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Kurumsal Nakit Bulundurma Politikalarına Etki Eden Faktörler: BİST KOBİ Sanayi Endeksi Firmaları Üzerine Ekonometrik Bir Analiz

Year 2020, Volume: 1 Issue: 1, 29 - 46, 30.12.2020

Abstract

Bu çalışmanın amacı, Borsa İstanbul (BİST) KOBİ Sanayi Endeksinde işlem gören firmaların nakit bulundurma politikalarına etki eden faktörlerinin tespit edilmesidir. Bu nedenle, 2008-2019 dönemini kapsayan bir veri seti oluşturulmuş ve söz konusu dönemde BİST KOBİ Sanayi Endeksine kota olmuş firmaların nakit bulundurma politikalarını etkileyebilecek çeşitli faktörler kurulan iki ayrı model aracılığıyla panel veri yöntemi ile analiz edilmiştir. Elde edilen bulgulara göre BİST KOBİ Sanayi Endeksi firmalarının nakit bulundurma politikaları üzerindeki en önemli faktör faaliyet kârlılık oranıdır. Bununla birlikte, net çalışma sermayesi ve varlık kârlılık oranı değişkenleri de çalışma kapsamındaki firmaların nakit bulundurma politikaları üzerinde etkisi tespit edilen diğer faktörlerdir.

