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FİRMALAR İÇİN LİKİDİTE VE KARLILIK ARASINDA BİR ÖDÜNLEME VAR MI? BİST ÖRNEĞİ

Year 2016, 2016 Özel Sayı, 298 - 311, 01.12.2016

Abstract

Günümüz iş dünyasında hem finans hem de emtia piyasalarında yaşanan dalgalanmalar, işletmelerin sadece uzun süreli varlıklarının/kaynaklarının değil, kısa süreli varlıklarının/kaynaklarının da etkin bir şekilde yönetilmesini hayati hale getirmiştir. Finans literatüründe çalışma sermayesi yönetimi kapsamında değerlendirilen kısa süreli varlıkların ve kaynakların yönetimi firmaların likidite tercihlerini de yansıtmaktadır. Bu tercihlerin ise firmaların riski ve başarısı üzerinde önemli bir etkisi vardır. Finans alanındaki hâkim görüşe göre firma yöneticileri likidite-risk-karlılık arasında bir ödünleme (trade off) yaparak faaliyetlerini sürdürür. Firmaların bir yılda nakde dönüşebilecek varlıklarına yaptığı yatırımın ve bu yatırımın finansman şeklinin firmaya çeşitli maliyetleri vardır. Doğal olarak tüm bu maliyetlerin ve finansman tercihinin firmanın hem riskini hem de karlılığını önemli ölçüde belirlemesi beklenir. Bu yüzden literatürde bu yatırımların optimal düzeyde olması ve finansmanının uygun kaynaklarla yapılması yönünde hâkim bir görüş olduğu söylenebilir.Ancak finans piyasalarının yeterince gelişmediği ekonomilerde bilgi asimetrisi ve finansal kısıtlar nedeniyle çalışma sermayesinin çeşitli unsurlarına yapılan yatırımların karlılık üzerinde olumlu etkileri de görülebilir. Örneğin müşterilerini daha çok ve daha uzun süre finanse ederek gerçekleştirilen bir alacak politikası, iyi işlemeyen para piyasaları nedeniyle firma karlılığını artırabilir. Diğer taraftan spekülatif nakit ya da stok tutma da tasarrufların az olduğu mükemmel olmayan finans piyasalarına sahip ekonomilerde firma karını artıracak bir diğer unsur olarak karşımıza çıkabilir.Çalışma kapsamında, Türk imalat sanayi firmaları için Panel VAR ve GMM yöntemleri kullanılarak Likidite ve Karlılık arasındaki ilişkinin yönü belirlenmeye çalışılmış ve likidite ile karlılık arasında pozitif faaliyet döngüsü ile karlılık arasında ise doğrusal olmayan ilişki tespit edilmiştir.

