SENSITIVITY OF INVESTMENTS TO CASH FLOWS: BIST CHEMICAL SECTOR RESEARCH

Year 2020, Issue: 29, 113 - 126, 10.10.2020

Aslı Yıkılmaz Erkol Turhan Korkmaz

https://doi.org/10.18092/ulikidince.707586

Abstract

In this study, it is examined the cash flow sensitivities of investment of the BIST chemical industry firms WHİCH among the priority sectors in the eleventh development plan between 2005 and 2018. it is used the method developed by Howakimia (2009), which allows to determine the sensitivity of investments to cash flows on a firm basis. the firms are grouped as insensitive, positive sensitive and negative sensitive companies by the sensitivity coefficients. Financial differences between the groups have were evaluated through descriptive statistics and independent sample t-test. According to the results from the study, some of the firms in the sector increased their investments in the period when the cash flows increased (positive sensitivity); Others increase their investments in the period when their cash flows decrease (negatively sensitive). In addition, the findings show that positive sensitive firms have financial constraints, whereas negative sensitive firms do not have financial constraints and can finance their investments through debt / equity in the period when their cash flows are low.

YATIRIMLARIN NAKİT AKIMLARINA DUYARLILIĞI: BİST KİMYA SEKTÖRÜ ARAŞTIRMASI

Abstract

Bu çalışmada Türkiye’nin on birinci kalkınma planında öncelikli sektörler arasında yer alan BİST Kimya sektörü firmalarının 2005-2018 yılları arasındaki yatırımlarının nakde olan duyarlılıkları incelenmiştir. Yatırımların nakit akımlarına duyarlılığının firma bazında tespit edilmesine imkan veren ve Howakimia (2009) tarafından geliştirilen yöntem kullanılmıştır. Elde edilen duyarlılık katsayıları incelenerek, firmalar duyarsız, pozitif duyarlı ve negatif duyarlı firmalar olarak gruplandırılmıştır. Gruplar arasındaki finansal farklılıklar tanımlayıcı istatistikler ve bağımsız örneklem t testi yoluyla değerlendirilmiştir. Çalışmadan elde edilen sonuçlara göre sektördeki firmaların bir kısmı nakit akışları arttığı dönemde yatırımlarını arttırırken (pozitif duyarlılık); bir kısmı ise nakit akışları azaldığı dönemde yatırımlarını arttırmaktadır (negatif duyarlı). Ayrıca elde edilen bulgular pozitif duyarlı firmaların finansal kısıtlara sahip olduğunu, buna karşın negatif duyarlı firmaların finansal kısıtlara sahip olmadığını ve yatırımlarını nakit akışlarının düşük olduğu dönemde borç/öz sermaye yoluyla finanse edebildiklerini göstermiştir.

Keywords

Yatırımların nakit akışlarına duyarlığı, yatırımlar, finansal kısıtlar, BİST kimya sektörü

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