[
Aktas, N., Croci, E., & Petmezas, D. (2015). Is working capital management value-enhancing? Evidence from firm performance and investments. Journal of Corporate Finance, 30, 98–113. https://doi.org/10.1016/j.jcorpfin.2014.12.008
]Search in Google Scholar
[
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
]Search in Google Scholar
[
Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
]Search in Google Scholar
[
Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332–338. https://doi.org/10.1016/j.jbusres.2013.01.016
]Search in Google Scholar
[
Bastos, R., & Pindado, J. (2013). Trade credit during a financial crisis: A panel data analysis. Journal of Business Research, 66(5), 614–620. https://doi.org/10.1016/j.jbusres.2012.03.015
]Search in Google Scholar
[
Ben-Nasr, H. (2016). State and foreign ownership and the value of working capital management. Journal of Corporate Finance, 41, 217–240. https://doi.org/10.1016/j.jcorpfin.2016.09.002
]Search in Google Scholar
[
Berger, P. G., & Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial Economics, 37(1), 39–65. https://doi.org/10.1016/0304-405X(94)00798-6
]Search in Google Scholar
[
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
]Search in Google Scholar
[
Boisjoly, R. P., Conine, T. E., & McDonald, M. B. (2020). Working capital management: Financial and valuation impacts. Journal of Business Research, 108, 1–8. https://doi.org/10.1016/j.jbusres.2019.09.025
]Search in Google Scholar
[
Box, T., Davis, R., Hill, M., & Lawrey, C. (2018). Operating performance and aggressive trade credit policies. Journal of Banking & Finance, 89, 192–208. https://doi.org/10.1016/j.jbankfin.2018.02.011
]Search in Google Scholar
[
Brennan, M. J., Maksımovıcs, V., & Zechner, J. (1988). Vendor financing. The Journal of Finance, 43(5), 1127–1141. https://doi.org/10.1111/j.1540-6261.1988.tb03960.x
]Search in Google Scholar
[
CBRT. (2023, May 4). Real sector company account. Central Bank of the Republic of Türkiye. https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Statistics/Real+Sector+Statistics/Company+Accounts/Archive/
]Search in Google Scholar
[
Çelik, R., Bilen, B., & Bilen, Ö. (2016). The impacts of changes in macro-economic data on net working capital: The case of Turkey’s industrial sector. http://openaccess.nisantasi.edu.tr:8080//handle/20.500.12474/63
]Search in Google Scholar
[
Chauhan, G. S. (2019). Are working capital decisions truly short-term in nature? Journal of Business Research, 99, 238–253. https://doi.org/10.1016/j.jbusres.2019.02.032
]Search in Google Scholar
[
Cheng, N. S., & Pike, R. (2003). The trade credit decision: Evidence of UK firms. Managerial and Decision Economics, 24(6–7), 419–438. https://doi.org/10.1002/mde.1049
]Search in Google Scholar
[
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin’s q. Financial Management, 23(3), 70–74. https://www.jstor.org/stable/3665623
]Search in Google Scholar
[
Claessens, S., Djankov, S., Fan, J. P. H., & Lang, L. H. P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The Journal of Finance, 57(6), 2741–2771. https://doi.org/10.1111/1540-6261.00511
]Search in Google Scholar
[
Dary, S. K., & James, H. S. (2019). Does investment in trade credit matter for profitability? Evidence from publicly listed agro-food firms. Research in International Business and Finance, 47, 237–250. https://doi.org/10.1016/j.ribaf.2018.07.012
]Search in Google Scholar
[
Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of Business Finance & Accounting, 30(3–4), 573–588. https://doi.org/10.1111/1468-5957.00008
]Search in Google Scholar
[
Deloof, M., & Jegers, M. (1996). Trade credit, product quality, and intragroup trade: Some European evidence. Financial Management, 25(3), 33–43. https://www.jstor.org/stable/3665806
]Search in Google Scholar
[
Djebali, N., & Zaghdoudi, K. (2020). Testing the governance-performance relationship for the Tunisian banks: A GMM in system analysis. Financial Innovation, 6(1), 23. https://doi.org/10.1186/s40854-020-00182-5
]Search in Google Scholar
[
Duliniec, A., & Świda, N. (2021). Factors influencing the use of trade credit in financing Polish listed companies. Economics and Business Review, 7(1), 113–134. https://doi.org/10.18559/ebr.2021.1.7
]Search in Google Scholar
[
Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460. https://doi.org/10.1016/j.econmod.2012.02.014
]Search in Google Scholar
[
Durnev, A., & Kim, E. H. (2005). To steal or not to steal: Firm attributes, legal environment, and valuation. The Journal of Finance, 60(3), 1461–1493. https://doi.org/10.1111/j.1540-6261.2005.00767.x
]Search in Google Scholar
[
Ek, R., & Guerin, S. (2011). Is there a right level of working capital? Journal of Corporate Treasury Management, 4(2), 137–149.