References

  • AKBEN-SELCUK, E. and ALTIOK-YILMAZ, A. (2017). Determinants of Corporate Cash Holdings: Firm Level Evidence from Emerging Markets. Ü. Hacioğlu, H. Dinçer and N. Alayoğlu (Eds.), Global Business Strategies in Crisis, pp. (417-428). Switzerland: Springer, Cham.
  • AKSOY HAZIR, Ç. ve TAN, Ö. F. (2019, Ekim). Cash Holdings of Turkish Firms. J. S. Oran ve M. Ulusan Polat (Ed.), 23. Finans Sempozyumunda Sunulan Bildiriler Kitabı içinde (s. 809-822). 23. Finans Sempozyumu’nda Sunulan Bildiri, Antalya. İstanbul: Marmara Üniversitesi Yayınevi.
  • AL-NAJJAR, B. (2013). The Financial Determinants of Corporate Cash Holdings: Evidence from Some Emerging Markets, International Business Review, 22, 77-88.
  • AL-NAJJAR, B. (2013). The Financial Determinants of Corporate Cash Holdings: Evidence from Some Emerging Markets, International Business Review, 22, 77-88.
  • 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.
  • 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.
  • 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, 1-12.
  • ALTMAN, I. (2010). Predicting Financial Distress of Companies: Revisiting the Z-Score and ZETA Models, International Business Review, 22, 77-88.
  • ANJUM, S. ve MALIK, Q. A. (2013). Determinants of Corporate Liquidity: An Analysis of Cash Holdings, IOSR Journal of Business and Management, 7(2), 94-100.
  • ASQUITH, P., GERTNER, R. ve SCHARFSTEIN, D. (1994). Anatomy of Financial Distress: An Examination of Junk-Bond Issuers, The Quarterly Journal of Economics, 109(3), 625-658.
  • BALTAGI, B. H. (2013). Econometric Analysis of Panel Data. 5th Edition, Chichester, West Sussex: John Wiley & Sons Press.
  • BALTAGI, B. H. ve Li, Q. (1995). Testing AR(1) against MA(1) Disturbances in an Error Component Model, Journal of Econometrics, 68(1), 133-151.
  • BATUMAN, B. (2020). 2008 Kriz Sonrası Türkiye ve Doğu Avrupa Şirketlerinde Nakit Tutma Belirleyicileri. (Yayınlanmamış Doktora Tezi), Hacettepe Üniversitesi Sosyal Bilimler Enstitüsü, Ankara.
  • 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.
  • BROOKS, C. (2008). Introductory Econometrics for Finance, 2nd Edition. New York, USA: Cambridge University Press.
  • DEMIR, E. ve ERSAN, O. (2017). Economic Policy Uncertainty and Cash Holdings: Evidence from BRIC Countries, Emerging Markets Review, 33, 189-200.
  • DOGRU, T. ve SIRAKAYA-Turk, E. (2017). The Value of Cash Holdings in Hotel Firms, International Journal of Hospitality Management, 65, 20-28.
  • FERREIRA, M. ve VILELA, A. S. (2004). Why Do Firms Hold Cash? Evidence from EMU Countries, European Financial Management, 10(2), 295-319.
  • FRANK, M. Z. ve GOYAL, V. K. (2003). Testing the Pecking Order Theory of Capital Structure, Journal of Financial Economics, 67(2), 217-248.
  • FUKUDA, S. (2018). Companies’ Financial Surpluses and Cash/Deposit Holdings, Policy Research Institute, Ministry of Finance, Japan, Public Policy Review, 14(3), 369-396.
  • GUJARATI, D. N. (2004). Basic Econometrics. 4th Edition, New York, USA: McGraw Hill Press.
  • HARDIN, W. G., III, HIHGFIELD, M. J., HILL, M. D. ve KELLY, G. (2009). The Determinants of REIT Cash Holdings, The Journal of Real Estate Finance and Economics, 39(1), 39-57.
  • IM, K. S., PESARAN, M. H. ve SHIN, Y. (2003). Testing for Unit Roots in Heterogeneous Panels, Journal of Econometrics, 115(1), 53-74.
  • INTINTOLI, V. J. ve KAHLE, K. M. (2016). Cash Holdings and CEO Turnover, Quarterly Journal of Finance, 6(4), 1-39.
  • JEBRAN, K., IQBAL, K., BHAT, K. U., KHAN, M. A. ve HAYAT, M. (2019). Determinants of Corporate Cash Holdings in Tranquil and Turbulent Period: Evidence from an Emerging Economy, Financial Innovation, 5(3), 1-12.
  • Kamuyu Aydınlatma Platformu (KAP). (2020). Finansal Tablolar. Erişim Adresi: https://www.kap.org.tr/tr/
