Araştırma Makalesi
BibTex RIS Kaynak Göster
Yıl 2016, Cilt: 16 Sayı: 1, 103 - 117, 25.04.2016

Öz

Kaynakça

  • Akgüç, S., & Choi, J. J. (2013). Cash Holdings in Private and Public Firms: Evidence from Europe. 2013 MFA Annual Meeting.
  • Almeida, H., Campello M., & Weisbach, M. S. (2004). The Cash Flow Sensitivity of Cash. The Journal of Finance, 59(4), August, 1777-1804.
  • Arellano, M., & Bond, S. R. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58, 277-297.
  • Arslan, Ö., Florackis, C., & Özkan, A. (2006). The role of cash holdings in reducing investment-cash slow sensitivity: Evidence from a financial crisis period in an emerging market.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data. Third Edition, England, John Wiley & Sons.
  • Baum, C. F., Schafer, D., & Talavera, O. (2007). The Effects of Industry-Level Uncertainty on Cash Holdings: The Case of Germany. DIW- Diskussionspapiere, No. 638.
  • Carrascal, C. M. (2010). Cash Holdings, Firm Size and Access to External Finance. Evidence for the Euro Area. Banco de Espana Working Papers, No. 1034.
  • Dittmar, A., & Duchin, R. (2011). The Dynamics of Cash. SSRN Paper No. 1138, University of Michigan.
  • Dittmar, A., & Duchin, R. (2012). The Concentration of Cash: Cash Policies of the Richest Firms. Unpublished working paper, University of Michigan and University of Washington.
  • Drobetz, W., & Grüninger, M. (2007). Corporate Cash Holdings: Evidence from Switzerland. Financial Markets And Portfolio Management, 21(3), 293-324.
  • Faleye, O. (2004). Cash and Corporate Control. The Journal of Finance, 59(5), October.
  • Ferreira, M. A., & Vilela, A. (2004). Why do firms hold cash? Evidence from EMU countries. European Finance Management, 10, 295-319.
  • Gao, R., & Grinstein, Y. (2013). Firms’ cash holdings and uncertainty. 2013 China International Conference in Finance, Shanghai, China.
  • Gao, H., Harford, J., & Li, K. (2013). Determinants of corporate cash policy: Insights from private firms. Journal of Financial Economics, 109, 623-639.
  • Gujarati, D. N. (2004). Basic Econometrics. Fourth Edition, The McGraw-Hill Companies.
  • Harford, J., Klasa, S., & Maxwell, W. F. (2013). Refinancing risk and cash holdings. Journal of Finance, Forthcoming, Available at SSRN.
  • Hausman, A. J. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251-1271.
  • Jensen, C. M. (1986). Agency costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76, 323-329.
  • Keynes, J. M. (1936). The General theory of Employment. In: Interest and Money. Harcourt Brace, London.
  • Kurtuluş, E. (2007). Nakit Yönetimi ve İstanbul Menkul Kıymetler Borsası’nda Yer Alan İşlemelerde Nakit Yönetimi Üzerine Bir Uygulama. Mersin Üniversitesi Sosyal Bilimler Enstitüsü.
  • Levin, A., Lin, C.F.,& Chu, C.S.J. (2002). Unit Root Test in Panel Data: Asymptotic and Finite-Sample Pro- perties. Journal of Econometrics, 108, 1-24.
  • Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information at Investors Do Not Have. Journal of Financial Economics, 13, 187-221
  • Opler, T., Pinkowitz, L., Stulz, R., & Willamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
  • Özkan, A., & Özkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103-2134.
  • Önal, Y. B. (1996). Nakit Yönetiminin Önemi ve İşleyişi:-Türkiye Örneği-. Sosyal Bilimler Dergisi, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Yayını, 4(4), 93-104.
  • Pinkowitz, L., Stulz, R., & Williamson, R. (2012). Multinationals and the High Cash Holdings Puzzle”, Working Paper 18120, National Bureau of Economic Research, June.
  • Saddour, K. (2006). Why do French firms hold cash?. Economics Papers from University Paris Dauphine.
  • Sanchez, J. M., & Yurdagül, E. (2013). Why Are US Firms Holding So Much Cash? An Exploration of Cross-Sectional Variation. Federal Reserve Bank of St. Louis Review, July/August, 95(4), 293-325.
  • Schoubben, F., & Hulle, C. (2012). Market Share and Cash Policy: Evidence from Western European Companies. International Journal of Economics and Finance, 4(11), 51-65.
  • Verbeek, M. (2004). A Guide to Modern Econometrics. Second Edition, John Wiley & Sons Inc., USA
  • White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 817-838.

İmalat Sanayi Firmalarının Nakit Tutma Dinamikleri

Yıl 2016, Cilt: 16 Sayı: 1, 103 - 117, 25.04.2016

Öz

Nakit yönetimi, firmanın finans yöneticileri ve yatırımcıları açısından önemli sonuçlar doğurmaktadır. Bu çalışmada, 2005-2012 verileri kullanılarak Türkiye’de Borsa İstanbul’a kayıtlı İmalat Sanayi firmalarında nakit tutmayı etkileyen faktörler ve optimal nakit seviyesinin varlığı araştırılmıştır. Bulgular, imalat sanayi firmalarının hedef nakit seviyelerine düzeltme sürecine sahip olduklarını göstermiştir. Ayrıca, firma özellikleri ile nakit tutma arasındaki ilişki imalat sanayinin alt sektörleri açısından farklılık göstermektedir. Firmaların borç finansmanını nakit tutmaya ikame olarak değerlendirdikleri tespit edilmiştir.

