NAKİT - NAKİT AKIŞI DUYARLILIĞI: GELİŞMEKTE OLAN ÜLKELER ÖRNEĞİ

Abstract

Bu çalışma sekiz gelişmekte olan ülkede yer alan finansal açıdan kısıtlı ve kısıtlı olmayan firmaları karşılaştırarak nakit-nakit akışı duyarlılığını analiz etmektedir. 486 üretim firması 2005-2018 yılları arasında Genelleştirilmiş Momentler Metodu tahmincileri uygulanarak analiz edilmiştir. Bu firmalar büyüklük, yaş ve Size-Age (SA1), Sales-Age (SA2), ve Kaplan-Zingales (KZ) endekslerine göre kategorilere ayrılmıştır. Analiz sonuçlarına göre hem kısıtlanmış hem de kısıtlanmamış firmaların pozitif nakit-nakit akışı duyarlılığı gösterdiği bulunmuştur. Kısıtlanmamış firmalar dış finansmanı kolaylıkla temin edebilirken, finansal hiyerarşi teorisine dayalı olarak öncelikle kendi iç fonlarını kullanmayı tercih etmektedirler. Sonuçlar ayrıca nakit-nakit akışı duyarlılığının gelişmekte olan ülkelerde finansal kısıtlamaları test etmek için kullanılamayacağını da göstermektedir.

Keywords

• Nakit-nakit akış duyarlılığı
• NAKİT TUTMA
• Gelişmekte olan ülkeler
• GMM

CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS

Abstract

This study analyzes cash-cash flow sensitivity by comparing financially constrained and unconstrained firms in eight markets. 486 manufacturing firms are examined between 2005 and 2018 using the Generalized Method of Moments. These firms are categorized based on size, age, and Size-Age, Sales-Age, and Kaplan and Zingales indices. We find that both constrained and unconstrained firms evince positive cash-cash flow sensitivity. Although unconstrained firms obtain external financing easily, they prefer to first use internally generated funds in accordance with the pecking order theory. The results also reveal that cash-cash flow sensitivity cannot be used to test financial constraints in emerging markets.

Keywords

• Cash-cash flow sensitivity
• CASH HOLDİNG
• Emerging Markets
• GMM

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