  • KARADAG, H. (2015). Strategic Financial Management for Small and Medium Sized Companies. 1. ed., Bingley, United Kingdom, Emerald Group Publishing Limited.
  • KARPUZ, A., KIM, K. ve OZKAN, N. (2020). Employment Protection Laws and Corporate Cash Holdings, Journal of Banking and Finance, 111, 1-19.
  • 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.
  • MYERS, S. C. ve MAJLUF, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have. Journal of Financial Economics, 13(2), 187-221.
  • NAFEES, B., AHMAD, N. ve RASHEED, A. (2017). The Determinants of Cash Holdings: Evidence from SMEs in Pakistan. A Research Journal of Commerce, Economics, and Social Sciences, 11(1), 111-116.
  • O’BRIEN, R. M. (2007). A Caution Regarding Rules of Thumb for Variance Inflation Factors, Quality & Quantity, 41(5), 673-690.
  • OGUNDIPE, L. O., OGUNDIPE, S. E. ve AJAO, S. K. (2012). Cash Holding and Firm Characteristics: Evidence from Nigerian Emerging Market, Journal of Business, Economics & Finance, 1(2), 45-58.
  • OPLER, T., PINKOWITZ, L., STULZ, R. ve WILLIAMSON, R. (1999). The Determinants and Implications of Corporate Cash Holdings, Journal of Financial Economics, 52, 3-46.
  • ORENS, R. ve MIE REHEUL, A. (2013). Do CEO Demographics Explain Cash Holdings in SMEs?, European Management Journal, 31(6), 549-563.
  • Organisation for Economic Co-operation and Development (OECD). (2010). SMEs, Entrepreneurship and Innovation. OECD Studies on SMEs and Entrepreneurship. Paris: OECD Publishing. Retrieved from https://www.oecd-ilibrary.org/
  • OZKAN, A. ve OZKAN, N. (2004). Corporate Cash Holdings: An Empirical Investigation of UK Companies. Journal of Banking & Finance, 28, 2103-2134.
  • PASTOR, C. C. ve GAMA, P. M. (2013). Determinant Factors of Cash Holdings: Evidence from Portuguese SMEs, International Journal of Business and Management, 8(1), 104-112.
  • PESARAN, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels: The Institute for the Study of Labor Discussion Paper Series (IZA DP No.1240). Retrieved from The Institute for the Study of Labor Discussion website: http://ftp.iza.org/dp1240.pdf
  • PINKOWITZ, L. ve WILLIAMSON, R. (2001). Bank Power and Cash Holdings: Evidence from Japan. The Review of Financial Studies, 14(4), 1059-1082.
  • SETHI, M. ve SWAIN, R. K. (2019). Determinants of Cash Holdings: A Study of Manufacturing Firms in India, International Journal of Management Studies, VI(2), 11-25.
  • SOLA, C. M., TERUEL, P. J. G. ve Solano, P. M. (2018). Cash Holdings in SMEs: Speed of Adjustment, Growth and Financing. Small Business Economics Journal, 51(4), 823-842.
  • SOO KIM, C., MAUER, D. C. ve SHERMAN, A. E. (1998). The Determinants of Corporate Liquidity: Theory and Evidence, Journal of Financial and Quantitative Analysis, 33(3), 335-359.
  • TERUEL, P. J. G. ve SOLANO, P.M. (2008). On the Determinants of SME Cash Holdings: Evidence from Spain, Journal of Business Finance & Accounting, 35(1-2), 127-149.
  • TRAN, Q. T. (2020). Financial Crisis, Shareholder Protection and Cash Holdings, Research in International Business and Finance, 52, 101-131.
  • Türkiye Odalar ve Borsalar Birliği (TOBB). (2018). KOBİ Stratejisi Eylem Planı 2015-2018, Erişim Adresi http://www.kobi.org.tr/
  • UMRY, M. A. ve DIANTIMALA, Y. (2018). The Determinants of Cash Holdings: Evidence from Listed Manufacturing Companies in Indonesia, Journal of Accounting, Finance and Auditing Studies, 4(4), 173-184.
  • WASIUZZAMAN, S. (2014). Analysis of Corporate Cash Holdings of Firms in Malaysia, Journal of Asia Business Studies, 8(2), 118-135.
  • YERDELEN TATOĞLU, F. (2013). Panel Veri Ekonometrisi: Stata Uygulamalı. İstanbul, Türkiye: Beta Yayınları.
  • YILMAZ, Y. K. (2017). The Determinants of Cash Holdings in Turkey (Yayınlanmamış Yüksek Lisans Tezi), İstanbul Bilgi Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.