References

  • Abrigo, M. R., & Love, I. (2015). Estimation of panel vector autoregression in Stata: A package of programs. manuscript, Febr 2015 available on http://paneldataconference2015. ceu. hu/Program/Michael-Abrigo. pdf.
  • Adeyemi, S. L. (2010). Just-in-time production systems (JITPS) in developing countries: the Nigerian experience. J Soc Sci, 22(2), 145-152.
  • Arunkumar, O. N., & Ramanan, T. R. (2013). Working capital management and profitability: A sensitivity analysis. International Journal of Research and Development, 2(1), 52-58.
  • Banerjee, A. A. (2006, December). Capital Market Access to SMES in India. In 10th Indian Institute of Capital Markets Conference Paper.
  • Bastos, R., & Pindado, J. (2007). An agency model to explain trade credit policy and empirical evidence. Applied Economics, 39(20), 2631-2642.
  • Bhattacharya, H. (2008). Theories of Trade Credit: Limitations and Applications. Available at SSRN 1286443.
  • Brennan, M. J., Maksimovic, Vojislav & Zechner, J. (1988). Vendor financing. The Journal of Finance, 43(5), 1127-1141.
  • Blinder, A. S., & Maccini, L. J. (1991). Taking stock: a critical assessment of recent research on inventories. The journal of economic perspectives, 5(1), 73-96.
  • Brick, I. E., & Fung, W. K. (1984). Taxes and the theory of trade debt. The Journal of Finance, 39(4), 1169-1176.
  • Canbaş S, Vural G. (2012). Finansal Yönetim, üçüncü baskı, Adana, Karahan Kitabevi.
  • Christiano, L. J., & Fitzgerald, T. J. (1989). The magnitude of the speculative motive for holding inventories in a real business cycle model (No. 10). Federal Reserve Bank of Minneapolis.
  • Christopher, S. B., & Kamalavalli, A. L. (2009). Sensitivity of profitability to working capital management in Indian corporate hospitals. Eletronic copy avaible at HTTP://ssrn. com/abstract, 1331500.
  • Ching H. Y., Novazzi A., Gerab F. (2011). Relationship between working capital management and profitability in Brazilian-listed companies, Journal of Global Business and Economics, 3(1), 74–86.
  • Chowdhury, A., Amin, M. M. (2007). Working capital management practiced in pharmaceutical companies listed in Dhaka stock Exchange, BRAC University Journal, 4( 2), 75-86.
  • Coşkun, E., Kök, D. (2011) Çalışma sermayesi politikalarının karlılık üzerine etkisi: dinamik panel uygulaması, Ege Akademik Bakış, Cilt: 11, Özel Sayı, s.75-85
  • Çakır, M. ve Küçükkaplan, İ. (2012). İşletme sermayesi unsurlarının firma değeri ve karlılığı üzerindeki etkisinin İMKB’de işlem gören üretim firmalarında 2000 – 2009 dönemi için analizi, Muhasebe finansman dergisi, Ocak 2012. s.69-86
  • Danielson, M. G., & Scott, J. A. (2000). Additional evidence on the use of trade credit by small firms: the role of trade credit discounts. Available at SSRN 236260.
  • Dong, H., & Su, J. T. (2010). The relationship between working capital management and profitability: a Vietnam case.
  • Deloof, M. (2003). Does working capital management affect profitability of Belgian firms?. Journal of business finance & Accounting, 30(3‐4), 573-588.
  • Demirgüneş, K., & Şamiloğlu, F. (2008). İşletme Sermayesi Yönetiminin Karlılık Üzerindeki Etkisi. 12. Ulusal Finans Sempozyumu, 22-25.
  • Emery, G. W. (1987). An optimal financial response to variable demand. Journal of Financial and Quantitative Analysis, 22(02), 209-225.
  • Falope, O. I., & Ajilore, O. T. (2009). Asikhia OU. Research journal of business management, 3(3), 73-84.
  • Ferris, J. S. (1981). A transactions theory of trade credit use. The Quarterly Journal of Economics, 243-270.
  • Freixas, X. (1993). Short term credit versus account receivable financing. Universitat Pompeu Fabra.
  • García‐Teruel, P. J., & Martínez‐Solano, P. (2008). On the determinants of SME cash holdings: Evidence from Spain. Journal of Business Finance & Accounting, 35(1‐2), 127-149.
  • Baños‐Caballero, S., García‐Teruel, P. J., & Martínez‐Solano, P. (2010a). Working capital management in SMEs. Accounting & Finance, 50(3), 511-527.
  • García-Teruel, P. J., & Martínez-Solano, P. (2010b). A dynamic perspective on the determinants of accounts payable. Review of Quantitative Finance and Accounting, 34(4), 439-457.
  • Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: Evidence from the United States. Business and Economics Journal, 10(1), 1-9.
  • Hill, N. Sartoris W, (1992). Short-Term Financial Management, Macmillan
  • Iftikhar, M. F. (2013). Determinants of working capital management efficiency: Case study of Pakistani automotive and engineering firms listed in Karachi Stock Exchange. Research Journal of Finance and Accounting, 4(7), 216-236.
  • Jain, N. (2001). Monitoring costs and trade credit. The Quarterly Review of Economics and Finance, 41(1), 89-110.
  • Jose, M. L., Lancaster, C., & Stevens, J. L. (1996). Corporate returns and cash conversion cycles. Journal of Economics and finance, 20(1), 33-46.
  • Kandori, M. (1992). Social norms and community enforcement. The Review of Economic Studies, 59(1), 63-80.
  • Kohler, M., Britton, E., & Yates, A. (2000). Trade credit and the monetary transmission mechanism. The Bank of England Working Paper, (115).
  • Koumanakos, D. P. (2008). The effect of inventory management on firm performance. International journal of productivity and performance management, 57(5), 355-369.
  • Lazaridis, I., Tryfonidis, D., 2006. “Relationship between working capital management and profitability of listed companies in the Athens stock exchange”. Journal of Financial Management and Analysis, 19(1), 26-35.
