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The antecedents to efficient working capital management: evidence from the Turkish manufacturing sector

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  • Mumtaz Ali
  • Mehdi Seraj
  • Huseyin Ozdeser

Abstract

The purpose of this paper is to empirically analyse the influence of endogenous and exogenous factors on efficient working capital management (EWCM) of the Turkish manufacturing sector and analyse the impact of components of cash conversion cycle (CCC) on the performance, i.e., return on assets (ROA). Two-step generalised moment method (GMM) is used to extract the results using penal data of 133 firms in the manufacturing sector listed on Borsa Istanbul Turkey, consisting seven industries for the time period of eight years from 2012 to 2019. Results evidenced significant influence of endogenous (firm size, profitability, leverage, cash flow ratio) on CCC for manufacturing sector, while industry results are mixed. In addition, results of components of CCC and performance are significant. The sample has been taken from Turkey, and the results are generalisable in the emerged economy only. Therefore, comparative analysis of emerged and emerging economy can be done in future.

Suggested Citation

  • Mumtaz Ali & Mehdi Seraj & Huseyin Ozdeser, 2024. "The antecedents to efficient working capital management: evidence from the Turkish manufacturing sector," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 27(3), pages 374-403.
    • Handle: RePEc:ids:ijecbr:v:27:y:2024:i:3:p:374-403
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