Yıl 2012,
Cilt: 26 Sayı: 3-4, 199 - 214, 04.09.2012
Öz
Bu Çalışmanın amacı, Türkiye ölçeğinde İstanbul Menkul
Kıymetler Borsası (İMKB)’na kayıtlı işletmelerde çalışma sermayesi ile brüt kâr
arasındaki ilişkiyi belirlemektir. Çalışmanın veri seti, İMKB üyesi 120 adet
üretim ve ticaret işletmesinin yıllık verilerinden oluşan ve 1200 gözlemi
kapsayan panel veri setidir. Finansal nitelikli faaliyet gösteren işletmeler
çalışma dışında tutulmuştur.
Çalışmada araştırma yöntemi olarak En Küçük Kareler Yöntemi (EKK)
uygulanmış, kurgulanan modellerin spesifikasyonlarında Sabit Etkiler Modeli
dikkate alınmıştır.
Çalışmada kurgulanan modellerde, İMKB’ye kayıtlı işletmelerde farklı
değişkenlerle farklı düzeylerde ifade edilen çalışma sermayesinin, brüt kârlılık
oranları ile ilişkilerinin teorik beklentiyle uyumlu olduğu görülmektedir. Ayrıca
kurgulanan modellerde, çalışma sermayesi değişkenleri ile brüt kârlılık arasında
negatif ilişki olduğu tespit edilmiştir.
Anahtar Kelimeler
Kaynakça
- Afza, T. ve Nazir, M.S. (2007). “Working Capital Management Policies of
- Firms: Empirical Evidence from Pakistan”, In the Proceedings of 9th
- South Asian Management Forum (SAMF), 24–25 February, North
- South University, Dhaka, Bangladesh.
- Aksoy, A. Yalçıner, K., (2008), İşletme Sermayesi Yönetimi, 4. Baskı, Gazi Kitabevi, Ankara.
- 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, Vol. 4 No. 1, ss.8-21.
- Arnold, G. (1998), Corporate Financial Management, Prentice Hall, First Pub., England.
- Ayrıçay, Y., Kök, D. (2009), “Kobilerin Finansmanında Kredi Kullanım Düzeyini Etkileyen Faktörler: Kahramanmaraş Örneği”, Mustafa Kemal Üniversitesi SBE Dergisi, Cilt: 6, Sayı: 11, ss.109-131.
- Baltagi, B. (2005), Econometric Analysis of Panel Data, Third Ed., John Wiley &Sons Ltd., England.
- Coşkun, E., Kök, D. (2011) “Çalışma Sermayesi Politikalarının Kârlılık Üzerine Etkisi: Dinamik Panel Uygulaması”, Ege Akademik Bakış Dergisi, Özel Sayı, Cilt: 11, ss.75-85.
- Deloof, M. (2003), “Does Working Capital Management Affect Profitability of Belgian firms?”, Journal of Business, Finance and Accounting, Vol. 30, ss. 573-87.
- Erlat, H. (2006), Panel Data: A Selective Survey, Ders Notları, ODTÜ, Mart 2006, Ankara.
- Filbeck, G. Krueger, M. T. (2005), “An Analysis of Working Capital Management Results Across Industries”, Mid-American Journal of Business. 2005, Vol. 20, No. 2, ss. 11-18.
- Ganesan, V. (2007), “An Analysis of Working Capital Management Efficiency in Telecommunication Equipment Industry”, Rivier Academic Journal. 2007, Vol. 3, No. 2, ss. 1-10.
- Garcı´a-Teruel, P. J. and P. Martı´nez-Solano, (2007), “Effects of working capital Management on SME Profitability”, International Journal of Managerial Finance, Vol. 3 No. 2, ss. 164-177.
- Greene, W.H. (2003), Econometric Analysis, Fifth Edition, Prentice Hall, USA.
- Gujarati, D. (2004), Basic Econometrics, Fourth Edition, The McGraw−Hill Companies, USA.
- Keown, A. J., Martin, J. D., Petty, J. W., Scott, D. F., (2003), Foundation of Finance, 4. Ed., Pearson Education, New Jersey
- Lazaridis, J. And D.Tryfonidis (2006), “Relationship Between Working Capital Management and Profitability of Listed companies in The Athens Stock Exchange”, Journal of Financial Mangement Analysis, ss.19:26-35.
- Mathuva, D.M. (2010), “The Influence of Working Capital Management
- Components on Corporate Profitability: A Survey on Kenyan Listed
- Firms”, Research Journal of Business Management 4 (1), ss. 1-11.
- Nazir, M.S. and T.Afza (2009), “Impact of Aggressive Working Capital Management Policy on Firms Profitability”, The IUP Journal of Applied Finance, Vol. 15, No. 8, ss. 19-30.
