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Journals / Muhasebe Enstitüsü Dergisi / 2023 / Sayı: 69

The Effect of Working Capital Management on Businesses’ Investment Decisions

İşletmelerin Yatırım Kararları Üzerinde Çalışma Sermayesi Yönetiminin Etkisi

Yusuf Kurt(YÜZÜNCÜ YIL ÜNİVERSİTESİ, ÖZALP MESLEK YÜKSEKOKULU, DIŞ TİCARET BÖLÜMÜ)0000-0002-1071-4205
Pages
57–66
Publication Date
2023-08-29
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AI Summary & Key Takeaways

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

According to the results, the best estimator of the model has been determined to be the random effects estimator.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This research has been conducted to determine the effect of working capital management on the investment decisions of companies that traded on Borsa Istanbul (BIST) between 2013-2022.
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Key Findings & Data:The research has included the variables of cash flows from main activities, business size, and growth rate into the model as the control variables and tested the data obtained in this context using the panel data analysis method.
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Conclusion & Impact:According to the results, the best estimator of the model has been determined to be the random effects estimator.
🔬Design:Modeling & Simulation
📍Scope:2013-2022 Verileri
⚙️Variables:Çalışma Sermayesi · Yatırım Kararları · Devir Hızları

Abstract

This research has been conducted to determine the effect of working capital management on the investment decisions of companies that traded on Borsa Istanbul (BIST) between 2013-2022. The study uses fixed assets to represent the variable of investment decisions and net working capital, accounts receivables turnover, inventory turnover, and cash ratio to represent working capital. The research has included the variables of cash flows from main activities, business size, and growth rate into the model as the control variables and tested the data obtained in this context using the panel data analysis method. According to the results, the best estimator of the model has been determined to be the random effects estimator. In addition, the study observed net working capital to have a significant negative effect and firm size to have a significant positive effect on the enterprises’ investment decisions. The variables of receivable turnover, inventory turnover, cash ratio, cash flows from main activities, and growth rate were observed to have no effect on enterprises’ investment decisions.

Özet

Araştırmada 2013-2022 yılları arasında Borsa İstanbul (BIST)’te işlem gören işletmelerin yatırım kararları üzerinde çalışma sermayesi yönetiminin etkisinin tespit edilmesi amaçlanmıştır. Yatırım kararları açısından duran varlıklar kalemi kullanılmıştır. Çalışma sermayesi değişkenleri olarak net işletme sermayesi, alacak devir hızı, stok devir hızı ve nakit oran değişkenleri kullanılmıştır. Araştırmada esas faaliyetlerden nakit akışları, işletme büyüklüğü ve büyüme hızı değişkenleri ise kontrol değişkenleri olarak modelde yer almaktadır. Bu kapsamda elde edilen veriler panel veri analizi yöntemi ile test edilmiştir. Araştırma modeline ilişkin en iyi tahmin edicinin rassal etkiler tahmincisi olduğu belirlenmiştir. Çalışmadan elde edilen sonuçlara göre işletmelerin yatırım kararları üzerinde net işletme sermayesinin negatif ve anlamlı bir etkisi olduğu gözlemlenirken, işletme büyüklüğü değişkenin ise pozitif ve anlamlı bir etkisi olduğu tespit edilmiştir. Alacak devir hızı, stok devir hızı, nakit oran, esas faaliyetlerden nakit akışları ve büyüme hızı değişkenlerinin ise işletmelerin yatırım kararları üzerinde bir etkisi olmadığı sonucuna ulaşılmıştır.

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Cite This Article

Kurt, Y. (2023). The Effect of Working Capital Management on Businesses’ Investment Decisions. Muhasebe Enstitüsü Dergisi, Sayı: 69, 57–66. https://doi.org/10.26650/MED.1270970

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