Kurumsal Yönetim Değişkenlerinin İngiltere Firmalarının Nakit Tutma Oranına Etkisi: GMM Dinamik Panel Veri Analizi

Çalışmanın amacı şirketlerde nakit tutma oranı ile kurumsal yönetim politika sonuçlarının ilişkisini analiz etmektedir. Bu amaçla İngiltere’deki borsa şirketlerinin 2013-2022 yıllarını kapsayan 10 yıllık dönemi araştırılmıştır. Bağımsız değişken olarak Kurumsal Sürdürülebilirlik Performansı (Corporate Sustainability Performance - CSP) skoru, Çevre, Sosyal, Yönetişim (Environment, Social, Governance - ESG) skoru, yönetim kurulu büyüklüğü, yönetim kurulu kadın üye oranı ve yönetim kurulu bağımsız üye oranı seçilmiştir. Verilerin analizi için Generalized Moments Method (GMM) dinamik panel regresyon yöntemi kullanılmıştır. Sonuçta CSP skoru, ESG skoru, yönetim kurulu büyüklüğü değişkenlerinin nakit tutma oranı ile pozitif, yönetim kurulu kadın üye oranı ile negatif yönlü ilişkisi bulunmuştur. Yönetim kurulu bağımsız üye oranıyla ilgili anlamlı bir ilişki bulunamamıştır.

Anahtar Kelimeler:

Nakit Tutma Oranı, Kurumsal Sosyal Sorumluluk, Kurumsal Nakit tutma Belirleyicileri

The Impact of Corporate Governance Variables on Cash Holding Ratios of UK Firms: GMM Dynamic Panel Data Analysis

This study aims to analyze the relationship between cash holding ratios and corporate governance policy outcomes in companies. For this purpose, a 10-year period spanning from 2013 to 2022 of listed companies in the United Kingdom has been investigated. The independent variables selected include the CSP score, ESG score, board size, proportion of female board members, and proportion of independent board members. The Dynamic Panel Regression (GMM) method has been employed for data analysis. The results indicate a positive relationship between the CSP score, ESG score, board size variables, and cash holding ratio, while a negative relationship is found with the proportion of female board members. No significant relationship has been found with the proportion of independent board members.

Keywords:

Cash Holding Ratio, Corporate Social Responsibility, Determinants of Corporate Cash Holdings,

