Bu çalışmada Borsa Istanbul KOBİ Sanayi Endeksi’ne kayıtlı 28 küçük ve orta ölçekli işletmeye ait finansal veriler ışığında nakit dönüş süresi ile kârlılık arasındaki ilişki ele alınmıştır. 2010-2019 dönem aralığının dikkate alındığı çalışmadan elde edilen ampirik bulgular nakit dönüş süresi ile kârlılık arasında pozitif bir ilişki olduğunu göstermiştir. Nakit dönüş süresi bileşenleri genelinde bakıldığında ise, kârlılık ile stok dönüş süresi ve borç ödeme süresi arasında istatistiksel olarak anlamlı ve negatif bir ilişki olduğu görülmüştür. Diğer taraftan alacak tahsil süresinin de kârlılık üzerinde negatif bir etkiye sahip olduğu, ancak söz konusu ilişkinin istatistiksel olarak anlamlı olmadığı tespit edilmiştir.
Using a sample of 28 Small and Medium-Sized Enterprises (SMEs) listed in BIST Industrial Index from 2010 to 2019; this study aims to offer an evidence on the relationship between cash conversion cycle and profitability. Empirical findings show that cash conversion cycle has significantly positive link with profitability. When considered the cash conversion cycle components, it is seen that there is a statistically significant and negative relationship between profitability and two of cash conversion cycle components, such as days inventory outstanding and days payable outstanding. Moreover, the study also reveals a negative relationship between days sales outstanding and profitability, but it is not statistically significant.
Afrifa, G. A. (2013), “Working Capital Management and Aim Listed SME Companies Profitability: A Mixed Research Method Approach”, Degree of Doctor of Philosophy, Centre for Finance and Risk, Business School Bournemouth University.
Al-Abass, H. S. (2017), “Relationship between Cash Conversion Cycle (CCC) with Firm Size and Profitability”, International Journal of Academic Research in Accounting, Finance and Management Sciences, Vol. 7, No. 4, 296-304.
Anser, R. & Malik, Q. A. (2013), “Cash Conversion Cycle and Firms’ Profitability – A Study of Listed Manufacturing Companies of Pakistan”, Journal of Business and Management, Vol. 8 No. 2, 83-87.
Bond, S. R. (2002), “Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice”, Portuguese Economic Journal, No. 1, 141-162.
Chang, C-C. (2018), “Cash Conversion Cycle and Corporate Performance: Global Evidence”, International Review of Economics and Finance, No. 56, 568-581.
Deutsch, T. (2017), “Shorten Your Cash Conversion Cycle to Boost Your Business’s Bottom Line”, Certified Public Accountants & Business Consultants, https://blog.concannonmiller.com/4thought/shorten-your-cash-conversion-cycle-to-boost-your-businesss-bottom-line, Retrieved 05/08/2020.
Ebben, J. J. & Johnson, A. C. (2011), “Cash Conversion Cycle Management in Small Firms: Relationships with Liquidity, Invested Capital, and Firm Performance”, Journal of Small Business & Entrepreneurship, Vol. 24, No. 3, 381-447.
Ehrhardt, M. C. & Brigham, E. F. (2019), Corporate Finance: A Focused Approach, 3rd edition, United States of America: South-Western Cengage Learning.
Ege, I., Karakozak, O. and Topaloglu, E. (2016), “The Analysis of the Cash Conversion Cycle: An Application in BIST-50 Index Companies”, Journal of Nigde University Faculty of Economics and Administrative Sciences, Vol. 9, No. 1, 179-193.
Ercan, M. K. & Ban, U. (2012), Degere Dayali Isletme Finansi: Finansal Yonetim, 7th edition, Ankara: Gazi Publishing.
European Commission (2015), User Guide to the SME Definition”, Internal Market, Industry, Entrepreneurship and SMES, Publications Office of the European Union, 1-54. International Finance Corporation- IFC (2010), “The SME Banking Knowledge Guide”, 2nd edition, IFC Advisory Services, Access to Finance.
García- Teruel, P. J. and Martínez-Solano, P. (2007), “Effects of Working Capital Management on SME Profitability”, International Journal of Managerial Finance, Vol. 3 (April), 164-177.
Gill, A., Biger, N. and Mathur, N. (2010), “The Relationship between Working Capital Management and Profitability: Evidence From The United States”, Business and Economics Journal, BEJ-10, 1-9.
