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    Crisis Effects on the Capital Structure Determinants for Manufacturing Companies
    (Igi Global, 2013) Sahin, Osman
    The purpose of the study is to investigate crisis effects on the capital structure determinants for manufacturing ;companies listed on the Istanbul Stock Exchange Market (ISE) in Turkey for the period 2005-2010. This period is divided into two parts: The period of 2005-2007 is used as pre-crisis period, and the period of 2008-2010 is used as a crisis period. The periods are compared to understand crisis effect on the capital structure determinants. The panel data analysis is used for this study. Short term, long term, and total debt ratios are used as a proxy for the analysis. The sample consists of 138 manufacturing companies in Turkey over the period of 2005-2010. As a result, manufacturing companies' capital structure is usually determined in accordance with the financial hierarchy theory. During financial crisis, the effects of capital structure determinants deviate from expectations.
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    Relationships between Working Capital Policies and Firm Performance for Manufacturing Companies
    (Eskisehir Osmangazi Univ, Fac Education, 2011) Sahin, Osman
    The purpose of the paper is to study relationship between working capital policies and firm performance with crises effects for manufacturing companies. Data required for analysis were obtained from the Istanbul Stock Exchange Market in Turkey for the period 2005-2010. The author measured relationship between variables of firms using the panel data analysis. Two working capital policies ratios: Current assets/total assets and short term debts/total assets ratio were used as proxies. The results obtained using panel data analysis support a negative relationship between profitability measures and aggressive working capital investment and financing policies in times of crisis and normal economic circumstances. It would be helpful to use conservative working capital investment and financing policies in order to increase the performance of manufacturing companies in Turkey.