Financial indicators of Russian manufacturers_Working capital management

Panel of 46 302 Russian manufacturing firms (2010-2024; 264 795 obs.) from SPARK (RAS). Cleaned: non‑positive values removed; 5–95% winsorization; missing filled by industry‑year median. Eleven indicators (ICP, APP, OC) industry‑adjusted (η² > 5%). Dependent variable: PCA‑index (five profitability metrics) explaining 71,6% of variance. H1 – Strategic clusters Firms form distinct, persistent WCM clusters based on ACP/ICP/APP combinations. H2-3 – Risk‑return profiles H2: Conservative cluster (longest CCC) → highest absolute performance. H3a: Aggressive cluster (shortest CCC) → highest performance growth rates. H3b: Aggressive cluster (shortest CCC) → highest performance growth rates volatility. H4 – Anti‑fragility in crises Aggressive firms outperform in/post‑crisis years (2014, 2020, 2022) – not conservatives. H5 – U‑shaped CCC–performance Non‑linear U‑shape exists in all clusters.