Sahin, Osman2025-10-242025-10-2420111306-6730https://hdl.handle.net/20.500.12899/4078The 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.trinfo:eu-repo/semantics/closedAccessManufacturing companies; working capital policies; firm performance; Istanbul Stock Exchange Market (ISE); panel data analysisArticle62123141WOS:000441948300005N/A