Çalışma Sermayesi Etkinlik Ölçümünde İndeks Yöntemi: Teknoloji Şirketlerinde Bir Uygulama

Abstract

Working capital management is about how much businesses should invest in current assets in order to continue their activities and with what resources these investments should be financed. There are many studies in the literature in which financial ratios are used in the measurement of working capital management. The main purpose of this study is to measure the working capital efficiency level of companies operating in the technology sector in Borsa Istanbul (BIST) with the Index Efficiency Method. In order to achieve this goal, the Index method developed by Bhattacharya (1997) was used. The usage index, performance index and efficiency index values of 12 companies listed on the BIST were calculated using quarterly data between 2009 and 2019. In the conclusion part of the study, it has been determined that the index values of all companies are greater than 1, and as a result, investments made in current assets increase the sales revenue. In addition, it was determined that the company with the highest efficiency in terms of usage index is NETAŞ company, on the other hand ALC company is in the first place in terms of performance index value and efficiency index. Moreover, it was concluded that the company with a lower working capital index value among the existing companies is INDES company in all index average values.