Yıl 2018, Cilt 8, Sayı 1, Sayfalar 18 - 23 2018-12-30

THE WORKING CAPITAL MANAGEMENT EFFECT ON PROFITABILITY OF ENERGY COMPANIES IN TURKEY, BASED ON DIFFERENT BUSINESS CYCLES

Oktay Tas [1] , Cigdem Guleroglu Atac [2]

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Purpose - This study aims to investigate the effect of business cycle on the relation between working capital management and corporate performance.

Methodology - We examine the relation between working capital and profitability under economic down and upturns, on energy firms which are traded on Istanbul Stock Exchange and included in BISTELKT index. Working capital is measured by cash conversion cycle. EBIT to total assets ratio is used to represent profitability and business cycle is modeled by gross domestic products. Data is on quarterly basis from 2012 to 2018.

Findings - The analysis shows that there is a negative relation between cash conversion cycle and profitability during economic growth, while a reverse relation exists in economic recession periods.

Conclusion- The study shows that the efficient working capital management is important in terms of the firms' profitability, and must be included in financial planning especially in the times of economic upturns.

Working capital management, cash conversion cycle, profitability, gross domestic products, Turkey energy company index
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Birincil Dil en
Konular Beşeri Bilimler, Ortak Disiplinler
Dergi Bölümü Makaleler
Yazarlar

Orcid: 0000-0002-7570-549X
Yazar: Oktay Tas (Sorumlu Yazar)

Orcid: 0000-0003-2367-0878
Yazar: Cigdem Guleroglu Atac

Bibtex @araştırma makalesi { pap506085, journal = {PressAcademia Procedia}, issn = {}, eissn = {2459-0762}, address = {PressAcademia}, year = {2018}, volume = {8}, pages = {18 - 23}, doi = {10.17261/Pressacademia.2018.973}, title = {THE WORKING CAPITAL MANAGEMENT EFFECT ON PROFITABILITY OF ENERGY COMPANIES IN TURKEY, BASED ON DIFFERENT BUSINESS CYCLES}, key = {cite}, author = {Tas, Oktay and Atac, Cigdem Guleroglu} }
APA Tas, O , Atac, C . (2018). THE WORKING CAPITAL MANAGEMENT EFFECT ON PROFITABILITY OF ENERGY COMPANIES IN TURKEY, BASED ON DIFFERENT BUSINESS CYCLES. PressAcademia Procedia, 8 (1), 18-23. DOI: 10.17261/Pressacademia.2018.973
MLA Tas, O , Atac, C . "THE WORKING CAPITAL MANAGEMENT EFFECT ON PROFITABILITY OF ENERGY COMPANIES IN TURKEY, BASED ON DIFFERENT BUSINESS CYCLES". PressAcademia Procedia 8 (2018): 18-23 <http://dergipark.gov.tr/pap/issue/42051/506085>
Chicago Tas, O , Atac, C . "THE WORKING CAPITAL MANAGEMENT EFFECT ON PROFITABILITY OF ENERGY COMPANIES IN TURKEY, BASED ON DIFFERENT BUSINESS CYCLES". PressAcademia Procedia 8 (2018): 18-23
RIS TY - JOUR T1 - THE WORKING CAPITAL MANAGEMENT EFFECT ON PROFITABILITY OF ENERGY COMPANIES IN TURKEY, BASED ON DIFFERENT BUSINESS CYCLES AU - Oktay Tas , Cigdem Guleroglu Atac Y1 - 2018 PY - 2018 N1 - doi: 10.17261/Pressacademia.2018.973 DO - 10.17261/Pressacademia.2018.973 T2 - PressAcademia Procedia JF - Journal JO - JOR SP - 18 EP - 23 VL - 8 IS - 1 SN - -2459-0762 M3 - doi: 10.17261/Pressacademia.2018.973 UR - http://dx.doi.org/10.17261/Pressacademia.2018.973 Y2 - 2019 ER -
EndNote %0 PressAcademia Procedia THE WORKING CAPITAL MANAGEMENT EFFECT ON PROFITABILITY OF ENERGY COMPANIES IN TURKEY, BASED ON DIFFERENT BUSINESS CYCLES %A Oktay Tas , Cigdem Guleroglu Atac %T THE WORKING CAPITAL MANAGEMENT EFFECT ON PROFITABILITY OF ENERGY COMPANIES IN TURKEY, BASED ON DIFFERENT BUSINESS CYCLES %D 2018 %J PressAcademia Procedia %P -2459-0762 %V 8 %N 1 %R doi: 10.17261/Pressacademia.2018.973 %U 10.17261/Pressacademia.2018.973
ISNAD Tas, Oktay , Atac, Cigdem Guleroglu . "THE WORKING CAPITAL MANAGEMENT EFFECT ON PROFITABILITY OF ENERGY COMPANIES IN TURKEY, BASED ON DIFFERENT BUSINESS CYCLES". PressAcademia Procedia 8 / 1 (Aralık 2018): 18-23. http://dx.doi.org/10.17261/Pressacademia.2018.973