İmalat Sektöründeki İşletmelerde Çalışma Sermayesi Belirleyicileri: BİST Örneği(Working Capital Determinants in Manufacturing Firms )

Working capital which can affect all activities of companies is a subject that is frequently studied because of its importance. There have been many academic studies in the literature. The aim of this study is to examine the variables affecting working capital of manufacturing firms that are listed in Istanbul Stock Exchange (BIST). For this purpose, annual data of 112 manufacturing companies operating in Istanbul Stock Exchange in the period of 2005 – 2014 have been analyzed in both general and sectoral dimensions by using Panel Data Analysis,. The important point that the study will contribute to the literature is the examination of manufacturing industry firms in both general and in the sectoral dimensions. Working capital ratio is the dependent variable in the study. Independent variables are Tobin’s q ratio, cash conversion period, growth of firm (sales), financing expense/net sales ratio, operating expense/net sales ratio, fixed assets/total assets ratio, inventory/current assets ratio, firm size, and return on assets. As a result of the analyses, statistically significant positive relationships between working capital ratio and cash conversion period; and return on assets have been found in general. There have also been statistically significant negative relationships between working capital ratio and financing expense/net sales; fixed assets/total assets; and inventory/current assets ratios. However, these results differ from sector to sector