  • Lazaridis, I., & Tryfonidis, D. (2006). Relationship between working capital management and profitability of listed companies in the Athens stock exchange. Journal of financial management and analysis, 19(1).
  • McMillan, J., Woodruff, C., 1999. “Interfirm Relationships and Informal Credit in Vietnam”. The Quarterly Journal of Economics, 114(4), 1285-1320
  • McMillan, J., & Woodruff, C. (1999). Interfirm relationships and informal credit in Vietnam. Quarterly journal of Economics, 1285-1320.
  • Mian, S. L., & Smith, C. W. (1992). Accounts receivable management policy: theory and evidence. The Journal of Finance, 47(1), 169-200.
  • Mathuva, D. (2009). The influence of working capital management components on corporate profitability: a survey on Kenyan listed firms. Research Journal of Business Management, 3(1), 1-11.), 1-11.
  • Morgan, D. P. (1991). Will Just-In-Time Inventory Techniques Dampen Recessions?. Federal Reserve Bank of Kansas City Economic Review, 2, 21-33.
  • Nadiri, M. I. (1969). The determinants of trade credit in the US total manufacturing sector. Econometrica: Journal of the Econometric Society, 408-423.
  • Nelson, R. R., & Nelson, K. (2002). Technology, institutions, and innovation systems. Research policy, 31(2), 265-272.
  • Ng, A. Baek, H. Y., (2007) “Free cash flow, leverage, and performance: evidence from canadian acquisitions, Journal of International Finance and Economics, 5(1), 11-26.
  • Ng, C. K., Smith, J. K., & Smith, R. L. (1999). Evidence on the determinants of credit terms used in interfirm trade. The Journal of Finance, 54(3), 1109-1129.
  • Nobanee, H., AlShattarat, W. K., & Haddad, A. E. (2009a). Optimizing working capital management. Abu Dhabi University, Working Paper.
  • Nobanee, H., & Al Hajjar, M. (2009b). Working capital management, operating cash flow and corporate performance. Operating Cash Flow and Corporate Performance (September 10, 2009).
  • Öz, Y., & Güngör, B. (2007). Çalışma sermayesi yönetiminin firma kârlılığı üzerine etkisi: imalat sektörüne yönelik panel veri analizi, Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 10(2).
  • Padachi, K. (2006). Trends in working capital management and its impact on firms’ performance: an analysis of Mauritian small manufacturing firms. International Review of business research papers, 2(2), 45-58.
  • Petersen, M. A., & Rajan, R. G. (1997). Trade credit: theories and evidence. Review of financial studies, 10(3), 661-691.
  • Pike, R., Cheng, N. S., Cravens, K., & Lamminmaki, D. (2005). Trade credit terms: asymmetric information and price discrimination evidence from three continents. Journal of Business Finance & Accounting, 32(5‐6), 1197-1236.
  • Pike, R., & Cheng, N. S. (2001). Credit management: an examination of policy choices, practices and late payment in UK companies. Journal of Business Finance & Accounting, 28(7‐8), 1013-1042.
  • Raheman, A., & Nasr, M. (2007). Working capital management and profitability–case of Pakistani firms. International review of business research papers, 3(1), 279-300.
  • Ramachandran, A., & Janakiraman, M. (2009). The relationship between working capital management efficiency and EBIT. Managing Global Transitions, 7(1), 61.
  • Schwartz, R. A. (1974). An economic model of trade credit. Journal of financial and quantitative analysis, 9(04), 643-657.
  • Şen, M. & Oruc, E. (2009). Relationship between efficiency level of working capital management and return on total assets in ise (istanbul stock exchange). International journal of Business and Management, 4(10), 109.
  • Shin, H. H., & Soenen, L. (1998). Efficiency of working capital management and corporate profitability. Financial practice and education, 8, 37-45.
  • Smith, J. K. (1987). Trade credit and informational asymmetry. The Journal of Finance, 42(4), 863-872.
  • Sökmen, G. (2013). Çalışma sermayesi yönetiminin firma performansı Üzerindeki etkisi: Borsa İstanbul’a kote edilmiş imalat şirketleri üzerine bir araştırma. (Yayımlanmamış doktora tezi). Çukurova Üniversitesi Sosyal Bilimler Enstitüsü, Adana.
  • Uremandu, S., Ben-Caleb, E., & Enyi, P. E. (2012). Working capital management, liquidity and Corporate profitability among quoted firms in Nigeria: Evidence from the Productive sector. International journal of academic research in accounting, finance and management sciences, 2(1).
  • Uyar, A. (2009). The relationship of cash conversion cycle with firm size and profitability: an empirical investigation in Turkey. International Research Journal of Finance and Economics, 24(2), 186-193.
  • Van Der Wijst, N., & Hol, S. (2002). Trade credit in Europe. In Paper presented at the 31st Meeting of the european workıng group on fınancıal modelıng (EWGFM),, Agia Napa, CYPRUS.
  • Wen, Y. (2003). Understanding the Inventory Cycle I. Partial Equilibrium Analysis(No. 03-08).
  • Wilner, B. S. (2000). The exploitation of relationships in financial distress: The case of trade credit. The Journal of Finance, 55(1), 153-178.
  • Wilson, N., & Summers, B. (2002). Trade credit terms offered by small firms: survey evidence and empirical analysis. Journal of Business Finance & Accounting, 29(3‐4), 317-351.
  • Zariyawati, M. A., Annuar, M. N., & Abdul Rahim, A. S. (2009). Effect of working capital management on profitability of firms in Malaysia. Online) baiconference. org/BAI2009/Pages/.../isfa2009_submission_1, 3.

