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Ekonomik Katma Değer (EVA) ile İşletme Sermayesi Etkinliği Arasındaki İlişki: 2008 Küresel Finansal Kriz Dönemine İlişkin Bulgular

Year 2019, Issue: 112, 95 - 118, 29.10.2019
https://doi.org/10.33203/mfy.491229

Abstract

Literatürde işletme performansının değerlendirilmesinde kullanılan Ekonomik Katma Değerin (EVA) ortaya çıkmasından bu yana, kurumsal yapının en belirgin ölçütü haline gelmiştir. EVA, ekonomik katma değer anlamına gelir ve sermaye maliyetinin getirdiği getirinin yatırım yapılan sermayeyi aşması olarak tanımlanmaktadır. Bu çalışmada, Borsa İstanbul-BİST 100’de faaliyet gösteren işletmelerin 2003-2012 yılları arasındaki EVA'larının işletme sermayesi etkinliğinde kullanılan nakit dönüşüm döngüsü ve unsurlarına ilişkin oranlar arasındaki ilişki incelenmiştir. Bu çalışmanın amacı, EVA'nın benimsenmesinin işletme sermayesi etkinliği arasındaki ilişkiyi araştırmaktır. Araştırmanın bulgularına göre, EVA ile işletme sermayesinin etkinliğine ilişkin unsurlara ait rasyolar arasında anlamlı ilişki olduğu sonucuna varılmıştır.

