The determinants of working capital management in Indonesia and the Philippines

Purpose: This study aims to analyze and identify determinants of working capital manufacturing firms listed on Indonesia the Philippines Stock Exchanges. focuses because with inadequate may experience operational difficulties lead financial distress. Thereby, must have adequate capital.Design/Methodology/Approach: The employed panel data, final sample for was 630 years observation, while Philippines, used 210 observation. Exchanges.Findings: results in Indonesian show that profitability growth opportunities a significant positive effect capital. Asset tangibility, firm age, leverage negative While operating cash flow size no In comparison, has tangibility flow, opportunities, capital.Research Limitations: limitations, namely observations done only Further research can use broader coverage service sector expand variables might affect requirements, especially Covid-19 pandemic.Practical Implications: For firm’s decision-makers, this present be as reference making decisions related management. Bad decision-making determining amount high costs distress.Originality/Value: What factors is an attractive topic many researchers today. Poor management will result not being able meet its maturing obligations samples developing countries, relatively similar, unique. By using investigate differences between countries.