Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği

Ersin Yenisu; Sedat Yenice

doi:10.55026/jobaf.978284

TR EN

Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği

Abstract

Nakit akış döngüsü son yıllarda işletmeler açısından daha da önem kazanmıştır. İşletmeler borçlarını zamanında ödeyebilmek ve faaliyetlerini kesintisiz olarak sürdürebilmek için mutlaka likiditelerini korumalıdırlar. Nakit yönetimi rekabetin iyice arttığı günümüzde finansal fonların en iyi şekilde yönetilmesi için kritik bir öneme sahiptir. Geleneksel olarak işletmeler nakit akış süresini azaltmak için alacaklarını en kısa sürede temin etmeli, borçlarını firmanın imajını zedelemeyecek şekilde ötelemeli ve stok tutma sürelerini mutlaka azaltmalıdırlar. Bu doğrultuda çalışmada nakit akış döngüsünü belirleyen işletme düzeyindeki unsurlar analiz edilmiştir. Çalışmada Borsa İstanbul (BIST)’da faaliyet gösteren 108 imalat sanayi şirketinin yıllık finansal verileri kullanılmıştır. Dönem olarak ise nispeten istikrarlı diyebileceğimiz 2010-2017 arası analiz edilmiştir. Diğer taraftan veriler hem kesit hem de zaman etkisi taşıdığı için yöntem olarak dinamik bir tahminleme modeli olan Sistem GMM panel regresyon modeli kullanılmıştır. Yapılan korelasyon ve Sistem GMM analizleriyle nakit akış döngüsünü önceki dönem nakit akış süresinin ve aktif devir hızının etkilediği sonucuna varılmıştır. Çalışmada veriler sektörlere ayrıştırılmış ve “tekstil” sektöründe nakit akış döngüsünün en uzun, “metal” sektöründe ise en kısa olduğu bulgulanmıştır. Sonuç olarak, bu çalışmaya göre işletmeler büyüdükçe nakit akış döngüsü süresi kısalmaktadır. Bu nedenle, özellikle küçük işletmeler finansal performanslarını arttırmak için alacak tahsil sürelerini azaltmaya, ortalama stok düzeylerini düşürmeye ve borçlarını daha uzun vadeye yaymaya önem vermelidirler.

Keywords

Nakit Akış Döngüsü, İmalat Sanayi, Sistem GMM

Determinants of Cash Conversion Cycle: The Case of Turkey Manufacturing Industry

Abstract

The cash conversion cycle has become more important in recent years. Firms must always maintain their liquidity in order to be able to pay their debts on time and to continue their activities without interruption. Cash management is critical importance for management of financial funds in today's competitive environment. Traditionally, firms should obtain their receivables as soon as possible, and should long their debts in such a way that they do not damage the image of the company, should reduce their stock hold period. In this study, business level factors that determine the cash conversion cycle are analyzed. The annual financial data of 108 manufacturing companies operating in Borsa İstanbul (BIST) are used. The period between 2010-2017 for relatively stable is analyzed. On the other hand, since the data has both cross-section and time effects, System GMM panel regression model, which is a dynamic estimation model, was used as a method. As a result of the correlation and System GMM analysis, it was concluded that the cash conversion cycle in the previous period and the active turnover rate affected the cash conversion cycle. In the study, the data were divided into sectors and it was found that the cash conversion cycle was the longest in the “textile” industry and the shortest in the “metal” industry. As a result, as businesses grow, the cash conversion cycle time shortens. For this reason, especially small enterprises should pay attention to reducing their credit collection periods, decreasing their average inventory levels and spreading their debts for a longer term in order to increase their financial performance.

Keywords

Cash Conversion Cycle, Manufacturing, System GMM

References

Akinyomi, O. J. (2014). Effect of cash management on firm profitability of Nigerian manufacturing firms. International journal of technology marketing, 4(1), s: 129-140.
Ali, S., Rahman, A. U. ve Obaid, Z. (2017). Can working capital cycle or cash conversion cycle be factored in economic performance of Pakistani corporate firms? The journal of humanities & social sciences, 25(1), s: 97-108.
Anser, R. ve Malik, Q. A. (2013). Cash conversion cycle and firms’ profitability-a study of listed manufacturing companies of Pakistan. IOSR journal of business and management, 8(2), s: 83-87.
Attari, M. A. ve Raza, K. (2012). The optimal relationship of cash conversion cycle with firm size and profitability. International journal of academic research in business and social sciences, 2(4), s: 189-203.
Bhutto, N. A., Abas, G., Rehman, M. ve Shah, S. M. M. (2011). Relationship of cash conversion cycle with firm size, working capital approaches and firm’s profitability: A case of Pakistani industries. Pakistan journal of engineering, technology & science, 1(2), s: 45-64.
Bolek, M., Kacprzyk, M. ve Wolski, R. (2012). The relationship between economic value added and cash conversion cycle in companies listed on the WSE. University of information technology and management, 8(2), s: 1-10.
Chang, C. C. (2018). Cash conversion cycle and corporate performance. Global evidence, international review of economics & finance, 56, s: 568-581.
Cristea, C. ve Cristea, M. (2018). Cash conversion cycle and corporate performance: Evidence from Romania. Annual session of scientific papers, s: 1-4.
Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of business finance & accounting, 30(3), s: 573-587.
Ebben, J. J. ve Johnson, A. C. (2011). Cash conversion cycle management in small firms: Relationships with liquidity, invested capital, and firm performance. Journal of small business & entrepreneurship, 24(3), s: 381-396.

