İŞLETME SERMAYESİ YÖNETİMİ VE KÜRESEL EKONOMİK POLİTİKA BELİRSİZLİĞİ: TÜRKİYE’DEN KANITLAR

Öz

Bu çalışmanın amacı, daha önce incelenmemiş olan, küresel ekonomi politikası belirsizliği ile işletme sermayesi yönetimi arasındaki ilişkiyi Türkiye’deki imalat işletmeleri çerçevesinde araştırmaktır. Çalışmada 187 adet imalat sektöründe faaliyet gösteren işletmenin 16 yıllık finansal verilerinden oluşan örnekleme panel veri analizi uygulanmıştır. Çalışmanın sonucunda, küresel ekonomi politikası belirsizliğinin işletmelerin işletme sermayelerine daha fazla yatırım yapmasına neden olduğu tespit edilmiştir. Çalışmada, gelişmekte olan bir piyasada faaliyet gösteren Türk imalat işletmelerinin, risklerini azaltmak ve operasyonel sürekliliklerini sağlamak için işletme sermayesine daha fazla yatırım yaptıkları ortaya konmuştur. Bunun yanı sıra, ilgili işletmelerin küresel ekonomi politikası belirsizliğinin yüksek olduğu dönemlerde alacak tahsilat gün sayılarının, stok devir günlerinin ve ticari borç ödeme gün sayılarının da arttıkları tespit edilmiştir. Çalışmanın sonuçları, küresel ekonomik politika belirsizliğinin Türkiye’deki imalat sektöründe faaliyet gösteren işletmelerde ihtiyatlı işletme sermayesi finansman yönteminin kullanımını tetiklediği ortaya konmuştur.

Anahtar Kelimeler

• İşletme sermayesi yönetimi
• nakit döngüsü
• küresel ekonomik politika belirsizliği
• panel veri.

WORKING CAPITAL MANAGEMENT AND GLOBAL ECONOMIC POLICY UNCERTAINTY: EVIDENCE FROM TURKEY

Öz

The aim of this study is to examine the unexplored association between working capital management and global economic policy uncertainty within the context of the Turkish manufacturing companies. Panel data regression analysis over a 16-year period, based on a sample of 187 listed manufacturing companies is employed in the study. The results suggest that companies increase their working capital investment due to an increase in global economic policy uncertainty. The study establishes that Turkish companies, which operate in an emerging market, prefer higher working capital to mitigate risks and ensure operational continuity. In addition, during periods of high global economic policy uncertainty, accounts receivable days, inventory turnover days, and accounts payable days increase. The findings show that global economic policy uncertainty induces conservative working capital management.

Anahtar Kelimeler

• Working capital management
• cash conversion cycle
• global economic policy uncertainty
• panel data.

Kaynakça

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