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KRİZ ÖNCESİ VE KRİZ DÖNEMLERİNDE İŞLETMELERDE ÇALIŞMA SERMAYESİ GEREKSİNİMİNİN BELİRLEYİCİLERİ: İMKB İMALAT SANAYİ ŞİRKETLERİ ÜZERİNE AMPİRİK BİR UYGULAMA

Year 2010, Volume: 24 Issue: 2, 47 - 71, 06.07.2011

Abstract

Bu çalışmanın amacı, İMKB’de işlem gören imalat sanayi sektörü
şirketlerinde çalışma sermayesi gereksinimini etkileyen değişkenlerin kriz
öncesi ve kriz dönemlerinde neler olduğunu tespit etmek ve bu değişkenlerin
ilgili dönemler itibariyle farklılık gösterip göstermediğini belirlemektir. Bu
amaçla İMKB’de işlem gören imalat sanayi şirketleri üzerinde ampirik bir
çalışma gerçekleştirilmiştir. Araştırmanın bulgularına göre; kaldıraç oranı ve
duran varlık oranındaki artış hem kriz öncesi hem de kriz dönemlerinde çalışma
sermayesi gereksinimini azaltmaktadır. Bunla birlikte stok devir hızı ve Tobin q
değeri kriz öncesi dönemlerde çalışma sermayesi gereksinimi üzerinde herhangi
bir etki göstermez iken kriz dönemlerinde çalışma sermayesi gereksinimini
azalttığı tespit edilmiştir.

