ÇALIŞMA SERMAYESİ GEREKSİNİMİNİN BELİRLEYİCİLERİ: BORSA İSTANBUL GIDA SEKTÖRÜ ÜZERİNE BİR İNCELEME*

Bu çalışmanın amacı Borsa İstanbulda (BIST) gıda sektöründe faaliyet gösteren firmaların çalışma sermayesi gereksinimlerini belirleyen faktörleri tespit etmektir. Bu amaçla 2006 2012 yıllarını kapsayan 15 firmaya ilişkin finansal verilerden yararlanılmıştır. Ampirik analizlerde çoklu regresyon ve korelasyon yöntemleri kullanılmıştır. Çalışma sonuçlarına göre ilgili firmaların nakit dönüşüm süresi, nakit akışı ve varlık kârlılığı ile çalışma sermayesi oranı arasında pozitif yönlü bir ilişki tespit edilmiştir. Buna karşın kaldıraç oranı ve firma büyüklüğü ile çalışma sermayesi oranı arasında negatif bir ilişki olduğu belirlenmiştir. Bununla birlikte araştırmada reel Gayri Safi Yurt İçi Hasıla ve faiz oranı ile çalışma sermayesi oranı arasında pozitif ancak istatistiksel olarak anlamlı olmayan ilişkilerin varlığı ortaya konmuştur.

DETERMINANTS OF WORKING CAPITAL REQUIREMENTS: AN ANALYSIS OF FOOD SECTOR FIRMS LISTED IN BORSA ISTANBUL (BIST)

This paper examines the determinants of working capital requirements for the food sector companies listed in Borsa Istanbul (BIST). For this purpose, 15 food sector firms listed in Borsa Istanbul (BIST) for the period of 2006-2012 are analyzed. Multiple regression analysis and correlation models are used for the empirical analysis. According to the findings it is determined that cash convention cycle (CCC), cash flows and return on assets (ROA) have a positive relationship with the working capital ratio. However, leverage and firm size have a negative relationship with the working capital ratio. In addition, gross domestic product (GDP) and interest rate have a positive but statistically in significant relationship with the working capital ratio.

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