WORKING CAPITAL MANAGEMENT, PERFORMANCE AND MARKET VALUE OF LOGISTICS COMPANIES LISTED ON BORSA ISTANBUL

Narman Kuzucu

doi:10.14514/byk.m.26515393.2019.sp/86-99

WORKING CAPITAL MANAGEMENT, PERFORMANCE AND MARKET VALUE OF LOGISTICS COMPANIES LISTED ON BORSA ISTANBUL

Öz

In this research, we aim to examine the influence of working capital management on performance and market value of companies in logistics industry. We use a panel data analysis methodology with a data set covering eight logistics companies listed on Borsa Istanbul in the period 2009 to 2018. In order to estimate the relationship between working capital management and performance of companies we use return on assets (ROA) and market to book value (MB) as dependent variables in the research models. The main results indicate that net working capital (NWC) is not related to current year’s profitability, but with a time lag, it is positively related to next year’s profitability. Contrarily, NWC is negatively associated with MB of logistics companies. Financial leverage, which is one the control variables, is found statistically significant, and the relationship between leverage and profitability is negative. Leverage is positively associated with MB. The results suggest that leveraged companies are more likely to obtain less return or to suffer from losses; however, leverage enhances firms’ market value. Considering the limitations related to the research period and the number of logistics firms listed on Borsa Istanbul, the results should be interpreted with some caution.

Anahtar Kelimeler

leverage,logistics industry,net working capital,performance,working capital management

Kaynakça

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Ayrıntılar

Birincil Dil

İngilizce

Konular

-

Bölüm

Araştırma Makalesi

Yazarlar

Narman Kuzucu ^* Bu kişi benim
0000-0003-2265-6492
Türkiye

Yayımlanma Tarihi

1 Ekim 2019

Gönderilme Tarihi

19 Ağustos 2019

Kabul Tarihi

21 Eylül 2019

Yayımlandığı Sayı

Yıl 2019

DOI

https://doi.org/10.14514/byk.m.26515393.2019.sp/86-99

IZ

https://izlik.org/JA88CT88LT

Kaynak Göster

RIS / Bibtex

APA

Kuzucu, N. (2019). WORKING CAPITAL MANAGEMENT, PERFORMANCE AND MARKET VALUE OF LOGISTICS COMPANIES LISTED ON BORSA ISTANBUL. Beykoz Akademi Dergisi, 86-99. https://doi.org/10.14514/byk.m.26515393.2019.sp/86-99

AMA

1.Kuzucu N. WORKING CAPITAL MANAGEMENT, PERFORMANCE AND MARKET VALUE OF LOGISTICS COMPANIES LISTED ON BORSA ISTANBUL. Beykoz Akademi Dergisi. Published online 01 Ekim 2019:86-99. doi:10.14514/byk.m.26515393.2019.sp/86-99

Chicago

Kuzucu, Narman. 2019. “WORKING CAPITAL MANAGEMENT, PERFORMANCE AND MARKET VALUE OF LOGISTICS COMPANIES LISTED ON BORSA ISTANBUL”. Beykoz Akademi Dergisi, Ekim 1, 86-99. https://doi.org/10.14514/byk.m.26515393.2019.sp/86-99.

EndNote

Kuzucu N (01 Ekim 2019) WORKING CAPITAL MANAGEMENT, PERFORMANCE AND MARKET VALUE OF LOGISTICS COMPANIES LISTED ON BORSA ISTANBUL. Beykoz Akademi Dergisi 86–99.

IEEE

[1]N. Kuzucu, “WORKING CAPITAL MANAGEMENT, PERFORMANCE AND MARKET VALUE OF LOGISTICS COMPANIES LISTED ON BORSA ISTANBUL”, Beykoz Akademi Dergisi, ss. 86–99, Eki. 2019, doi: 10.14514/byk.m.26515393.2019.sp/86-99.

ISNAD

Kuzucu, Narman. “WORKING CAPITAL MANAGEMENT, PERFORMANCE AND MARKET VALUE OF LOGISTICS COMPANIES LISTED ON BORSA ISTANBUL”. Beykoz Akademi Dergisi. 01 Ekim 2019. 86-99. https://doi.org/10.14514/byk.m.26515393.2019.sp/86-99.

JAMA

1.Kuzucu N. WORKING CAPITAL MANAGEMENT, PERFORMANCE AND MARKET VALUE OF LOGISTICS COMPANIES LISTED ON BORSA ISTANBUL. Beykoz Akademi Dergisi. 2019;:86–99.

MLA

Kuzucu, Narman. “WORKING CAPITAL MANAGEMENT, PERFORMANCE AND MARKET VALUE OF LOGISTICS COMPANIES LISTED ON BORSA ISTANBUL”. Beykoz Akademi Dergisi, Ekim 2019, ss. 86-99, doi:10.14514/byk.m.26515393.2019.sp/86-99.

Vancouver

1.Narman Kuzucu. WORKING CAPITAL MANAGEMENT, PERFORMANCE AND MARKET VALUE OF LOGISTICS COMPANIES LISTED ON BORSA ISTANBUL. Beykoz Akademi Dergisi. 01 Ekim 2019;86-99. doi:10.14514/byk.m.26515393.2019.sp/86-99