Effects of The Operating Cycle and Cash Conversion Cycle on Financial Performance of The Turkey’s Cement Industry

Year 2021, Volume: 36 Issue: 1, 27 - 41, 31.03.2021

Turgut Özkan Naime İrem Koşan Özge Demirkale

https://doi.org/10.24988/ije.202136103

Abstract

This study aims to determine the effects of operating and cash conversion cycle of cement companies operating in Turkey and trading shares in Borsa Istanbul (Bist) on the basis of firms and sectors and to measure how these effects shape financial performance in the context of both firms and sectors. In the study, operating and cash conversion cycle of fourteen cement companies on the basis of firm and sector were calculated and the effects of both cycles on the identified performance items were examined by panel data analysis. The analysis include the quarterly periods of 1997-2018. According to the results obtained from the analysis, fixed assets and financial expenses affect the operating cycle. In addition, in the corresponding period, average stock and average pay times have a meaningful impact on financial expenses.

Keywords

Operating Cycle, Cash Conversion Cycle, Cement Industry, Financial Performance

Faaliyet Döngüsü ve Nakit Akış Döngüsünün Türkiye’deki Çimento Endüstrisinin Finansal Performansı Üzerindeki Etkileri

Abstract

Bu çalışma, Türkiye’de faaliyet gösteren ve Borsa İstanbul (BİST)’da pay senetleri işlem gören çimento şirketinin firmalarının, faaliyet ve nakit döngüsünün firma ve sektör bazında etkilerini belirleyerek, bu etkilerin hem firma hem sektör bağlamında finansal performansı nasıl şekillendirdiğini ölçmeyi amaçlamaktadır. Çalışmada on dört çimento şirketinin firma ve sektör bazında faaliyet ve nakit döngüleri hesaplanmış ve her iki döngünün belirlenen performans kalemleri üzerine etkileri panel veri analizi yöntemiyle incelenmiştir. Analiz, 1997-2018 yıllarının üçer aylık periyodlarını kapsamaktadır. Analizden elde edilen sonuçlara göre işletme döngüsünü duran varlıklar ve finansal giderler etkilemektedir. Buna ek olarak, ilgili dönemde, ortalama stok ve ortalama ödeme süreleri finansal giderler üzerinde anlamlı bir etkiye sahiptir.

Keywords

Faaliyet Döngüsü, Nakit Akış Döngüsü, Çimento Endüstrisi, Finansal Performans

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