KURUMSAL NAKİT TURMA KARARLARINI ETKİLEYEN FAKTÖRLER: GELİŞMEKTE OLAN EKONOMİLER ÜZERINE BIR ARAŞTIRMA

Öz

Bu çalışma, 2009-2022 yılları arasında 10 gelişmekte olan ekonomide faaliyet gösteren halka açık firmaların nakit tutma kararlarını, firma bazlı ve makroekonomik etmenleri kullanarak incelemektedir. Çalışmada sabit etkiler panel veri modeli kullanılmıştır. Bulgular, firma büyüklüğü, nakit akışı, büyüme fırsatları ve kârlılığın nakit tutma düzeyi ile pozitif ilişkili olduğunu, buna karşın kaldıraç, işletme sermayesi ve yatırım harcamalarının negatif yönde ilişkili olduğunu göstermektedir. Ancak, Ar-Ge harcamaları ve makroekonomik değişkenler olan GSYH ve enflasyon oranının seçilen şirketlerin nakit tutma düzeyleri üzerinde anlamlı bir etkisinin olmadığı tespit edilmiştir. Firma büyüklüğü, kaldıraç, nakit akışı, büyüme fırsatları ve yatırım harcamalarına ilişkin bulgular, Finansal Hiyerarşi Teorisi varsayımlarıyla uyumlu olup, ilk iki faktör aynı zamanda Serbest Nakit Akım Teorisi varsayımlarını da desteklemektedir. Öte yandan, kârlılık, büyüme fırsatları ve net işletme sermayesine yönelik sonuçlar, Dengeleme Teorisi varsayımlarıyla örtüşmektedir. Bu çalışma, gelişmekte olan ekonomilerde nakit tutma dinamiklerine dair önemli bulgular sunarak literatüre katkıda bulunmakta; paydaşlar ve işletme yöneticileri için faydalı bakış açıları sağlamaktadır. Bulgular, nakit yönetimi ile yatırım verimliliği arasında etkili bir denge kuran politikaların, finansal performansın sürdürülebilirliğini sağlamak açısından önemini vurgulamaktadır.

Anahtar Kelimeler

• nakit tutma
• gelişmekte olan ekonomiler
• panel veri

FACTORS INFLUENCING CORPORATE CASH HOLDINGS: A STUDY OF EMERGING ECONOMIES

Öz

This study examines the corporate cash holding decisions of publicly traded firms in 10 developing economies from 2009 to 2022, using both firm-specific and macroeconomic determinants. A fixed-effects panel data model was employed for the analysis. The findings indicate that firm size, cash flow, growth opportunities and profitability are positively associated with cash holdings, while leverage, working capital and capital expenditures exhibit a negative relationship. However, R&D expenses and macroeconomic factors, namely; GDP and inflation rate are found to have no significant impact on cash holdings of the selected firms. The findings related to size, leverage, cash flow, growth opportunities and capital expenditures are consistent with the assumptions of Pecking Order Theory (POT), where the first two factors also align with the predictions of Free Cash Flow Theory (FCFT). On the other hand, the influence of profitability, growth opportunities, and net working capital on corporate cash holding supports the predictions of Trade-Off Theory (TOT). This study contributes to the literature by providing insights into the dynamics of cash holdings in emerging economies, offering valuable perspectives for creditors, shareholders, and business managers. The findings highlight the importance of policies that strike a balance between effective cash management and investment efficiency to sustain financial performance.

Anahtar Kelimeler

• cash holdings
• emerging economies
• panel data

Kaynakça

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