The Determinants of Corporate Cash Holding Policies: An Econometric Analysis on BIST SME Industry Index

Year 2020, Volume: 1 Issue: 1, 29 - 46, 30.12.2020

Abstract

The aim of this study is to determine the factors affecting the cash holding policies of firms traded on the Borsa Istanbul (BIST) SME Industry Index. Therefore, a data set that covers the period of 2008-2019 was created and various factors that may affect the cash holding policies of the firms have been analysed with the help of two separate models by using panel data method. The findings revealed out that profit margin is the most important factor on the cash holding policies of BIST SME Industry Index firms. However, net working capital and return on assets are other significant factors that have an impact on the cash holding policies of the firms within the scope of the study.

References

  • AKBEN-SELCUK, E. and ALTIOK-YILMAZ, A. (2017). Determinants of Corporate Cash Holdings: Firm Level Evidence from Emerging Markets. Ü. Hacioğlu, H. Dinçer and N. Alayoğlu (Eds.), Global Business Strategies in Crisis, pp. (417-428). Switzerland: Springer, Cham.
  • AKSOY HAZIR, Ç. ve TAN, Ö. F. (2019, Ekim). Cash Holdings of Turkish Firms. J. S. Oran ve M. Ulusan Polat (Ed.), 23. Finans Sempozyumunda Sunulan Bildiriler Kitabı içinde (s. 809-822). 23. Finans Sempozyumu’nda Sunulan Bildiri, Antalya. İstanbul: Marmara Üniversitesi Yayınevi.
  • AL-NAJJAR, B. (2013). The Financial Determinants of Corporate Cash Holdings: Evidence from Some Emerging Markets, International Business Review, 22, 77-88.
  • AL-NAJJAR, B. (2013). The Financial Determinants of Corporate Cash Holdings: Evidence from Some Emerging Markets, International Business Review, 22, 77-88.
  • 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.
  • 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.
  • 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, 1-12.
  • ALTMAN, I. (2010). Predicting Financial Distress of Companies: Revisiting the Z-Score and ZETA Models, International Business Review, 22, 77-88.
  • ANJUM, S. ve MALIK, Q. A. (2013). Determinants of Corporate Liquidity: An Analysis of Cash Holdings, IOSR Journal of Business and Management, 7(2), 94-100.
  • ASQUITH, P., GERTNER, R. ve SCHARFSTEIN, D. (1994). Anatomy of Financial Distress: An Examination of Junk-Bond Issuers, The Quarterly Journal of Economics, 109(3), 625-658.
  • BALTAGI, B. H. (2013). Econometric Analysis of Panel Data. 5th Edition, Chichester, West Sussex: John Wiley & Sons Press.
  • BALTAGI, B. H. ve Li, Q. (1995). Testing AR(1) against MA(1) Disturbances in an Error Component Model, Journal of Econometrics, 68(1), 133-151.
  • BATUMAN, B. (2020). 2008 Kriz Sonrası Türkiye ve Doğu Avrupa Şirketlerinde Nakit Tutma Belirleyicileri. (Yayınlanmamış Doktora Tezi), Hacettepe Üniversitesi Sosyal Bilimler Enstitüsü, Ankara.
  • 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.
  • BROOKS, C. (2008). Introductory Econometrics for Finance, 2nd Edition. New York, USA: Cambridge University Press.
  • DEMIR, E. ve ERSAN, O. (2017). Economic Policy Uncertainty and Cash Holdings: Evidence from BRIC Countries, Emerging Markets Review, 33, 189-200.
  • DOGRU, T. ve SIRAKAYA-Turk, E. (2017). The Value of Cash Holdings in Hotel Firms, International Journal of Hospitality Management, 65, 20-28.
  • FERREIRA, M. ve VILELA, A. S. (2004). Why Do Firms Hold Cash? Evidence from EMU Countries, European Financial Management, 10(2), 295-319.
  • FRANK, M. Z. ve GOYAL, V. K. (2003). Testing the Pecking Order Theory of Capital Structure, Journal of Financial Economics, 67(2), 217-248.
  • FUKUDA, S. (2018). Companies’ Financial Surpluses and Cash/Deposit Holdings, Policy Research Institute, Ministry of Finance, Japan, Public Policy Review, 14(3), 369-396.
  • GUJARATI, D. N. (2004). Basic Econometrics. 4th Edition, New York, USA: McGraw Hill Press.
  • HARDIN, W. G., III, HIHGFIELD, M. J., HILL, M. D. ve KELLY, G. (2009). The Determinants of REIT Cash Holdings, The Journal of Real Estate Finance and Economics, 39(1), 39-57.
  • IM, K. S., PESARAN, M. H. ve SHIN, Y. (2003). Testing for Unit Roots in Heterogeneous Panels, Journal of Econometrics, 115(1), 53-74.
  • INTINTOLI, V. J. ve KAHLE, K. M. (2016). Cash Holdings and CEO Turnover, Quarterly Journal of Finance, 6(4), 1-39.
  • JEBRAN, K., IQBAL, K., BHAT, K. U., KHAN, M. A. ve HAYAT, M. (2019). Determinants of Corporate Cash Holdings in Tranquil and Turbulent Period: Evidence from an Emerging Economy, Financial Innovation, 5(3), 1-12.
