İşletme sermayesi finanslama stratejilerinin finansal performans üzerine etkisi: Borsa İstanbul uygulaması
The effect of working capital financing strategies on financial performance: An application on Borsa Istanbul
- Tez No: 949198
- Danışmanlar: PROF. DR. DERVİŞ BOZTOSUN
- Tez Türü: Doktora
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Working Capital Management, Current Ratio, Firm Value, Liquidity, Panel Data, Working Capital Management, Current Ratio, Firm Value, Liquidity, Panel Data
- Yıl: 2025
- Dil: Türkçe
- Üniversite: Kayseri Üniversitesi
- Enstitü: Lisansüstü Eğitim Enstitüsü
- Ana Bilim Dalı: İşletme Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 242
Özet
This study aims to analyze the effect of the current ratio, as an indicator of liquidity, on firm value in manufacturing sector firms listed on Borsa Istanbul. The current ratio is to five different performance indicators representing firm value: Return on Assets (ROA), Return on Equity (ROE), Tobin's Q (TQ), Market Value to Book Value Ratio (MVA), and Firm Value to Sales (F/S). The study is based on a panel dataset covering the period 2014–2023. In the models, leverage ratio (KO), firm size (IB), and firm age (FY) are included as control variables. Fixed and random effects models are compared, and the most appropriate model is selected using the Hausman test. The empirical findings reveal that the current ratio has a statistically significant and positive effect particularly on ROA and ROE. This indicates that firms with higher liquidity levels tend to achieve higher operational profitability. In contrast, the impact of the current ratio on market-based valuation indicators such as Tobin's Q and MVA is relatively limited. For the F/S ratio, the effect of the current ratio is statistically significant but of lower magnitude. Among the control variables, the leverage ratio generally shows a negative impact, firm size displays a positive effect, and the effect of firm age varies depending on the model. In conclusion, the current ratio plays an important role in determining firm value, especially through accounting-based performance indicators. These findings emphasize the importance of effective liquidity management for firm managers and investors alike.
Özet (Çeviri)
This study aims to analyze the effect of the current ratio, as an indicator of liquidity, on firm value in manufacturing sector firms listed on Borsa Istanbul. The current ratio is to five different performance indicators representing firm value: Return on Assets (ROA), Return on Equity (ROE), Tobin's Q (TQ), Market Value to Book Value Ratio (MVA), and Firm Value to Sales (F/S). The study is based on a panel dataset covering the period 2014–2023. In the models, leverage ratio (KO), firm size (IB), and firm age (FY) are included as control variables. Fixed and random effects models are compared, and the most appropriate model is selected using the Hausman test. The empirical findings reveal that the current ratio has a statistically significant and positive effect particularly on ROA and ROE. This indicates that firms with higher liquidity levels tend to achieve higher operational profitability. In contrast, the impact of the current ratio on market-based valuation indicators such as Tobin's Q and MVA is relatively limited. For the F/S ratio, the effect of the current ratio is statistically significant but of lower magnitude. Among the control variables, the leverage ratio generally shows a negative impact, firm size displays a positive effect, and the effect of firm age varies depending on the model. In conclusion, the current ratio plays an important role in determining firm value, especially through accounting-based performance indicators. These findings emphasize the importance of effective liquidity management for firm managers and investors alike.
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