IS THERE REALLY A TRADE OFF BETWEEN LIQUIDITY AND PROFITABILITY?

Year 2016, 2016 Özel Sayı, 298 - 311, 01.12.2016

Abstract

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References

  • Abrigo, M. R., & Love, I. (2015). Estimation of panel vector autoregression in Stata: A package of programs. manuscript, Febr 2015 available on http://paneldataconference2015. ceu. hu/Program/Michael-Abrigo. pdf.
  • Adeyemi, S. L. (2010). Just-in-time production systems (JITPS) in developing countries: the Nigerian experience. J Soc Sci, 22(2), 145-152.
  • Arunkumar, O. N., & Ramanan, T. R. (2013). Working capital management and profitability: A sensitivity analysis. International Journal of Research and Development, 2(1), 52-58.
  • Banerjee, A. A. (2006, December). Capital Market Access to SMES in India. In 10th Indian Institute of Capital Markets Conference Paper.
  • Bastos, R., & Pindado, J. (2007). An agency model to explain trade credit policy and empirical evidence. Applied Economics, 39(20), 2631-2642.
  • Bhattacharya, H. (2008). Theories of Trade Credit: Limitations and Applications. Available at SSRN 1286443.
  • Brennan, M. J., Maksimovic, Vojislav & Zechner, J. (1988). Vendor financing. The Journal of Finance, 43(5), 1127-1141.
  • Blinder, A. S., & Maccini, L. J. (1991). Taking stock: a critical assessment of recent research on inventories. The journal of economic perspectives, 5(1), 73-96.
  • Brick, I. E., & Fung, W. K. (1984). Taxes and the theory of trade debt. The Journal of Finance, 39(4), 1169-1176.
  • Canbaş S, Vural G. (2012). Finansal Yönetim, üçüncü baskı, Adana, Karahan Kitabevi.
  • Christiano, L. J., & Fitzgerald, T. J. (1989). The magnitude of the speculative motive for holding inventories in a real business cycle model (No. 10). Federal Reserve Bank of Minneapolis.
  • Christopher, S. B., & Kamalavalli, A. L. (2009). Sensitivity of profitability to working capital management in Indian corporate hospitals. Eletronic copy avaible at HTTP://ssrn. com/abstract, 1331500.
  • Ching H. Y., Novazzi A., Gerab F. (2011). Relationship between working capital management and profitability in Brazilian-listed companies, Journal of Global Business and Economics, 3(1), 74–86.
  • Chowdhury, A., Amin, M. M. (2007). Working capital management practiced in pharmaceutical companies listed in Dhaka stock Exchange, BRAC University Journal, 4( 2), 75-86.
  • Coşkun, E., Kök, D. (2011) Çalışma sermayesi politikalarının karlılık üzerine etkisi: dinamik panel uygulaması, Ege Akademik Bakış, Cilt: 11, Özel Sayı, s.75-85
  • Çakır, M. ve Küçükkaplan, İ. (2012). İşletme sermayesi unsurlarının firma değeri ve karlılığı üzerindeki etkisinin İMKB’de işlem gören üretim firmalarında 2000 – 2009 dönemi için analizi, Muhasebe finansman dergisi, Ocak 2012. s.69-86
  • Danielson, M. G., & Scott, J. A. (2000). Additional evidence on the use of trade credit by small firms: the role of trade credit discounts. Available at SSRN 236260.
  • Dong, H., & Su, J. T. (2010). The relationship between working capital management and profitability: a Vietnam case.
  • Deloof, M. (2003). Does working capital management affect profitability of Belgian firms?. Journal of business finance & Accounting, 30(3‐4), 573-588.
  • Demirgüneş, K., & Şamiloğlu, F. (2008). İşletme Sermayesi Yönetiminin Karlılık Üzerindeki Etkisi. 12. Ulusal Finans Sempozyumu, 22-25.
  • Emery, G. W. (1987). An optimal financial response to variable demand. Journal of Financial and Quantitative Analysis, 22(02), 209-225.
  • Falope, O. I., & Ajilore, O. T. (2009). Asikhia OU. Research journal of business management, 3(3), 73-84.
  • Ferris, J. S. (1981). A transactions theory of trade credit use. The Quarterly Journal of Economics, 243-270.
  • Freixas, X. (1993). Short term credit versus account receivable financing. Universitat Pompeu Fabra.