References

  • KaynakçaAbuzayed, B. (2012). Working capital management and firms’ performance in emerging markets: the case of Jordan. International Journal of Managerial Finance, 8(2), 155-179.Akel, V., & İltaş, Y. (2016). İşletme Sermayesinin Makroekonomik Belirleyicileri: BİST’te Sektörler Arası Bir Karşılaştırma. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 11(3), 39-70.Akgün, A.İ. (1996). Enflasyonun Finansal Yönetim Üzerine Etkileri. Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(1), 263-276.Akgün, A.İ. (2012). Muhasebede Küreselleşmenin Finansal Raporlama Standartlarına Etkisi. Cumuriyet Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(1), 43-60.Appuhami, B.A.R. (2008). The Impact of Firms’ Capital Expenditure on Working Capital Management: An Empirical Study across Industries in Thailand. International Management Review 4(1), 11-24.Baharlooyinezhad, M., K. Nemati, K., & Shooshtarian, Z. (2015). Analysis of the relationship between working capital management and shareholder wealth in companies accepted by the Tehran Stock Exchange. Multitemas, 26(4), 248-255. Besley, S., & Brigham, E. (2007). Essentials of Managerial Finance. 14th ed., Thomson, Washington, DC. Bolek, M., & Wolski, R. (2012). Profitability or Liquidity: Influencing the Market Value: The Case of Poland. International Journal of Economics and Finance; 4 (9), 182-190.Bolek, M., Kacprzyk, M., & Wolski, R. (2012). The Relationship between Economic Value Added and Cash Conversion Cycle in Companies Listed on The WSE. Financial Internet Quarterly, e- Finanse, 8(2), 1-10. Çakır, M.H., & Küçükkaplan, İ. (2012). İşletme sermayesi unsurlarının firma değeri ve kârlılığı üzerindeki etkisinin İMKB’de işlem gören üretim firmalarında 2000-2009 dönemi için analiz. Muhasebe ve Finansman Dergisi, 53, 69- 86. Çakır, M, H. (2013). Nakit döngüsünün firma kârlılığına etkisini sektörel analizi. Journal of Yaşar University, 30(8), 4948- 4965. Choi, J., Peters, M. & Mueller, R.O. (2010). Correlational analysis of ordinal data: from Pearson’s r to Bayesian polychoric correlation. Asia Pacific Educ. Rev. 11; 459-466.Cuong, N.T., & Nhung, N.T.H. (2016), Working Capital Requirement and Profitability: Evidence from Seafood Processing Enterprises in the Khanh
Hoa Province of Vietnam. International Research Journal of Finance and Economics, 146, 92-99.Cipollini, A., & Fiordelisi, F. (2012). Economic value, competition and financial distress in the European banking system. Journal of Banking & Finance 36, 3101-3109. Deakin, E.B. (1976). Distribution of Financial Accounting Ratios: Some Empirical Evidence. Accounting Review (January 1976), 90-96. Dong, HP., & Su, J. (2010). The relationship between working capital management and profitability: a Vietnam case. Int Res Journal Finance Econ 49, 59-67. Epstein, Mark J., & Young, S.D. (1999). “Greening” with EVA. Management Accounting, 80(7); 45-49. Farooq, U., Maqbool, M.O., Waris, M., & Mahmood, R. (2016). Liquidity risk, performance and working capital relationship of cash conversion cycle: An empirical study of the firms in Pakistan. International Journal of Information Research and Review, 3(3), 1946-1950. Ferguson, R., Rentzler, J., & Yu; S. (2005). Does Economic Value Added (EVA) improve stock performance or profitability?. Journal of Applied Finance 15, 101-113. Ferguson, R., Rentzler, J., & Yu; S. (2006). Trading Strategy on EVA and MVA: are they reliable indicators of future stock performance?. Journal of Investing 15, 88-94. Filbeck, G., Zhao, X., & Knoll, R. (2017). An analysis of working capital efficiency and shareholder return. Rev Quant Finan. Acc. 48, 265-288. Genty, J.A., Vaidyanathan, R., Lee, R. & Wai; H. (1990). A weighted cash conversion cycle. Financial Management, 19(1), 