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Calisma Sermayesi Politikalarinin Karlilik Uzerine Etkisi: Dinamik Panel Uygulamasi

Author

Listed:
  • Ender COÞKUN

    (Pamukkale Universitesi, Iktisadi ve Idari Bilimler Fakultesi, Isletme Bolumu)

  • Dundar KOK

    (Pamukkale Universitesi, Iktisadi ve Idari Bilimler Fakultesi, Isletme Bolumu)

Abstract

Bu calismada, firmalarin calisma sermayesi politikalarinin karlilik uzerine etkisi incelenmektedir. Calismada 1991-2005 doneminde IMKB’de faaliyet gosteren 74 firmanin yillik verilerinden olusan panel veri seti kullanilmistir. Calisma sermayesi politikalarinin olcutu olarak sektore gore duzeltilmis nakit donus suresi, alacak tahsil suresi, borc odeme suresi ve stok devir suresi ile karlilik olcutu olarak aktif karliligi kullanilmistir. Dinamik panel veri analizi yontemiyle, Sistem-GMM tahmin tekniginin uygulandigi calismada, sektore gore agresif yatirim politikasi izleyerek alacak tahsil suresini ve stokta kalma suresini azaltan firmalarin karliliklarini artirabildigi diger bir ifadeyle, nakit donus suresi, alacak tahsil suresi ve stok devir suresi ile karlilik arasinda negatif iliski oldugu sonucuna ulasilmistir. Ayrica borc odeme suresi ile karlilik arasinda pozitif bir iliski tespit edilmistir. Buna gore borc odeme suresinin artirilmasi suretiyle agresif bir finansman politikasi izlenmesi karliligi artýrabilmektedir.

Suggested Citation

  • Ender COÞKUN & Dundar KOK, 2011. "Calisma Sermayesi Politikalarinin Karlilik Uzerine Etkisi: Dinamik Panel Uygulamasi," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 11(Special I), pages 75-85.
    • Handle: RePEc:ege:journl:v:11:y:2011:i:specialissue:p:75-85
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