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Journals / Journal of Tourism and Gastronomy Studies / 2020 / Cilt: 8 - Sayı: 1

How Does Aggressive Working Capital Policy Affect Firm Performance? Heterogeneous Panel Data Analysis in The Case of ISE Food Companies

Agresif Çalışma Sermayesi Politikası Firma Performansını Nasıl Etkiler? Bist Gıda Firmaları Örneğinde Heterojen Panel Veri Analizi

Alp Emine KAYA
Filiz KONUK
Pages
404–416
DOI
—
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AI Summary & Key Takeaways

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

It was found that the businesses increase their profitability by adopting conservative policy and reduce their profitability by adopting aggressive policy.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The working capital policies to be applied by enterprises provide important information to the interested parties about the ratio of short and long term debts to be used in financing current assets and investments to be made to these assets.
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Key Findings & Data:In this context, the study was conducted to determine the working capital financing and investment strategies of food companies traded in ISE in the period 2009- 2018 and to investigate the impact of these strategies on business performance by panel data analysis.
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Conclusion & Impact:It was found that the businesses increase their profitability by adopting conservative policy and reduce their profitability by adopting aggressive policy.
🔬Design:Research Article
📍Scope:2009- 2018 Verileri
⚙️Variables:Domain Parameters

Abstract

The working capital policies to be applied by enterprises provide important information to the interested parties about the ratio of short and long term debts to be used in financing current assets and investments to be made to these assets. Businesses' choice between profitability and risk is shaped by the aggressive or conservative working capital policy they adopt. In this context, the study was conducted to determine the working capital financing and investment strategies of food companies traded in ISE in the period 2009- 2018 and to investigate the impact of these strategies on business performance by panel data analysis. As a result of the analysis, it was determined that there was a significant relationship between working capital policies and return on assets. It was found that the businesses increase their profitability by adopting conservative policy and reduce their profitability by adopting aggressive policy.

Özet

İşletmelerin uygulayacakları çalışma sermayesi politikaları, cari varlıkların finansmanında kullanılacak kısa ve uzun vadeli borçların oranı ve bu varlıklara yapılacak yatırımlar hakkında ilgililere önemli bilgiler vermektedir. İşletmelerin kârlılık ve risk arasında yapacakları tercih, benimsediği agresif ya da tutucu çalışma sermayesi politikasına bağlı olarak şekillenmektedir. Bu bağlamda çalışma, 2009-2018 döneminde BİST’te işlem gören 21 gıda işletmesinin çalışma sermayesi finansman ve yatırım stratejilerini belirlemek ve bu stratejilerin işletme performansı üzerindeki etkisini panel veri analizi yöntemiyle araştırmak amacıyla yapılmıştır. Analizler sonucunda, çalışma sermayesi politikaları ile aktif kârlılığı arasında anlamlı bir ilişki olduğu ve işletmelerin muhafazakâr politikaya yönelerek kârlılıklarını arttırdıkları, agresif politikayı benimseyerek kârlılıklarını azalttıkları tespit edilmiştir.

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Cite This Article

KAYA, A. E., KONUK, F. (2020). How Does Aggressive Working Capital Policy Affect Firm Performance? Heterogeneous Panel Data Analysis in The Case of ISE Food Companies. Journal of Tourism and Gastronomy Studies, Cilt: 8 - Sayı: 1, 404–416. https://ajindex.com/articles/169228

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