- Öz Yaşar, Güngör B. (2007), “Çalışma Sermayesi Yönetiminin Firma Kârlılığı Üzerine Etkisi: İmalat Sektörüne Yönelik Panel Veri Analizi”, Atatürk Üniversitesi Sos.Bil. Enstitüsü Dergisi, Cilt 10, Sayı 2. ss.319-332.
- Petersen, M.A. and R.G. Rajan (1996), “Trade Credit: Theories and Evidence”, NBER Working Paper, No:5602, ss. 1-42, Erişim Tarihi: 13.08.2010.
- Raheman, A. T. Afza, A.Qayyum ve M.A. Bolda, (2010), “Working Capital Management and Corporate Performance of Manufacturing Sector in Pakistan”, International Research Journal of Finance and Economics, ISSN 1450-2887 Issue 47.
- Ramachandran A. ve Janakiraman, M. (2009), “The Relationship Between Working Capital Management Efficiency and EBIT”, Managing Global Transitions, Volume 7 · Number 1 · Spring 2009, ss. 61–74.
- Shin, H.H. and Soenen, L. (1998), “Efficiency of working capital and corporate profitability”, Financial Practice and Education, Vol. 8, ss. 37-45.
- Şen M., C. D. Köksal., E. Oruç (2009), “Relatıonshıp Between The Effıcıency Of Workıng Capital Management And Company Size”, 12th International Conference on Finance and Banking, Structural and Regional Impacts of Financial Crises, October 28-29
- KarvináCzechRep.http://www.opf.slu.cz/kfi/icfb/proc2009/proceedings.html, Erişim Tarihi: 13.08.2010.
- Şen, M. ve E.Oruç (2009), “Relationship between Efficiency Level of Working Capital Management and Return on Total Assets in ISE”, International Journal of Business and Management, Vol:14, No:10, October, ss.109-114
- Uyar, A. (2009), “Küresel Ekonomik Krizin Şirketlerin Nakit Dönüşüm Sürelerine Etkileri: İMKB’de İşlem Gören Şirketler Üzerinde Bir Çalışma”, Mufad, Sayı: 44, ss. 228-235
- Wang, Y.J. (2002), “Liquidity Management, Operating Performance, and Coroporate Value: Evidence from Japan and Taiwan”, Journal of Multinational Financial Management, Vol. 12, ss. 159-69.
- Weinraub, H.J. ve S. Visscher, (1998), “Industry Practice Relating to Aggressive-Conservative Working Capital Policies”, Journal of Financial and Strategic Decisions Vol. 11 No 2, Fall 1998, ss.11-18.
- Zariyawati, M. A., M. N. Annuar, A.S., Abdul Rahim. (2009), “Effect of Working Capital Management on Profitability of Firms in Malaysia”, International Symposium on Finance and Accounting, July 6-8, 2009, Malaysia.
Yıl 2012,
Cilt: 26 Sayı: 3-4, 199 - 214, 04.09.2012
Öz
Kaynakça
- Afza, T. ve Nazir, M.S. (2007). “Working Capital Management Policies of
- Firms: Empirical Evidence from Pakistan”, In the Proceedings of 9th
- South Asian Management Forum (SAMF), 24–25 February, North
- South University, Dhaka, Bangladesh.
- Aksoy, A. Yalçıner, K., (2008), İşletme Sermayesi Yönetimi, 4. Baskı, Gazi Kitabevi, Ankara.
- 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, Vol. 4 No. 1, ss.8-21.
- Arnold, G. (1998), Corporate Financial Management, Prentice Hall, First Pub., England.
- Ayrıçay, Y., Kök, D. (2009), “Kobilerin Finansmanında Kredi Kullanım Düzeyini Etkileyen Faktörler: Kahramanmaraş Örneği”, Mustafa Kemal Üniversitesi SBE Dergisi, Cilt: 6, Sayı: 11, ss.109-131.
- Baltagi, B. (2005), Econometric Analysis of Panel Data, Third Ed., John Wiley &Sons Ltd., England.
- Coşkun, E., Kök, D. (2011) “Çalışma Sermayesi Politikalarının Kârlılık Üzerine Etkisi: Dinamik Panel Uygulaması”, Ege Akademik Bakış Dergisi, Özel Sayı, Cilt: 11, ss.75-85.
- Deloof, M. (2003), “Does Working Capital Management Affect Profitability of Belgian firms?”, Journal of Business, Finance and Accounting, Vol. 30, ss. 573-87.
- Erlat, H. (2006), Panel Data: A Selective Survey, Ders Notları, ODTÜ, Mart 2006, Ankara.
