Çalışma Sermayesi Yönetimi Türkiye’deki KOBİ’lerde Karlılığı Nasıl Etkiler?

Abstract

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.

The Effect of Firm Size on Profitability: Evidence From Turkish Manufacturing Sector

“…Based on a sample of 1.123 small and medium-sized enterprises (SMEs) in Turkey during the period between 2009 and 2013, Aytürk and Yanık (2015) empirically explore the determinants that influence profitability by using dynamic panel data analysis. As a result of the analysis, the authors report that even though the influence of natural log of total sales on gross sales profit divided by total assets is significant and negative, size measure affects the ratio of profit before tax and interest to total assets positively and significantly.…”

Çalişma Sermayesi̇ Ve Fi̇rma Performansi İli̇şki̇si̇: Heterojen Panel Uygulamasi

“…The results of studies that use the CCC to investigate the relationship between working capital efficiency and profitability have been inconsistent. While some studies (Gill, Biger and Mathur, 2010;Sharma and Kumar, 2011;Mansoori and Muhammad, 2012;Akoto et al, 2013;Aksoy, 2013;Çakır, 2013;Ata and Buğan, 2016;Akyüz et al, 2019;Çerçel and Sökmen, 2019;Akomeah and Frimpong, 2019;Eskin and Güvemli, 2020) have reached the conclusion that the impact of efficiency on profitability is positive, others (Öz and Güngör, 2007;Şamiloğlu and Demirgüneş ,2008;Ata, Gür and Yakut, 2008;Şen and Oruç, 2009;Uyar, 2009;Karaduman, Akbaş, Özsözgün et al, 2010;Mathuva, 2010;Dong and Su, 2010;Charitou et al, 2010;Mohamad and Saad, 2010;Coşkun and Kök, 2011;Abuzayed, 2012;Napompech, 2012;Dursun and Ayrıçay, 2012;Aygün, 2012;Vural, Sökmen and Çetenak, 2012;Makori and Jagongo, 2013;Demireli, Başcı and Karaca, 2014;Kendirli and Konak, 2014;Ukaegbu, 2014;Yazdanfar and Öhmen, 2014;Tu and Nguyen, 2014;Aytürk and Yanık, 2015;Fettahoğlu and Mohamud, 2016;Helhel and Karasakal, 2017;…”

Is There a Non-linear Relationship between Net Trade Cycle and Corporate Performance in Turkey?

“…Aytürk and Yanık (2015) examined the relationship between working capital management and profitability for Turkish SMEs for the 2009-2013 period. The firms chosen are not specifically gathered from Borsa İstanbul but rather from Orbis database.…”

“…First of all, to our knowledge, this is the first study in Turkey which examines the non-linear association between NTC and corporate performance for the non-financial firms which are quoted in Borsa İstanbul. Aytürk and Yanık (2015) have examined the non-linear relation between cash conversion cycle and firm profitability rather than corporate performance and for the SMEs (Small and medium-sized enterprises) rather than the non-financial firms in Borsa İstanbul. For this reason, our dependent variable and data set are different from Aytürk and Yanık (2015).…”

“…Aytürk and Yanık (2015) have examined the non-linear relation between cash conversion cycle and firm profitability rather than corporate performance and for the SMEs (Small and medium-sized enterprises) rather than the non-financial firms in Borsa İstanbul. For this reason, our dependent variable and data set are different from Aytürk and Yanık (2015). In our research, we mainly follow the methodology and model developed by Banos-Cabellero et al (2014).…”