Kalantonis, P., Goumas, S. and Rodosthenous, M. (2019), “Cash Conversion Cycle and Firms’ Performance: An Empirical Study for the Greek Listed Firms in the Athens Stock Exchange”, In Book: Economic and Financial Challenges for Eastern Europe, 367-377.
Lyroudi, K. & McCarty, D. (1993), “An Empirical Investigation of the Cash Conversion Cycle of Small Business Firms”, Journal of Small Business Finance, Vol. 2, No. 2, 139-161. Murugesu, T. (2013), “Effect of Cash Conversion Cycle on Profitability: Listed Plantation Companies in Sri Lanka”, Research Journal of Finance and Accounting, Vol. 4, No. 18, 132-137.
Muscettola, M. (2014), “Cash Conversion Cycle and Firm’s Profitability: An Empirical Analysis on a Sample of 4,226 Manufacturing SMEs of Italy”, International Journal of Business and Management, Vol. 9, No. 5, 25-35.
Nobanee, H., Abdullatif, M. & Alhajjar, M. (2011), “Cash Conversion Cycle and Firm’s Performance of Japanese Firms”, Asian Review of Accounting, Vol. 19, No. 2, 147-156. OECD et al. (2019), “Access to finance for SMEs (Dimension 6) in the Western Balkans and Turkey, in SME Policy Index: Western Balkans and Turkey 2019: Assessing the Implementation of the Small Business Act for Europe”, OECD Publishing, Paris, https://doi.org/10.1787/16fc8d6d-en.
Orjinta, H. I. and Ven, Okpalaukeje, R. U. C. (2018), “Effect of Cash to Cash Cycle on Profitability of Basic Material Firms in Nigeria”, Journal of Bio Innovation, Vol. 7, No. 1, 12-28.
Padachi, K. (2006), “Trends in Working Capital Management and its Impact on Firms’ Performance: An Analysis of Mauritian Small Manufacturing Firms”, International Review of Business Research Papers, Vol. 2, No. 2, 45-58.
Papke, L. E. & Wooldridge, J. M. (2005), “A Computational Trick for Delta-Method Standard Errors”, Economics Letters, Vol. 86, No. 3, 413-417.
Rawat, B. & Dave, G. (2017), “A Conceptual Study of Trade Credit Management on SME’s”, Global Journal of Commerce & Management Perspective, Vol. 6, No. 4, 1-15.
Roodman, D. (2009), “How to Do xtabond2: An Introduction to Difference and System GMM in Stata”, Stata Journal, Vol. 9, No. 1, 86-136.
Rotar, L. J., Pamić, R. K. & Bojnec, Š. (2019), “Contributions of Small and Medium Enterprises to Employment in the European Union Countries, Economic Research”, Vol. 32, No. 1, 3302-3314, DOI: 10.1080/1331677X.2019.1658532.
Stephen, M. and Elvis, K. (2011), “Influence of Working Capital Management on Firms Profitability: A Case of SMEs in Kenya”, International Business Management, Vol. 5, No. 5, 279-286.
Sugathadasa, D. (2018), “The Relationship between Cash Conversion Cycle and Firm Profitability: Special Reference to Manufacturing Companies in Colombo Stock Exchange”, Journal of Economics and Finance, Vol. 9, No. 6, 38-47.
Takai, S. (2018), “Guide to Management Accounting CCC (Cash Conversion Cycle) For Managers”. Publish Drive edition.
Tsagem, M. M., Aripin, N. & Ishak, R. (2017), “Cash Conversion Cycle and Profitability of Nigerian Small and Medium-Sized Entities: An Empirical Analysis”, The International Journal of Banking and Finance, Vol. 13, No. 1, 49-69.
Uyar, A. (2009). “The Relationship of Cash Conversion Cycle with Firm Size and Profitability: An Empirical Investigation in Turkey”, International Research Journal of Finance and Economics, 24, 186-193.
Wang, B. (2019), “The Cash Conversion Cycle Spread”, Journal of Financial Economics, No. 133, 472-497.
Yucel, T. & Kurt, G. (2011), “Cash Conversion Cycle, Cash Management and Profitability: An Empirical Study on the ISE Traded Companies”, Istanbul Stock Exchange Review, Vol. 6, No. 22, 1-15.
Zakari, M. & Saidu, S. (2016). “The Impact of Cash Conversion Cycle on Firm Profitability: Evidence from Nigerian Listed Telecommunication Companies”, Journal of Finance and Accounting, 4 (6), 342-350.