90-99. Guritno, A.D., Yuliando, H., & Dairo, A.N. (2016). The Creation of Financial Performance Based on the Economic Value Added Perspective: A Case of Indonesian Estate Firms. International Journal of Management and Sustainability, 5(6), 38-47. Hauke, J., & Kossowski, T. (2011). Comparison of values of Pearson’s and spearman’s correlation coefficients on the same sets of data. Quaestiones Geographicae. The Journal of Adam Mickiewicz University, 30(2), 87-93.Johmson, R., & Soenen, L. (2003). Indicators of Successful Companies. European Management Journal Vol. 21, No. 3, 364-369. İltaş, Y., & Erdoğan, S. (2017). İşletme Sermayesi İhtiyacının Kârlılık Üzerindeki Etkisi: Sektörel Bir Uygulama. Business and Economic Research Journal, 8(3), 433-452. Karaduman, H. A., Akbaş, H.E., Özsözgün, A., & Durer, S. (2010). Effects of working capital management on profitability: The case for selected companies in the İstanbul Stock Exchange (2005-2008). International Journal of Economics and Finance Studies, 2(2), 47-54. Kaur, H.V., & Singh, S. (2013). Managing Efficiency and Profitability Through Working Capital: An Empirical Analysis of BSE 200 Companies. Asian Journal of Business Management 5(2), 97-207.
Kendirli, S., & Konak, F. (2014). İşletme (çalışma) sermayesi yönetiminin firma performansı üzerindeki etkisi: BİST gıda, içecek endeksi uygulaması. Akademik Bakış Dergisi, 41(3) (http://www.akademikbakis.org).Lancester, C., Stevens, J.L., & Jennings, J.A. (1999). Corporate liquidity and the significance of earnings versus cash flow: an examination of industry effects. The Journal of Applied Business Research, 15(3), 37-46. 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.
Lee, S., & Kim, W.G. (2009). EVA, refined EVA, MVA, or traditional performance measures for the hospitality industry?. International Journal of Hospitality Management 28, 439-445. Louw, E., Hall, J. & Brummer, L. (2016). Working Capital Management of South African Retail Firms. Journal of Economic and Financial Sciences, 9(2), 545-560. Lyroudi, K., & Mccarty, D. (1993). An Empirical Investigation of the Cash Conversion Cycle of Small Business Firms. Journal of Small Business Finance, 2(2), 139-161. Milunovich, S. & Tsuie, A. (1996). EVA in the computer industry. Journal of Applied Corporate Finance 9 (1), 104-115. Mosazadeh, A., Aslani, A., & Hassanzadeh, M. (2015). The relationship between the measures of working capital and economic value added (EVA) a case study of companies listed on the Tehran Stock Exchange. International Journal of Humanities and Cultural Studies 2(2), 615-621.Moss, J. D. & Stine, B. (1993). Cash conversion cycle and firm size: a study of retail firms. Managerial Finance, 19(8), 25-34.Nobanee, H., Abdullatif, M. & Alhajjar, M. (2011). Cash conversion cycle and firm's performance of Japanese firms. Asian Review of Accounting, 19(2), 147-156.
O’Byrne, S.F., & Stewart, S. (1996). EVA® and Market Value. Journal of Applied Corporate Finance, 9(1), 116-125.Öz, Y. & Güngör, B. (2007). Çalışma sermayesi yönetiminin firma karlılığı üzerine etkisi: İmalat sektörüne yönelik panel veri analizi. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 10(2), 319-332.Pandya, B.H. (2016). The Relationship between Operating Cycle Ratios and Market Value Added (MVA): An Empirical Analysis of Listed Companies of India. Amity Journal of Finance 1(1), 107-116.Panigrahi, A.K., & Sharma, A. (2013). Working Capital Management and Firms’ Performance: An Analysis of selected Indian Cement Companies. Asian Journal of Research in Business Economics and Management, 3(9), 115-130. Paramasivan, C., & Subramanian, T. (2009). Financial Management. New Delhi: New Age International Pub. Prakash, A.J, Chang, C-H., Davidson, L. & Lee, C.C. (2003). Adaption of Economic Value Added