Business & Management Studies: An International Journal

Yazarlar: Yücel Ayrıçay, Meltem Kılıç, Yasemin Güner

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Özet: The study examines the impact of working capital investment and financing variables on firm profitability. For this purpose, the financial statements of 28 companies operating in the SME Industry Sector (XKOBI) registered in Borsa Istanbul (BIST) between 2013 and 2019 were examined. In addition, panel data regression analysis was used to investigate the effect of working capital values of firms on firm profitability. The regression analysis used return on equity (ROE) and return on active capital (ROA) as dependent variables. Working capital investment policies and financing policies were used as independent variables. The leverage ratio and sales size were used as control variables. As a result of the empirical analysis, it has been concluded that the working capital investment and financing policies of SMEs registered in BIST positively affect ROA. Furthermore, the active capital investment policy positively affects the return on equity due to the tests performed with the other independent variable, ROE. On the other hand, working capital financing policy does not significantly affect the return on equity.

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