THE EFFECT OF KEEPING INVENTORY ON FINANCIAL PERFORMANCE OF THE ENERGY SECTOR COMPANIES

Seher Kadıoğlu; Necdet Sensoy

Article Details

THE EFFECT OF KEEPING INVENTORY ON FINANCIAL PERFORMANCE OF THE ENERGY SECTOR COMPANIES

Authors:

Seher Kadıoğlu | Necdet Sensoy

Publisher:

Istanbul Ticaret University

Main Topics:

Finans | Mali Tablo Analizi

Journal:

İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi Vol.23 Issue 49, pp.1530-1543

Document Type:

Article

Publication Date:

6/2024

Document Language:

Turkish

Document ID (Org No.):

2001321344

pISSN:

1303-5495

Keywords:

Abstract:

 Abstract In this research, the financial ratios of Aygaz, which keeps inventory, and Zorlu Enerji, which does not keep inventory, were compared to determine how these characteristics affect their performance Using financial data from two companies operating in the energy sector between 20051 and 20221 periods, ratios have been calculated for analysis.. In the analysis, FK Net ProfitOperating Profit was taken as the dependent variable representing financial performance. 15 different traditional ratios were used as independent variables. Objective: To determine that the operating profitability of the company keeping inventory is lower than that of the company not keeping inventory due to the higher financial expenses of the company keeping inventory, assuming that the capital structures of the companies are the same or similar. Method: A simple linear regression model has been applied to determine the differences in the impact ratios affecting the operating profitability of companies operating in the energy sector, with and without inventory, aiming to assess the variations. Findings: The study found that the ratios affecting the operating profitability of companies differed according to the inventory holding feature. It was observed that the operating profitability of Aygaz A.Ş., which keeps inventory, was lower than that of Zorlu A.Ş., which does not keep inventory. Although this finding is consistent with the research hypothesis, the condition in the hypothesis was not met because similar capital structures were not reached. As a result, the expectation in research hypothesis that the operating profitability of the company keeping inventory would be lower than that of the company not keeping inventory was confirmed by the calculated ratios. Originality The intention of the conducted study is; to contribute to the literature by considering both periodical and effectiveness measurements, highlighting its original aspect.

 Abstract In this research, the financial ratios of Aygaz, which keeps inventory, and Zorlu Enerji, which does not keep inventory, were compared to determine how these characteristics affect their performance Using financial data from two companies operating in the energy sector between 20051 and 20221 periods, ratios have been calculated for analysis.. In the analysis, FK Net ProfitOperating Profit was taken as the dependent variable representing financial performance. 15 different traditional ratios were used as independent variables. Objective: To determine that the operating profitability of the company keeping inventory is lower than that of the company not keeping inventory due to the higher financial expenses of the company keeping inventory, assuming that the capital structures of the companies are the same or similar. Method: A simple linear regression model has been applied to determine the differences in the impact ratios affecting the operating profitability of companies operating in the energy sector, with and without inventory, aiming to assess the variations. Findings: The study found that the ratios affecting the operating profitability of companies differed according to the inventory holding feature. It was observed that the operating profitability of Aygaz A.Ş., which keeps inventory, was lower than that of Zorlu A.Ş., which does not keep inventory. Although this finding is consistent with the research hypothesis, the condition in the hypothesis was not met because similar capital structures were not reached. As a result, the expectation in research hypothesis that the operating profitability of the company keeping inventory would be lower than that of the company not keeping inventory was confirmed by the calculated ratios. Originality The intention of the conducted study is; to contribute to the literature by considering both periodical and effectiveness measurements, highlighting its original aspect.

 Abstract In this research, the financial ratios of Aygaz, which keeps inventory, and Zorlu Enerji, which does not keep inventory, were compared to determine how these characteristics affect their performance Using financial data from two companies operating in the energy sector between 20051 and 20221 periods, ratios have been calculated for analysis.. In the analysis, FK Net ProfitOperating Profit was taken as the dependent variable representing financial performance. 15 different traditional ratios were used as independent variables. Objective: To determine that the operating profitability of the company keeping inventory is lower than that of the company not keeping inventory due to the higher financial expenses of the company keeping inventory, assuming that the capital structures of the companies are the same or similar. Method: A simple linear regression model has been applied to determine the differences in the impact ratios affecting the operating profitability of companies operating in the energy sector, with and without inventory, aiming to assess the variations. Findings: The study found that the ratios affecting the operating profitability of companies differed according to the inventory holding feature. It was observed that the operating profitability of Aygaz A.Ş., which keeps inventory, was lower than that of Zorlu A.Ş., which does not keep inventory. Although this finding is consistent with the research hypothesis, the condition in the hypothesis was not met because similar capital structures were not reached. As a result, the expectation in research hypothesis that the operating profitability of the company keeping inventory would be lower than that of the company not keeping inventory was confirmed by the calculated ratios. Originality The intention of the conducted study is; to contribute to the literature by considering both periodical and effectiveness measurements, highlighting its original aspect.

