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NAKİT - NAKİT AKIŞI DUYARLILIĞI: GELİŞMEKTE OLAN ÜLKELER ÖRNEĞİ

Year 2022, , 700 - 728, 30.09.2022
https://doi.org/10.31460/mbdd.974277

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.

References

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CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS

Year 2022, , 700 - 728, 30.09.2022
https://doi.org/10.31460/mbdd.974277

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.

References

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  • Aǧca, Ş., and Mozumdar, A. (2008). "The Impact of Capital Market Imperfections on Investment-Cash Flow Sensitivity", Journal of Banking and Finance, 32(2), 207–216. https://doi.org/10.1016/j.jbankfin.2007.02.013
  • Aggarwal, R., and Zong, S. (2006). "The Cash Flow-Investment Relationship: International Evidence of Limited Access to External Finance", Journal of Multinational Financial Management, 16(1), 89–104. https://doi.org/10.1007/s10618-005-0030-6
  • Allayannis, G., and Mozumdar, A. (2004). "The Impact of Negative Cash Flow and Influential Observations on Investment – Cash Flow Sensitivity Estimates", Journal of Banking & Finance, 28, 901–930. https://doi.org/10.1016/S0378-4266(03)00114-6
  • Almeida, H., and Campello, M. (2001). "Financial Constraints and Investment-Cash Flow Sensitivities: New Research Directions", In 12. Annual Utah Winter Finance Conference (pp. 1–25). https://doi.org/10.2139/ssrn.298027 Almeida, H., Campello, M., and Weisbach, M. S. (2004). "The Cash Flow Sensitivity of Cash", Journal of Finance, 59(4), 1777–1804.
  • Alti, A. (2003). "How Sensitive is Investment to Cash Flow When Financing is Frictionless?", Journal of Finance, 58(2), 707–722. https://doi.org/10.1111/1540-6261.00542 Álvarez, R., Sagner, A., and Valdivia, C. (2012). "Liquidity Crises and Corporate Cash Holdings in Chile," Developing Economies, 50(4), 378–392. https://doi.org/10.1111/j.1746-1049.2012.00180.x
  • Anderson, T. W., and Hsiao, C. (1981). "Estimation of Dynamic Models with Error Components", Journal of the American Statistical Association, 76(375), 598–606. https://doi.org/10.1080/01621459.1981.10477691
  • Arellano, M., and Bover, O. (1995). "Another Look at the Instrumental Variable Estimation of Error-Components Models", Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
  • Arslan, Ö., Florackis, C., and Ozkan, A. (2006). "The Role of Cash Holdings in Reducing Investment-Cash Flow Sensitivity: Evidence from a Financial Crisis Period in an Emerging Market", Emerging Markets Review, 7(4), 320–338. https://doi.org/10.1016/j.ememar.2006.09.003
  • Azmat, Q., and Iqbal, A. M. (2017). "The Role of Financial Constraints on Precautionary Cash Holdings: Evidence from Pakistan", Economic Research-Ekonomska Istrazivanja , 30(1), 596–610. https://doi.org/10.1080/1331677X.2017.1305770
  • Baptista e Silva, F. M. F. (2012). "Financial Constraints an Application to Portuguese Firms", Coimbra University.
  • Bates, T. W., Kahle, K. M., and Stulz, R. M. (2009). "Why Do U.S. Firms Hold So Much More Cash than They Used to? Journal of Finance, 64(5), 1985–2021.
  • Beck, T., Demirgüç-Kunt, A., Laeven, L., and Maksimovic, V. (2006). "The Determinants of Financing Obstacles", Journal of International Money and Finance, 25(6), 932–952. https://doi.org/10.1016/j.jimonfin.2006.07.005
  • Benligiray, S. (2017a). "Borsa İstanbul Firmalarında Yatırımların Nakit Akışlarına Duyarlılığının İncelenmesi", Business and Economics Research Journal, 8(4), 699–714.
  • Bernanke, B., Gertler, M., and Gilchrist, S. (1996). "The Financial Accelerator and the Fligt to Quality", Review of Economics and Statistics, 78(1), 1–15.
  • Bhaduri, S. N. (2005). "Investment, Financial Constraints and Financial Liberalization: Some Stylized Facts from a Developing Economy", India. Journal of Asian Economics, 16(4), 704–718. https://doi.org/10.1016/j.asieco.2005.06.001
  • Blundell, R., and Bond, S. (1998). "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models." Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
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Details

Primary Language English
Subjects Business Administration
Journal Section MAIN SECTION
Authors

Ömer Faruk Tan 0000-0002-8875-4696

Emin Avcı 0000-0003-3172-897X

Publication Date September 30, 2022
Submission Date July 25, 2021
Published in Issue Year 2022

Cite

APA Tan, Ö. F., & Avcı, E. (2022). CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS. Muhasebe Bilim Dünyası Dergisi, 24(3), 700-728. https://doi.org/10.31460/mbdd.974277