  • Kamuyu Aydınlatma Platformu (KAP). (2020). Finansal Tablolar. Erişim Adresi: https://www.kap.org.tr/tr/
  • KARADAG, H. (2015). Strategic Financial Management for Small and Medium Sized Companies. 1. ed., Bingley, United Kingdom, Emerald Group Publishing Limited.
  • KARPUZ, A., KIM, K. ve OZKAN, N. (2020). Employment Protection Laws and Corporate Cash Holdings, Journal of Banking and Finance, 111, 1-19.
  • 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.
  • MYERS, S. C. ve MAJLUF, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have. Journal of Financial Economics, 13(2), 187-221.
  • NAFEES, B., AHMAD, N. ve RASHEED, A. (2017). The Determinants of Cash Holdings: Evidence from SMEs in Pakistan. A Research Journal of Commerce, Economics, and Social Sciences, 11(1), 111-116.
  • O’BRIEN, R. M. (2007). A Caution Regarding Rules of Thumb for Variance Inflation Factors, Quality & Quantity, 41(5), 673-690.
  • OGUNDIPE, L. O., OGUNDIPE, S. E. ve AJAO, S. K. (2012). Cash Holding and Firm Characteristics: Evidence from Nigerian Emerging Market, Journal of Business, Economics & Finance, 1(2), 45-58.
  • OPLER, T., PINKOWITZ, L., STULZ, R. ve WILLIAMSON, R. (1999). The Determinants and Implications of Corporate Cash Holdings, Journal of Financial Economics, 52, 3-46.
  • ORENS, R. ve MIE REHEUL, A. (2013). Do CEO Demographics Explain Cash Holdings in SMEs?, European Management Journal, 31(6), 549-563.
  • Organisation for Economic Co-operation and Development (OECD). (2010). SMEs, Entrepreneurship and Innovation. OECD Studies on SMEs and Entrepreneurship. Paris: OECD Publishing. Retrieved from https://www.oecd-ilibrary.org/
  • OZKAN, A. ve OZKAN, N. (2004). Corporate Cash Holdings: An Empirical Investigation of UK Companies. Journal of Banking & Finance, 28, 2103-2134.
  • PASTOR, C. C. ve GAMA, P. M. (2013). Determinant Factors of Cash Holdings: Evidence from Portuguese SMEs, International Journal of Business and Management, 8(1), 104-112.
  • PESARAN, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels: The Institute for the Study of Labor Discussion Paper Series (IZA DP No.1240). Retrieved from The Institute for the Study of Labor Discussion website: http://ftp.iza.org/dp1240.pdf
  • PINKOWITZ, L. ve WILLIAMSON, R. (2001). Bank Power and Cash Holdings: Evidence from Japan. The Review of Financial Studies, 14(4), 1059-1082.
  • SETHI, M. ve SWAIN, R. K. (2019). Determinants of Cash Holdings: A Study of Manufacturing Firms in India, International Journal of Management Studies, VI(2), 11-25.
  • SOLA, C. M., TERUEL, P. J. G. ve Solano, P. M. (2018). Cash Holdings in SMEs: Speed of Adjustment, Growth and Financing. Small Business Economics Journal, 51(4), 823-842.
  • SOO KIM, C., MAUER, D. C. ve SHERMAN, A. E. (1998). The Determinants of Corporate Liquidity: Theory and Evidence, Journal of Financial and Quantitative Analysis, 33(3), 335-359.
  • TERUEL, P. J. G. ve SOLANO, P.M. (2008). On the Determinants of SME Cash Holdings: Evidence from Spain, Journal of Business Finance & Accounting, 35(1-2), 127-149.
  • TRAN, Q. T. (2020). Financial Crisis, Shareholder Protection and Cash Holdings, Research in International Business and Finance, 52, 101-131.
  • Türkiye Odalar ve Borsalar Birliği (TOBB). (2018). KOBİ Stratejisi Eylem Planı 2015-2018, Erişim Adresi http://www.kobi.org.tr/
  • UMRY, M. A. ve DIANTIMALA, Y. (2018). The Determinants of Cash Holdings: Evidence from Listed Manufacturing Companies in Indonesia, Journal of Accounting, Finance and Auditing Studies, 4(4), 173-184.
  • WASIUZZAMAN, S. (2014). Analysis of Corporate Cash Holdings of Firms in Malaysia, Journal of Asia Business Studies, 8(2), 118-135.
  • YERDELEN TATOĞLU, F. (2013). Panel Veri Ekonometrisi: Stata Uygulamalı. İstanbul, Türkiye: Beta Yayınları.
  • YILMAZ, Y. K. (2017). The Determinants of Cash Holdings in Turkey (Yayınlanmamış Yüksek Lisans Tezi), İstanbul Bilgi Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.
There are 50 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Research Articles
Authors

Berk Yıldız 0000-0002-3367-8753

Publication Date December 30, 2020
Submission Date June 19, 2020
Published in Issue Year 2020 Volume: 1 Issue: 1

Cite

APA Yıldız, B. (2020). Kurumsal Nakit Bulundurma Politikalarına Etki Eden Faktörler: BİST KOBİ Sanayi Endeksi Firmaları Üzerine Ekonometrik Bir Analiz. İzmir Yönetim Dergisi, 1(1), 29-46.

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