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ÇALIŞMA SERMAYESİ YÖNETİMİNİN FİRMA KÂRLILIĞI ÜZERİNE ETKİSİ: İMALAT SEKTÖRÜNE YÖNELİK PANEL VERİ ANALİZİ

Year 2007, Volume: 10 Issue: 2, 319 - 332, 18.02.2010

Abstract

Firmaların kısa dönemdeki yatırımlarını ifade eden çalışma sermayesinin
toplam aktifler içerisindeki payı ve firma kârlılığı üzerindeki etkisi önemli
boyutlardadır. Bu çalışmanın amacı, çalışma sermayesi yönetiminin firmaların
kârlılığı üzerine etkisini tespit etmektir. Bu amaçla çalışmada, İMKB’de işlem
gören imalat sektörüne ait 68 firmanın 1992–2005 dönemine ait verilerinden
hareketle, firmaların alacak devir hızı, borç devir hızı, stok devir hızı ve net ticaret
süresi ile izlenen çalışma sermaye yönetiminin firma kârlılığına etkisi
incelenmeye çalışılmıştır. Panel veri analizinden elde edilen bulgular, çalışma
sermayesi yönetimini temsil eden alacak devir hızı, borç devir hızı, stok devir hızı
ve net ticaret süresinin firma kârlılığıyla negatif ilişkili olduğunu, satışlardaki
büyüme ve mali duran varlıkların kârlılığa pozitif ve anlamlı etkisinin olduğunu
göstermiştir.

References

  • Akmut, Özdemir ve Sarıaslan, Halil, (1999), Finansal Yönetimin Temelleri, Ankara Üniversitesi Yayınları, No:213, Cilt:2, Ankara, (Eugene F. Brigham, Fundemantals of Financial Management isimli kitabının çevirisi)
  • Arnold, Glen, (1998), Corporate Financial Management, Prentice Hall, First Pub., England.
  • Baldemir, Ercan ve Keskiner Ayşe (2004), “Devalüasyon, Para, Reel Gelir Değişkenlerinin Dış Ticaret Üzerine Etkisinin Panel Data Yöntemiyle Türkiye İçin İncelenmesi”, Dokuz Eylül Üniversitesi, Sosyal Bilimler Enstitüsü Dergisi, Cilt:6, Sayı:4, ss.44–59.
  • Blinder, Alan S. ve Maccini, Louis J., (1991), “The Resurgence of Inventory Research: What Have We Learned?”, Journal of Economic Survey, Vol:5, pp. 291–328.
  • Deloof, Marc, (2003), “Does Working Capital Management Affect Profitability of Belgian Firms?”, Journal of Business, Finance and Accounting, Vol: 30, pp. 573–587.
  • Demirgüç-Kunt, Aslı ve Maksimovic, Vladimir, (2002), “Firms as Financial Intermediaries: Evidence from Trade Credit Data”, World Bank Working Paper, pp. 1–52.
  • Eljelly, Abuzar, (2004), “Liquidity-Profitability Tradeoff: An Empirical Investigation in an Emerging Market”, International Journal of Commerce & Management, Vol:14, No:2, pp. 48 – 61.
  • Emery, Gary W., (1987), “An Optimal Financial Response to Variable Demand”, Journal of Financial and Quantitative Analysis, Vol:22, pp. 209–225.
  • Emery, Gary W., (1984), “A Pure Financial Explanation for Trade Credit”, Journal of Financial and Quantitative Analysis, Vol:19, pp. 271–285.
  • Gentry, James A., Vaidyanathan, Raj ve Wai, Lee Hei, (1990), “A Weighted Cash Conversion Cycle”, Financial Management, Vol:19, No:1, pp. 90–99.
  • Gitman, Lawrence J., (1974), “Estimating Corporate Liquidity Requirements: A Simplified Approach”, The Financial Review, Vol: 9,No:3, pp. 79–88.
  • Grene, William H., (1997), Econometric Analysis, Prentice Hall, Third Edition, New Jersey.
  • Gujarati, Damodar N., (2003), Basic Ecnometrics, McGraw Hill, Fourth Edition, , New York.
