This study examines the interface between supply chain resilience and working capital practices, with specific focus to recent global disruptions. Based on a focus group of 17 managers from diverse supply chain and finance functions, the research examines how companies balance the tensions between resilience and working capital practices. Employing the Gioia method, the study develops a conceptual framework that categorises these strategies based on dependency and certainty levels in buyer-supplier relationships. Key findings highlight that internal alignment between finance and supply chain departments is a critical causal condition to managing these trade-offs effectively. The study also identifies how dependency and certainty in the relationship between buyers and suppliers act as contextual strategic determinants influencing the predominance of working capital or resilience practices. Lack of dependency and certainty is linked to efficiency-oriented practices aimed at increasing process efficiency, such as improvements to the order-to-cash and procure-to-pay processes, while strong mutual dependency in a context with good certainty is linked to collaborative practices that enable them to balance both liquidity and supply chain resilience. This research makes a significant contribution in explaining decisions at the intersection of these two domains, offering practical insights for managers to navigate the complexities of supply chain disruptions.
