Revisiting Operational Efficiency during Crisis: A Quantitative Study on the Impact of Cash Flow and Working Capital in Vietnam’s F&B Firms

This study investigates how operating cash flow (OCF) and key working capital indicators influence the operational efficiency of Vietnam’s listed F&B firms, while assessing the moderating role of the COVID-19 crisis. Using panel data from 53 firms during 2016–2023 and applying system GMM to address dynamic endogeneity, the findings show that OCF positively affects ROA, but this effect weakens significantly during the pandemic. Accounts receivable turnover reduces performance, whereas accounts payable improves it. Grounded in the Pecking Order Theory, Resource-Based View, and Contingency Theory, the study explains how internal financial resources interact with external shocks in shaping firm outcomes. By providing evidence from an emerging market and a sector with unique liquidity characteristics, the research fills an important gap on short-term financial management under systemic uncertainty. The results highlight the importance of disciplined working capital practices and offer actionable implications for managers—such as improving cash flow forecasting, accelerating receivables collection, and optimizing trade credit—and for policymakers through targeted liquidity support to essential consumer sectors.