 Özet Bu özgün çalışmada, Borsa İstanbulda enerji sektöründe yer alan firmalardan stok bulunduran ve stok bulundurmayan firmaların bu özelliklerinin performanslarını nasıl etkilediğini tespit etmek amacı ile stok bulunduran Aygaz ve stok bulundurmayan Zorlu Enerji firmalarının finansal oranları karşılaştırılmıştır. Analizde enerji sektöründe faaliyet gösteren iki firmanın 20051 ve 20221 dönemleri arasındaki finansal verileri kullanılarak oranlar hesaplanmıştır. Analizde finansal performansı temsilen FK Net kârFaaliyet kârı bağımlı değişken olarak alınmıştır. Bağımsız değişken olarak 15 farklı geleneksel oran kullanılmıştır. Amaç: Stok bulunduran işletmenin stok bulundurmayan işletmeye göre daha yüksek finansman gideri olacağı için sermaye yapıları aynı veya benzer olan firmalardan stok bulunduranın faaliyet kârlılığının bulundurmayana göre daha düşük olduğunun belirlenmesi. Yöntem: Enerji sektöründe faaliyet gösteren stok bulunduran ve bulundurmayan firmaların faaliyet kârlılığı üzerinde etkili oranların farklılığını tespit etmek amacıyla basit doğrusal regresyon modeli uygulanmıştır. Bulgular: Çalışmanın sonucunda stok bulundurma özelliğine göre firmalarda faaliyet kârlılığını etkileyen oranların farklılık gösterdiği tespit edilmiştir Stok bulunduran Aygaz A.Ş.nin faaliyet kârlılığı stok bulundurmayan Zorlu A.Ş.nin faaliyet kârlılığından düşük olduğu gözlenmiştir. Bu bulgu çalışmanın hipotezine uygun olmakla beraber, benzer sermaye yapıları olan firmalara ulaşılamadığı için hipotezdeki bu koşul yerine gelmemiştir. Sonuç olarak hipotezdeki beklenti olan stok bulunduran firmadaki faaliyet kârlılığının stok bulundurmayana göre düşük olması hesaplanan oranlar ile doğrulanmaktadır, Özgünlük: Yapılan çalışmanın özgün tarafı hem dönemsel hem de etkinlik ölçümleri dikkate alınarak literatüre katkıda bulunması amaçlanmaktadır. JEL Sınıflandırması: C32, M40, B26.

Article Details

THE EFFECT OF KEEPING INVENTORY ON FINANCIAL PERFORMANCE OF THE ENERGY SECTOR COMPANIES

Authors:

Seher Kadıoğlu | Necdet Sensoy

Publisher:

Istanbul Ticaret University

Main Topics:

Finans | Mali Tablo Analizi

Journal:

İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi Vol.23 Issue 49, pp.1530-1543

Document Type:

Article

Publication Date:

6/2024

Document Language:

Turkish

Document ID (Org No.):

2001321344

pISSN:

1303-5495

Energy Sector

Ratio Analysis

Operating Profitability

Regression AnalysisEnerji Sektörü

Oran Analizi

Faaliyet Kârlılığı

Regresyon Analizi

Issues

Article Details

Authors: Seher Kadıoğlu | Necdet Sensoy

Publisher: Istanbul Ticaret University

Main Topics: Finans | Mali Tablo Analizi

Journal: İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi Vol.23 Issue 49, pp.1530-1543

Document Type: Article

Publication Date: 6/2024

Document Language: Turkish

Document ID (Org No.): 2001321344

pISSN: 1303-5495

Issues

Authors:

Seher Kadıoğlu | Necdet Sensoy

Publisher:

Istanbul Ticaret University

Main Topics:

Finans | Mali Tablo Analizi

Journal:

İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi Vol.23 Issue 49, pp.1530-1543

Document Type:

Article

Publication Date:

6/2024

Document Language:

Turkish

Document ID (Org No.):

2001321344

pISSN:

1303-5495