Nakit Akışlarının Firma Performansı Üzerine Etkisi: BİST Üzerine Bir Araştırma

Year 2023, Volume: 73 Issue: 1, 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

References

• Bakhsh, A., Shah, S. Z. A., & Nawaz, M. A. (2018). Significance of ınternal cash flows on ınvestment of a firm and use of cash flow sensitivity as financial constraints: a panel data analysis, Pakistan Social Sciences Review Vol. 2, No. 2, pp.65-78. google scholar
• Baldemir, E. ve Keskiner, A. (2004), Devalüasyon, para, reel gelir değişkenlerinin dış ticaret üzerine etkisinin panel data yöntemiyle Türkiye için incelenmesi, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, ss.44-59. google scholar
• Baltagi, B. (2005). Econometric analysis of panel data. West Sussex: John Wiley & Sons. google scholar
• Boyd, T., & Cortese-Danile, T. M. (2000). Using the cash flow statement to ımprove credit analysis credit analysis. CommercialLending Review, 16, pp.55-59. google scholar
• Carpenter, R. E., and Guariglia A., (2003). Cash flow, investment, and investment opportunities (the University of Nottingham, School of Economics, Nottingham). google scholar
• Croisant Y, Millo G (2018). Panel data econometrics with r: the plm package. Wiley google scholar
• Dastgir, M., Khodabandeh, R., (2005). The relationship between the information content of main components of cash flow statements, and return of stocks. google scholar
• Driscoll, J. C., & Kraay, A. C. (1998). Consistent covarian cematrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), pp.549-560. google scholar
• Farnemyhr ve Lunstrom (2014). negative operating cash flows-a signal for well-performing commercial banks? A quantitative correlational study of eurozone banks. School of Business, Economics and Law Bachelor's thesis in Accounting Department of Accounting. University of Gothenburg google scholar
• Fazzari, S., Hubbard, R.G. and Petersen, B.C. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, Vol. 1, 41-195. google scholar
• Frank, B. P.; James, O. K. (2014). Cash flow and corporate performance: a study of selected food and beverages companies in nigeria. European Journal of Accounting Auditing and Finance Research, 2 (7), pp. 77-87. google scholar
• Fridson, M. S., & Alvarez, F. (2002). Financial statement analysis: a practitioner's guide (3rd Ed). New York: John Wiley & Sons. google scholar
• Gheshlaghi, F. D. R., Ahmadzadeh, Y. & Faal, F. (2014). The cash flow statement's component effect on management performance in firms enlisted in Tehran Stock Exchange. UCT, Journal of Management and Accounting Studies. Vol. 2 (1), 14 - 21 google scholar
• Gujarati, Damodar N. (2004). Basic econometrics, McGraw-Hill, New York. google scholar
• Güvemli, B., Taysı, K., & Saygı, N. (2021). Nakit akışlarının hisse senedi getirileri ve özkaynak karlılığı üzerindeki etkileri: türkiye sigorta endeksi örneği. Muhasebe ve Finansman Dergisi, ss.233-248. google scholar Hansen B.E (1995). Rethinking the univariate approach to unit root testing: using covariates to ıncrease power, Econometric Theory, 11(5), pp.1148-1171. google scholar
• Kısakürek, Mustafa ve M. Akif Ayarlıoğlu. (2007). Endirekt yönteme göre nakit akım tablosunun hazırlanması, Hacettepe Üniversitesi İİBF Dergisi, Sayı:1, ss.193-213 google scholar
• Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2013). Intermediate accounting (IFRS Edition, 2nd Edition). Hoboken, Nj: Wiley. google scholar
• Liman M and Mohammed (2018). Operating cash flow and corporate financial performance of listed conglomerate companies in nigeria. IOSR Journal of Humanities and Social Science (IOSR-JHS) Volume 23, Isue 2, pp.1-11 google scholar
• Ni, Y., Huang, P., Chiang, P., & Liao, Y. (2019). Cash flow statements and firm value: evidence from taiwan. The Quarterly Review of Economics and Finance, 71, pp.280-290. google scholar
• Özbirecikli, M., Kıymetli Şen, İ., & Tüm, K. (2017). Uygulamaya dönük örnekli açıklamalarla büyük ve orta boy firmaler için finansal raporlama standardı bobifrs. Ankara: Detay Yayıncılık. google scholar
• Salehi, M. (2009). Tobin's q model and cash flows from operating and ınvesting activities in listed companies in Iran. Zagreb International Review of Economics & Business, 12(1), pp.71-82. google scholar
• Sims, Christopher A., (1980). Macroeconomics and reality. Econometrica, Vol:8, No:1, pp.1-48. Torres-Reyna, O. (2010) Panel data analysis. fixed and random effects. Online Training Section-DSS at Princeton University. google scholar
• Wicklin, R. (2011). Log transformation: how to handle negative data values? The.Doo.Loop. URL:blogs.sas.com. http://blogs.sas.com/content/iml/2011/04/27/log-transformations-how-to-handle-negative-data values/ erişim tarihi 26.09.2022 Zeileis, A., Hothorn, T. (2002). Diagnostic Checking in Regresion Relationships. R News 2(3), 7-10. URL https:// Cran.R-project.org/doc/Rnews/. google scholar