Firma Performansı Üzerinde Çalışma Sermayesinin Etkisi: Türk İmalat Sektörü Üzerine Bir Uygulama

Abstract

Günümüzde firmaların nihai hedefi olan piyasa değerini maksimize edebilmek için etkin bir çalışma sermayesinin yönetimi büyük önem taşımaktadır. O nedenle işletme yöneticileri zamanlarının çok önemli bir bölümünü çalışma sermayesinin yönetimine harcamaktadırlar. Firmaların başarı veya başarısızlığında çalışma sermayesi çok önemli bir işleve sahiptir. Çalışmada İmkb’de hisse senetleri işlem gören imalat sektöründeki 107 firmanın 2000–2009 yıllarına ait bağımlı değişken ROA ile bağımsız değişkenleri AOTS, STS ve BOS arasındaki ilişkiyi saptayabilmek için korelasyon ve regresyon analizleri yapılmıştır. Analiz sonuçlarına göre bağımlı değişken ile bağımsız değişkenler arasında ters yönde negatif ilişki bulunmuştur. Bulunan sonuç genel anlamda literatür ile uyum göstermektedir

Keywords

• Çalışma sermayesi, nakit dönüşüm süresi, ticari alacaklar, stoklar, firma performansı

The Effect of Working Capital on Firm Performance: An Examination on Turkish Manufacturing Sectors

Abstract

Today, an effective working capital management which is used for maximazing market value of firms is critically important. Therefore, business executives spend a lot of time on the management of working capital. Consequently working capital has a big role in firms’ financial success or failure. In the study, the data set of 107 manufacturing industries effecting transactions in ISE over the period 2000-2009 is used. In order to determine the relationship between the dependent variable (ROA) and independent variables (AOTS, STS and BOS, correlation and regression analysis is performed. According to the results, a reverse negative relationship is found between dependent variable and independent variables. These findings are extensively consistent with the literature

Keywords

• Working capital, cash conversion cycle, account receivables, inventories, firm performance

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