associated with working capital at risk. These factors are grouped as firm-level, industry-level and country level variables …. Working capital at risk is treated as the Value at Risk for a portfolio of firm's current assets. As far as short …-term liquidity is concerned, working capital at risk, being the maximum a firm may lose at a certain confidence interval must be the …

We propose a new approach that reconciles traditional working capital management with risk management principles. By … extending the traditional working capital approach, we develop a risk-adjusted working capital model. We examine the … regression, we find mixed evidence supportive of the risk-adjusted working capital model. Sectoral analysis reveals heterogeneous …