  • García‐Teruel, P. J., & Martínez‐Solano, P. (2008). On the determinants of SME cash holdings: Evidence from Spain. Journal of Business Finance & Accounting, 35(1‐2), 127-149.
  • Baños‐Caballero, S., García‐Teruel, P. J., & Martínez‐Solano, P. (2010a). Working capital management in SMEs. Accounting & Finance, 50(3), 511-527.
  • García-Teruel, P. J., & Martínez-Solano, P. (2010b). A dynamic perspective on the determinants of accounts payable. Review of Quantitative Finance and Accounting, 34(4), 439-457.
  • Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: Evidence from the United States. Business and Economics Journal, 10(1), 1-9.
  • Hill, N. Sartoris W, (1992). Short-Term Financial Management, Macmillan
  • Iftikhar, M. F. (2013). Determinants of working capital management efficiency: Case study of Pakistani automotive and engineering firms listed in Karachi Stock Exchange. Research Journal of Finance and Accounting, 4(7), 216-236.
  • Jain, N. (2001). Monitoring costs and trade credit. The Quarterly Review of Economics and Finance, 41(1), 89-110.
  • Jose, M. L., Lancaster, C., & Stevens, J. L. (1996). Corporate returns and cash conversion cycles. Journal of Economics and finance, 20(1), 33-46.
  • Kandori, M. (1992). Social norms and community enforcement. The Review of Economic Studies, 59(1), 63-80.
  • Kohler, M., Britton, E., & Yates, A. (2000). Trade credit and the monetary transmission mechanism. The Bank of England Working Paper, (115).
  • Koumanakos, D. P. (2008). The effect of inventory management on firm performance. International journal of productivity and performance management, 57(5), 355-369.
  • Lazaridis, I., Tryfonidis, D., 2006. “Relationship between working capital management and profitability of listed companies in the Athens stock exchange”. Journal of Financial Management and Analysis, 19(1), 26-35.
  • Lazaridis, I., & Tryfonidis, D. (2006). Relationship between working capital management and profitability of listed companies in the Athens stock exchange. Journal of financial management and analysis, 19(1).
  • McMillan, J., Woodruff, C., 1999. “Interfirm Relationships and Informal Credit in Vietnam”. The Quarterly Journal of Economics, 114(4), 1285-1320
  • McMillan, J., & Woodruff, C. (1999). Interfirm relationships and informal credit in Vietnam. Quarterly journal of Economics, 1285-1320.
  • Mian, S. L., & Smith, C. W. (1992). Accounts receivable management policy: theory and evidence. The Journal of Finance, 47(1), 169-200.
  • Mathuva, D. (2009). The influence of working capital management components on corporate profitability: a survey on Kenyan listed firms. Research Journal of Business Management, 3(1), 1-11.), 1-11.
  • Morgan, D. P. (1991). Will Just-In-Time Inventory Techniques Dampen Recessions?. Federal Reserve Bank of Kansas City Economic Review, 2, 21-33.
  • Nadiri, M. I. (1969). The determinants of trade credit in the US total manufacturing sector. Econometrica: Journal of the Econometric Society, 408-423.
  • Nelson, R. R., & Nelson, K. (2002). Technology, institutions, and innovation systems. Research policy, 31(2), 265-272.
  • Ng, A. Baek, H. Y., (2007) “Free cash flow, leverage, and performance: evidence from canadian acquisitions, Journal of International Finance and Economics, 5(1), 11-26.
  • Ng, C. K., Smith, J. K., & Smith, R. L. (1999). Evidence on the determinants of credit terms used in interfirm trade. The Journal of Finance, 54(3), 1109-1129.
  • Nobanee, H., AlShattarat, W. K., & Haddad, A. E. (2009a). Optimizing working capital management. Abu Dhabi University, Working Paper.
  • Nobanee, H., & Al Hajjar, M. (2009b). Working capital management, operating cash flow and corporate performance. Operating Cash Flow and Corporate Performance (September 10, 2009).