Enqvist, J., Graham, M. ve Nikkinen, J. (2014). Impact of working capital management on firm proﬁtability in different business cycles: Evidence from Finland. Research in international business and finance, 32, s: 36-49.
Filbeck, G. ve Krueger, T. M. (2005). An analysis of working capital management results across industries. American journal of business, 20(2), s: 11-20.
Garanina, T. ve Petrova, O. (2015). Liquidity, cash conversion cycle and financial performance: Case of Russian companies. Investment management and financial innovations, 12(1), s: 90-100.
Gentry, AJ. A., Vaidyanathan, R. ve Lee, H. W. (1990). A weighted cash conversion cycle. Financial management, 19(1), s: 90-99.
Jamal, S., Waeem, S. N. ve Khan, S. (2014). Impact of cash conversion cycle on profitability of sugar sector in Pakistan. Asian journal of research in banking and finance, 4(3), s: 59-69.
Karadağlı, E. (2013). Profitability effects of cash conversion cycle: Evidence from Turkish companies. Actual problems of economics, 3(141), s: 300-310.
Kaur, H. V. ve Singh, A. (2016). Relationship of cash conversion cycle with profitability: An analysis of power sector in India. International journal of emerging issue in management and technogoly, 1(1), s: 32-45.
Konuk, F. ve Zeren, F. (2014). Is cash conversion cycles optimum in Turkish listed food-beverage firms? Theoretical and applied economics volume, 21(12), s: 153-164.
Kroes, J. R. ve Manikas, A. S. (2014). Cash ﬂow management and manufacturing ﬁrm fnancial performance: a longitudinal perspective. International journal production economics, 148, s: 37-50.
Linh, N. T. P. ve Mohanlingam, S. (2018). The effects of cash conversion cycle on profitability: An insight into the agriculture and food industries in thailand. Asian journal of business and accounting, 11(1), s: 97-119.
Lyroudi, K. ve MacCarty, D. (1993). An empirical investigation of the cash conversion cycle of small business firms. Journal of small business finance, 2(2), s: 139-161.
Mathuva, D. M. (2014). An empirical analysis of the determinants of the cash conversion cycle in Kenyan listed non-financial firms. Journal of accounting in emerging economies, 4(2), s: 175-196.
Mun, S. G. ve Jang, S. S. (2015). Working capital, cash holding and profitability. International journal of hospitality management, 48, s: 1-11.
Nobanee, H., Abdullatif, M. ve AlHajjar, M. (2011). Cash conversion cycle and firm’s performance of Japanese firms. Asian review of accounting, 19(2), s: 147-156.
Oseifuah, E. K. ve Gyekye, A. (2016). Cash conversion cycle theory and corporate profitability: Evidence from non-financial firms listed on the Johannesburg Stock Exchange. Journal of accounting and management, 6(3), s: 37-51.
Richards, V. D. ve Laughlin, E. J. (1980). A cash conversion cycle approach to liquidity analysis. Financial management, 9(1), s: 32-38.
Rizky, A. ve Mayasari, M. (2018). The impact of cash conversion cycle on firm profitability of retail companies. Journal of applied accounting and taxation, 3(1), s: 73-78.
Ruyken, P. T. G., Wagner, S. M. ve Jönke, R. (2011). What is the right cash conversion cycle for your supply chain? International journal services and operations management, 10(1), s: 13-29.
Sakarya, Ş. (2008). Nakit yönetiminde nakit dönüş süresi analizinin kullanilmasi: IMKB’deki Kobi’ler üzerine ampirik bir çalişma. Süleyman demirel üniversitesi iktisadi ve idari bilimler fakültesi dergisi, 13(2), s: 227-248.
Samosir, F. C. (2018). Effect of cash conversion cycle, firm size, and firm age to profitability. Journal of applied accounting and taxation, 3(1), s: 50-57.
Şen, M. ve Oruç, E. (2009). Relationship between efficiency level of working capital management and return on total assets in ISE. International journal of business and management, 4(10), s: 109-114.
Takon, S. M. (2013). Does cash conversion cycle have impact on return on assets of Nigerian firms? Research journal of finance and accounting, 4(14), s: 34-43.
Talonpoika, A. M., Monto, S. Pirtilla, Mi. ve Karri, T. (2013). Modifying the cash conversion cycle: Revealing concealed advance payments, international journal of productivity and performance management, 63(3), s: 341-353.
Upadhyay, S. Sen, B., Smith, D. G. (2015). The cash conversion cycle and profitability: A study of hospitals in the state of Washington. The journal of health care finance, s: 1-9.
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, s: 186-193.
Valahzaghard, M. K. ve Ghalhari, T. F. (2014). Relationship of cash conversion cycle (ccc) and profitability of the firm: Evidence from Tehran Stock Exchange. Journal of finance and accounting, 2(1), s: 137-148.
Wang, B. (2019). The cash conversion cycle spread. Journal of financial economic, s: 1-26.
Wang, Y. J. (2002). Liquidity management, operating performance, and corporate value: Evidence from Japan and Taiwan. Journal of multinational financial management, 12, s: 159–16.
Yasir, M., Majid, A. ve Yousaf, Z. (2014). Cash conversion cycle and its impact upon firm performance: An evidence from cement industry of Pakistan. Global business and management research: An international journal, 6(1), s: 139-149.
Yazdanfar, D. ve 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), s: 442-452.
Yücel, T. ve Kurt, G. (2002). Cash conversion cycle, cash management and profitability: An empirical study on the ise traded companies. The ISE review, 6(22), s: 1-16.
Zakari, M. ve Saidu, S. (2016). The impact of cash conversion cycle on firm profitability: Evidence from Nigerian listed telecommunication companies. Journal of finance and accounting, 4(6), s: 342-350.

