Alacak, Stok ve Ticari Borç Devir Hızlarının İşletme Performansı Üzerindeki Etkisi: Bıst Sanayi İşletmeleri Üzerine Ekonometrik Bir Uygulama
Özet
Bu çalışmada, Borsa İstanbul’da işlem gören 138 sanayi işletmesinin 2010-2024 dönemine ait yıllık finansal verileri kullanılarak, alacak devir hızı, stok devir hızı ve ticari borç devir hızının işletme performansı göstergeleri olan özkaynak kârlılığı ile piyasa değeri defter değeri oranı üzerindeki etkileri ayrı ayrı incelenmiştir. Analizler, panel verinin yatay kesit bağımlılığı, eğim heterojenliği ve sınırlı zaman boyutu gibi özelliklerini dikkate alan Driscoll ve Kraay modeli ile CS-ARDL modeli kullanılarak gerçekleştirilmiştir. Driscoll-Kraay ve CS-ARDL tahmin sonuçları kendi içinde tutarlı olduğu gibi, CS-ARDL’nin kısa ve uzun dönem katsayıları da aynı yönlü etkiler sergilemiştir. Elde edilen bulgular, üç bağımsız değişkenin hem muhasebe temelli performans göstergesi olan özkaynak kârlılığı hem de piyasa temelli performans göstergesi olan piyasa değeri defter değeri oranı üzerinde istatistiksel olarak anlamlı etkilere sahip olduğunu ortaya koymuştur. Değişken bazında değerlendirildiğinde; alacak devir hızındaki artışın her iki performans göstergesini de pozitif ve güçlü biçimde pozitif etkilediği, stok devir hızındaki artışın ise her iki göstergeyi negatif yönde etkilediği, ticari borç devir hızının ise hem özkaynak kârlılığını hem de piyasa değeri defter değeri oranını belirgin biçimde negatif yönde etkilediği sonucuna ulaşılmıştır.
In this study, the effects of accounts receivable turnover, inventory turnover, and accounts payable turnover on firm performance—measured by return on equity and the market-to-book value ratio—are examined separately by using annual financial data for 138 manufacturing firms listed on Borsa Istanbul over the period 2010 – 2024. The analyses are conducted separately for each dependent variable, employing the Driscoll and Kraay (1998) model and the Cross-Sectionally Augmented ARDL (CS-ARDL) model, which account for cross-sectional dependence, slope heterogeneity, and limited time dimension in panel data. The estimation results from both the Driscoll-Kraay and CS-ARDL models are consistent with each other, and the short- and long-run coefficients obtained from CS-ARDL also exhibit effects in the same direction. The findings reveal that all three independent variables have statistically significant impacts on both the accounting-based performance indicator (return on equity) and the market-based performance indicator (price-to-book ratio). Specifically, an increase in accounts receivable turnover positively and strongly affects both performance measures. In contrast, a higher inventory turnover exerts a negative effect on both performance indicators, while an increase in accounts payable turnover significantly reduces return on equity as well as the price-to-book ratio.
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