Corporate Global Citizenship Through Sustainable Working Capital Management: Evidence From Thai Listed Companies

Wongchai, Itthirit; Kadthan, Wittawat; Nirotnun, Suwit; Pholtha, Pamonratt; Makming, Ornwipa; Malawal, Phattarapong

Corporate Global Citizenship Through Sustainable Working Capital Management: Evidence From Thai Listed Companies

James Alexander Gordon on 19th February 2026

Author Information

Itthirit Wongchai, Bangkok University, Thailand
Wittawat Kadthan, Bangkok University, Thailand
Suwit Nirotnun, Bangkok University, Thailand
Pamonratt Pholtha, Ministry of Agriculture, Thailand
Ornwipa Makming, Sukhothai Thammathirat Open University, Thailand
Phattarapong Malawal, Sukhothai Thammathirat Open University, Thailand

Abstract

In an increasingly interconnected world facing urgent environmental challenges, corporations are pivotal actors in cultivating a culture of peace through sustainable practices. This study examines how working capital management (WCM) practices among Thai listed companies can advance corporate global citizenship by integrating environmental sustainability with financial decision-making. Analyzing data from 2021 to 2025, we investigate how WCM strategies – measured through inventory turnover, receivables collection period, payment period, and cash conversion cycle – influence resource utilization, environmental performance, and a firm's contribution to global sustainability goals. Our findings reveal that aggressive WCM strategies, while enhancing financial performance, may increase environmental resource risks and undermine corporate responsibility to global stakeholders. Conversely, conservative strategies that prioritize resource conservation align with the principles of global citizenship and help build trust across borders. This research demonstrates that corporations can serve as agents of peace by balancing profitability with environmental stewardship, thereby contributing to the United Nations Sustainable Development Goals (UN SDGs) and fostering international cooperation through responsible business practices. The study contributes to the literature on how financial management can be reimagined as a tool to promote global peace, environmental justice, and sustainable development in emerging economies.