and Financial Ratios. The International Journal of Finance 15(2), 2574-2592. Prasad, H., & Shrimal, K. (2015). An Empirical Study on Effect of Profitability and Market Value Ratios on Market Capitalization of Infrastructural Companies In India. Global Journal for Research Analysis 4(5), 95- 97.Richards, V.D., & Laughlin, E.J. (1980). A cash conversion cycle approach to liquidity analysis. Financial Management, 32-38. Raheman, A., Qayyum, A., Afza, T., & Bodla, MA. (2010). Sector-wise analysis of working capital management and firm performance in manufacturing sector of Pakistan. Interdiscip J. Contemp Res Business 2(7), 412-437.Saad N., & Mohamad, N. (2010). Working capital management: the effect of market valuation and profitability in Malaysia. International Journal Bus Manage. 5(11), 140-147. Salem, Q., & Rehman, R.U. (2011). Impacts of Liquidity ratios on profitability (Case of oil gas companies of Pakistan). Interdisciplinary of Research in Business, 1(7), 95-98. Şen, M., & Oruç, E. (2009). Relationship between efficiency level of working capital management return on total assets in ISE. Intemational Journal of Business and Management, 4(10), 109-114. Şamiloğlu, F. & Akgün, A.İ. (2015). Türkiye Finansal Raporlama Standartlarına Uygun Finansal Tablolar Analizi. 2. Baskı, Bursa: Ekin Yayınevi. Şamiloğlu, F. & Demirgüneş, K. (2008). The effect of working capital management on firm profitability: Evidence from Turkey. The International Journal of Applied Economics and Finance, 2(1), 44-50.
Schiling, G. (1996). Working Capital’s Role in Maintaining Corporate Liquidity. TMA Journal, 16(5); 1-7.Sharma, A.K., & Kumar, S. (2011). Effect of Working Capital Management on Firm Profitability: Empirical Evidence from India. Global Business Review 12(1), 159-173. Shin, H.H. & Soenen, L. (1998). Efficiency of Working CapitalManagement and Corporate Profitability. Financial Practice and Education, 8, 37-45.Soemitro, A.I., & Anantadjaya, SP.D. (2013). Ratio vs. Eva: A Performance Analysis in Indonesian Publicly-Listed Banks. Available at SSRN: https://ssrn.com/ abstract=2278958.Stewart, III, G.B. (1991). The quest for value: The EVA management guide. New York: Harper Business. Stewart, G. (1995). Supply chain performance benchmarking study reveals keys to supply chain excellence. Logistics Information Management, 8(2), 38-45.Tauringana, V., & Afrifa, G.A. (2013). The relative importance of working capital management and its components to SMEs' profitability. Journal of Small Business and Enterprise Development, 20(3), 453-469. Tortella, B.D., & Brusco, S. (2003). The Economic Value Added (EVA): An Analysis of Market Reaction. Advances in Accounting, 20, 265-290. 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, 186-193. Wet, J.H., & Hall, J.H. (2004). The relationship between EVA, MVA and leverage. Meditari Accountancy Research, 12(1), 39-59.
Wolski, R., & Bolek, M. (2016). Liquidity-Profitability Relationship Analysed Once Again. The Case of Poland. European Scientific Journal 12(7), 33-46. Vishnani, S., & Shah, B.K. (2007). Impact of Working Capital Management Policies on Corporate Performance: An Empirical Study. Global Business Review; 8; 267-281. Yıldız, B., & Akkoç, S. (2016). Çalışma sermayesi ve kârlılık ilişkisinin keşifsel bir araçla (ANFIS) incelemesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 11(1), 285-308.
Young, D. (1997). Economic Value Added: A Primer for European Managers. European Management Journal 15(4), 335-343.Young, S.D., & O’Byrne. S.F. (2000). EVA and Value-Based Management: A Practical Guide to Implementation. New York: McGraw-Hill Inc.Yücel, T., & Kurt, G. (2002). Nakit dönüş süresi, nakit yönetimi ve kârlılık: İMKB şirketleri üzerinde ampirik bir çalışma. İMKB Dergisi, 6(22), 1-15.

