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How Does Working Capital Management Affect the Profitability of Turkish SMEs? ABSTRACT This study investigates the relationship between working capital management and profitability for Turkish small and medium-sized enterprises (SMEs). Our sample includes 1,123 Turkish SMEs which have 5-year data for the period of 2009-2013 in Orbis database of Bureau Van Dijk. Results of dynamic panel data analysis with system-GMM estimators show that there is a negative relationship between cash conversion cycle and profitability. In other words, efficient working capital management increases profitability in Turkish SMEs.

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