  • Hawawini, Gabriel, Viallet, Claude ve Vora, Ashok, (1986), “Industry Influence on Corporate Working Capital Decisions”, Sloan Management Review, Vol: 27, No:4, pp.15-24.
  • Howorth, Carole ve Westhead, Paul, (2003), “The Focus of Working Capital Management in UK Small Firms”, Management Accounting Research, Vol: 14, No: 2, pp. 94–111.
  • Kamath, Ravindra, (1989), “How Useful Are Common Liquidity Measures?”, Journal of Cash Management, Vol:9, No:1, pp. 24–28.
  • Kim, Yong H. ve Chung, Kee H., (1990), “An Integrated Evaluation of Investment in Inventory and Credit: A Cash Flow Approach”, Journal of Business Finance and Accounting, Vol: 17, pp. 381–390.
  • Narasimhan, M. S. ve Murty, L. S. (2001), “Emerging Manufacturing Industry: A Financial Perspective”, Management Review, June, pp. 105–112.
  • Ng, Chee K, Smith, Janet Kiholm ve Smith, Richard L., (1999), “Evidence on the Determinants of Credit Terms Used in Interfirm Trade”, Journal of Finance, Vol:54, pp. 1109–1129.
  • Nunn, Kenneth P.,(1981), “The Strategic Determinants of Working Capital: A Product - Line Perspective”, The Journal of Financial Research, Fall, pp. 207–219.
  • Pazarlıoğlu M. Vedat (2001), “1980-1990 Döneminde Türkiye’de İç Göç Üzerine Ekonometrik Model Çalışması”, V. Ulusal Ekonometri ve İstatistik Sempozyumu, Çukurova Üniversitesi, Adana.
  • Peel, Michael J., Wilson, Nicholas ve Howorth, Carole A., (2000), “Late Payment and Credit Management in the Small Firm Sector: Some Empirical Evidence”, International Small Business Journal, Vol: 18, No: 2, pp. 17-37.
  • Peel, Michael ve Nicholas, Wilson, (1996), “Working Capital and Financial Management Practices in the Small Firm Sector”, International Small Business Journal, Vol: 14, No: 2, pp. 52-68.
  • Richards, Verlyn D.-Laughlin, Eugene J.,(1980), “A Cash Conversion Cycle Approach to Liquidity Analysis”, Financial Management, Vol: 9, No: 1, pp. 32–38.
  • Sartoris, William L. ve Hill, Ned C., (1983), “A Generalized Cash Flow Approach to Short-Term Financial Decisions”, Journal of Finance, May, pp. 349–360.
  • Schiff, Michael ve Zvi, Lieber, (1974), “A Model for the Integration of Credit and Inventory Management”, Journal of Finance, Vol:29, pp. 133–140
  • Shin, Hyun-Han., H. Soenen Luc, (1998), “Efficiency of Working Capital and Corporate Profitability”, Financial Practice and Education, Vol: 8, pp. 37–45.
  • Sims, Christopher A., (1980), “Macroeconomics and Reality”, Econometrica, Vol:8, No:1, ss.1–48.
  • Smith, Keith, (1980), Profitability Versus Liquidity Tradeoffs in Working Capital Management, in Readings on the Management of Working Capital. Ed. K. V. Smith, St. Paul, West Publishing Company, pp. 549-562.
  • Smith, Keith, (1973), “State of the Art of Working Capital Management”, Financial Management, Autumn, pp. 50–55.
  • Wilner, Benjamin S., (2000), “The Exploitation of Relationships in Financial Distress: The Case of Trade Credit”, Journal of Finance, Vol:55, pp. 153–178.
  • Yücel Tülay ve Kurt Gülüzar (2002), “Nakit Dönüş Süresi, Nakit Yönetimi ve Kârlılık: İMKB Şirketleri Üzerine Ampirik Bir Çalışma” İMKB Dergisi, Yıl: 6, Sayı: 22, ss.1–15.
Year 2007, Volume: 10 Issue: 2, 319 - 332, 18.02.2010

