Konaklama İşletmelerinde Çalışma Sermayesinin Kârlılığa Etkisinin Analizi: Türkiye – Amerika Birleşik Devletleri Karşılaştırması (Analysis of the Effects of Working Capital on Profitability in Lodging Companies: Comparison of Turkey – United States of America)
DOI:
https://doi.org/10.21325/jotags.2020.647Keywords:
Working capital, Return on assets, Generalized method of moments, Lodging companies, Turkey, United States of AmericaAbstract
The aim of this research is to comparatively analyze the impact of working capital on profitability of the lodging companies in Turkey and the United States. For these purposes, models were created in the light of the most accepted studies in the financial literature, and depending on data compatibility, Generalized Method of Moment, which is one of the dynamic panel data analysis methods, was used in the testing of models. In this study, the financial data of lodging companies were obtained from Thomson Reuters Datastream databases. The data of some lodging companies in Turkey was obtained from Public Disclosure Platform. As a result of the research, it has been identified that the working capital level of the lodging companies is generally low. The working capital financing policy of the lodging companies in the United States is aggressive, yet moderate in Turkey. In the analysis results of the impact of working capital level on the return on assets, it has been revealed that the level of working capital and sales growth rate affect the return on assets positively but, the impact of total leverage, long-term leverage and asset size on the return on assets is differ by countries.
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