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Analyzing the impact of working capital management on corporate profitability
(İstanbul Bilgi Üniversitesi, 2020) Tanyel, Emine; Reis, Ebru
ABSTRACT: In business, WCM has a critical role because of directly effectiveness of profitability. This thesis aims to give empirical results on impacts of WCM on profits. It is conducted for 11 years period which is from 2008 to 2018 focusing on retail and wholesale companies operating in Turkey. The data source consists of companies which are listed on the BIST. To measure WCM, CCC is used and GOI, NOI, and ROA are measurements of profitability. Also, correlation and descriptive analysis, OLS and Fixed Effects regressions are used to perform regressions. The study shows that there is a significant and negative relationship between profitability and CCC. To sum up, a negative relationship observed between CCC and profitability; longer CCC, profitability decreases. Also, a negative relationship between DSO and profitability. If the collection period is long, the profitability decreases. It is likely to, there is a negative relationship between DIO and profitability; longer the inventory holding periods, the profitability decreases. When we look at the DPO and profitability relation, we see a negative relationship which means shorter the days payable outstanding, the profitability increases. All equations were estimated by regression analysis as utilized by Deloof (2003).