Küresel Finansal Kriz ve Kurumsal Finansal Politikalar

Yıl 2021, Cilt: 5 Sayı: 1, 83 - 97, 30.06.2021

Ali Yavuz Polat

Öz

2008-2009 Küresel Finansal Krizi (KFK), krizin firmaların kurumsal finansal kararları üzerindeki etkisini analiz etmek için doğal bir deney fırsatı sunmaktadır. Bu makale KFK ile kurumsal finans politikaları arasındaki ilişkiyi gözden geçirmekte, ardından KFK’nin Borsa İstanbul'daki finansal olmayan şirketlerin kaldıraç, borç vadesi, nakit tutma, temettü ve yatırım politikalarına etkisini incelemektedir. Literatürdeki bulgular göz önüne alındığında, firmaların içinde bulunduğu kurumsal altyapıya göre KFK’ye farklı tepkiler verdikleri görünmektedir. Borsa İstanbul'dan elde edilen ampirik bulgular, firmaların yatırım kararları dışında diğer kurumsal finansal politikalarını önemli ölçüde değiştirmediği görülmektedir. Bu istikrarın nedeni, Türkiye'deki 2001 finansal krizi sonrasında alınan dersler ve kurumsal altyapıdaki güçlendirmeler olabilir.

Anahtar Kelimeler

Nakit Tutma, Kurumsal Finans, Borç Vadesi, Temettü Ödemeleri, Finansal Kriz, Yatırım, Kaldıraç

The Global Financial Crisis and Corporate Financial Policies

Öz

The 2008-2009 global financial crisis (GFC) provides a natural experiment opportunity to analyze its impact on corporate financial decisions. This article first critically reviews the relationship between the GFC and corporate financial policies, then investigates the association between the GFC and leverage, debt maturity, cash holdings, dividends and investment for non-financial listed firms in Borsa Istanbul. Considering the findings in the literature, firms give different responses to the changing dynamics with the GFC across institutional environments and various corporate policies. Regarding the empirical evidence from Borsa Istanbul, the findings show that firms do not significantly change their corporate policies, excluding investment decisions. The reason for this stability may be due to the lessons learned and institutional strengthening after the 2001 financial crisis in Turkey.

Anahtar Kelimeler

Cash Holdings, Corporate Finance, Debt Maturity, Dividend Payouts, Financial Crisis, Investment, Leverage

Kaynakça

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