Abstract

Mükemmel olmayan sermaye piyasalarında asimetrik bilgi problemi nedeniyle, dışsal fonların maliyeti içsel fonların maliyetinden daha fazladır. Bu nedenle bu piyasalarda yatırımların gerçekleştirilebilmesi büyük oranda firmaların içsel fon yaratabilme yeteneğine bağlıdır. Dışsal fonların maliyetinin daha fazla olması ve istenildiği zaman erişilebilir olmaması finansal kısıtların varlığını işaret eder. Finansal kısıtı olan firmaların yatırımları daha çok içsel fonların elde edilebilirliğine, diğer bir ifadeyle firmanın nakit akışı yaratma gücüne bağlıdır. Bu bağlamda literatürde bir firmanın yatırımlarının nakit akışlarına duyarlılığı aynı zamanda o firmanın finansal kısıt derecesine de işaret etmektedir. Bu çalışmada Borsa İstanbul’da işlem gören sanayi işletmeleri için yatırımların nakit akış duyarlılığı işletme grupları özelinde test edilmiştir. Dört gruba ayrılan örneklemde büyük işletme gruplarına bağlı şirketler ile yabancı ortaklık payı %15’i aşan şirketlerin yatırımlarının nakit akışlarına duyarlı

BUSINESS GROUP AFFILIATION AND FINANCIAL CONSTRAINTS: INVESTMENT-CASH FLOW SENSITIVITY OF TURKISH BUSINESS GROUPS

Abstract

In the imperfect capital markets, the cost of external funds is greater than the cost of internal funds because of asymmetric information problems. Therefore, in these markets investment behavior largely depends on the ability of the firms’ internal funds generation.  This excess cost and unavailability of external funds indicate financial constraints. Investments of the firms with financial constraints depend on availability of internal funds. In this context, in the literature the investment-cash flow sensitivity of a company also signalize the degree of the company's financial constraints. In this paper, we examine investment-cash flow sensitivity of the Borsa Istanbul manufacturing firms by considering affiliation with business groups. We divide our sample into four subsamples. We find insignificant investment-cash flow relationship for the firms affiliated with a major business groups and firms which have more than %15 foreign shareholders. On the other hand we find strong investment-cash flow sensitivity for the small business groups affiliated firms and non-affiliated independent firms.

Keywords

• Investments,cash flows,financing constraints,business groups,Turkey

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