Relationship Between Economic Value Added (EVA) and Efficiency of Working Capital: Evidence from 2008 Global Financial Crisis Period

Year 2019, Issue: 112, 95 - 118, 29.10.2019
https://doi.org/10.33203/mfy.491229

Abstract

Since the advent of Economic Added Value (EVA) in the literature used evaluation of business performance, it has become the most
prominent measure of corporate structure. EVA is defined as stands for economic added value and the excess of the cost of capital brought by
the invested capital. These study was examined as an examination of the relationship between the EVA and its components ratios and ratio of the
cash conversion cycle in the operating on listed firms in İstanbul Stock Exhance-BIST 100 companies from 2003 to 2012. The purpose of this
study is to investigate the relationship between EVA and working capital efficiency during the global financial crisis. According to the research
findings that it is concluded that there is a significant relationship between EVA and ratios of compenents of working capital efficiency.

References

  • KaynakçaAbuzayed, B. (2012). Working capital management and firms’ performance in emerging markets: the case of Jordan. International Journal of Managerial Finance, 8(2), 155-179.Akel, V., & İltaş, Y. (2016). İşletme Sermayesinin Makroekonomik Belirleyicileri: BİST’te Sektörler Arası Bir Karşılaştırma. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 11(3), 39-70.Akgün, A.İ. (1996). Enflasyonun Finansal Yönetim Üzerine Etkileri. Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(1), 263-276.Akgün, A.İ. (2012). Muhasebede Küreselleşmenin Finansal Raporlama Standartlarına Etkisi. Cumuriyet Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(1), 43-60.Appuhami, B.A.R. (2008). The Impact of Firms’ Capital Expenditure on Working Capital Management: An Empirical Study across Industries in Thailand. International Management Review 4(1), 11-24.Baharlooyinezhad, M., K. Nemati, K., & Shooshtarian, Z. (2015). Analysis of the relationship between working capital management and shareholder wealth in companies accepted by the Tehran Stock Exchange. Multitemas, 26(4), 248-255. Besley, S., & Brigham, E. (2007). Essentials of Managerial Finance. 14th ed., Thomson, Washington, DC. Bolek, M., & Wolski, R. (2012). Profitability or Liquidity: Influencing the Market Value: The Case of Poland. International Journal of Economics and Finance; 4 (9), 182-190.Bolek, M., Kacprzyk, M., & Wolski, R. (2012). The Relationship between Economic Value Added and Cash Conversion Cycle in Companies Listed on The WSE. Financial Internet Quarterly, e- Finanse, 8(2), 1-10. Çakır, M.H., & Küçükkaplan, İ. (2012). İşletme sermayesi unsurlarının firma değeri ve kârlılığı üzerindeki etkisinin İMKB’de işlem gören üretim firmalarında 2000-2009 dönemi için analiz. Muhasebe ve Finansman Dergisi, 53, 69- 86. Çakır, M, H. (2013). Nakit döngüsünün firma kârlılığına etkisini sektörel analizi. Journal of Yaşar University, 30(8), 4948- 4965. Choi, J., Peters, M. & Mueller, R.O. (2010). Correlational analysis of ordinal data: from Pearson’s r to Bayesian polychoric correlation. Asia Pacific Educ. Rev. 11; 459-466.Cuong, N.T., & Nhung, N.T.H. (2016), Working Capital Requirement and Profitability: Evidence from Seafood Processing Enterprises in the Khanh
Hoa Province of Vietnam. International Research Journal of Finance and Economics, 146, 92-99.Cipollini, A., & Fiordelisi, F. (2012). Economic value, competition and financial distress in the European banking system. Journal of Banking & Finance 36, 3101-3109. Deakin, E.B. (1976). Distribution of Financial Accounting Ratios: Some Empirical Evidence. Accounting Review (January 1976), 90-96. Dong, HP., & Su, J. (2010). The relationship between working capital management and profitability: a Vietnam case. Int Res Journal Finance Econ 49, 59-67. Epstein, Mark J., & Young, S.D. (1999). “Greening” with EVA. Management Accounting, 80(7); 45-49. Farooq, U., Maqbool, M.O., Waris, M., & Mahmood, R. (2016). Liquidity risk, performance and working capital relationship of cash conversion cycle: An empirical study of the firms in Pakistan. International Journal of Information Research and Review, 3(3), 1946-1950. Ferguson, R., Rentzler, J., & Yu; S. (2005). Does Economic Value Added (EVA) improve stock