Nakit Akışlarının Firma Performansı Üzerine Etkisi: BİST Üzerine Bir Araştırma

Year 2023, , 333 - 358, 26.06.2023

İbrahim Kaya , Hakan Özçelik

https://doi.org/10.26650/ISTJECON2022-1209479

Abstract

Finansal piyasalardaki gelişim ve değişimin paralelinde nakit akış tablosu önemli bir finansal tablo haline gelmiş, nakit akış bilgilerinin firma yöneticileri ve yatırımcılar için stratejik değeri artmıştır. Bu çalışmada; nakit akış bilgilerinin firma performansı üzerine olan etkisinin öçlümü amaçlanmıştır. Amaç kapsamında, 2014 - 2019 dönemini kapsayan BİST 100 şirketlerinden mali kuruluşlar hariç, imalat ve imalat dışı sektörde faaliyet gösteren 57 firmanın verileri kullanılmıştır. Çalışmada geliştirilen modelde, bağımsız değişken olarak nakit akış tablosu verileri kullanılırken, bağımlı değişken olarak performans değerleme oranlarından aktif karlılık oranı, özsermaye karlılık oranı ve Tobin q oranı seçilmiştir. Çalışma sonucunda, nakit akışlarının işletme performansını etkilediği tespit edilmiştir. ROA ile işletme faaliyetlerinden nakit akışları, ROE ile finansman faaliyetlerinden nakit akışları ve ödenen temettü bilgisi ve Tobin q ile dönem sonu nakit bilgisi arasındaki istatiksel anlamdaki pozitif yönlü ilişkiler, çalışmada ön plana çıkan sonuçlar olarak değerlendirilmiştir.

Keywords

Nakit akış tablosu, Firma performans oranları, Panel veri analizi

The Effect of Cash Flows on Firm Performance: A Research on BIST

Abstract

In line with the development and change in the financial markets, the cash flow statement has become an important financial statement, and the strategic value of cash flow information for company managers and investors has increased. In this study; it is aimed to measure the effect of cash flow information on firm performance. Within the scope of the purpose, data of 57 companies operating in manufacturing and non-manufacturing sectors, excluding financial institutions, from BIST 100 companies covering the period of 2014 - 2019 were used. In the model developed in the study, cash flow statement data was used as the independent variable, while the return on assets ratio (ROA), return on equity ratio (ROE) and Tobin q ratio were selected as dependent variables. As a result of the study, it was determined that cash flows influence business performance. The statistically significant positive relationships between cash flows from operating activities and ROA, cash flows from financing activities and ROE, and dividend payments and Tobin’s q ratio with end-of-period cash balance were identified as the prominent results of the study.

Keywords

Cash flow statement, Firm performance ratios, Panel data analysis

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