Extant empirical studies have predominantly focused on the nexus between working capital management (WCM) and corporate profitability. While there is a dearth of literature on the nexus between WCM and a firm’s risk, the present study examines Pakistani-listed firms coming from 12 diverse industrial segments to observe this association for a time span of ten years (2005–2014). To ensure robustness, we employed a System Generalized Method of Moments (SGMM) regression estimation to investigate the influence of WCM on the operational and market risk for firms. Empirical testing revealed that higher working capital levels were associated with lower volatility in firms’ stock price, which shows that shareholders prefer a conservative working capital policy. Moreover, firms with better cash positions were subject to lesser stock market volatility. In contrast, excess working capital and a larger net trade cycle were associated with increased volatility in the operating income. Besides, firms with lower working capital levels relative to their respective industry experienced fewer fluctuations in their operating profits. Our findings assert that short-term financial management has important ramifications for firms’ operating and market fundamentals. Practical implications are discussed for corporate managers and relevant stakeholders.

South Asian countries have shown tremendous progress in information and communication technology (ICT) and have become one of the fastest-growing regions in technology, innovation, and business competitiveness. The pivotal role of ICT diffusion in the economic growth of both developed and developing countries is a well-established fact. Therefore, this research aims to examine the impact of ICT diffusion (especially the evaluation of ICT indicators) on three core outcomes, namely supply chain performance, health-care expenditures, and the Human Development Index in the context of South Asian economies. To measure ICT, we used three core ICT indicators (i.e., fixed broadband subscriptions, mobile phone subscribers, and internet users) individually as well as in the form of an index developed through principal component analysis (PCA). Panel data of South Asian economies ranging from 2007 to 2021 were used to estimate the equations. The outcomes revealed that all the variables were integrated at order one (1). Second, ICT had a long-run/equilibrium relationship with supply chain performance, health-care expenditures, and human development index. Third, the response of all individual ICT indicators as well as the ICT index on supply chain performance was positive and significant in estimated coefficients. Fourth, the ICT index and all ICT indicators had a positive influence on health-care expenditures. Finally, the ICT index and two out of three individual ICT indicators had a positive and significant influence on HDI. Interestingly, among all the three indicators of ICT, internet users were found to have more pronounced effects on the promotion of supply chain performance, health-care expenditure, and HDI. The more pronounced effect of internet users implied that policymakers should consider devising policies to promote ICT penetration with a core focus on internet penetration.