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Working capital management is one of the essential determinants of firms’ market value because it directly affects profitability. And, working capital management is also extremely crucial from the point of firms’ sustainability. Hence, firms should establish a fine balance between profitability and risk when it comes to managing working capital. This paper mainly aims to provide some empirical evidence on the effects of working capital management on the profitability of selected companies in the Istanbul Stock Exchange for the period of 2005-2008. The panel data methods are employed in order to analyze the mentioned effects.