Abstract

References

  • Akmut, Özdemir ve Sarıaslan, Halil, (1999), Finansal Yönetimin Temelleri, Ankara Üniversitesi Yayınları, No:213, Cilt:2, Ankara, (Eugene F. Brigham, Fundemantals of Financial Management isimli kitabının çevirisi)
  • Arnold, Glen, (1998), Corporate Financial Management, Prentice Hall, First Pub., England.
  • Baldemir, Ercan ve Keskiner Ayşe (2004), “Devalüasyon, Para, Reel Gelir Değişkenlerinin Dış Ticaret Üzerine Etkisinin Panel Data Yöntemiyle Türkiye İçin İncelenmesi”, Dokuz Eylül Üniversitesi, Sosyal Bilimler Enstitüsü Dergisi, Cilt:6, Sayı:4, ss.44–59.
  • Blinder, Alan S. ve Maccini, Louis J., (1991), “The Resurgence of Inventory Research: What Have We Learned?”, Journal of Economic Survey, Vol:5, pp. 291–328.
  • Deloof, Marc, (2003), “Does Working Capital Management Affect Profitability of Belgian Firms?”, Journal of Business, Finance and Accounting, Vol: 30, pp. 573–587.
  • Demirgüç-Kunt, Aslı ve Maksimovic, Vladimir, (2002), “Firms as Financial Intermediaries: Evidence from Trade Credit Data”, World Bank Working Paper, pp. 1–52.
  • Eljelly, Abuzar, (2004), “Liquidity-Profitability Tradeoff: An Empirical Investigation in an Emerging Market”, International Journal of Commerce & Management, Vol:14, No:2, pp. 48 – 61.
  • Emery, Gary W., (1987), “An Optimal Financial Response to Variable Demand”, Journal of Financial and Quantitative Analysis, Vol:22, pp. 209–225.
  • Emery, Gary W., (1984), “A Pure Financial Explanation for Trade Credit”, Journal of Financial and Quantitative Analysis, Vol:19, pp. 271–285.
  • Gentry, James A., Vaidyanathan, Raj ve Wai, Lee Hei, (1990), “A Weighted Cash Conversion Cycle”, Financial Management, Vol:19, No:1, pp. 90–99.
  • Gitman, Lawrence J., (1974), “Estimating Corporate Liquidity Requirements: A Simplified Approach”, The Financial Review, Vol: 9,No:3, pp. 79–88.
  • Grene, William H., (1997), Econometric Analysis, Prentice Hall, Third Edition, New Jersey.
  • Gujarati, Damodar N., (2003), Basic Ecnometrics, McGraw Hill, Fourth Edition, , New York.
  • Hawawini, Gabriel, Viallet, Claude ve Vora, Ashok, (1986), “Industry Influence on Corporate Working Capital Decisions”, Sloan Management Review, Vol: 27, No:4, pp.15-24.
  • Howorth, Carole ve Westhead, Paul, (2003), “The Focus of Working Capital Management in UK Small Firms”, Management Accounting Research, Vol: 14, No: 2, pp. 94–111.
  • Kamath, Ravindra, (1989), “How Useful Are Common Liquidity Measures?”, Journal of Cash Management, Vol:9, No:1, pp. 24–28.
  • Kim, Yong H. ve Chung, Kee H., (1990), “An Integrated Evaluation of Investment in Inventory and Credit: A Cash Flow Approach”, Journal of Business Finance and Accounting, Vol: 17, pp. 381–390.
  • Narasimhan, M. S. ve Murty, L. S. (2001), “Emerging Manufacturing Industry: A Financial Perspective”, Management Review, June, pp. 105–112.
  • Ng, Chee K, Smith, Janet Kiholm ve Smith, Richard L., (1999), “Evidence on the Determinants of Credit Terms Used in Interfirm Trade”, Journal of Finance, Vol:54, pp. 1109–1129.
  • Nunn, Kenneth P.,(1981), “The Strategic Determinants of Working Capital: A Product - Line Perspective”, The Journal of Financial Research, Fall, pp. 207–219.
  • Pazarlıoğlu M. Vedat (2001), “1980-1990 Döneminde Türkiye’de İç Göç Üzerine Ekonometrik Model Çalışması”, V. Ulusal Ekonometri ve İstatistik Sempozyumu, Çukurova Üniversitesi, Adana.
  • Peel, Michael J., Wilson, Nicholas ve Howorth, Carole A., (2000), “Late Payment and Credit Management in the Small Firm Sector: Some Empirical Evidence”, International Small Business Journal, Vol: 18, No: 2, pp. 17-37.
  • Peel, Michael ve Nicholas, Wilson, (1996), “Working Capital and Financial Management Practices in the Small Firm Sector”, International Small Business Journal, Vol: 14, No: 2, pp. 52-68.
  • Richards, Verlyn D.-Laughlin, Eugene J.,(1980), “A Cash Conversion Cycle Approach to Liquidity Analysis”, Financial Management, Vol: 9, No: 1, pp. 32–38.
  • Sartoris, William L. ve Hill, Ned C., (1983), “A Generalized Cash Flow Approach to Short-Term Financial Decisions”, Journal of Finance, May, pp. 349–360.
  • Schiff, Michael ve Zvi, Lieber, (1974), “A Model for the Integration of Credit and Inventory Management”, Journal of Finance, Vol:29, pp. 133–140
  • Shin, Hyun-Han., H. Soenen Luc, (1998), “Efficiency of Working Capital and Corporate Profitability”, Financial Practice and Education, Vol: 8, pp. 37–45.
  • Sims, Christopher A., (1980), “Macroeconomics and Reality”, Econometrica, Vol:8, No:1, ss.1–48.
  • Smith, Keith, (1980), Profitability Versus Liquidity Tradeoffs in Working Capital Management, in Readings on the Management of Working Capital. Ed. K. V. Smith, St. Paul, West Publishing Company, pp. 549-562.
  • Smith, Keith, (1973), “State of the Art of Working Capital Management”, Financial Management, Autumn, pp. 50–55.
  • Wilner, Benjamin S., (2000), “The Exploitation of Relationships in Financial Distress: The Case of Trade Credit”, Journal of Finance, Vol:55, pp. 153–178.
  • Yücel Tülay ve Kurt Gülüzar (2002), “Nakit Dönüş Süresi, Nakit Yönetimi ve Kârlılık: İMKB Şirketleri Üzerine Ampirik Bir Çalışma” İMKB Dergisi, Yıl: 6, Sayı: 22, ss.1–15.
There are 32 citations in total.

Details

Primary Language tr; en
Journal Section Makaleler
Authors

Yaşar Öz This is me

Bener Güngör This is me

Publication Date February 18, 2010
Published in Issue Year 2007 Volume: 10 Issue: 2

Cite

APA Öz, Y., & Güngör, B. (2010). ÇALIŞMA SERMAYESİ YÖNETİMİNİN FİRMA KÂRLILIĞI ÜZERİNE ETKİSİ: İMALAT SEKTÖRÜNE YÖNELİK PANEL VERİ ANALİZİ. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 10(2), 319-332.

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