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Abstract


Analysis of the Relationship between Work Capital and Company Profitability with Panel Data: An Application on Production Companies Registered in BIST (2009-2018)
The purpose of this study is to examine the relationship between working capital and gross profits of manufacturing companies registered in the Istanbul Stock Exchange (ISE). In the study, panel data set covering 1210 observations obtained from annual data for 2009-2018 of 121 production companies registered in ISE was used. Five models have been established by applying the Least Squares Method (LSM) as a research method. Random Effects Model has been taken into consideration in the specifications of the established models. The receivable turnover rate, debt turnover rate, inventory turnover rate and net trade duration are taken under the name of working capital. In the models established to examine the relationships between working capital variables and gross profitability are used three control variables as the financial leverage ratio, financial fixed assets ratio and firm size. EViews 10 program was used for analysis. As a result of the analysis, it is seen that the relationships between the working capital of the companies registered in BIST and their gross profitability ratios are according to the theoretical expectation.

Keywords
Panel data analysis, working capital, profitability, production companies, BIST.


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