Ahmad, B., Ahmed I. and Samim, M. M. (2018), Working Capital Management Efficiency and Corporate Governance in Manufacturing Sector of Pakistan. European Online Journal of Natural and Social Sciences, 7(1), 67-86.
Ali, B. and Shah, S. (2017), The Impact of Corporate Governance on Workıng Capital Management Efficiency: A Quantitative Study Based on Pakistani Manufacturing Firms. City University Research Journal, 7(2), 272-284.
Al-Rahahleh, A. S. (2016), Corporate Governance Quality and Cash Conversion Cycle: Evidence from Jordan. International Business Research, 9(10), 140-150.
Ararat, M., Black, B. S. and Yurtoğlu, B. (2017), The Effect of Corporate Governance on Firm Value and Profitability: Time Series Evidence from Turkey, Emerging Markets Review, 30, 113-132.
Ararat, M. ve Eroğlu, M. (2017), Yönetişim (Kurumsal Yönetim) Kalitesi Açısından İcra ve Kontrol İşlevlerinin Ayrılığı ve Türkiye'deki Geleneksel Yapılanmaların Şirket Performansına Muhtemel Etkisi. Kadir Has Üniversitesi Hukuk Fakültesi Dergisi, 5(1), 105-122.
Arıkboğa, F. Ş. ve Menteş A. (2009), Türkiye’de Kurumsal Yönetişim İklimi. İktisat Fakültesi Mecmuası, 59(2), 85-120.
Aytekin, M. ve Sönmez, A. R. (2016), Kurumsal Yönetim Uygulamalarının İşletme Performansına Etkisi. Türk Sosyal Bilimler Araştırmaları Dergisi, 1(2), 32-41.
Brigham, E. F. and Houston, J. F. (2007), Fundamentals of Financial Management. USA: Thomson South – Western.
Faradonbeh, H. A. and Dolatabadi, H. R. (2015), The Impact of Corporate Governance on The Current Assets Management of the Companıes Lısted in Tehran Stock Exchange. Indian Journal of Fundamental and Applied Life Sciences, 5(1), 1742-1751.
Fiador, V. (2016), Does Corporate Governance İnfluence The Efficiency of Working Capital Management of Listed Firms: Evidence from Ghana. African Journal of Economic and Management Studies, 7(4), 482-496.
Francoeur, C., Labelle, R. ve Desgagne, S. B. (2008), Gender Diversity in Corporate Governance and Top Management, Journal of Business Ethics, 81, 83-95.
Gill, A. S. and Biger N. (2013), The Impact of Corporate Governance on Working Capital Management Efficiency of American Manufacturing Firms. Managerial Finance, 39(2), 116-132.
Gill, A., Biger, N. and Obradovich, J. (2015), The Impact of Independent Directors on the Cash Conversion Cycle of American Manufacturing Firms. International Journal of Economics and Finance, 7(1), 87-96.
İlhan Nas, T., Tan Şahin, K. ve Okan, T. (2013), Kurumsal Yönetim ve Çokuluslu İşletmelerin Strateji Tercihleri. Atatürk Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 27(4), 210-228.
İşcan, Ö. F., ve Kayğın, E. (2009), Kurumsal Yönetişim Sürecinin Gelişimi Üzerine Bir Araştırma. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13(2), 213-224.
Jamalinesari, S. and Soheili, H. (2015), The Relationship Between the Efficiency of Working Capital Management Companies and Corporate Rule in Tehran Stock Exchange. Procedia Social and Behavioral Sciences, 205, 499-504.
Kajananthan, R. and Achchuthan, S. (2013), Corporate Governance Practices and Its Impact on Working Capital Management: Evidence from Sri Lanka. International Journal of Finance and Accounting, 4(3), 23-31.
Kamau, S. M. and Basweti, K. A. (2013), The Relationship Between Corporate Governance and Working Capital Management Efficiency of Firms Listed at The Nairobi Securities Exchange. Research Journal of Finance and Accounting, 4(19), 190-199.
