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İşletmelerin fiziksel unsuru olan ve karlılığını doğrudan etkileyen stokların iyi bir şekilde yönetilmesi hayati önem arz etmektedir. İşletmelerin stoklarını iyi bir şekilde yönetmesi hem stok maliyetlerini aşağı seviyelere çekecektir hem de işletme faaliyet akışlarını hızlanmasını sağlayarak müşteri memnuniyetini artıracaktır. Dolayısıyla stok politikası iyi olan işletmeler sürdürülebilir kar elde edebilecekler ve ülke ekonomisine katkıda bulunabileceklerdir. Bu bağlamda çalışma, işletmelerin finansal başarısına katkıda bulunan stoklarla karlılık arasındaki ilişkiyi açıklamayı hedeflemiştir. Bu amaç doğrultusunda 2013-2018 dönemindeki İMKB imalat sektöründe yer alan işletmelerin finansal oranları kullanılmıştır. Araştırma, stok yönetimiyle karlılıkla ilgili finansal oranlar arasındaki ilişkiyi, regresyon ve korelasyon analizi kullanarak açıklamaktadır. Araştırma sonucunda,stok devir hızının aktif karlılık oranı, brüt çalışma sermayesi karlılık oranı ve öz kaynak karlılık oranı arasında pozitif yönde anlamlı bir ilişki söz konusu iken; brüt karlılık ve esas faaliyet karlılık oranlarını negatif yönde etkilediği tespit edilmiştir.Stok net çalışma sermayesi oranı ile esas faaliyet karlılık oranı ve öz kaynak karlılık oranı arasında anlamlı pozitif yönlü bir ilişkinin olduğu ve brüt çalışma sermayesi karlılığıyla arasında negatif yönlü anlamlı bir ilişki olduğu saptanmıştır. Ayrıca stok dönen varlık oranı ile aktif karlılık oranı, brüt çalışma sermayesi karlılığı ve öz kaynak karlılığı arasında negatif yönlü anlamlı bir ilişkinin varlığı söz konusuyken stok büyüme hızı oranı ile tüm karlılık oranları arasında anlamlı pozitif yönlü ilişkinin olduğu bulgusuna ulaşılmıştır.
Managing the inventory, which is a physical component of companies and directly influences the profits, is of vital importance. For the companies, managing their inventories successfully would both decrease the inventory costs and increase the customer satisfaction by accelerating the company’s operating flows. Thus, the companies with successful inventory policies would be able to receive satisfactory profits and contribute to the national economy. From this aspect, the present study aims to explain the relationship between profitability and inventory contributing to the financial success of companies. In parallel with this objective, the financial ratio of companies in the Istanbul Stock Exchange’s manufacturing sector between 2013 and 2018 were used. The study employs regression and correlation analysis in explaining the relationship between financial ratios related to inventory management and profitability. As a result of the analyses, it was determined that the inventory turnover has a positive and significant relationship with the rate of return on assets, gross working capital, and the rate of return on equity, whereas it negatively affects the rate of return on gross operating capital and the rate of real operating profits. The ratio of inventory/net operating capital was found to have a significant positive relationship with real operating profitability and rate of return on equity and a significant negative relationship with return on gross operating capital. Moreover, the ratio of inventory/current assets was found to have a significant negative relationship with the rate of return on assets, the rate of return on gross operating capital, and the rate of return on equity and the growth rate of inventory was found to have a positive relationship with all the profitability rates
Managing the inventory, which is a physical component of companies and directly influences the profits, is of vital importance. For the companies, managing their inventories successfully would both decrease the inventory costs and increase the customer satisfaction by accelerating the company’s operation flows. Thus, the companies with successful inventory polities would be able to receive satisfactory profits and contribute to the national economy. From this aspect, the present study aims to explain the relationship between profitability and inventory contributing the financial success of companies. In parallel with this objective, the financial ratios of companies in Istanbul Stock Exchange’s manufacturing sector between 2013 and 2018 were used. The study employs regression and correlation analysis in explaining the relationship between financial ratios related with inventory management and profitability. As a result of the analyses, it was determined that the inventory turnover has a positive and significant relationship with rate of return on assets, gross working capital, and rate of return on equity, whereas it negatively affects the rate of return on gross operating capital and rate of real operating profits. The ratio of inventory/net operating capital was found to have a significant positive relationship with real operating profitability and rate of return on equity and a significant negative relationship with return on gross operating capital. Moreover, the ratio of inventory/current assets was found to have a significant negative relationship with rate of return on assets, rate of return on gross operating capital, and rate of return on equity and the growth rate of inventory was found to have a positive relationship with all the profitability rates
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