]Search in Google Scholar
[
Emery, G. (1984). A pure financial explanation for trade credit. The Journal of Financial and Quantitative Analysis, 19(3), 271–285. https://doi.org/10.2307/2331090
]Search in Google Scholar
[
Emery, G., & Nayar, N. (1998). Product quality and payment policy. Review of Quantitative Finance and Accounting, 10(3), 269–284. https://doi.org/10.1023/A:1008201701163
]Search in Google Scholar
[
Enqvist, J., Graham, M., & Nikkinen, J. (2014). The impact of working capital management on firm profitability in different business cycles: Evidence from Finland. Research in International Business and Finance, 32, 36–49. https://doi.org/10.1016/j.ribaf.2014.03.005
]Search in Google Scholar
[
Ferris, J. S. (1981). A transactions theory of trade credit use. The Quarterly Journal of Economics, 96(2), 243–270. https://doi.org/10.2307/1882390
]Search in Google Scholar
[
Filbeck, G., Krueger, T., & Preece, D. (2007). CFO magazine’s ‘Working Capital Survey’: Do selected firms work for shareholders? Quarterly Journal of Business and Economics, 46(2), 3–22.
]Search in Google Scholar
[
FINNET. (Financial Information News Network). (2019). Stock expert. https://www.finnet.com.tr/FinnetStore/En/
]Search in Google Scholar
[
García-Teruel, P. J., & Martínez-Solano, P. (2007). Effects of working capital management on SME profitability. International Journal of Managerial Finance, 3(2), 164–177. https://doi.org/10.1108/17439130710738718
]Search in Google Scholar
[
García-Teruel, P. J., & Martínez-Solano, P. (2010). Determinants of trade credit: A comparative study of European SMEs. International Small Business Journal, 28(3), 215–233. https://doi.org/10.1177/0266242609360603
]Search in Google Scholar
[
Granger, C. W. J. (2003). Spurious regressions in econometrics. In B. H. Baltagi (Ed.), A companion to theoretical econometrics (pp. 557–561). John Wiley & Sons. https://doi.org/10.1002/9780470996249.ch27
]Search in Google Scholar
[
Hill, M. D., Kelly, G. W., & Lockhart, G. B. (2012). Shareholder returns from supplying trade credit. Financial Management, 41(1), 255–280. https://doi.org/10.1111/j.1755-053X.2012.01198.x
]Search in Google Scholar
[
Huang, H., Shi, X., & Zhang, S. (2011). Counter-cyclical substitution between trade credit and bank credit. Journal of Banking & Finance, 35(8), 1859–1878. https://doi.org/10.1016/j.jbankfin.2010.12.009
]Search in Google Scholar
[
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7
]Search in Google Scholar
[
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329.
