Özet:
Financial risk management is the process of understanding and managing
financial risks that a company has the potential to face in the future. In the modern
approach, a holistic management process is recommended instead of treating risks
independently from each other. However, in order to manage the risks, the
components that make up the financial risks must also be identified. Liquidity risk
and capital risk are among the most important of these components, and they play a
more critical role in industrial enterprises that require significant investment in fixed
assets. In this context, this thesis focuses on the management of these risks in
industrial companies. The research aims to analyse the liquidity and capital risks in
the non-metallic mineral industry in Nigeria, which is the most populous country
and has the highest GDP in Africa.
The scope of the research consists of the cement companies listed on the
Nigerian Stock Exchange (NSE). Companies operating in this industry contribute not
only to the economy of Nigeria, but also to the economies of those countries with
their many production facilities in West, Central and South Africa. The time period
of the research is from 2011 to 2020, in this respect, it covers the recovery period
after the 2008 crisis as well as during Covid-19 pandemic. Since the data of some
companies could not be reached in the relevant years, an unbalanced panel data set
was created. All data used in the study were collected from the audited annual reports
of the companies.
The research findings point to a trend towards a decrease in both liquidity and
capital risk in the sector examined. However, the findings show that there are still
significant risks in the industry, especially in the context of liquidity risk - which are
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measured by three different parameters. Although there is an increase in capital risk
in the Covid-19 pandemic, it is seen that these risks of companies are at a
manageable. The industry analysed in the research continued both its activities and
growth, unlike the service sector, which suffered significantly in the pandemic. In the
econometric analysis part of the research, the determinants of liquidity and capital
risks were investigated and their effects on financial performance were emphasized.
Finally, recommendations for managing these risks and expectations for the future of
the sector are also presented in the thesis
