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Kurumsal Nakit Bulundurma Politikalarına Etki Eden Faktörler: Denizcilik İşletmeleri Üzerine Finansal Bir Analiz

Year 2021, Volume: 10 Issue: 3, 2660 - 2693, 30.09.2021
https://doi.org/10.15869/itobiad.878085

Abstract

Kurumsal finansın majör çalışma alanlarından biri olan nakit yönetiminin işletmeler için önemi, 2008 küresel finans krizi sonrasında daha da artmış ve bir işletmenin sürekliliğinin sağlanabilmesi için kârlılık faktörünün tek başına yeterli bir ölçü olmadığı daha net bir şekilde anlaşılmıştır. Kuşkusuz her sektörün kendine özgü dinamikleri ve özellikleri vardır. Ancak yoğun rekabetin yaşandığı deniz ticaret piyasasında, etkin bir nakit yönetim politikasının oluşturulması, ekonomik dalgalanmalara oldukça duyarlı olan sektör işletmelerinin sürekliliklerinin sağlanması açısından büyük önem arz etmektedir. Bu sebeple de, bu piyasada herhangi bir işletmenin tek başına egemen olması veya hüküm sürmesi, pek rastlanan bir durum değildir. Bununla birlikte, nakdin diğer varlıklara veya ödeme şekillerine göre üstünlüğünü ifade eden "nakit kraldır" deyişinin daha da önem kazandığı bu günlerde, deniz ticaret piyasası özelinde bir değerlendirme yapabilmek ve denizyolu taşımacılık işletmelerinin kurumsal nakit bulundurma politikalarını etkileyen faktörleri tespit etmek üzere bu çalışmanın yapılmasına karar verilmiştir. Finans yazınında birçok çalışma yapılmış olmasına rağmen, deniz ticaret piyasası işletmeleri üzerine yapılmış çalışma sayısı oldukça sınırlı ve yetersizdir. Bu nedenle, finans yazınına deniz ticaret piyasası özelinde katkı sağlamak için de yapılan bu çalışmanın amacı, hisse senetleri New York Menkul Kıymetler Borsasında (New York Stock Exchange) işlem gören denizyolu taşımacılık işletmelerinin nakit bulundurma politikalarına etki eden faktörlerin tespit edilmesidir. İşletmelerin yıllık verilerini içeren ve 2008-2019 dönemini kapsayan bir veri setinin kullanıldığı çalışmada, söz konusu dönemde hisse senetleri NYSE’ de sürekli olarak işlem gören 17 denizyolu taşımacılık işletmesinin, nakit bulundurma politikalarını etkileyebileceği tahmin edilen çeşitli faktörler, kurulan model yardımıyla panel veri yöntemi ile analiz edilmiştir. Elde edilen bulgulara göre NYSE’ de işlem gören denizyolu taşımacılık işletmelerinin nakit bulundurma politikaları üzerinde kârlılık ve sermaye harcamaları faktörlerinin pozitif, kaldıraç ve likidite faktörlerinin ise negatif yönlü etkileri vardır.

References

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  • Al-Najjar, B. ve Belghitar, Y. (2011). Corporate Cash Holdings and Dividend Payments: Evidence from Simultaneous Analysis. Managerial and Decision Economics, 32 (4), 231–241. doi.org/10.1002/mde.1529
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Determinants of Corporate Cash Holding Policies: A Financial Analysis on Shipping Companies

Year 2021, Volume: 10 Issue: 3, 2660 - 2693, 30.09.2021
https://doi.org/10.15869/itobiad.878085

Abstract

The importance of cash management, which is one of the major research areas of corporate finance, has increased even more after the 2008 Global Financial Crisis and it has been understood more clearly that profitability is not only factor for a sufficient measure to ensure the continuity of a business. Precisely, every sector has its own dynamics and characteristics. However, in the maritime trade market where there is fierce competition, establishing an effective cash management policy is of great importance in terms of ensuring continuity, by the reason of the sensitivity of companies to economic fluctuations. For this reason it is not ordinary for just a company to dominate this market. Currently, when the motto "cash is king", which expresses the superiority of cash over other assets or payment methods, has become more important, it has been decided to conduct this study in order to make an assessment specific to the sector and to determine the affecting factors of the corporate cash holding policies of maritime transport companies. Although there are many studies in the literature, the studies on maritime trade market industry is very limited and insufficient. So, the purpose of this study is also made to contribute to literature in the maritime trade market, by determining the factors affecting the cash holding policies of companies that are listed on the New York Stock Exchange (NYSE). In the study, an annual data set covering the period of 2008-2019 has been created and various factors that are predicted to affect the cash holding policies of 17 maritime transport companies listed in NYSE analyzed by panel data method. The findings showed that, profitability and capital expenditures have positive effects, contrary to leverage and liquidity.

