The impact of cash flows from the activities of logistics companies listed on Borsa Istanbul (BIST) on firm performance

This study examines the impact of cash flows from the operations of logistics companies listed on Borsa Istanbul (BIST) on firm performance using panel data analysis. The logistics sector is a fundamental component of the economic structure, involving activities such as supply chain management, transportation, storage, and distribution. Companies operating in this sector manage and optimize the process from the production of goods and services to their delivery to the end consumer. The aim of the research is to determine how cash flows from operational, investment, and financial activities of logistics companies affect firm performance. Within this scope, financial data from logistics companies that have been consistently listed on BIST for 10 years between 2014 and 2023 were analyzed to assess the cash flows from their operations. Performance indicators such as return on assets (ROA), return on equity (ROE), and firms' cash flows were used. Independent variables included cash flows from operating activities, cash flows from investment activities, cash flows from financial activities, current ratio, leverage (total debt/equity), and asset size. The results of the panel data analysis revealed that cash flows from the operations of firms have a positive and significant effect on return on equity, thereby influencing firm performance. This indicates that effective management of operational cash flows is crucial for increasing firm value and profitability in logistics companies. Consequently, this study provides important findings to support the financial decisions of companies operating in the logistics sector and offers strategic recommendations on cash flow management. The findings of the study contribute to academic literature and provide guidance to industry managers.