performance or profitability?. Journal of Applied Finance 15, 101-113. Ferguson, R., Rentzler, J., & Yu; S. (2006). Trading Strategy on EVA and MVA: are they reliable indicators of future stock performance?. Journal of Investing 15, 88-94. Filbeck, G., Zhao, X., & Knoll, R. (2017). An analysis of working capital efficiency and shareholder return. Rev Quant Finan. Acc. 48, 265-288. Genty, J.A., Vaidyanathan, R., Lee, R. & Wai; H. (1990). A weighted cash conversion cycle. Financial Management, 19(1), 90-99. Guritno, A.D., Yuliando, H., & Dairo, A.N. (2016). The Creation of Financial Performance Based on the Economic Value Added Perspective: A Case of Indonesian Estate Firms. International Journal of Management and Sustainability, 5(6), 38-47. Hauke, J., & Kossowski, T. (2011). Comparison of values of Pearson’s and spearman’s correlation coefficients on the same sets of data. Quaestiones Geographicae. The Journal of Adam Mickiewicz University, 30(2), 87-93.Johmson, R., & Soenen, L. (2003). Indicators of Successful Companies. European Management Journal Vol. 21, No. 3, 364-369. İltaş, Y., & Erdoğan, S. (2017). İşletme Sermayesi İhtiyacının Kârlılık Üzerindeki Etkisi: Sektörel Bir Uygulama. Business and Economic Research Journal, 8(3), 433-452. Karaduman, H. A., Akbaş, H.E., Özsözgün, A., & Durer, S. (2010). Effects of working capital management on profitability: The case for selected companies in the İstanbul Stock Exchange (2005-2008). International Journal of Economics and Finance Studies, 2(2), 47-54. Kaur, H.V., & Singh, S. (2013). Managing Efficiency and Profitability Through Working Capital: An Empirical Analysis of BSE 200 Companies. Asian Journal of Business Management 5(2), 97-207.
Kendirli, S., & Konak, F. (2014). İşletme (çalışma) sermayesi yönetiminin firma performansı üzerindeki etkisi: BİST gıda, içecek endeksi uygulaması. Akademik Bakış Dergisi, 41(3) (http://www.akademikbakis.org).Lancester, C., Stevens, J.L., & Jennings, J.A. (1999). Corporate liquidity and the significance of earnings versus cash flow: an examination of industry effects. The Journal of Applied Business Research, 15(3), 37-46. 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.
Lee, S., & Kim, W.G. (2009). EVA, refined EVA, MVA, or traditional performance measures for the hospitality industry?. International Journal of Hospitality Management 28, 439-445. Louw, E., Hall, J. & Brummer, L. (2016). Working Capital Management of South African Retail Firms. Journal of Economic and Financial Sciences, 9(2), 545-560. Lyroudi, K., & Mccarty, D. (1993). An Empirical Investigation of the Cash Conversion Cycle of Small Business Firms. Journal of Small Business Finance, 2(2), 139-161. Milunovich, S. & Tsuie, A. (1996). EVA in the computer industry. Journal of Applied Corporate Finance 9 (1), 104-115. Mosazadeh, A., Aslani, A., & Hassanzadeh, M. (2015). The relationship between the measures of working capital and economic value added (EVA) a case study of companies listed on the Tehran Stock Exchange. International Journal of Humanities and Cultural Studies 2(2), 615-621.Moss, J. D. & Stine, B. (1993). Cash conversion cycle and firm size: a study of retail firms. Managerial Finance, 19(8), 25-34.Nobanee, H., Abdullatif, M. & Alhajjar, M. (2011). Cash conversion cycle and firm's performance of Japanese firms. Asian Review of Accounting, 19(2), 147-156.
O’Byrne, S.F., & Stewart, S. (1996). EVA® and Market Value. Journal of Applied Corporate Finance, 9(1), 116-125.Öz, Y. & Güngör, B. (2007). Çalışma sermayesi yönetiminin firma karlılığı üzerine etkisi: İmalat sektörüne yönelik panel veri analizi. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 10(2), 319-332.Pandya, B.H. (2016). The Relationship between Operating Cycle Ratios and Market Value Added (MVA): An Empirical Analysis of Listed Companies of India. Amity Journal of Finance 1(1), 107-116.Panigrahi, A.K., & Sharma, A. (2013). Working Capital Management and Firms’ Performance: An Analysis of selected Indian Cement Companies. Asian Journal of Research in Business Economics and Management, 3(9), 115-130. Paramasivan, C., & Subramanian, T. (2009). Financial Management. New Delhi: New Age International Pub. Prakash, A.J, Chang, C-H., Davidson, L. & Lee, C.C. (2003). Adaption of Economic Value Added and Financial Ratios. The International