References

  • Abushammala, S. N. M. ve Sulaiman, J. (2014). Cash Holdings and Corporate Profitability: Some Evidences from Jordan. International Journal of Innovation and Applied Studies, 8 (3), 898–907.
  • Ahrends, G., Drobetz, W. and Nomikos, N. K. (2018). Corporate Cash Holdings in the Shipping Industry. Transportation Research Part E, 112, 107–124. doi.org/10.1016/j.tre.2017.10.016
  • Aksoy, A. ve Yalçıner, K. (2013). İşletme Sermayesi Yönetimi, Gözden Geçirilmiş ve Yenilenmiş 5. Baskı. Ankara, Türkiye: Detay Yayıncılık.
  • Albertijn, S., Bessler, W. ve Drobetz, W. (2011). Financing Shipping Companies and Shipping Operations: A Risk‐Management Perspective. Journal of Applied Corporate Finance, 23 (4), 70–82. doi.org/10.1111/j.1745-6622.2011.00353.x
  • Al-Najjar, B. (2015). The Effect of Governance Mechanisms on Small and Medium‐Sized Enterprise Cash Holdings: Evidence from the United Kingdom. Journal of Small Business Management, 53(2), 341-358. doi.org/10.1111/jsbm.12062
  • Al-Najjar, B. ve Belghitar, Y. (2011). Corporate Cash Holdings and Dividend Payments: Evidence from Simultaneous Analysis. Managerial and Decision Economics, 32 (4), 231–241. doi.org/10.1002/mde.1529
  • Al-Najjar, B. ve Clark, E. (2017). Corporate Governance and Cash Holdings in MENA: Evidence from Internal and External Governance Practices. Research in International Business and Finance, 39 (A), 1–12. doi.org/10.1016/j.ribaf.2016.07.030
  • Altman, E. I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, 23 (4), 589–609. doi:10.1111/j.1540-6261.1968.tb00843.x
  • Anagnostopoulou, S. C. (2013). Cash Holdings: Determining Factors and Impact on Future Operating Performance for Listed versus Unlisted Firms. Review of Pacific Basin Financial Markets and Policies, 16 (2), 589–609. doi.org/10.1142/S0219091513500136
  • Aras, M., Kutlu Furtuna, O. ve Tezcan, N. (2019). The Determinants of Corporate Cash Holdings: Does Country’s Legal Regime Matter? Evidence from BRIC and Turkey. Journal of Economics, Finance and Accounting, 6 (4), 195–202. doi:10.17261/Pressacademia.2019.1150
  • Baltagi, B. H. (2013). Econometric Analysis of Panel Data. 5th Edition, Chichester, West Sussex: John Wiley & Sons Press.
  • Baltagi, B. H. ve Wu, P. X. (1999). Unequally Spaced Panel Data Regressions with AR(1) Disturbances, 15 (6), 814-823. https://doi.org/10.1017/S0266466699156020
  • Bates, T. W., Kahle, K. M. ve Stulz, R. M. (2009). Why Do U.S. Firms Hold So Much More Cash than They Used To?. Journal of Finance, LXIV (5), 1985–2021. doi.org/10.1111/j.1540-6261.2009.01492.x
  • Baumol, W. J. (1952). The Transactions Demand for Cash: An Inventory Theoretic Approach. The Quarterly Journal of Economics, 66 (4), 545–556. doi: doi.org/10.2307/1882104
  • Beaver, W. (1966). Financial Ratios as Predictors of Failure. Journal of Accounting Research, 4: 71–111. doi:10.2307/2490171.
  • Breusch, T. S. ve Pagan, A. R. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. Econometrics, 47 (1), 239-253. doi: doi.org/ 10.2307/2297111.
  • Brooks, C. (2008). Introductory Econometrics for Finance, 2nd Edition. New York, USA: Cambridge University Press.
  • Chen, Y., Dou, P. Y., Ghon Rhee, S., Truong, C. ve Veeraraghavan, M. (2015). National Culture and Corporate Cash Holdings Around the World. Journal of Banking & Finance, 50, 1–18. https://doi.org/10.1016/j.jbankfin.2014.09.018.
  • Deloitte, International Accounting Standards 18 (IAS 18). Erişim adresi: https://www.iasplus.com/en/standards/ias/ias18#link5
  • Demir, E. ve Ersan, O. (2017). Economic Policy Uncertainty and Cash Holdings: Evidence from BRIC Countries. Emerging Markets Review, 33 (C), 189–200. https://doi.org/10.16/j.ememar.2017.08.001
