ÇALIŞMA SERMAYESİ VE FİRMA PERFORMANSI İLİŞKİSİ: HETEROJEN PANEL UYGULAMASI

This paper seeks to determine the working capital efficiency levels of firms in the manufacturing sector in Turkey and the impact of working capital efficiency on their profitability. To this end, a panel data analysis was conducted using quarterly data for the 2009-2018 period. The findings indicate that the working capital efficiency index has a positive impact on firm profitability and that the cash conversion cycle has no impact on firm profitability.