- Filbeck, G. Krueger, M. T. (2005), “An Analysis of Working Capital Management Results Across Industries”, Mid-American Journal of Business. 2005, Vol. 20, No. 2, ss. 11-18.
- Ganesan, V. (2007), “An Analysis of Working Capital Management Efficiency in Telecommunication Equipment Industry”, Rivier Academic Journal. 2007, Vol. 3, No. 2, ss. 1-10.
- Garcı´a-Teruel, P. J. and P. Martı´nez-Solano, (2007), “Effects of working capital Management on SME Profitability”, International Journal of Managerial Finance, Vol. 3 No. 2, ss. 164-177.
- Greene, W.H. (2003), Econometric Analysis, Fifth Edition, Prentice Hall, USA.
- Gujarati, D. (2004), Basic Econometrics, Fourth Edition, The McGraw−Hill Companies, USA.
- Keown, A. J., Martin, J. D., Petty, J. W., Scott, D. F., (2003), Foundation of Finance, 4. Ed., Pearson Education, New Jersey
- Lazaridis, J. And D.Tryfonidis (2006), “Relationship Between Working Capital Management and Profitability of Listed companies in The Athens Stock Exchange”, Journal of Financial Mangement Analysis, ss.19:26-35.
- Mathuva, D.M. (2010), “The Influence of Working Capital Management
- Components on Corporate Profitability: A Survey on Kenyan Listed
- Firms”, Research Journal of Business Management 4 (1), ss. 1-11.
- Nazir, M.S. and T.Afza (2009), “Impact of Aggressive Working Capital Management Policy on Firms Profitability”, The IUP Journal of Applied Finance, Vol. 15, No. 8, ss. 19-30.
- Öz Yaşar, Güngör B. (2007), “Çalışma Sermayesi Yönetiminin Firma Kârlılığı Üzerine Etkisi: İmalat Sektörüne Yönelik Panel Veri Analizi”, Atatürk Üniversitesi Sos.Bil. Enstitüsü Dergisi, Cilt 10, Sayı 2. ss.319-332.
- Petersen, M.A. and R.G. Rajan (1996), “Trade Credit: Theories and Evidence”, NBER Working Paper, No:5602, ss. 1-42, Erişim Tarihi: 13.08.2010.
- Raheman, A. T. Afza, A.Qayyum ve M.A. Bolda, (2010), “Working Capital Management and Corporate Performance of Manufacturing Sector in Pakistan”, International Research Journal of Finance and Economics, ISSN 1450-2887 Issue 47.
- Ramachandran A. ve Janakiraman, M. (2009), “The Relationship Between Working Capital Management Efficiency and EBIT”, Managing Global Transitions, Volume 7 · Number 1 · Spring 2009, ss. 61–74.
- Shin, H.H. and Soenen, L. (1998), “Efficiency of working capital and corporate profitability”, Financial Practice and Education, Vol. 8, ss. 37-45.
- Şen M., C. D. Köksal., E. Oruç (2009), “Relatıonshıp Between The Effıcıency Of Workıng Capital Management And Company Size”, 12th International Conference on Finance and Banking, Structural and Regional Impacts of Financial Crises, October 28-29
- KarvináCzechRep.http://www.opf.slu.cz/kfi/icfb/proc2009/proceedings.html, Erişim Tarihi: 13.08.2010.
- Şen, M. ve E.Oruç (2009), “Relationship between Efficiency Level of Working Capital Management and Return on Total Assets in ISE”, International Journal of Business and Management, Vol:14, No:10, October, ss.109-114
- Uyar, A. (2009), “Küresel Ekonomik Krizin Şirketlerin Nakit Dönüşüm Sürelerine Etkileri: İMKB’de İşlem Gören Şirketler Üzerinde Bir Çalışma”, Mufad, Sayı: 44, ss. 228-235
- Wang, Y.J. (2002), “Liquidity Management, Operating Performance, and Coroporate Value: Evidence from Japan and Taiwan”, Journal of Multinational Financial Management, Vol. 12, ss. 159-69.
- Weinraub, H.J. ve S. Visscher, (1998), “Industry Practice Relating to Aggressive-Conservative Working Capital Policies”, Journal of Financial and Strategic Decisions Vol. 11 No 2, Fall 1998, ss.11-18.
- Zariyawati, M. A., M. N. Annuar, A.S., Abdul Rahim. (2009), “Effect of Working Capital Management on Profitability of Firms in Malaysia”, International Symposium on Finance and Accounting, July 6-8, 2009, Malaysia.
Toplam 35 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 4 Eylül 2012 |
| Yayımlandığı Sayı | Yıl 2012 Cilt: 26 Sayı: 3-4 |
