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Journals / Verimlilik Dergisi / 2026 / Cilt: 60 Sayı: 3

Working-Capital Efficiency and Asset Profitability under Inflation: Evidence from Türkiye’s Industrial Metals and Mining Sector

Enflasyon Ortamında İşletme Sermayesi Etkinliği ve Aktif Kârlılık: Türkiye’nin Endüstriyel Metaller ve Madencilik Sektöründen Kanıtlar

Arzu Şahin(Adana Alparslan Türkeş Bilim ve Teknoloji Üniversitesi)0000-0002-9944-1791
Pages
823–836
Publication Date
2026-07-16
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Originality: This study contributes to the literature by providing evidence on the working capital-profitability relationship at the sector level and using a long-term data set that also takes into account periods of high-inflation.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Purpose: This study investigated the relationship between firm profitability and working capital efficiency in the Türkiye’s Industrial Metals & Mining (IMM) sector and how this relationship changes during periods of high-inflation.
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Key Findings & Data:Methodology: The study estimated the impact of cash conversion cycle (CCC) on return on assets (ROA) of 25 publicly traded IMM firms during the 2005–2024 period and whether this effect changed during the inflationary years 2022–2024 using fixed-effects panel data model.
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Conclusion & Impact:Originality: This study contributes to the literature by providing evidence on the working capital-profitability relationship at the sector level and using a long-term data set that also takes into account periods of high-inflation.
🔬Design:Modeling & Simulation
📍Scope:2005–2024 Verileri
⚙️Variables:Nakit Dönüşüm Süresi · Aktif Karlılığı · Yüksek Enflasyon

Abstract

Purpose: This study investigated the relationship between firm profitability and working capital efficiency in the Türkiye’s Industrial Metals & Mining (IMM) sector and how this relationship changes during periods of high-inflation. Methodology: The study estimated the impact of cash conversion cycle (CCC) on return on assets (ROA) of 25 publicly traded IMM firms during the 2005–2024 period and whether this effect changed during the inflationary years 2022–2024 using fixed-effects panel data model. Findings: According to the analysis findings, there is a negative relationship between CCC and ROA, and between CCC and the high-inflation period interaction term. This result indicates that the negative impact of lengthening the CCC on profitability strengthens during inflationary periods. According to the CCC component analysis, inventory holding period is the most influential component in these relationships. Furthermore, the balance sheet structure of the firms also has an impact on profitability. Originality: This study contributes to the literature by providing evidence on the working capital-profitability relationship at the sector level and using a long-term data set that also takes into account periods of high-inflation.

Özet

Amaç: Bu çalışma, Türkiye Endüstriyel Metaller ve Madencilik (IMM) sektöründe firma kârlılığı ile çalışma sermayesi verimliliği ilişkisini ve bu ilişkinin yüksek enflasyon döneminde nasıl değiştiğini araştırmıştır. Yöntem: Çalışma, 25 halka açık IMM firmasının 2005–2024 döneminde nakit dönüşüm süresinin (CCC) varlık karlılığı (ROA) üzerindeki etkisini ve bu etkinin 2022–2024 enflasyonist yıllarda değişim gösterip göstermediğini sabit etkiler panel veri modeli ile tahmin etmiştir. CCC’nin bileşenleri ile ve alternatif standart hatalı modeller ile sağlamlık testleri uygulanmıştır. Bulgular: Analiz bulgularına göre, CCC ile ROA arasında ve yüksek enflasyon dönemi etkileşim terimi arasında negatif ilişki bulunmaktadır. Bu sonuç, CCC'nin uzamasının kârlılık üzerindeki olumsuz etkisinin enflasyonist dönemlerde güçlendiğini göstermektedir. CCC bileşenleri analizine göre, bu ilişkilerde stokta kalma süresi en etkili bileşendir. Ayrıca firmaların bilanço yapısının da kârlığa etkisi bulunmaktadır. Özgünlük: Çalışma, çalışma sermayesi–kârlılık ilişkisine sektör düzeyinde ve yönelik yüksek enflasyon dönemini de dikkate uzun dönemli bir veri seti ile kanıt sunarak literatüre katkıda bulunmaktadır.

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Cite This Article

Şahin, A. (2026). Working-Capital Efficiency and Asset Profitability under Inflation: Evidence from Türkiye’s Industrial Metals and Mining Sector. Verimlilik Dergisi, Cilt: 60 Sayı: 3, 823–836. https://doi.org/10.51551/verimlilik.1900112

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