References

  • Afza T ve Nazir, MS (2007), “Working Capital Management Policies of Firms: Empirical Evidence from Pakistan”, In the Proceedings of 9th South Asian Management Forum (SAMF) on February 24-25, North South University, Dhaka, Bangladesh.
  • Appuhami, B.A Ranjith (2008), “The Impact of Firms’ Capital Expenditure on Working Capital Management: An Empirical Study across Industries in Thailand” International Management Review, Vol. 4 No. 1, ss. 8- 21.
  • Arslan, Özgür (2003), “Küçük ve Orta Ölçekli İşletmelerde Çalışma Sermayesi ve Bazı Finansal Yönetim Uygulamaları”, C.Ü. İktisadi ve İdari Bilimler Dergisi, Cilt 4, Sayı 1, 2003, ss. 121-135.
  • Birgili ve Tunahan, “Döviz Krizlerinde İşletme Sermayesi Davranışı”, http://www.econ.utah.edu/~ehrbar/erc2002/pdf/P103.pdf (Erişim Tarihi: 10.11.2009)
  • Berk, Niyazi (2003), Finansal Yönetim, Türkmen Kitabevi, İstanbul.
  • Berman, Karen, Knight, Joe ve Case, John (2006), Financial Intelligence, ISBN: 1-59139-764-2, Business Literacy Institute, USA.
  • Chiou, Jeng-Ren Cheng, Li ve Wu, Han-Wen (2006), “The Determinants of Working Capital Management”, Journal of American Academy of Business, Cambridge, 10, 1; ABI/INFORM Global.
  • Deloof, M. (2003), “Does Working Capital Management Affect Profitability of Belgian Firms?”, Journal of Business, Finance and Accounting, Vol. 30, ss. 573-587.
  • Erdinç, Saliha Başak (2008), “Konaklama İşletmelerinde İşletme Sermayesi Yönetiminin İncelenmesi”, Afyon Kocatepe Üniversitesi, İ.İ.B.F. Dergisi, C.X ,S II., ss. 223-236.
  • Ertuna, Özer (2002), “Yaşadığımız Krizin Şirketlere Etkisi”, Muhasebe ve Finansman Dergisi (MUFAD), Sayı:13, Ocak 2002, ss. 21-37.
  • Fazzari, Steven M., Petersen (1993), Bruce C. “Working Capital And Fixed Investment. New Evidence On Financing Constraints”, Rand Journal of Economics, Vol:24, Issue 3, ss. 328-342.
  • Filbeck, G ve Krueger, T (2005), “Industry Related Differences in Working Capital Management”, Mid-American Journal of Business, 20(2), ss. 11-18.
  • Hawawini, Gabriel., Viallet, Claude, ve Vora, Ashok (1986), “Industry Influence on Corporation Working Capital Decisions,” Sloan Management Review, 27, 4, ss. 15-24.
  • Kalaycı, Şeref (2006), SPSS Uygulamalı Çok Değişkenli İstatistik Teknikleri Asil Yayın Dağıtım, 2. Baskı, Ankara.
  • Kargar, J., and Blumenthal, R. A. (1994), “Leverage Impact on Working Capital in Small Business”, TMA Journal , 14 (6), ss. 46-53.
  • Kieschnick, Robert, Laplante, Mark ve Moussawi, Rabih (2006), “Corporate Working Capital Management: Determinants and Consequences”, January 14.
  • Lazaridis, Ioannis ve Tryfonidis, Dbvntrios (2006), “Relationship Between Working Capital Management And Profitability of Listed Companies in The Athens Stock Exchange”, Journal of Financial Management and Analysis, 19 (l), ss. 26-35.
  • Mishkin, F., 1996, “Lessons From the Asian Crisis”, NBER Working Papers, s. 1-2, http://www.nber.org papers/w7102 (20.10.2009).
  • Nazir, Mian Sajid ve Afza, Talat (2008), “On The Factor Determining Working Capital Requirements”, Proceedings of ASBBS, Volume 15, Number 1, February 2008, ss. 293-301.
  • Nunn, K., (1981), “The Strategic Determinants of Working Capital: A Product- Line Perspective,” Journal of Financial Research 4, ss. 207-219.
  • Öztürk, M. Başaran ve Demirgüneş, Kartal (2008); “İşletme Sermayesi Gereksinimini Etkileyen Değişkenler Üzerine İMKB’de Bir Uygulama”, Finans Politik ve Ekonomik Yorumlar, Cilt: 45, Sayı: 516, ss. 47-56
  • Rehman A (2006), “Working Capital Management and Profitability: Case of Pakistani Firms”, Pakistan: COMSATS Institute of Information Technology Islamabad.
  • Shin, Hyun-Han ve Soenen, Luc (1998), “Efficiency of Working Capital Management and Corporate Profitability,” Financial Practice and Education , 8, ss. 37-45.
  • Shulman, J. M. ve Cox, R. A. K. (1985), “An Integrative Approach to Working Capital Management”, Journal of Cash Management, 5 (6), ss. 64-68.
  • Singh, J P ve Pandey, Shishir (2008), “Impact of Working Capital Management in the Profitability of Hindalco Industries Limited”, The Icfai University Journal of Financial Economics, Vol. VI, No. 4.
  • Smith, K. (1980), Profitability versus Liquidity Tradeoffs in Working Capital Management, in Readings on the Management of Working Capital, New York: St. Paul, West Publishing Company.
  • Soenen LA (1993), “Cash Conversion Cycle and Corporate Profitability”, Journal of Cash Management, Vol.13, No.4, ss. 53-58.
  • Stoltz, A., Viljoen, M., Gool. S., Cronje, R. (2007), Financial Management: Fresh Perspectives, Cape Town: Pearson Education.
  • Teruel PJG ve Solano, PM (2005), “Effects of Working Capital Management on SME Profitability”, Working Papers Series. Dept. Organization de Empresasy Finanzas, Facultad de Economia Empresa, Universidad de Murcia, Campus Espinardo, Spain.
  • Titiz, İsmet ve Çarıkçı, H. İlker (2001), “Krizlerin İşletmeler Üzerindeki Etkileri ve Küçük İşletme Yöneticilerinin Kriz Dönemine Yönelik Stratejik Düşünce ve Analizleri”, C.Ü. İktisadi ve İdari Bilimler Dergisi, Cilt 2, Sayı 1, ss. 203-218.
  • Weinraub HJ ve Visscher, S (1998), “Industry Practice Relating to Aggressive Conservative Working Capital Policies”, Journal of Financial and Strategic Decision, Cilt. 11, No. 2, ss. 11-18.
Year 2010, Volume: 24 Issue: 2, 47 - 71, 06.07.2011

