Publication: Nakit dönüş süresi ve karlılık ilişkisi : BİST 100 örneği
Abstract
Bu çalışma nakit dönüş süresinin faaliyet karlılığı üzerindeki etkilerini incelemektedir. Bu amaçla Borsa İstanbul (BİST) 100 endeksinde işlem gören ve mali kuruluş olmayan 49 işletmenin 2000-2018 yılları arasındaki finansal verileri statik ve dinamik panel data yöntemleri ile analiz edilmiştir. Bu dönem, küresel finansal krizler ve Türkiye Finansal Raporlama Standartları'na (TFRS) geçiş dahil olmak üzere önemli olayları içermektedir. Araştırmanın sonuçları bir bütün olarak değerlendirildiğinde, nakit dönüş süresinin bir dönem gecikmeli değerinin cari dönem faaliyet karlılığı üzerinde istatistiksel olarak anlamlı ve negatif etkiye sahip olduğu görülmektedir. Elde edilen bulgular doğrultusunda; önceki yıl nakit dönüş süresindeki azalmanın cari yıl faaliyet karlılığını arttırdığı anlaşılmaktadır. 2008 küresel ekonomik krizi sırasında, sonrasında ve TFRS sonrası dönemde de nakit dönüş süresinin faaliyet karlılığına etkisi istatistiksel olarak anlamlı ve beklentiler doğrultusunda negatif olmuştur.
The purpose of this research is to investigate the impact of cash conversion cycle on operating profitability of firms at the Borsa Istanbul (BIST) 100 Index over the 2000-2018 period. This period involves significant occurrences, including global financial crises and convergence to IFRS. The study uses static and dynamic panel data to analyze 931 company-year observations of 49 non-finance companies, whose financial history goes back to 2000. When the results of the study are evaluated as a whole, it is seen that the lagged value of the cash conversion period for a period has a statistically significant and negative effect on the current period operating profitability. In line with the findings obtained; It is understood that the decrease in the cash conversion cycle of the previous year increased the current year operating profitability. During and after the 2008 global economic crisis, and in the post-TFRS period, the effect of cash conversion cycle on operating profitability was statistically significant and negative in line with expectations.
The purpose of this research is to investigate the impact of cash conversion cycle on operating profitability of firms at the Borsa Istanbul (BIST) 100 Index over the 2000-2018 period. This period involves significant occurrences, including global financial crises and convergence to IFRS. The study uses static and dynamic panel data to analyze 931 company-year observations of 49 non-finance companies, whose financial history goes back to 2000. When the results of the study are evaluated as a whole, it is seen that the lagged value of the cash conversion period for a period has a statistically significant and negative effect on the current period operating profitability. In line with the findings obtained; It is understood that the decrease in the cash conversion cycle of the previous year increased the current year operating profitability. During and after the 2008 global economic crisis, and in the post-TFRS period, the effect of cash conversion cycle on operating profitability was statistically significant and negative in line with expectations.