Working capital management is a short-term investment decision funded by current liabilities consisting of interrelated components, namely: cash, receivables, securities and inventories, that have different agency relationships yet interrelated. Until recently corporate governance was not integrated, so it was not effective in increasing companies' liquidity and profitability. The purpose of this study is to develop an integrated corporate governance framework model innovation for working capital management. This research was conducted by reviewing articles related to corporate governance and working capital management, finding gaps among them, and identifying their limitations. The results show that the integrated corporate governance model innovation for working capital management is able to determine the composition of optimal working capital so as to increase liquidity, profitability, and reduce business risk. This research, theoretically, develops agency theory and good corporate governance model in managing working capital and, practically, provides information for managers and investors in short term investment decisions and financing decisions.