Abstract

References

  • Afza T ve Nazir, MS (2007), “Working Capital Management Policies of Firms: Empirical Evidence from Pakistan”, In the Proceedings of 9th South Asian Management Forum (SAMF) on February 24-25, North South University, Dhaka, Bangladesh.
  • Appuhami, B.A Ranjith (2008), “The Impact of Firms’ Capital Expenditure on Working Capital Management: An Empirical Study across Industries in Thailand” International Management Review, Vol. 4 No. 1, ss. 8- 21.
  • Arslan, Özgür (2003), “Küçük ve Orta Ölçekli İşletmelerde Çalışma Sermayesi ve Bazı Finansal Yönetim Uygulamaları”, C.Ü. İktisadi ve İdari Bilimler Dergisi, Cilt 4, Sayı 1, 2003, ss. 121-135.
  • Birgili ve Tunahan, “Döviz Krizlerinde İşletme Sermayesi Davranışı”, http://www.econ.utah.edu/~ehrbar/erc2002/pdf/P103.pdf (Erişim Tarihi: 10.11.2009)
  • Berk, Niyazi (2003), Finansal Yönetim, Türkmen Kitabevi, İstanbul.
  • Berman, Karen, Knight, Joe ve Case, John (2006), Financial Intelligence, ISBN: 1-59139-764-2, Business Literacy Institute, USA.
  • Chiou, Jeng-Ren Cheng, Li ve Wu, Han-Wen (2006), “The Determinants of Working Capital Management”, Journal of American Academy of Business, Cambridge, 10, 1; ABI/INFORM Global.
  • Deloof, M. (2003), “Does Working Capital Management Affect Profitability of Belgian Firms?”, Journal of Business, Finance and Accounting, Vol. 30, ss. 573-587.
  • Erdinç, Saliha Başak (2008), “Konaklama İşletmelerinde İşletme Sermayesi Yönetiminin İncelenmesi”, Afyon Kocatepe Üniversitesi, İ.İ.B.F. Dergisi, C.X ,S II., ss. 223-236.
  • Ertuna, Özer (2002), “Yaşadığımız Krizin Şirketlere Etkisi”, Muhasebe ve Finansman Dergisi (MUFAD), Sayı:13, Ocak 2002, ss. 21-37.
  • Fazzari, Steven M., Petersen (1993), Bruce C. “Working Capital And Fixed Investment. New Evidence On Financing Constraints”, Rand Journal of Economics, Vol:24, Issue 3, ss. 328-342.
  • Filbeck, G ve Krueger, T (2005), “Industry Related Differences in Working Capital Management”, Mid-American Journal of Business, 20(2), ss. 11-18.
  • Hawawini, Gabriel., Viallet, Claude, ve Vora, Ashok (1986), “Industry Influence on Corporation Working Capital Decisions,” Sloan Management Review, 27, 4, ss. 15-24.
  • Kalaycı, Şeref (2006), SPSS Uygulamalı Çok Değişkenli İstatistik Teknikleri Asil Yayın Dağıtım, 2. Baskı, Ankara.
  • Kargar, J., and Blumenthal, R. A. (1994), “Leverage Impact on Working Capital in Small Business”, TMA Journal , 14 (6), ss. 46-53.
  • Kieschnick, Robert, Laplante, Mark ve Moussawi, Rabih (2006), “Corporate Working Capital Management: Determinants and Consequences”, January 14.
  • Lazaridis, Ioannis ve Tryfonidis, Dbvntrios (2006), “Relationship Between Working Capital Management And Profitability of Listed Companies in The Athens Stock Exchange”, Journal of Financial Management and Analysis, 19 (l), ss. 26-35.
  • Mishkin, F., 1996, “Lessons From the Asian Crisis”, NBER Working Papers, s. 1-2, http://www.nber.org papers/w7102 (20.10.2009).
