Examining the effect of working capital financing on company profitability of companies in BIST 30 using panel data analysis

This study analyzes the relationship between working capital management and profitability using data from 26 large-scale, non-financial companies listed in the BIST 30 index for the period 2020–2024. The aim of the research is to examine the impact of working capital components—such as the current ratio, liquidity ratio, and cash conversion cycle—on return on assets and return on equity using panel data analysis. The findings indicate that these independent variables do not have a statistically significant effect on profitability. This result suggests that the relationship between working capital and profitability should be evaluated in conjunction with sectoral, temporal, and structural factors. The study is expected to contribute to the existing literature. Keywords: Working Capital, Profitability, Bist 30, Panel Data Analysis.