  • Öz, Y., & Güngör, B. (2007). Çalışma sermayesi yönetiminin firma kârlılığı üzerine etkisi: imalat sektörüne yönelik panel veri analizi, Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 10(2).
  • Padachi, K. (2006). Trends in working capital management and its impact on firms’ performance: an analysis of Mauritian small manufacturing firms. International Review of business research papers, 2(2), 45-58.
  • Petersen, M. A., & Rajan, R. G. (1997). Trade credit: theories and evidence. Review of financial studies, 10(3), 661-691.
  • Pike, R., Cheng, N. S., Cravens, K., & Lamminmaki, D. (2005). Trade credit terms: asymmetric information and price discrimination evidence from three continents. Journal of Business Finance & Accounting, 32(5‐6), 1197-1236.
  • Pike, R., & Cheng, N. S. (2001). Credit management: an examination of policy choices, practices and late payment in UK companies. Journal of Business Finance & Accounting, 28(7‐8), 1013-1042.
  • Raheman, A., & Nasr, M. (2007). Working capital management and profitability–case of Pakistani firms. International review of business research papers, 3(1), 279-300.
  • Ramachandran, A., & Janakiraman, M. (2009). The relationship between working capital management efficiency and EBIT. Managing Global Transitions, 7(1), 61.
  • Schwartz, R. A. (1974). An economic model of trade credit. Journal of financial and quantitative analysis, 9(04), 643-657.
  • Şen, M. & Oruc, E. (2009). Relationship between efficiency level of working capital management and return on total assets in ise (istanbul stock exchange). International journal of Business and Management, 4(10), 109.
  • Shin, H. H., & Soenen, L. (1998). Efficiency of working capital management and corporate profitability. Financial practice and education, 8, 37-45.
  • Smith, J. K. (1987). Trade credit and informational asymmetry. The Journal of Finance, 42(4), 863-872.
  • Sökmen, G. (2013). Çalışma sermayesi yönetiminin firma performansı Üzerindeki etkisi: Borsa İstanbul’a kote edilmiş imalat şirketleri üzerine bir araştırma. (Yayımlanmamış doktora tezi). Çukurova Üniversitesi Sosyal Bilimler Enstitüsü, Adana.
  • Uremandu, S., Ben-Caleb, E., & Enyi, P. E. (2012). Working capital management, liquidity and Corporate profitability among quoted firms in Nigeria: Evidence from the Productive sector. International journal of academic research in accounting, finance and management sciences, 2(1).
  • Uyar, A. (2009). The relationship of cash conversion cycle with firm size and profitability: an empirical investigation in Turkey. International Research Journal of Finance and Economics, 24(2), 186-193.
  • Van Der Wijst, N., & Hol, S. (2002). Trade credit in Europe. In Paper presented at the 31st Meeting of the european workıng group on fınancıal modelıng (EWGFM),, Agia Napa, CYPRUS.
  • Wen, Y. (2003). Understanding the Inventory Cycle I. Partial Equilibrium Analysis(No. 03-08).
  • Wilner, B. S. (2000). The exploitation of relationships in financial distress: The case of trade credit. The Journal of Finance, 55(1), 153-178.
  • Wilson, N., & Summers, B. (2002). Trade credit terms offered by small firms: survey evidence and empirical analysis. Journal of Business Finance & Accounting, 29(3‐4), 317-351.
  • Zariyawati, M. A., Annuar, M. N., & Abdul Rahim, A. S. (2009). Effect of working capital management on profitability of firms in Malaysia. Online) baiconference. org/BAI2009/Pages/.../isfa2009_submission_1, 3.
There are 67 citations in total.

Details

Other ID JA26NM25CV
Journal Section Research Article
Authors

Emin Hüseyin Çetenak This is me

Elif Acar

Publication Date December 1, 2016
Published in Issue Year 2016 2016 Özel Sayı

Cite

APA Çetenak, E. H., & Acar, E. (2016). FİRMALAR İÇİN LİKİDİTE VE KARLILIK ARASINDA BİR ÖDÜNLEME VAR MI? BİST ÖRNEĞİ. Balkan Sosyal Bilimler Dergisi298-311.