Bu çalışmada, firmaların çalışma sermayesi yatırım ve finansman politikalarının finansal başarısızlık üzerindeki etkileri panel veri analizi ile incelenmiş ve finansal başarısızlık modelleri elde edilen bulgular üzerinden karşılaştırılmıştır. Çalışmada, Borsa İstanbul (BİST) metal eşya sektörü firmalarının 2004:6-2019:12 dönemi yarı yıllık verileri kullanılmıştır. Çalışmada firmalara ilişkin finansal başarısızlık skorları Altman (1968), Springate (1978), Ohlson (1980), Taffler (1983 ve Zmijewski (1984) finansal başarısızlık modelleri aracılığı ile hesaplanmıştır. Analizler, finansal başarısızlık skorlarının bağımlı değişken, çalışma sermayesi yönetimi değişkenlerinin ise bağımsız değişken olarak yer aldığı beş ayrı panel veri modeli kullanılarak gerçekleştirilmiştir. Çalışma sonucunda, tüm modellerde çalışma sermayesi yönetiminin finansal başarısızlık üzerinde etkili olduğuna yönelik bulgular elde edilmiştir. Genel anlamda çalışmada elde edilen bulgular, BİST metal eşya sektörü firmalarının esnek bir çalışma sermayesi yatırım politikası izlemeleri, yüksek kısa vadeli borç ödeme gücüne sahip olmaları ve ihtiyatlı bir çalışma sermayesi finansman politikası izlemeleri durumunda finansal başarısızlık risklerini düşürebileceklerine işaret etmektedir.

In this study, the effect of the working capital management on the profability of tourism firms that are trading in Borsa Istanbul (BIST) has been analyzed for the period after the crisis 2008. The study covers semi-annual data of 6 tourism firms operated in Turkey for the period of 2011:12-2017:12. In the study, Th effect of working capital management on the profability of firms has been analyzed using panel data analysis. The effect of cash conversion cycle (CCC) and its components which are considered as the basic indicators of the working capital on profability of tourism firms has been analyzed separately as independent variables in separate models. According to the results of the study, it has been determined that cash conversion cycle, accounts receivables period and inventory turnover period have statistically significant negative effects on profability of tourism firms. On the other hand, it has been determined that accounts payables period has statistically significant positive effect on profability of tourism firms.

The relationships between the business confidence index and financial investment instruments were scrutinized for BRICS and MIST countries via panel data analyses in this study. January 2010-May 2021 period data of BRICS and MIST countries were utilized within the scope of the study. The long-term cointegration relationships between business confidence index and financial investment instruments were analysed by Westerlund (2007) Panel ECM andWesterlund andEdgerton (2007) Panel LM tests, while Hatemi (2011) asymmetric causality test analysed the causality relationships. According to the panel data analysis results, the effects of investor confidence and expectations on financial investment instruments vary by country.

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The speed of investors' access to information shows a parallel development with the increasing technological developments, and this situation is important for investors to direct their current savings. In addition, many psychological and sociological factors can affect investors' risk perceptions and investment decisions. In this study, the relations between risk appetite and the stock market are examined on a sectoral basis. BIST Industrial Index (XUSIN), BIST Services Index (XUHIZ), BIST Financial Index (XUMAL) and BIST Technology Index (XUTEK), respectively, representing the industry, services, financial and technology sectors, which are among the sectors that make up a significant size of the Turkish economy, are included in the scope of the study. In the study, the risk perceptions of capital market investors were represented by the Risk Appetite Index (RISE). In the study, monthly data for the period of January 2010-June 2022 were used. In the study, the relationships between BIST sector indices and risk appetite were investigated using cointegration analysis, causality analysis, impulse-response analysis and variance decomposition analysis. As a result of cointegration analysis, while no cointegration relationship was found between RISE and XUTEK, statistically significant cointegration relationships were found between other sectors indices and RISE. As a result of the causality tests, while bi-directional causality relationships were detected between RISE and, XUSIN and XUMAL indices, a one-way causality relationship was found between RISE and XUHIZ, which is from XUHIZ to RISE. As a result of the analysis, no causal relationship was found between RISE and XUTEK. Findings supporting the results of causality tests were obtained as a result of impulse-response analysis and variance decomposition analysis. As a result of the analysis, it has been determined that the changes in the stock values of the companies operating in the industrial, service and financial sectors shape the investor risk appetite, and the changes in the risk appetite cause changes in the stock values of the companies operating in the industrial and financial sectors. On the other hand, there is no significant relationship between the stock values of companies operating in the technology sector and investor risk appetite.