Abstract:

The aim of the study is to reveal that different financial characteristics can be obtained when the cash flow profiles obtained as a result of examining the positive and negative aspects of the cash flows in the cash flow statement components are used together with the financial ratio analysis technique. In the study, first of all, cash flow profiles of 70 enterprises operating in the BIST manufacturing industry sector are determined by using the cash flow table data of the years 2012-2018. Afterwards using the data in the balance sheet and income statement of each business, the financial ratio results by years are determined. As a result, the relationship between profile features and financial ratio features is analyzed according to the panel logit analysis method of profile 2, profile 4 and profile 6, which exceeded 10%, within a total of eight profiles and a total of 490 observations. According to the results of the analysis, profile 2 is positively related to asset turnover and return on assets, while asset growth rate is negatively related, profile 4 is positively related to asset growth rate, stocks to assets ratio and equity growth ratio is negatively related to profile 6, and stocks to assets are negatively related to profile 2. It is determined that the rate of asset growth and the rate of asset growth are positively correlated, while the current rate, leverage rate and return on assets rate are negatively related.

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