Journal of Finance 15(2), 2574-2592. Prasad, H., & Shrimal, K. (2015). An Empirical Study on Effect of Profitability and Market Value Ratios on Market Capitalization of Infrastructural Companies In India. Global Journal for Research Analysis 4(5), 95- 97.Richards, V.D., & Laughlin, E.J. (1980). A cash conversion cycle approach to liquidity analysis. Financial Management, 32-38. Raheman, A., Qayyum, A., Afza, T., & Bodla, MA. (2010). Sector-wise analysis of working capital management and firm performance in manufacturing sector of Pakistan. Interdiscip J. Contemp Res Business 2(7), 412-437.Saad N., & Mohamad, N. (2010). Working capital management: the effect of market valuation and profitability in Malaysia. International Journal Bus Manage. 5(11), 140-147. Salem, Q., & Rehman, R.U. (2011). Impacts of Liquidity ratios on profitability (Case of oil gas companies of Pakistan). Interdisciplinary of Research in Business, 1(7), 95-98. Şen, M., & Oruç, E. (2009). Relationship between efficiency level of working capital management return on total assets in ISE. Intemational Journal of Business and Management, 4(10), 109-114. Şamiloğlu, F. & Akgün, A.İ. (2015). Türkiye Finansal Raporlama Standartlarına Uygun Finansal Tablolar Analizi. 2. Baskı, Bursa: Ekin Yayınevi. Şamiloğlu, F. & Demirgüneş, K. (2008). The effect of working capital management on firm profitability: Evidence from Turkey. The International Journal of Applied Economics and Finance, 2(1), 44-50.
Schiling, G. (1996). Working Capital’s Role in Maintaining Corporate Liquidity. TMA Journal, 16(5); 1-7.Sharma, A.K., & Kumar, S. (2011). Effect of Working Capital Management on Firm Profitability: Empirical Evidence from India. Global Business Review 12(1), 159-173. Shin, H.H. & Soenen, L. (1998). Efficiency of Working CapitalManagement and Corporate Profitability. Financial Practice and Education, 8, 37-45.Soemitro, A.I., & Anantadjaya, SP.D. (2013). Ratio vs. Eva: A Performance Analysis in Indonesian Publicly-Listed Banks. Available at SSRN: https://ssrn.com/ abstract=2278958.Stewart, III, G.B. (1991). The quest for value: The EVA management guide. New York: Harper Business. Stewart, G. (1995). Supply chain performance benchmarking study reveals keys to supply chain excellence. Logistics Information Management, 8(2), 38-45.Tauringana, V., & Afrifa, G.A. (2013). The relative importance of working capital management and its components to SMEs' profitability. Journal of Small Business and Enterprise Development, 20(3), 453-469. Tortella, B.D., & Brusco, S. (2003). The Economic Value Added (EVA): An Analysis of Market Reaction. Advances in Accounting, 20, 265-290. 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, 186-193. Wet, J.H., & Hall, J.H. (2004). The relationship between EVA, MVA and leverage. Meditari Accountancy Research, 12(1), 39-59.
Wolski, R., & Bolek, M. (2016). Liquidity-Profitability Relationship Analysed Once Again. The Case of Poland. European Scientific Journal 12(7), 33-46. Vishnani, S., & Shah, B.K. (2007). Impact of Working Capital Management Policies on Corporate Performance: An Empirical Study. Global Business Review; 8; 267-281. Yıldız, B., & Akkoç, S. (2016). Çalışma sermayesi ve kârlılık ilişkisinin keşifsel bir araçla (ANFIS) incelemesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 11(1), 285-308.
Young, D. (1997). Economic Value Added: A Primer for European Managers. European Management Journal 15(4), 335-343.Young, S.D., & O’Byrne. S.F. (2000). EVA and Value-Based Management: A Practical Guide to Implementation. New York: McGraw-Hill Inc.Yücel, T., & Kurt, G. (2002). Nakit dönüş süresi, nakit yönetimi ve kârlılık: İMKB şirketleri üzerinde ampirik bir çalışma. İMKB Dergisi, 6(22), 1-15.
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Details

Primary Language Turkish
Journal Section Articles
Authors

Ali İhsan Akgün 0000-0002-6441-8196

Publication Date October 29, 2019
Submission Date December 2, 2018
Published in Issue Year 2019 Issue: 112

Cite

APA Akgün, A. İ. (2019). Ekonomik Katma Değer (EVA) ile İşletme Sermayesi Etkinliği Arasındaki İlişki: 2008 Küresel Finansal Kriz Dönemine İlişkin Bulgular. Maliye Ve Finans Yazıları(112), 95-118. https://doi.org/10.33203/mfy.491229
  • The journal specializes in especially in all the fields of finance and banking.