WORKING CAPITAL MANAGEMENT COMPARATIVE ANALYSIS IN TERM OF SECTORIAL GROUP

Abstract

This study made a comparative analysis on working capital management in term of sectorial groups for a sample of 29 ISE listed companies(production, retails and technology sectors) during 2008-2016. The results from one way ANOVA analysis found that the models are significant in all tests on this study. The model which current ratio is dependent variable represent that, the mean value of current ratio on retail sector is the lowest which is not expected. On other ANOVA tables production, retailars and technology sectors have the lowest debt ratio, interest coverage ratio and CCC period respectively. The final ANVOA  test indicate that, manufacturing sector has the highest ROA and ROE compare to other sectors.      

Keywords

• : Cash conversion cycle,Production sector,Retail sector

References

1. Acqua, A., Etro, L., Teti, E., & Barbalace, P. (2013). Market value and corporate debt: the 2006–2010 international evidence. Applied Financial Economics, 23(6), 495-504. Afrifa, G. (2013). Working capital management, and AİM listed SME companies profitability: a mixed research method approach, (Doctorate thesis). Business School, Bournemouth University, United Kingdom, 48.Agarwal, P. K., & Varma, S. K. (2013). Working capital management and corporate performance: evidence from a study of Indian firms. International Journal of Indian Culture and Business Management, 7(4), 552-571.
2. Ata, H. A., & Ağ, A. G. Y. (2010). Firma karakteristiğinin sermaye yapısı üzerindeki etkisinin analizi. Ekonometri ve İstatistik e-Dergisi(11), 45-60.
3. Aygün, M., & Akçay, A. (2015). Firma büyüklüğü ve borçlanmanın kar yönetimi üzerindeki etkisi. Muhasebe ve Finansman Dergisi(66), 57-68.
4. Basit, A., & Hassan, Z. (2017). Impact of capital structure on firm performance: a study on Karachi Stock Exchange (KSE) listed firms in Pakistan. International Journal of Management, Accounting and Economics, 4(2), 2383-2126.
5. Beyazgül, M., & Karadeni̇z, E. (2017). Türk imalat sektöründe küçük, orta ve büyük ölçekli işletmelerin nakit dönüşüm sürelerinin karşılaştırmalı analizi. TISK Academy/TISK Akademi, 12(23).
6. Burucu, H., & Öndeş, T. (2016). Türk imalat sanayi firmalarının sermaye yapısını etkileyen faktörlerin analizi. Çankırı Karatekin Üniversitesi İİBF Dergisi, 6(1), 201-225.
7. Çakir, H., ve Kaplan, I. (2012). İşletme sermayesi unsurlarının firma değeri ve karlılığı üzerindeki etkisinin İMKB’de işlem gören üretim firmalarında 2000 – 2009 dönemi için analizi. The Journal of Accounting and Finance,, 5(7), 57-82.
8. Chauvin, K. W., & Hirschey, M. (1993). Advertising, R&D expenditures and the market value of the firm. Financial Management, 128-140. Chiou, J.-R., Cheng, L., & Wu, H.-W. (2006). The determinants of working capital management. Journal of American Academy of Business, 10(1), 149-155.

