NWC not as important as ROIC, revenue growth and profitability - Debate

Let me preface by saying that I do think that improving NWC does create shareholder value. However, I believe (like others) that more shareholder value is created for a company through increasing ROIC, revenue growth and profitability. Essentially, NWC is less of a driver for value than these other factors. However, I don't have any proof of this and I've been looking into research for the past two days and can't find anything that decisively agrees with me. I'm having a debate with my friend, and I would like to know if anyone out there can point me in the right direction. I have access to a few research databases through school, but I haven't yet stumbled into anything remarkably helpful.

Thank you in advance.

P.S. Is it possible that I'm wrong? If so, why?