  • Dewaelheyns, N. ve Van Hulle, C. (2006). Corporate Failure Prediction Modeling: Distorted by Business Groups’ Internal Capital Markets?. Journal of Business Finance & Accounting, 33 (5–6), 909–931. doi:10.1111/j.1468-5957.2006.00009.x
  • Dittmar, A., Mahrt-Smith, J. ve Servaes, H. (2003). International Corporate Governance and Corporate Cash Holdings. Journal of Financial and Quantitative Analysis, 38 (1), 111–133. https://doi.org/10.2307/4126766
  • Drobetz, W. ve Grüninger, M. C. (2007). Corporate Cash Holdings: Evidence from Switzerland. Financial Markets Portfolio Management, 21 (3), 293-324. doi: 10.1007/s11408-007-0052-8.
  • Faulkender, M. W. (2002). Cash Holdings Among Small Businesse. SSRN Electronic Journal, http://dx.doi.org/10.2139/ssrn.305179
  • Ferreira, M. A. ve Vilela, A. S. (2004). Why Do Firms Hold Cash? Evidence from EMU Countries. European Financial Management, 10 (2), 295-319. doi: 10.2139/SSRN.614002.
  • Fresard, L. (2010). Financial Strength and Product Market Behavior: The Real Effects of Corporate Cash Holdings. Journal of Finance, 65 (3), 1097–1122. https://doi.org/10.1111/j.1540-6261.2010.01562.x
  • Fukuda, S. (2018). Companies’ Financial Surpluses and Cash/Deposit Holdings. Policy Research Institute, Ministry of Finance, Japan, Public Policy Review, 14 (3), 369-396. Erişim adresi: https://www.mof.go.jp/english/pri/publication/pp_review/ppr14_03_01.pdf
  • Gill, A. ve Shah, C. (2012). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, 4 (1), 70-79. doi: 10.5539/ijef.v4n1p70.
  • Gujarati, D. N. (2004). Basic Econometrics. 4th Edition, New York, USA: McGraw Hill Press.
  • Guney, C. Y., Ozkan, A. ve Ozkan, N. 2006. International Evidence on the Non-Linear Impact of Leverage on Corporate Cash Holdings. Journal of Multinational Financial Management, 17 (1), 45–60. https://doi.org/ 10.1016/j.mulfin.2006.03.003
  • Im, K. S., Pesaran, M. H. ve 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
  • International Chamber of Shipping, ICS. (2020). Erişim adresi: ICShttps://www.ics-shipping.org/shipping-fact/shipping-and-world-trade-driving-prosperity/
  • Jensen, M. C. (1986). Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76 (2), 323–329. https://dx.doi.org/10.2139/ssrn.99580
  • Kariuki, S. N., Namusonge, G. S. ve Orwa, G. O. (2015). Firm Characteristics and Corporate Cash Holdings: A Managerial Perspective from Kenyan Private Manufacturing Firms. International Journal of Advanced Research in Management and Social Sciences, 4 (6), 51-70.
  • Kim, C. S., Mauer, D. C. ve Sherman, A. E. (1999). The Determinants of Corporate Liquidity: Theory and Evidence. Journal of Financial and Quantitative Analysis, 33 (3), 335–359. https://doi.org/10.2307/2331099
  • Kusnadi, Y. ve Wei, K. C. J. (2011). The Determinants of Corporate Cash Management Policies: Evidence from around the World. Journal of Corporate Finance, 17 (3), 725–740. https://doi.org/10.1016/j.jcorpfin.2010.12.002
  • Levin, A., Lin, C. F. ve Chu, C. S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics, 108 (1), 1-24. https://doi.org/10.1016/S03044076(01)00098-7.
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There are 62 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Articles
Authors

Esma Önal This is me 0000-0002-7635-525X

Berk Yıldız 0000-0002-3367-8753

Publication Date September 30, 2021
Published in Issue Year 2021 Volume: 10 Issue: 3

Cite

APA Önal, E., & Yıldız, B. (2021). Kurumsal Nakit Bulundurma Politikalarına Etki Eden Faktörler: Denizcilik İşletmeleri Üzerine Finansal Bir Analiz. İnsan Ve Toplum Bilimleri Araştırmaları Dergisi, 10(3), 2660-2693. https://doi.org/10.15869/itobiad.878085

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