Nakit Dönüş Süresi Ve Karlılık Arasındaki İlişkinin Belirlenmesi: Bıst Taş Ve Toprağa Dayalı Sanayi Endeksi’nde (Xtast) Ampirik Bir Uygulama
Determination of The Relationship Between Cash Conversion Cycle and Financial Performance: An Application in BIST Non-Metal Mineral Products Index

Summary/Abstract: In this study, it was aimed to determine the relationship between the components of the cash conversion cycle and profitability of 26 businesses traded in BIST Non-Metal Mineral Products Index (XTAST) between 2009-2012. For this purpose, multiple linear regression model was used to investigate the effects on profitability of cash conversion cycle and its components which were used as a measure of financial performance and criterion of working capital. In the study, return on assets (ROA), return on equity (ROE) and earnings before interest and tax (EBIT) were used as dependent variables while creating the cash conversion cycle (CCC), of which components are average receivable collections period (ARCP), average conversion inventory period (ACIP) and average payment period (APP) were used as independent variables. As a variable control; size of the company (LOS) is used. As the result of the analysis; BIST XTAST firms have tendency to have high ROA with low ACIP and high APP and tend to have higher ROE with high APP.

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