CASH HOLDING LEVEL ANALYSIS ON INDUSTRIAL BASIS: EVIDENCE FROM LISTED NON-FINANCIAL FIRMS ON BORSA ISTANBUL

Abstract

In attempt to cope with costs of cash surplus and cash deficits,firms have adopted various approaches in determining the optimum cash level that will increase the market value. In this study, changes in the cash and net cash holdings of the real sector firms listed on Borsa Istanbul BIST between 2005 and 2015 have been investigated within the framework of the trade-off and financial hierarchy theories.. Findings reveal that cash holdings are mean reverting and firms have the target cash level considering the benefit and cost of holding cash which is in line with the trade-off theory. Furthermore, results exhibit that sectoral characteristics have a significant role in determining the optimum level of cash

Keywords

• Cash Holding,Net Cash Holding,Trade-Off Theory,Financial Hierarchy Theory

NAKİT BULUNDURMA DÜZEYİNİN SEKTÖREL ANALİZİ: BORSA İSTANBUL’DA İŞLEM GÖREN REEL SEKTÖR FİRMALARI ÜZERİNE BİR UYGULAMA

Öz

Firmaların nakit fazlalığı ve nakit yetersizliği durumunda ortaya çıkabilecek maliyetleri azaltarak piyasa değerini arttıracak optimum nakit tutarının belirlenmesinde farklı yaklaşımlar uyguladıkları görülmektedir. Bu çalışmada, 2005-2015 yılları arasında Borsa İstanbul BİST ’de işlem gören reel sektör firmalarının nakit ve net nakit bulundurma düzeyinde yıllar itibariyle meydana gelen değişimler sermaye yapısı teorilerinden dengeleme teorisi ve finansal hiyerarşi teorisi kapsamında açıklanmıştır. Çalışmanın bulguları, ilgili dönemde reel sektör firmalarının nakit bulundurma düzeyinin genel ortalamaya yaklaştığını, firmaların nakit tutmanın fayda ve maliyetini dikkate alarak hedef nakit düzeyine sahip olduklarını ve dengeleme teorisine uygun hareket ettiklerini göstermektedir. Ayrıca, optimum nakit düzeyinin belirlenmesinde sektörel faktörlerin belirgin rol oynadığını göstermektedir.

Anahtar Kelimeler

• Nakit Düzeyi,Net Nakit Düzeyi,Dengeleme Teorisi,Finansal Hiyerarşi Teorisi,Sektörel Faktörler

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