9. Data store (2017): Paypiyse verileri. Available online. Retrieved september 11, 2017 From: http://www.datastore.borsaistanbul.com
10. Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of business finance & Accounting, 30(3‐4), 573-588.
11. Demi̇rel, E., Başci, E. S. & Karaca, S. (2014). İşletme sermayesi ve performans göstergeleri arasındaki ilişkiler: Borsa İstanbul üzerine bir uygulama. Ege Stratejik Araştırmalar Dergisi, 5(1), 79-98.
12. Doğan, M., & Topal, Y. (2016). Karlılığı belirleyen finansal faktörler: BIST'te işlem imalat sanayi firmaları üzerine bir araştırmagören. Optimum Journal of Economics & Management Sciences/Ekonomi ve Yönetim Bilimleri Dergisi, 3(1). Dong, H., & Su, J. (2010). The relationship between working capital management and profitability: A Vietnam Case. International Journal of Finance and Econimics, 49(3-4), 574-588.
13. Dube et al. (2015). Information technology in Turkey: creating high-skill jobs along with more unemployed highly-educated workers. Elsevier, 39, 811-829.
14. Dursun, A., & Ayrıçay, Y. (2012). Çalişma sermayesi-kârlilik ilişkisinin İMKB örneğinde 1996-2005 dönemi analizi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 26(3-4).
15. Gill, A., et al. . (2010). The relationship between working capital management and profitability: evidence from the united states. Business and Economics Journal, 2010, 37-48.
16. Haraguchi, N., Cheng, C., & Smeets, E. (2017). The importance of manufacturing in economic development: has this changed? World Development, 93, 293-315. House of Commons Library. (2018). The retail industry: statistics and policy. Report number 06186, 6-8.
17. İşyatırım (2017): Hisse senetleri. Available online. Retrieved julay 17, 2017 from: http://www.işyatirim.com/tr-tr/analiz/hisseİnvesting (2017): Türkiye hisse senetleri. available online. Retrieved dcember 17, 2017 From: http://www.tr.investing.com/equities/turkey
18. Jose, M. L., Lancaster, C. & Stevens, J. (1996). Corporate returns and cash conversion cycles. Journal of Economics and Finance, 20(1), 33.
19. Kamuya aydınlatma platformu (2016): Sektörler. Available online. Retrieved august 27, 2017 from: http://www.kap.org/tr/sektorlerKendirli, S., and Konak, F. (2014). İşletme sermayesi̇ yöneti̇minin fi̇rma performansi üzeri̇ndeki̇ etki̇si̇: BİST gida, içecek endeksi̇ uygulamasi. Akademik Bakış Dergisi, 4, 223-204.
20. Keskin, R. & Gökalp, F. (2016). Çalışma sermaye yönetiminin firma karlılığı üzerine etkisi: panel veri analizi. Doğuş Üniversitesi Dergisi, 17(1), 15-25.
21. Külter, B. & Demi̇rgüne, K. (2007). Perakendeci fi̇rmalard karliliği etki̇leyen deği̇şkenler hisse senetleri İMKB'd i̇şlem gören perakendeci firmalar üzerinde ampirik bir çalışma. Journal of The Cukurova University Institute of Social Sciences, 16(1).
22. Lancaster, C., Stevens, J. L., & Jennings, J. A. (1999). Corporate liquidity and the significance of earnings versus cash flow: an examination of industry effects. Journal of Applied Business Research, 15, 37-46.
23. 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), 26-35.
24. McKinsey Global Institute. (2018, March 17). Smart cities: digital solutions for a more livable future,. Retrieved from https://www.mckinsey.com/mgi/overview
25. Meder, Ç., Hafize. (2013). Naki̇t döngüsünün fi̇rma kârlılığına etki̇si̇ sektörel anali̇z. Journal of Yasar University, 8(30).
26. Mengesha, W. (2014). Impact of working capital management on firms’ performance: the case of selected metal manufacturing companies, (Master’s theisis). Accounting and Finance in Addis Ababa, Ethiopia, 1. Moss, J. D. & Stine, B. (1993). Cash conversion cycle and firm size: a study of retail firms. Managerial Finance, 19(8), 25-34. Rimo, A. and Panbuyuen, P. (2010). The effective of company characteristics on working capital management, a quantitative study of Swedish listed companies, (Master’s thesis). Uea School of Business Social and Behavioral Science. Sweden, 32, 51-57. Ruckova, P. (2015). Dependency of return on equity and use of finance sources in building companies in V4 countries. Economics and Management, Business Administration and Management, 10(3), (73-83). 
Şamiloğlu, F., and Demirgüneş, K. (2008). The effect of working capital management on firm profitability: evidence from Turkey. The International Journal of Applied Economics and Finance, 2, 44-50.
27. Şen, M. (2009). Relationship between efficiency level of working capital management and return on total assets in İSE (İstanbul Stock Exchange). International Journal of Business and Management, 4(10), 109.
28. Sharma, A. & Kumar, S. (2011). Effect of working capital management on firm profitability: empirical evidence from India. Global Business Review, 12(1), 159-173.
29. Shin, H. and Soenen, L. (1998). Efficiency of working capital management and corporate profitability. Financial Practice and Education, 8, 37-45. TC. Kalkinma Bakanlığı. (2014-2018). Onuncu Kalkınma Planı. Türkiye: Kalkınma Bakanlığı, 241.
30. Uğurlu, M. & Demir, Y. (2016). Firma büyüklüğü anomalisinin varlığının BİST’te test edilmesi. İşletme ve İktisat Çalışmaları Dergisi, 4(3), 106-116.
31. Uluyol, O. ve Türk, V. (2013). Finansal rasyolarin firma değergine etkisi: Borsa İstanbul (BİSt)da bir uygulama. Afyon Kocatepe Üniversitesi, İİBF Dergisi, 15(1), 2.
32. United Nation conference on trade and development, I. R. D., trade and development, (2017, 23 october 2017). United Nation Conference on Trade and Development, Information Report: Digitalization, Trade and Development 201, Chapter II, Sales No. E.17.II.D.8, 22-26. paper presented at the UNCTAD, Newyork.
33. Uyar, A. (2009). The relationship of cash conversion cycle with firm size and profitability: an empirical investigation in Turkey. International Research Journal of Finance and Economics, 24, 186-192. Vural, G., Sökmen, A. G., & Çetenak, E. H. (2012). Affects of working capital management on firm’s performance: evidence from Turkey. International Journal of Economics and Financial Issues, 2(4), 488-495.
34. Wang and Yung, J. (2002). Liquidity management, operating performance and corporate value: evidence from Japan and Taiwan. Journal of Multinational Financial Management, 12(2), 159-169.
35. Yarimoglu, E. (2014). Turkish retail industry and the relations with Albania. European Scientific Journal, ESJ, 10(7).
36. Yazdanfar, D. & Öhman, P. (2014). The impact of cash conversion cycle on firm profitability: an empirical study based on Swedish data. International Journal of Managerial Finance, 10(4), 442-452.
37. Yücel, T., & Kurt, G. (2002). Nakit dönüşüm süresi, nakit yönetimi ve kârlılık: İMKB şirketleri üzerinde ampirik bir çalışma. İMKB Dergisi, 6(22), 1-15.