Corporate Cash Holding and Monetary Policy

Firma nakit tutma davranışı, firmaları yönetim ve karar verme biçimleri açısından anlamak için önemlidir ve finans literatürü kurumsal nakit tutmanın belirleyicileri hakkında çeşitli görüşler sunmaktadır. Bu çalışmada, nakit tutma kararı makroekonomik bir perspektiften incelenmekte ve para politikasının firmaların nakit tutma kararlarını etkileyip etkilemediği araştırılmaktadır. Türkiye'de borsada işlem gören finansal olmayan firmalara dayalı analizimiz, son ampirik kanıtların aksine, para politikasının kurumsal nakit tutma üzerinde etkisi olmadığını göstermektedir. Bu bağlamda sonuçlar, para politikası ile literatürde daha önce kurulmuş olan nakit tutma kararları arasındaki ilişkinin genellenemeyeceği sonucunu göstermektedir.

Anahtar Kelimeler:

nakit tutma, para politikası, dinamik panel tahmini

Corporate Cash Holding and Monetary Policy

Corporate cash holding behavior is important to understand firms in terms of management and decision-making, and the finance literature provides diverse views on the determinants of corporate cash holdings. In this study, we examine the cash holding decision from a macroeconomic perspective and investigate whether monetary policy affects firms’ cash holding decisions. Our analysis based on Turkish listed non-financial firms suggests that monetary policy has no effect on corporate cash holdings, contrary to recent empirical evidence. In this regard, the results infer that the relationship between monetary policy and cash holding decisions established before in the literature could not be generalizable.

Keywords:

cash holding, monetary policy, dynamic panel estimation,

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