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

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

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.

Keywords:

Corporate Cash Holdings, Unbalanced Panel Data, GMM,

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