]Search in Google Scholar
[
Jensen, M. C. (1988). Takeovers: Their causes and consequences. Journal of Economic Perspectives, 2(1), 21–48. https://doi.org/10.1257/jep.2.1.21
]Search in Google Scholar
[
Jory, S. R., Khieu, H. D., Ngo, T. N., & Phan, H. V. (2020). The influence of economic policy uncertainty on corporate trade credit and firm value. Journal of Corporate Finance, 64, 101671. https://doi.org/10.1016/j.jcorpfin.2020.101671
]Search in Google Scholar
[
Karakoç, B. (2022). Corporate growth—trade credit relationship: Evidence from a panel of countries. Borsa Istanbul Review, 22(1), 156–168. https://doi.org/10.1016/j.bir.2021.03.004
]Search in Google Scholar
[
Kestens, K., Cauwenberge, P. V., & Bauwhede, H. V. (2012). Trade credit and company performance during the 2008 financial crisis. Accounting & Finance, 52(4), 1125–1151. https://doi.org/10.1111/j.1467-629X.2011.00452.x
]Search in Google Scholar
[
Kieschnick, R., Laplante, M., & Moussawi, R. (2013). Working capital management and shareholders’ wealth. Review of Finance, 17(5), 1827–1852. https://doi.org/10.1093/rof/rfs043
]Search in Google Scholar
[
Kim, Y. H., & Atkins, J. C. (1978). Evaluating investments in accounts receivable: A wealth maximizing framework. The Journal of Finance, 33(2), 403–412. https://doi.org/10.1111/j.1540-6261.1978.tb04857.x
]Search in Google Scholar
[
Kroes, J. R., & Manikas, A. S. (2014). Cash flow management and manufacturing firm financial performance: A longitudinal perspective. International Journal of Production Economics, 148, 37–50. https://doi.org/10.1016/j.ijpe.2013.11.008
]Search in Google Scholar
[
Lee, Y. W., & Stowe, J. D. (1993). Product risk, asymmetric information, and trade credit. The Journal of Financial and Quantitative Analysis, 28(2), 285–300. https://doi.org/10.2307/2331291
]Search in Google Scholar
[
Lewellen, W. G., McConnell, J. J., & Scott, J. A. (1980). Capital market influences on trade credit policies. Journal of Financial Research, 3(2), 105–113. https://doi.org/10.1111/j.1475-6803.1980.tb00043.x
]Search in Google Scholar
[
Long, M. S., Malitz, I. B., & Ravid, S. A. (1993). Trade credit, quality guarantees, and product marketability. Financial Management, 22(4), 117–127. https://www.jstor.org/stable/3665582
]Search in Google Scholar
[
Martínez-Sola, C., García-Teruel, P. J., & Martínez-Solano, P. (2013). Trade credit policy and firm value. Accounting & Finance, 53(3), 791–808. https://doi.org/10.1111/j.1467-629X.2012.00488.x
]Search in Google Scholar
[
Maury, B., & Pajuste, A. (2005). Multiple large shareholders and firm value. Journal of Banking & Finance, 29(7), 1813–1834. https://doi.org/10.1016/j.jbankfin.2004.07.002
]Search in Google Scholar
[
McGuinness, G., Hogan, T., & Powell, R. (2018). European trade credit use and SME survival. Journal of Corporate Finance, 49, 81–103. https://doi.org/10.1016/j.jcorpfin.2017.12.005
]Search in Google Scholar
[
Meltzer, A. H. (1960). Mercantile credit, monetary policy, and size of firms. The Review of Economics and Statistics, 42(4), 429–437. https://doi.org/10.2307/1925692
]Search in Google Scholar
[
Mian, S. L., & Smith, C. W. (1992). Accounts receivable management policy: Theory and evidence. The Journal of Finance, 47(1), 169–200. https://doi.org/10.1111/j.1540-6261.1992.tb03982.x
]Search in Google Scholar
[
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433–443.
]Search in Google Scholar
[
Nadiri, M. I. (1969). The determinants of trade credit in the U.S. total manufacturing sector. Econometrica, 37(3), 408–423. https://doi.org/10.2307/1912790
]Search in Google Scholar
[
Nam, H., & Uchida, K. (2019). Accounts payable and firm value: International evidence. Journal of Banking & Finance, 102, 116–137. https://doi.org/10.1016/j.jbankfin.2019.03.010
]Search in Google Scholar
[
Ng, C. K., Smith, J. K., & Smith, R. L. (1999). Evidence on the determinants of credit terms used in interfirm trade. The Journal of Finance, 54(3), 1109–1129. https://doi.org/10.1111/0022-1082.00138
]Search in Google Scholar
[
Niskanen, J., & Niskanen, M. (2006). The determinants of corporate trade credit policies in a bank-dominated financial environment: The case of Finnish small firms. European Financial Management, 12(1), 81–102. https://doi.org/10.1111/j.1354-7798.2006.00311.x
]Search in Google Scholar
[
