Likidite ve karlılık arasındaki ilişkinin araştırılması: Borsa İstanbul'da işlem gören perakende sektöründe faaliyet gösteren şirketler üzerinde bir örnek çalışma

One of the main objectives of modern finance theory is to increase the welfare level of enterprise's shareholders. This can only be achieved by increasing the market value of the enterprise, in other words, by increasing the value of the stocks in the investors' hands. Increasing the market value of the enterprise will become possible by continually increasing the efficiency and productivity of the enterprise. At this point, activity, liquidity and profitability ratios which are the main indicators that the enterprise is managed on the basis of the right decisions are important. Effective working capital management (WCM), high inventory turnover and receivables turnover ratios inevitably affect the profitability of the enterprise. Therefore, increasing the market value of the enterprise depends on the balance between effective liquidity management and profitability. The purpose of this study is to investigate the relationship between liquidity and profitability with the help of financial ratios. A balanced panel dataset obtained from the published annual financial statements of the 11 companies in retail trade sector and traded in Istanbul Stock Exchange (ISE) in the 2010-2015 period was used to accomplish this purpose. In the study, Return on Assets (ROA), Return on Equity (ROE) and Net Profit Margin (NPM) are considered as dependent variables. The independent variables of the study are Receivables Turnover Ratio (RTR), Inventory Turnover Ratio (ITR) and Quick Ratio (QR). System Generalized Moments Method (System GMM), which is one of the best dynamic panel data estimation methods was used to determine the relationship between dependent and independent variables. According to the analysis results, while a statistically significant and negative relationship was found between dependent variable ROA and independent variable ITR, there was no statistically significant relationship between ROA and other independent variables, QR and RTR. On the other hand, while a statistically significant and negative relationship was found between NPM which is another dependent variable and QR, there was no statistically significant other independent variables, ITR and RTR. Similarly, while a statistically significant and negative relationship was found between ROE which is another dependent variable of the study and QR, there was no statistically significant relationship between ROE and other independent variables, ITR and RTR.