The impact of corporate governance on working capital management: An approach on BİST manufacturing firms

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 153 manufacturing firms at the Borsa Istanbul from 2012 to 2017. Data was collected from financial tables and annual report. The models created with the help of data were analyzed with regression analyzes. According to the findings of this study; It is determined that there are relations between corporate governance practices and working capital management. As a result of the analysis; there was a positive relationship between block shareholders and IPO and account payables period; negative relationship between account receivables period and the number of board members; negative relationship between inventory period and the number of board members and rate of block shareholders; positive relationship between inventory period and IPO; positive relationship between cash conversion cycle and proportion of female members and IPO. But, there is no relationship between the number of board members, proportion of independent board members, proportion of female member, audit committee and the risk committee and the account payable period; there is no relationship between proportion of independent board members, proportion of female member, rate of block shareholders, IPO, audit committee, risk committee and account receivables period; there is no relationship between proportion of independent board members, proportion of female member, audit committee, risk committee and inventory period; there is no relationship between the number of board members, proportion of independent board members, proportion of female members, rate of block shareholders, audit committee, risk committee and cash conversion cycle; there is no relationship between the number of board members, proportion of independent board members, proportion of female members, IPO, rate of block shareholders, audit committee, risk committee and current ratio. Keywords: Corporate Governance, Working Capital Management, Panel Data Analysis