  • Nazir, Mian Sajid ve Afza, Talat (2008), “On The Factor Determining Working Capital Requirements”, Proceedings of ASBBS, Volume 15, Number 1, February 2008, ss. 293-301.
  • Nunn, K., (1981), “The Strategic Determinants of Working Capital: A Product- Line Perspective,” Journal of Financial Research 4, ss. 207-219.
  • Öztürk, M. Başaran ve Demirgüneş, Kartal (2008); “İşletme Sermayesi Gereksinimini Etkileyen Değişkenler Üzerine İMKB’de Bir Uygulama”, Finans Politik ve Ekonomik Yorumlar, Cilt: 45, Sayı: 516, ss. 47-56
  • Rehman A (2006), “Working Capital Management and Profitability: Case of Pakistani Firms”, Pakistan: COMSATS Institute of Information Technology Islamabad.
  • Shin, Hyun-Han ve Soenen, Luc (1998), “Efficiency of Working Capital Management and Corporate Profitability,” Financial Practice and Education , 8, ss. 37-45.
  • Shulman, J. M. ve Cox, R. A. K. (1985), “An Integrative Approach to Working Capital Management”, Journal of Cash Management, 5 (6), ss. 64-68.
  • Singh, J P ve Pandey, Shishir (2008), “Impact of Working Capital Management in the Profitability of Hindalco Industries Limited”, The Icfai University Journal of Financial Economics, Vol. VI, No. 4.
  • Smith, K. (1980), Profitability versus Liquidity Tradeoffs in Working Capital Management, in Readings on the Management of Working Capital, New York: St. Paul, West Publishing Company.
  • Soenen LA (1993), “Cash Conversion Cycle and Corporate Profitability”, Journal of Cash Management, Vol.13, No.4, ss. 53-58.
  • Stoltz, A., Viljoen, M., Gool. S., Cronje, R. (2007), Financial Management: Fresh Perspectives, Cape Town: Pearson Education.
  • Teruel PJG ve Solano, PM (2005), “Effects of Working Capital Management on SME Profitability”, Working Papers Series. Dept. Organization de Empresasy Finanzas, Facultad de Economia Empresa, Universidad de Murcia, Campus Espinardo, Spain.
  • Titiz, İsmet ve Çarıkçı, H. İlker (2001), “Krizlerin İşletmeler Üzerindeki Etkileri ve Küçük İşletme Yöneticilerinin Kriz Dönemine Yönelik Stratejik Düşünce ve Analizleri”, C.Ü. İktisadi ve İdari Bilimler Dergisi, Cilt 2, Sayı 1, ss. 203-218.
  • Weinraub HJ ve Visscher, S (1998), “Industry Practice Relating to Aggressive Conservative Working Capital Policies”, Journal of Financial and Strategic Decision, Cilt. 11, No. 2, ss. 11-18.
There are 31 citations in total.

Details

Primary Language tr;en
Journal Section Makaleler
Authors

Ahmet Büyükşalvarcı This is me

Hasan Abdioğlu This is me

Publication Date July 6, 2011
Published in Issue Year 2010 Volume: 24 Issue: 2

Cite

APA Büyükşalvarcı, A., & Abdioğlu, H. (2011). KRİZ ÖNCESİ VE KRİZ DÖNEMLERİNDE İŞLETMELERDE ÇALIŞMA SERMAYESİ GEREKSİNİMİNİN BELİRLEYİCİLERİ: İMKB İMALAT SANAYİ ŞİRKETLERİ ÜZERİNE AMPİRİK BİR UYGULAMA. Atatürk Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 24(2), 47-71.

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