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Journals / Finans Ekonomi ve Sosyal Araştırmalar Dergisi / 2026 / Cilt: 11 Sayı: 3

THE IMPACT of WORKING CAPITAL MANAGEMENT on OPERATIONAL EFFICIENCY: a Panel Data Analysis of BIST Chemical Petroleum and Plastic Companies

ÇALIŞMA SERMAYESİ YÖNETİMİNİN OPERASYONEL ETKİNLİK ÜZERİNE ETKİLERİ: BIST Kimya Petrol ve Plastik Şirketleri Üzerine Panel Veri Analizi

Selda Özbey(İSTANBUL ESENYURT ÜNİVERSİTESİ)0000-0003-0076-2462
Pages
—
Publication Date
2026-10-01
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AI Summary & Key Takeaways

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

The findings indicate that the current ratio has a positive and significant effect on both the cash conversion cycle and the accounts receivable collection period.

📌 3 Key Takeaways

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Objective & Hypothesis:The aim of this study is to examine the relationship between working capital management and operational efficiency in firms operating in the chemical, plastic, and petroleum sectors listed on Borsa Istanbul (BIST).
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Key Findings & Data:Although the relationship between working capital management and firm performance has been widely examined in the literature, studies focusing on the effects of working capital management on operational efficiency remain limited.
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Conclusion & Impact:The findings indicate that the current ratio has a positive and significant effect on both the cash conversion cycle and the accounts receivable collection period.
🔬Design:Modeling & Simulation
📍Scope:Comprehensive Sample
⚙️Variables:Çalışma Sermayesi Yönetimi · Operasyonel Etkinlik · Panel Veri Analizi

Abstract

The aim of this study is to examine the relationship between working capital management and operational efficiency in firms operating in the chemical, plastic, and petroleum sectors listed on Borsa Istanbul (BIST). Working capital management is considered an important factor for the short-term financial sustainability and operational efficiency of firms. Particularly in production-intensive sectors, inventory management, collection processes, and cash conversion structures can directly affect operational efficiency. The chemical, plastic, and petroleum sectors are among the industries in which working capital management is of particular importance due to their production processes, inventory dependency, and cost structures. Although the relationship between working capital management and firm performance has been widely examined in the literature, studies focusing on the effects of working capital management on operational efficiency remain limited. In this context, the effects of financial indicators representing firms’ working capital structures on operational efficiency were tested using panel data analysis. Within the scope of the study, annual reports of 38 firms from the chemical, plastic, and petroleum sectors covering 12 periods were analyzed. The findings indicate that the current ratio has a positive and significant effect on both the cash conversion cycle and the accounts receivable collection period. The leverage ratio was found to have a positive and significant effect on the accounts receivable collection period, while its effect on inventory turnover was negative and significant. Asset growth was found to have a negative effect on inventory turnover, whereas sales growth was found to support operational efficiency through its effects on the cash conversion cycle and the accounts receivable collection period. According to the Hausman test results, the fixed effects approach was preferred for model estimation.

Özet

Bu çalışmanın amacı, Borsa İstanbul'da (BİST) işlem gören kimya, plastik ve petrol sektöründeki işletmelerde çalışma sermayesi yönetimi ile operasyonel etkinlik arasındaki ilişkiyi incelemektir. Çalışma sermayesi yönetimi, işletmelerin kısa vadeli finansal sürdürülebilirliği ve operasyonel etkinliği açısından önemli bir unsur olarak değerlendirilmektedir. Özellikle üretim yoğun sektörlerde stok yönetimi, tahsil süreçleri ve nakit dönüşüm yapısı işletmelerin faaliyet etkinliğini doğrudan etkileyebilmektedir. Kimya, plastik ve petrol sektörleri; üretim süreçleri, stok bağımlılığı ve maliyet yapıları nedeniyle çalışma sermayesi yönetiminin öneminin yüksek olduğu sektörler arasında yer almaktadır. Çalışma sermayesi yönetimi ile işletme performansı arasındaki ilişki literatürde sıkça incelenmiş olmakta ve çalışma sermayesinin operasyonel etkinlik üzerindeki etkilerine odaklanan araştırmalar daha sınırlıdır. Bu kapsamda işletmelerin çalışma sermayesi yapısını temsil eden finansal göstergelerin operasyonel etkinlik üzerindeki etkileri panel veri analizi yöntemiyle test edilmiştir. Araştırma kapsamında kimya, plastik ve petrol sektöründeki 38 işletme ve 12 döneme ait yıllık raporlar analiz edilmiştir. Değerlendirmede kullanılan bulgulara göre, cari oranın nakit dönüşüm süresi ve alacak tahsil süresi üzerinde pozitif ve anlamlı etkiye sahip olduğunu göstermektedir. Kaldıraç oranının alacak tahsil süresi üzerinde pozitif, stok devir hızı üzerinde ise negatif ve anlamlı etkisi tespit edilmiştir. Aktif büyüme oranının stok devir hızını olumsuz etkilediği, satış büyüme oranının ise nakit dönüşüm süresi ve alacak tahsil süresi üzerinde operasyonel etkinliği desteklediği belirlenmiştir. Hausman testi sonuçlarına göre modellerin tahmininde sabit etkiler yaklaşımı tercih edilmiştir.

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Cite This Article

Özbey, S. (2026). THE IMPACT of WORKING CAPITAL MANAGEMENT on OPERATIONAL EFFICIENCY: a Panel Data Analysis of BIST Chemical Petroleum and Plastic Companies. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, Cilt: 11 Sayı: 3. https://doi.org/10.29106/fesa.1970995

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