Abstract
Amaç- Bu çalışma, panel veri analizi ile BIST 100 şirket verilerini kullanarak işletme sermayesi yönetiminin firma performansı üzerindeki etkisini incelemeyi amaçlamaktadır.
Yöntem- Bağımlı değişken varlık getirisi (ROA), bağımsız değişkenler ise nakit dönüş döngüsü (NDD) ve firma büyüklüğü değişkenleri kullanılmıştır. Bu araştırma, BIST 100'de işlem gören şirketlerin finansal bilgilerini içeren kapsamlı bir veri setini analiz ederek, firmaların işletme sermayelerini ne kadar verimli yönettiklerini ve bunun performansları üzerindeki etkisini incelemektedir.
Bulgular- Panel veri analizi, verilerdeki hem zaman serisi hem de yatay kesit varyasyonlarını göz önünde bulundurarak ilişkinin sağlam bir şekilde incelenmesine olanak tanımaktadır.
Sonuç- Bu çalışmanın bulguları, firma performansını artırmada işletme sermayesi yönetiminin önemine ışık tuttuğu için uygulayıcılar ve politika yapıcılar için önemli çıkarımlara sahiptir. Ayrıca, NDD ve firma büyüklüğünün etkisini inceleyerek, çalışma, BIST 100 şirketleri bağlamında işletme sermayesi yönetimi ile firma performansı arasındaki ilişkiye katkıda bulunan belirli faktörlere ilişkin değerli bilgiler sunmaktadır.
References
- Brealey, R. A., Myers, S. C., Marcus, A. J., Mitra, D., Maynes, E. M., & Lim, W. (2007). Fundamentals of Corporate Finance.
- Baker, H. K., & Powell, G. (2009). Understanding financial management: A practical guide. John Wiley & Sons.
- Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of Business Finance & Accounting, 30(3‐4), 573-588.
- Eljelly, A. M. (2004). Liquidity‐profitability tradeoff: An empirical investigation in an emerging market. International Journal of Commerce and Management, 14(2), 48-61.
- Lazaridis, I., & Tryfonidis, D. (2006). Relationship between working capital management and profitability of listed companies in the Athens stock exchange. Journal of Financial Management and Analysis, 19(1), 22-29.
- Raheman, A., & Nasr, M. (2007). Working capital management and profitability–case of Pakistani firms. International Review of Business Research Papers, 3(1), 279-300.
- Shin, H. H., & Soenen, L. (1998). Efficiency of working capital management and corporate profitability. Financial Practice and Education, 8(2), 37-45.
- Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2020). Net operating working capital and firm value: A cross-country analysis. BRQ Business Research Quarterly, 23(3), 234-251.
- Lotfinia, E., Mousavi, Z., & Jari, A. (2012). The relationship betweenworking capital management and firm characteristics: evidence from Tehran Stock Exchange (TSE). International Journal of Business and Social Science, 3(14), 245-251.
- Vahid, T. K., Elham, G., khosroshahi Mohsen, A., & Mohammadreza, E. (2012). Working capital management and corporate performance: evidence from Iranian companies. Procedia-Social and Behavioral Sciences, 62, 1313-1318.
Abstract
Purpose- This study aims to examine the impact of working capital management on firm performance using panel data analysis and BIST 100 company data.
Methodology- The dependent variable is return on assets (ROA), while the independent variables are the cash conversion cycle (CCC) and firm size. By analyzing a comprehensive dataset, which includes financial information of companies listed on the BIST 100, this research investigates how efficiently firms manage their working capital and the subsequent effect on their performance.
Findings- The panel data analysis allows for a robust examination of the relationship, considering both time-series and cross-sectional variations in the data.
Conclusion- The findings of this study have significant implications for practitioners and policymakers as they shed light on the importance of working capital management in enhancing firm performance. Moreover, by examining the impact of CCC and firm size, the study provides valuable insights into the specific factors that contribute to the relationship between working capital management and firm performance in the context of the BIST 100 companies.
References
- Brealey, R. A., Myers, S. C., Marcus, A. J., Mitra, D., Maynes, E. M., & Lim, W. (2007). Fundamentals of Corporate Finance.
- Baker, H. K., & Powell, G. (2009). Understanding financial management: A practical guide. John Wiley & Sons.
- Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of Business Finance & Accounting, 30(3‐4), 573-588.
- Eljelly, A. M. (2004). Liquidity‐profitability tradeoff: An empirical investigation in an emerging market. International Journal of Commerce and Management, 14(2), 48-61.
- Lazaridis, I., & Tryfonidis, D. (2006). Relationship between working capital management and profitability of listed companies in the Athens stock exchange. Journal of Financial Management and Analysis, 19(1), 22-29.
- Raheman, A., & Nasr, M. (2007). Working capital management and profitability–case of Pakistani firms. International Review of Business Research Papers, 3(1), 279-300.
- Shin, H. H., & Soenen, L. (1998). Efficiency of working capital management and corporate profitability. Financial Practice and Education, 8(2), 37-45.
- Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2020). Net operating working capital and firm value: A cross-country analysis. BRQ Business Research Quarterly, 23(3), 234-251.
- Lotfinia, E., Mousavi, Z., & Jari, A. (2012). The relationship betweenworking capital management and firm characteristics: evidence from Tehran Stock Exchange (TSE). International Journal of Business and Social Science, 3(14), 245-251.
- Vahid, T. K., Elham, G., khosroshahi Mohsen, A., & Mohammadreza, E. (2012). Working capital management and corporate performance: evidence from Iranian companies. Procedia-Social and Behavioral Sciences, 62, 1313-1318.
Details
| Primary Language | Turkish |
|---|---|
| Subjects | Business Administration |
| Journal Section | Articles |
| Authors | |
| Publication Date | July 30, 2023 |
| Published in Issue | Year 2023 Volume: 17 Issue: 1 |
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