Paul, S. Y., Guermat, C., & Devi, S. (2018). Why do firms invest in accounts receivable? An empirical investigation of the Malaysian manufacturing sector. Journal of Accounting in Emerging Economies, 8(2), 166–184. https://doi.org/10.1108/JAEE-01-2017-0005
]Search in Google Scholar
[
PDP. (Public Disclosure Platform). (2019). Financial statements. https://www.kap.org.tr/en/
]Search in Google Scholar
[
Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265–312. https://doi.org/10.1002/jae.951
]Search in Google Scholar
[
Petersen, M. A., & Rajan, R. G. (1997). Trade credit: Theories and evidence. The Review of Financial Studies, 10(3), 661–691. https://doi.org/10.1093/rfs/10.3.661
]Search in Google Scholar
[
Phillips, P. C. B. (1986). Understanding spurious regressions in econometrics. Journal of Econometrics, 33(3), 311–340. https://doi.org/10.1016/0304-4076(86)90001-1
]Search in Google Scholar
[
Pike, R., Cheng, N. S., Cravens, K., & Lamminmaki, D. (2005). Trade credit terms: Asymmetric information and price discrimination evidence from three continents. Journal of Business Finance & Accounting, 32(5–6), 1197–1236. https://doi.org/10.1111/j.0306-686X.2005.00627.x
]Search in Google Scholar
[
Porta, R. L., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor protection and corporate valuation. The Journal of Finance, 57(3), 1147–1170. https://doi.org/10.1111/1540-6261.00457
]Search in Google Scholar
[
Roodman, D. (2009). How to do Xtabond2: An introduction to difference and System GMM in stata. The Stata Journal, 9(1), 86–136. https://doi.org/10.1177/1536867X0900900106
]Search in Google Scholar
[
Sargan, J. D. (1958). The estimation of economic relationships using instrumental variables. Econometrica, 26(3), 393–415. https://doi.org/10.2307/1907619
]Search in Google Scholar
[
Scherr, F. C. (1996). Optimal trade credit limits. Financial Management, 25(1), 71–85. https://www.jstor.org/stable/3665903
]Search in Google Scholar
[
Schwartz, R. A. (1974). An economic model of trade credit. The Journal of Financial and Quantitative Analysis, 9(4), 643–657. https://doi.org/10.2307/2329765
]Search in Google Scholar
[
Seifert, D., Seifert, R. W., & Protopappa-Sieke, M. (2013). A review of trade credit literature: Opportunities for research in operations. European Journal of Operational Research, 231(2), 245–256. https://doi.org/10.1016/j.ejor.2013.03.016
]Search in Google Scholar
[
Tong, Z. (2008). Deviations from optimal CEO ownership and firm value. Journal of Banking & Finance, 32(11), 2462–2470. https://doi.org/10.1016/j.jbankfin.2008.05.005
]Search in Google Scholar
[
Uchida, H., Udell, G. F., & Watanabe, W. (2013). Are trade creditors relationship lenders? Japan and the World Economy, 25–26, 24–38. https://doi.org/10.1016/j.japwor.2013.01.002
]Search in Google Scholar
[
Wang, P., Zheng, H., Chen, D., & Ding, L. (2015). Exploring the critical factors influencing online lending intentions. Financial Innovation, 1(1), 8. https://doi.org/10.1186/s40854-015-0010-9
]Search in Google Scholar
[
Wang, Y. J. (2002). Liquidity management, operating performance, and corporate value: Evidence from Japan and Taiwan. Journal of Multinational Financial Management, 12(2), 159–169. https://doi.org/10.1016/S1042-444X(01)00047-0
]Search in Google Scholar
[
Wilner, B. S. (2000). The exploitation of relationships in financial distress: The case of trade credit. The Journal of Finance, 55(1), 153–178. https://doi.org/10.1111/0022-1082.00203
]Search in Google Scholar
[
Zeidan, R., & Shapir, O. M. (2017). Cash conversion cycle and value-enhancing operations: Theory and evidence for a free lunch. Journal of Corporate Finance, 45, 203–219. https://doi.org/10.1016/j.jcorpfin.2017.04.014
]Search in Google Scholar
[
Zhang, L., Hu, H., & Zhang, D. (2015). A credit risk assessment model based on SVM for small and medium enterprises in supply chain finance. Financial Innovation, 1(1), 14. https://doi.org/10.1186/s40854-015-0014-5
]Search in Google Scholar
[
Zhang, R. (2020). Trade credit, cash holdings, and product market competition. The Quarterly Review of Economics and Finance, 78, 132–146. https://doi.org/10.1016/j.qref.2020.01.006
]Search in Google Scholar
[
Zhang, T., Zhang, C. Y., & Pei, Q. (2019). Misconception of providing supply chain finance: Its stabilising role. International Journal of Production Economics, 213, 175–184. https://doi.org/10.1016/j.ijpe.2019.03.008
]Search in Google Scholar