ANALYSING THE RELATIONSHIP BETWEEN CASH CONVERSION CYCLE AND LIQUIDITY RATIOS AND PROFITABILITY WITHIN THE SCOPE OF CASH CONVERSION CYCLE THEORY: AN APPLICATION ON STOCK EXCHANGE ISTANBUL

İlyas Yılmaz

Makale detayları

ANALYSING THE RELATIONSHIP BETWEEN CASH CONVERSION CYCLE AND LIQUIDITY RATIOS AND PROFITABILITY WITHIN THE SCOPE OF CASH CONVERSION CYCLE THEORY: AN APPLICATION ON STOCK EXCHANGE ISTANBUL

Yazarlar:

İlyas Yılmaz

Yayıncı:

Anadolu University

Ana Başlıklar:

Financial Statement Analysis

Dergi:

Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.25 Issue 2, pp.305-331

Belge Tipi:

Makale

Yayın Tarihi:

6/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001320405

pISSN:

2687-184X

Anahtar kelimeler:

Özet:

 The importance of financial statement analysis techniques has increased day by day as the information needs of financial information users have always increased. Financial information requires the application of various financial analysis techniques according to its purpose. Analysing the liquidity structures of companies is one of these requirements. Although there are many factors affecting the liquidity structure of companies, liquidity ratios are used to analyse this structure. In addition, another method used in the analysis of liquidity structures is the cash cycle, which was developed as a theory in the early 1980s. The aim of the study is to determine whether the cash cycle is effective on corporate profitability within the scope of the cash cycle theory. For this purpose, the data of the companies operating in the Borsa Istanbul basic metal industry sector between 2009 and 2023 are analysed both on company basis and sectoral basis. According to the results obtained, it is determined that there is no cointegration relationship in all of the companies within the scope of the research, but there is a cointegration relationship in the majority of the companies. It is determined that the cash cycle has an effect on company profitability in cointegrated companies. In addition, when the sectoral data are analysed, it is concluded that there is a relationship between cash cycle and liquidity ratios and company profitability.

 The importance of financial statement analysis techniques has increased day by day as the information needs of financial information users have always increased. Financial information requires the application of various financial analysis techniques according to its purpose. Analysing the liquidity structures of companies is one of these requirements. Although there are many factors affecting the liquidity structure of companies, liquidity ratios are used to analyse this structure. In addition, another method used in the analysis of liquidity structures is the cash cycle, which was developed as a theory in the early 1980s. The aim of the study is to determine whether the cash cycle is effective on corporate profitability within the scope of the cash cycle theory. For this purpose, the data of the companies operating in the Borsa Istanbul basic metal industry sector between 2009 and 2023 are analysed both on company basis and sectoral basis. According to the results obtained, it is determined that there is no cointegration relationship in all of the companies within the scope of the research, but there is a cointegration relationship in the majority of the companies. It is determined that the cash cycle has an effect on company profitability in cointegrated companies. In addition, when the sectoral data are analysed, it is concluded that there is a relationship between cash cycle and liquidity ratios and company profitability.

 The importance of financial statement analysis techniques has increased day by day as the information needs of financial information users have always increased. Financial information requires the application of various financial analysis techniques according to its purpose. Analysing the liquidity structures of companies is one of these requirements. Although there are many factors affecting the liquidity structure of companies, liquidity ratios are used to analyse this structure. In addition, another method used in the analysis of liquidity structures is the cash cycle, which was developed as a theory in the early 1980s. The aim of the study is to determine whether the cash cycle is effective on corporate profitability within the scope of the cash cycle theory. For this purpose, the data of the companies operating in the Borsa Istanbul basic metal industry sector between 2009 and 2023 are analysed both on company basis and sectoral basis. According to the results obtained, it is determined that there is no cointegration relationship in all of the companies within the scope of the research, but there is a cointegration relationship in the majority of the companies. It is determined that the cash cycle has an effect on company profitability in cointegrated companies. In addition, when the sectoral data are analysed, it is concluded that there is a relationship between cash cycle and liquidity ratios and company profitability.

 Finansal bilgi kullanıcılarının bilgi ihtiyacının her zaman artması mali tablo analiz tekniklerinin önemini gün geçtikçe artırmıştır. Finansal bilgi, amacına göre çeşitli mali analiz tekniklerinin uygulanmasını gerektirmektedir. Şirketlerin likidite yapılarının analizi ise bu gerekliliklerden biri olmaktadır. Şirketlerin likidite yapılarını etkileyen birçok faktör olmakla birlikte bu yapıyı incelemek üzere likidite oranları kullanılmaktadır. Ayrıca likidite yapılarının analizinde kullanılan bir diğer yöntem nakit döngüsü olup bu döngü 1980 yılların başında bir teori olarak geliştirilmiştir. Çalışmanın amacı, nakit döngüsü teorisi kapsamında şirket kârlılığı üzerinde nakit döngüsünün etkili olup olmadığının tespit edilmesidir. Bu amaçla Borsa İstanbul ana metal sanayi sektöründe faaliyet gösteren şirketlerin 2009 ile 2023 yılları arasındaki verileri hem şirket bazlı hem de sektörel olarak incelenmiştir. Elde edilen sonuçlara göre araştırma kapsamındaki şirketlerin tümünde eşbütünleşme ilişkisinin olmadığı ama çoğunluğunda eşbütünleşme ilişkisinin olduğu tespit edilmiştir. Eşbütünleşik şirketlerde nakit döngüsünün şirket kârlılığı üzerinde etkisinin olduğu belirlenmiştir. Ayrıca sektörel olarak veriler incelendiğinde nakit döngüsü ve likidite oranları ile şirket kârlılığı arasında ilişkinin olduğu sonucuna ulaşılmıştır.

Makale detayları

ANALYSING THE RELATIONSHIP BETWEEN CASH CONVERSION CYCLE AND LIQUIDITY RATIOS AND PROFITABILITY WITHIN THE SCOPE OF CASH CONVERSION CYCLE THEORY: AN APPLICATION ON STOCK EXCHANGE ISTANBUL

Yazarlar:

İlyas Yılmaz

Yayıncı:

Anadolu University

Ana Başlıklar:

Financial Statement Analysis

Dergi:

Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.25 Issue 2, pp.305-331

Belge Tipi:

Makale

Yayın Tarihi:

6/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001320405

pISSN:

2687-184X

Cash Conversion Cycle

Liquidity Ratios

Profitability

Cointegration

ARDLNakit Döngüsü

Likidite Oranları

Kârlılık

Eşbütünleşme

ARDL

Sayı

Makale detayları

Yazarlar: İlyas Yılmaz

Yayıncı: Anadolu University

Ana Başlıklar: Financial Statement Analysis

Dergi: Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.25 Issue 2, pp.305-331

Belge Tipi: Makale

Yayın Tarihi: 6/2024

Belge Dili: Türkçe

Document ID (Org No.): 2001320405

pISSN: 2687-184X

Sayı

Yazarlar:

İlyas Yılmaz

Yayıncı:

Anadolu University

Ana Başlıklar:

Financial Statement Analysis

Dergi:

Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.25 Issue 2, pp.305-331

Belge Tipi:

Makale

Yayın Tarihi:

6/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001320405

pISSN:

2687-184X