A Comparative Analysis of the Impact of Credit Transactions on Firm Performance: Profitability vs. Efficiency

Yıl 2024, Cilt: 9 Sayı: 2, 220 - 235, 30.12.2024

Bahadır Karakoç , Metin Ilbasmis

Öz

This paper examines the impact of firms' trade credit transactions (both receivables and payables) on performance by distinguishing between profitability (profit per unit of sales) and productivity (profit per unit of assets). Data from publicly traded firms in six developing countries, namely Turkey, Russia, Brazil, Argentina, Mexico, and Ukraine, are analysed using the Fixed Effects Least Squares (FE-OLS) method. Gross profit and EBITDA are considered dependent variables in the analysis. The findings indicate that credit sales have a significant and positive effect on sales profitability and efficiency, whereas trade credit purchases have a statistically significant negative impact on profitability. When trade credit activities are analyzed together, the positive impact of trade payables on asset efficiency is partially reduced, and their effect on profitability is entirely negative. Additionally, the moderating effects of firm size were examined, revealing that the mentioned association is more strongly pronounced for smaller firms.

Anahtar Kelimeler

Trade credit, credit sales, credit purchases, trade payables, profitability.

Kredili işlemlerin Firma Performansına Etkisine Kârlılık ve Verimlilik Üzerinden Karşılaştırmalı bir Bakış

Öz

Bu çalışma, firmaların kredili işlemlerinin (ticari alacak ve ticari borçlar) performans üzerindeki etkisini kârlılık (satış birimi başına kâr) ve verimlilik (varlık birimi başına kâr) ayrımı yaparak incelemektedir. Türkiye, Rusya, Brezilya, Arjantin, Meksiko ve Ukrayna gibi gelişmekte olan altı ülkedeki halka açık firmaların verisi Sabit Etkilerle En Küçük Kareler (FE-OLS) yöntemi kullanılarak analiz edilmiştir. Analizde brüt kâr ve FAVÖK bağımlı değişken olarak ele alınmıştır. Bulgular, kredili satışların satış kârlılığını ve verimliliğini anlamlı ve pozitif yönde etkilediğini, buna karşın kredili alışların kârlılığı istatistiksel olarak anlamlı ve olumsuz şekilde etkilediğini göstermektedir. Kredili işlemler birlikte analiz edildiğinde, ticari borçların varlık verimliliği üzerindeki olumlu etkisinin kısmen azaldığı, kârlılık üzerindeki etkinin ise tamamen negatif olduğu gözlenmiştir. Ek olarak, firma büyüklüğünün moderatör etkileri incelenmiş, küçük firmalarda bu etkilerin daha belirgin olduğu anlaşılmıştır.

Anahtar Kelimeler

kredili satışlar, kredili alışlar, ticari borçlar, ticari alacaklar, kârlılık

Kaynakça

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