

Abstract

This study conducts a bibliometric analysis of scientific literature published between 1965 and 2024 concerning the relationship between working capital and business profitability, aiming to identify its evolution, thematic structure, and collaboration networks. Using the Scopus database and tools such as VOSviewer and Miscrosoft Excel, 2.141 indexed articles were analyzed, revealing a sustained growth in publications since 2000, particularly in countries like the United States, India, and China. The findings show that efficient working capital management; especially in cash conversion cycles, accounts receivable, and accounts payable; directly impacts key performance indicators such as ROA and ROE, and is vital for profitability, liquidity, and financial sustainability, especially for SMEs in emerging economies. The analysis identified consolidated thematic clusters including “working capital management”, “profitability”, and “financial efficiency”, alongside emerging lines of research related to sustainability, digitalization, and financial inclusion. Despite the increased research output, there remains a concentration in specific geographic and thematic area, limiting visibility for underrepresented contexts. Collaboration networks show sings of increasing internationalization, although regional connections still prevail. The literature confirms the strategic importance of working capital as a tool to maximize value and minimize financial risk, highlighting the need for context-sensitive polices and sector-specific approaches. The study concludes that bibliometric methods not only enable a structured mapping of existing knowledge but also help identify thematic gaps and guide future research towards a more comprehensive understanding of the connection between operational financial management and sustainable business performance.