Kaynakça

  • Akgüç, S., & Choi, J. J. (2013). Cash Holdings in Private and Public Firms: Evidence from Europe. 2013 MFA Annual Meeting.
  • Almeida, H., Campello M., & Weisbach, M. S. (2004). The Cash Flow Sensitivity of Cash. The Journal of Finance, 59(4), August, 1777-1804.
  • Arellano, M., & Bond, S. R. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58, 277-297.
  • Arslan, Ö., Florackis, C., & Özkan, A. (2006). The role of cash holdings in reducing investment-cash slow sensitivity: Evidence from a financial crisis period in an emerging market.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data. Third Edition, England, John Wiley & Sons.
  • Baum, C. F., Schafer, D., & Talavera, O. (2007). The Effects of Industry-Level Uncertainty on Cash Holdings: The Case of Germany. DIW- Diskussionspapiere, No. 638.
  • Carrascal, C. M. (2010). Cash Holdings, Firm Size and Access to External Finance. Evidence for the Euro Area. Banco de Espana Working Papers, No. 1034.
  • Dittmar, A., & Duchin, R. (2011). The Dynamics of Cash. SSRN Paper No. 1138, University of Michigan.
  • Dittmar, A., & Duchin, R. (2012). The Concentration of Cash: Cash Policies of the Richest Firms. Unpublished working paper, University of Michigan and University of Washington.
  • Drobetz, W., & Grüninger, M. (2007). Corporate Cash Holdings: Evidence from Switzerland. Financial Markets And Portfolio Management, 21(3), 293-324.
  • Faleye, O. (2004). Cash and Corporate Control. The Journal of Finance, 59(5), October.
  • Ferreira, M. A., & Vilela, A. (2004). Why do firms hold cash? Evidence from EMU countries. European Finance Management, 10, 295-319.
  • Gao, R., & Grinstein, Y. (2013). Firms’ cash holdings and uncertainty. 2013 China International Conference in Finance, Shanghai, China.
  • Gao, H., Harford, J., & Li, K. (2013). Determinants of corporate cash policy: Insights from private firms. Journal of Financial Economics, 109, 623-639.
  • Gujarati, D. N. (2004). Basic Econometrics. Fourth Edition, The McGraw-Hill Companies.
  • Harford, J., Klasa, S., & Maxwell, W. F. (2013). Refinancing risk and cash holdings. Journal of Finance, Forthcoming, Available at SSRN.
  • Hausman, A. J. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251-1271.
  • Jensen, C. M. (1986). Agency costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76, 323-329.
  • Keynes, J. M. (1936). The General theory of Employment. In: Interest and Money. Harcourt Brace, London.
  • Kurtuluş, E. (2007). Nakit Yönetimi ve İstanbul Menkul Kıymetler Borsası’nda Yer Alan İşlemelerde Nakit Yönetimi Üzerine Bir Uygulama. Mersin Üniversitesi Sosyal Bilimler Enstitüsü.
  • Levin, A., Lin, C.F.,& Chu, C.S.J. (2002). Unit Root Test in Panel Data: Asymptotic and Finite-Sample Pro- perties. Journal of Econometrics, 108, 1-24.
  • Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information at Investors Do Not Have. Journal of Financial Economics, 13, 187-221
  • Opler, T., Pinkowitz, L., Stulz, R., & Willamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
  • Özkan, A., & Özkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103-2134.
  • Önal, Y. B. (1996). Nakit Yönetiminin Önemi ve İşleyişi:-Türkiye Örneği-. Sosyal Bilimler Dergisi, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Yayını, 4(4), 93-104.
  • Pinkowitz, L., Stulz, R., & Williamson, R. (2012). Multinationals and the High Cash Holdings Puzzle”, Working Paper 18120, National Bureau of Economic Research, June.
  • Saddour, K. (2006). Why do French firms hold cash?. Economics Papers from University Paris Dauphine.
  • Sanchez, J. M., & Yurdagül, E. (2013). Why Are US Firms Holding So Much Cash? An Exploration of Cross-Sectional Variation. Federal Reserve Bank of St. Louis Review, July/August, 95(4), 293-325.
  • Schoubben, F., & Hulle, C. (2012). Market Share and Cash Policy: Evidence from Western European Companies. International Journal of Economics and Finance, 4(11), 51-65.
  • Verbeek, M. (2004). A Guide to Modern Econometrics. Second Edition, John Wiley & Sons Inc., USA
  • White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 817-838.
Toplam 31 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Yrd. Doç. Dr. Emel Yücel Bu kişi benim

Yayımlanma Tarihi 25 Nisan 2016
Gönderilme Tarihi 25 Nisan 2016
Yayımlandığı Sayı Yıl 2016 Cilt: 16 Sayı: 1

Kaynak Göster

APA Yücel Y. D. D. E. (2016). İmalat Sanayi Firmalarının Nakit Tutma Dinamikleri. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 16(1), 103-117.