Details

Primary Language

Turkish

Subjects

-

Journal Section

Research Article

Authors

Ersin Yenisu ^*
0000-0002-0235-4270
Türkiye

Sedat Yenice
0000-0003-4232-329X
Türkiye

Publication Date

January 14, 2022

Submission Date

August 3, 2021

Acceptance Date

October 20, 2021

Published in Issue

Year 2022 Volume: 9 Number: 1

DOI

https://doi.org/10.55026/jobaf.978284

IZ

https://izlik.org/JA36HJ92LM

APA

Yenisu, E., & Yenice, S. (2022). Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği. Bankacılık Ve Finansal Araştırmalar Dergisi, 9(1), 43-56. https://doi.org/10.55026/jobaf.978284

AMA

1.Yenisu E, Yenice S. Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği. Bankacılık ve Finansal Araştırmalar Dergisi. 2022;9(1):43-56. doi:10.55026/jobaf.978284

Chicago

Yenisu, Ersin, and Sedat Yenice. 2022. “Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği”. Bankacılık Ve Finansal Araştırmalar Dergisi 9 (1): 43-56. https://doi.org/10.55026/jobaf.978284.

EndNote

Yenisu E, Yenice S (January 1, 2022) Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği. Bankacılık ve Finansal Araştırmalar Dergisi 9 1 43–56.

IEEE

[1]E. Yenisu and S. Yenice, “Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği”, Bankacılık ve Finansal Araştırmalar Dergisi, vol. 9, no. 1, pp. 43–56, Jan. 2022, doi: 10.55026/jobaf.978284.

ISNAD

Yenisu, Ersin - Yenice, Sedat. “Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği”. Bankacılık ve Finansal Araştırmalar Dergisi 9/1 (January 1, 2022): 43-56. https://doi.org/10.55026/jobaf.978284.

JAMA

1.Yenisu E, Yenice S. Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği. Bankacılık ve Finansal Araştırmalar Dergisi. 2022;9:43–56.

MLA

Yenisu, Ersin, and Sedat Yenice. “Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği”. Bankacılık Ve Finansal Araştırmalar Dergisi, vol. 9, no. 1, Jan. 2022, pp. 43-56, doi:10.55026/jobaf.978284.

Vancouver

1.Ersin Yenisu, Sedat Yenice. Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği. Bankacılık ve Finansal Araştırmalar Dergisi. 2022 Jan. 1;9(1):43-56. doi:10.55026/jobaf.978284

Cited By

HAVAYOLU YOLCU TAŞIMACILIĞI ŞİRKETLERİNİN NAKİT DÖNÜŞÜM SÜRELERİNİN ANALİZİ: ULUSLARARASI BİR KARŞILAŞTIRMA

Finans Ekonomi ve Sosyal Araştırmalar Dergisi

https://doi.org/10.29106/fesa.1251857

Nakit Dönüşüm Süresinin Finansal Performansa Etkisi: Borsa İstanbul’daki Şirketler Üzerine Bir Çalışma

İzmir Yönetim Dergisi

https://doi.org/10.56203/iyd.1481818