Nakit Tutma Oranının Finansal ve Kurumsal Belirleyicileri: Borsa İstanbul Üzerine Bir İnceleme

Yıl 2020, Cilt: 34 Sayı: 3, 1127 - 1151, 15.07.2020

Fatih Yiğit

https://doi.org/10.16951/atauniiibd.737981

Cited By: 3

Öz

Bu çalışma, Türkiye’de şirketlerin nakit tutma oranının finansal ve kurumsal belirleyicilerini, halka açık finans dışı şirketlerin 2010 ve 2019 yılları arasındaki döneme ilişkin geniş bir veri setiyle incelemektedir. Bulgular, büyüme fırsatları, kaldıraç, şirket büyüklüğü, net çalışma sermayesi, nakit akışı ve sermaye harcamaları değişkenlerinin, nakit tutma oranının belirlenmesinde önemli finansal faktörler olduğunu göstermektedir. Büyüme fırsatlarının pozitif ve etkisi ve sermaye harcamalarının negatif etkisi dengeleme ve finansman hiyerarşisi teorileri doğrultusunda iken şirket büyüklüğü ve nakit akışının pozitif etkileri finansman hiyerarşisi ve serbest nakit akış teorileri ile örtüşmektedir. Kaldıracın negatif etkisi ise her üç teori ile örtüşmektedir. Ancak kurumsal yönetim gölge değişkeninin pozitif işareti istatistiksel olarak anlamlı değildir. Böylece, kurumsal yönetimin nakit tutma oranını negatif etkilediğini öne süren hipotez desteklenememiştir. Bulgular, şirketlerin hedef nakit tutma oranı bulunduğunu ve hedefe doğru ayarlama yaptıklarını da göstermektedir.

Anahtar Kelimeler

Nakit Tutma Oranı, Dengesiz Panel Veri, GMM

Financial and Institutional Determinants of Corporate Cash Holdings: An Examination on Borsa Istanbul

Öz

This study investigates the financial and institutional determinants of corporate cash holdings in Turkey over the period of 2010 and 2019 using a broad data of non-financial public companies. The results show that growth opportunities, leverage, firm size, net working capital, cash flow, and capital expenditures are important financial factors in determining cash holdings. While positive effect of growth opportunities and negative effect of capital expenditure are in line with the expectations of the trade-off and pecking order theories, the positive effects of firm size and cash flow coincide pecking order and free cash flow theories. The negative effect of leverage corresponds to all three theories. However the positive sign of corporate governance dummy is not statistically significant. Thus, the hypothesis, which suggests that corporate governance affects the corporate cash holdings, could not be supported. The results also show that companies have target cash holdings level and adjust toward the target.

Anahtar Kelimeler

Corporate Cash Holdings, Unbalanced Panel Data, GMM

Kaynakça

• ABDİOĞLU, N. (2016). Corporate cash holdings and corporate governance quality in Turkey. International Journal of Management, Economics, and Business, ICAFR 16 Special Issue, 802-811.
• AL-NAJJAR, B. (2013). The financial determinants of corporate cash holdings: Evidence from some emerging markets. International business review, 22(1), 77-88.
• AMESS, K., BANERJI, S. ve LAMPOUSIS, A. (2015). Corporate cash holdings: Causes and consequences. International Review of Financial Analysis, 42, 421-433.
• ARELLANO, M. ve BOND, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.
• ARELLANO, M. ve BOVER, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51.
• BATES, T. W., KAHLE, K. M. ve STULZ, R. M. (2009). Why do US firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985-2021.
• BIGELLI, M. ve SANCHEZ-VIDAL, J. (2012). Cash holdings in private firms. Journal of Banking & Finance, 36(1), 26-35.
• BREALEY, R. A., MYERS, S. C. ve ALLEN, F. (2011). Principles of Corporate Finance (10. ed.). Singapore: McGraw-Hill Irwin.
• BROWN, J. R. ve PETERSEN, B. C. (2011). Cash holdings and R&D smoothing. Journal of Corporate Finance, 17(3), 694-709.
• DEMİR, E. ve ERSAN, O. (2017). Economic policy uncertainty and cash holdings: Evidence from BRIC countries. Emerging Markets Review, 33, 189-200.
• DITTMAR, A., MAHRT-SMITH, J. ve SERVAES, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative Analysis, 38(1), 111-133.
• FERREİRA, M. A. ve VILELA, A. S. (2004). Why do firms hold cash? Evidence from EMU countries. European Financial Management, 10(2), 295-319.
• GAO, H., HARFORD, J. ve LI, K. (2013). Determinants of corporate cash policy: Insights from private firms. Journal of Financial Economics, 109(3), 623-639.
• GARCIA‐TERUEL, P. J. ve MARTINEZ‐SOLANO, P. (2008). On the determinants of SME cash holdings: Evidence from Spain. Journal of Business Finance & Accounting, 35(1‐2), 127-149.
• GUIZANI, M. (2017). The financial determinants of corporate cash holdings in an oil rich country: Evidence from Kingdom of Saudi Arabia. Borsa Istanbul Review, 17(3), 133-143.
• HALL, T., MATEUS, C. ve MATEUS, I. B. (2014). What determines cash holdings at privately held and publicly traded firms? Evidence from 20 emerging markets. International Review of Financial Analysis, 33, 104-116.
• JEBRAN, K., IQBAL, A., 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(1), 1-12.
• JENSEN, M. C. (1986). Agency cost of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
• KEYNES, J. M. (1936). The general theory of employment, interest, and money. London: Macmillan.
• KUSNADI, Y., YANG, Z. ve ZHOU, Y. (2015). Institutional development, state ownership, and corporate cash holdings: Evidence from China. Journal of Business Research, 68(2), 351-359.
• KUTLU FURTUNA, Ö. (2017). Nakit bulundurma düzeyinin sektörel analizi: Borsa İstanbul'da işlem gören reel sektör firmaları üzerine bir uygulama. International Journal of Management, Economics, and Business, 13(3), 615-630.
• MADDALA, G. S. ve WU, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, 61(1), 631-652.
• MYERS, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574-592.
• 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. NICKELL, S. (1981). Biases in dynamic models with fixed effects. Econometrica: Journal of the Econometric Society, 49(6), 1417-1426.
• OPLER, T., PİNKOWİTZ, L., STULZ, R. ve WILLIAMSON, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
• ORLOVA, S. V. ve SUN, L. (2018). Institutional determinants of cash holdings speed of adjustment. Global Finance Journal, 37, 123-137.
• OZKAN, A. ve OZKAN, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103-2134.
• PINKOWITZ, L. ve WILLIAMSON, R. (2001). Bank power and cash holdings: Evidence from Japan. The Review of Financial Studies, 14(4), 1059-1082.
• ROODMAN, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9(1), 86.
• UYAR, A. ve KUZEY, C. (2014). Determinants of corporate cash holdings: Evidence from the emerging market of Turkey. Applied Economics, 46(9), 1035-1048.
• WINDMEIJER, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25-51.