Kang, H., Cheng, M. ve Gray, S. J. (2007), Corporate Governance and Board Composition: Diversity and Independence of Australian Boards. Corporate Governance: An International Journal, 15(2), 194-207.
Karoğlu, E. (2016), Vekalet Kuramı Perspektifinden Yönetim Kurulu Kompozisyonunun Finansal Performans Üzerindeki Etkisi: BİST İmalat Sektörü Örneği. Balkan ve Yakın Doğu Sosyal Bilimler Dergisi, 2(1), 65-77.
Mishra, S. and Mukherjee, T. (2018), Corporate Governance and Efficacy in Working Capital Management: A Study. Account and Financial Management Journal, 3(9), 1732-1738).
Muth, M. M. ve Donaldson, L. (1998), Stewardship Theory and Board Structure: A Contingency Approach. Corporate Governance: An International Review, 6(1), 5-28.
Njoroge, J. N. (2018), The Effect of Corporate Governance on Working Capital Management for Firms Listed at The Nairobi Securities Exchange. İnternational Journal of Business Management and Processes, 2(1), 1-14.
Ocak, M. (2013), Yönetim Kurulu ve Üst Yönetimde Yer Alan Kadınların Finansal Performansa Etkisi: Türkiye'ye İlişkin Bulgular, Muhasebe Finansman Dergisi, 60, 107-125.
Sathyamoorthi, C. R., Christian, J. M., Mogotsinyana, M. and Selinkie, P. (2018), The Impact of Corporate Governance on Working Capital Management Efficiency: Evidence from the Listed Companies in the Consumer Services Sector in Botswana. International Journal of Economics and Finance, 10(12), 135-149.
Selekler Gökşen, N. ve Karataş, A. (2008), Board Structure and Performance in An Emerging Economy: Turkey. International Journal of Business Governance and Ethics, 4(2), 132-147.
Tatoğlu, F. (2013), Panel Veri Ekonometrisi. İstanbul: Beta Yayınevi.
Üsdiken, B. ve Yıldırım Öktem, Ö. (2008), Kurumsal Ortamda Değişim ve Büyük Aile Holdingleri Bünyesindeki Şirketlerin Yönetim Kurullarında İcrada Görevli Olmayan ve Bağımsız Üyeler. Amme İdaresi Dergisi, 41(1), 43-71.
Yıldırım Öktem, Ö. ve Üsdiken, B. (2010), Contingencies versus External Pressure: Professionalization in Boards of Firms Affiliated to Family Business Groups in Late‐Industrializing Countries. British Journal of Management, 21, 115–130.
Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D. ve Jiang, Y. (2008), Corporate Governance in Emerging Economies: A Review of the Principal-Principal Perspective. Journal of Management Studies, 45(1), 196-220.
Zheka V. (2005), Corporate Governance, Ownership Structure and Corporate Efficiency: The Case of Ukraine. Managerial and Decision Economics, 26, 451-460.
- Abstract viewed - 1017 times
- PDF (Türkçe) downloaded - 486 times
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
© Business & Management Studies: An International Journal, 2019
Assist. Prof. Dr., Gaziantep University
Adem Ruhan SÖNMEZ
Lect., Artvin Çoruh University
How to Cite
THE IMPACT OF CORPORATE GOVERNANCE ON WORKING CAPITAL MANAGEMENT: AN APPROACH ON BIST MANUFACTURING FIRMS
Vol 7 No 1 (2019): BUSINESS & MANAGEMENT STUDIES: AN INTERNATIONAL JOURNAL
Submitted: Mar 20, 2019
Published: Mar 20, 2019
The aim of the study was to examine the relationship between corporate governance practices and working capital management in listed manufacturing firms in Turkey. A sample was selected of 155 manufacturing firms at the Borsa Istanbul from 2012 to 2017. Data was collected from financial tables and annual report. This study used regression analyses to investigate the impact of corporate governance on working capital management. In this study; analysed relationship between board size, independence of board director, audit committee, risk management committee and components of working capital management. The results revealed that there is significiant relation between levels of working capital managenet among corporate governance as relation between proportion of independent directors and account receivables, inventory periods and cash conversion cycle; relation between audit committe and current ratio.