İşletme Sermayesi Yönetiminin Firma Karlılığına Etkisi: BIST Bursa İşletmeleri Örneği

OpenAlex Turkish

Working capital management is the management of the economic values of the company which can be converted into money generally within a year. Especially in recent years, the relationship between profitability and working capital elements is investigated in theory and practice. The purpose of this study is to explain the relationship between profitability and working capital elements with a different sample and a different period. For this purpose, 2013-2017 data of 15 companies operating in BIST Bursa Index were compiled from year-end balance sheet and income statements. Correlation analysis and panel regression analysis were used as methods. According to the findings, there is a inverse direction and statistically significant relationship between leverage ratio and cash conversion cycle and asset profitability. There is no significant relationship between sales growth rate and profitability. As a result, according to this study, the managers of the enterprises should finance the fund needs with own resources by not going to borrowing. In addition, businesses should reduce cash conversion cycle as much as possible by effective cash management.