PDF

___

Adams, Renée B. - Daniel Ferreira (2009), "Women in The Boardroom And Their Impact On Governance And Performance", Journal Of Financial Economics 94 (2), pp.291-309.
Albayrak, Tuğba – Akyol, Mehmet (2020), "Ulusal Varlık Fonları Ve Ekonomik Büyüme Arasındaki İlişki: Panel GMM Analizi", The Journal Of International Scientific Researches, 5 (3), pp.368-380.
Al-Najjar, Basil – Ephraim, Clark (2017), "Corporate Governance And Cash Holdings in MENA: Evidence From İnternal And External Governance Practices", Research in International Business And Finance, 39, pp.1-12.
Amess, Kevin- Sanjay, Banerji - Athanasios Lampousis (2015), "Corporate Cash Holdings: Causes And Consequences." International Review Of Financial Analysis, 42, pp.421-433.
Anderson, Ronald W. – Malika, Hamadi (2016), "Cash Holding And Control-Oriented Finance", Journal Of Corporate Finance, 41, pp.410-425.
Arellano, Manuel – Stephen, Bond (1991), "Some Tests Of Specification For Panel Data: Monte Carlo Evidence And An Application To Employment Equations", The Review Of Economic Studies, 5 (2), pp. 277-297.
Bates, Thomas W. – Kathleen, M. Kahle – René, M. Stulz (2009), "Why Do US Firms Hold So Much More Cash Than They Used To?", The Journal Of Finance 64 (5), pp.1985-2021.
Batuman, Billur (2020), 2008 Kriz Sonrası Türkiye Ve Doğu Avrupa Şirketlerinde Nakit Tutma Belirleyicileri, Yayınlanmamış Tez.
Baumol, William J. (1952), "The Transactions Demand For Cash: An Inventory Theoretic Approach", The Quarterly Journal Of Economics, 66 (4), pp.545-556.
Brieger, Steven. A - Francoeur, Claude - Welzel, Christian - Ben-Amar, Walid (2019), “Empowering Women: The Role Of Emancipative Forces in Board Gender Diversity”,Journal Of Business Ethics, 155, pp.495-511.
Cheng, Beiting – Ioannis, Ioannou – George, Serafeim (2014), "Corporate Social Responsibility And Access To Finance", Strategic Management Journal, 35 (1), pp.1-23.
Dittmar, Amy - Mahrt-Smith, Jan (2007), “Corporate Governance And The Value Of Cash Holdings”, Journal Of Financial Economics, 83 (3), pp.599-634.
Elmagrhı, Mohamed. H - Ntım, Collins G. - Elamer, Ahmed A. - Zhang, Qingjing (2019), “A Study Of Environmental Policies And Regulations, Governance Structures, And Environmental Performance: The Role Of Female Directors”, Business Strategy And The Environment, 28, pp.206-220.
Ezeani, Ernest - Salem, Rami I.A. - Usman, Muhammad - Kwabi, Frank - Bilal (2023), “Board Characteristics And Corporate Cash Holding: Evidence From The UK, France And Germany”, International Journal Of Accounting And Information Management, 31(3), pp.413-439.
Ferreira, Miguel A - Antonio S. Vilela (2004), "Why Do Firms Hold Cash? Evidence From EMU Countries", European Financial Management 10 (2), pp.295-319.
Frank, Murray Z. – Vidhan, K. Goyal (2008), "Trade-Off And Pecking Order Theories Of Debt", Handbook Of Empirical Corporate Finance, 2, pp.135-202.
Gill, Amarjit – Charul, Shah (2012), "Determinants Of Corporate Cash Holdings: Evidence From Canada", International Journal Of Economics And Finance 4 (1), pp.70-79.
Godfrey, Paul C. – Craig, B. Merrill – Jared, M. Hansen (2009), "The Relationship Between Corporate Social Responsibility And Shareholder Value: An Empirical Test Of The Risk Management Hypothesis", Strategic Management Journal ,30,4, pp.425-445.
Gul, Ferdinand A. – Bin, Srinidhi – Anthony, C. Ng. (2011), "Does Board Gender Diversity Improve The İnformativeness Of Stock Prices?", Journal Of Accounting And Economics, 51 (3), pp.314-338.
Hall, Thomas – Cesario, Mateus – Irina, Bezhentseva Mateus (2014), "What Determines Cash Holdings At Privately Held And Publicly Traded Firms? Evidence From 20 Emerging Markets", International Review Of Financial Analysis, 33, pp.104-116.
Harford, Jarrad – Sattar, A. Mansi – William, F. Maxwell (2008), "Corporate Governance And Firm Cash Holdings in The US", Journal Of Financial Economics, 87 (3), pp.535-555.
Harford, Jarrad (1999), “Corporate Cash Reserves And Acquisitions”, The Journal Of Finance, 54 (6), pp.1969-1997.
Jensen, Michael C. (1986), “Agency Costs Of Free Cash Flow, Corporate Finance, And Takeovers”, American Economic Rewiev, 76 (2), pp.323-329.
Kalcheva, Ivalina - Karl V. Lins (2007), "International Evidence On Cash Holdings And Expected Managerial Agency Problems." The Review Of Financial Studies, 20 (4), pp.1087-1112.
Kalcheva, Ivalina, - Karl, V. Lins (2007), "International Evidence On Cash Holdings And Expected Managerial Agency Problems", The Review Of Financial Studies, 20 (4), pp.1087-1112.
Kusumawardani, Anisa – Rizky, Yudaruddin – Yanzil, Azizi Yudaruddin (2021), "Corporate Governance's Policy On The Impact Of Cash Holding İn Indonesia", Universal Journal Of Accounting And Finance, 9 (4), pp.594-603.
Kutlu Furtuna, Özlem (2017), “Nakit Bulundurma Düzeyinin Sektörel Analizi: Borsa İstanbul’da İşlem Gören Reel Sektör Firmaları Üzerine Bir Uygulama”, International Journal Of Management Economics And Business, 13 (3), ss.615-630.
Liem, Nguyen Than – Nguyen, Vinh Khuong – Phung, Anh Thu (2020), "Social And Environmental Contributions, Board Size And Cash Holding: The Case Of Energy Firms", International Journal Of Energy Economics And Policy, 10 (4), pp.17-22.
Little, Philip L. – Little, Beverly, L. (2000), "Do Perceptions Of Corporate Social Responsibility Contribute To Explaining Differences in Corporate Price-Earnings Ratios? A Research Note", Corporate Reputation Review, 3, pp.137-142.
Liu, Qigui – Tianpei, Lu – Gary, Gang Tian (2015), "Family Control And Corporate Cash Holdings: Evidence From China", Journal Of Corporate Finance, 31, pp.220-245.
Liu, Yonghong – Lijun, Lei - E. Holly, Buttner (2020), "Establishing The Boundary Conditions For Female Board Directors’ Influence On Firm Performance Through CSR", Journal Of Business Research, 121, pp.112-120.
Modigliani, Franco – Miller, Merton H. (1958), “The Cost Of Capital, Corporation Finance And The Theory Of Investment”, The American Economic Review, 48 (3), pp. 261-297.
Mohd, Kamarun Nisham Taufil - Rohaida Abdul Lati - Isam Saleh, (2015) "Institutional Ownership And Cash Holding", Indian Journal Of Science And Technology, 8 (32), pp.1-6.
Myers, Stewart C. (1984), "The Capital Structure Puzzle.” The Journal Of Finance, 39 (3), pp.575-592.
Opler, Tim - Pinkowitz, Lee - Stulz, Rene -Williamson, Rohan (1999), “The Determinants And Implications Of Corporate Cash Holdings”, Journal Of Financial Economics, 52 (1), pp.3-46.
Ozkan, Aydın - Ozkan, Neslihan (2004), “Corporate Cash Holdings: An Empirical İnvestigation Of UK Companies”, Journal Of Banking And Finance, 28 (9), pp.2103-2134.
Pinkowitz, Lee – René, Stulz – Rohan, Williamson (2006), "Does The Contribution Of Corporate Cash Holdings And Dividends To Firm Value Depend On Governance?, A Cross‐Country Analysis, The Journal Of Finance, 61(6), pp.2725-2751.
Shah, Attaullah (2011), "The Corporate Cash Holdings: Determinants And Implications", African Journal Of Business Management, 5 (34), pp.12939-12950.
Titman, Sheridan (1956), "The Effect Of Capital Structure On A Firm's Liquidation Decision", Journal Of Financial Economics, 13 (1), pp.137-151.
Tobin, James (1956), "The İnterest-Elasticity Of Transactions Demand For Cash", The Review Of Economics And Statistics, 38 (3), pp.241-247.
Ye, Yulu (2018), "A Literature Review On The Cash Holding Issues" Modern Economy, 9 (6), pp.1054-1064.
Yıldırım, Durmuş (2021), Muhasebe Ve Finans Üzerine Güncel Araştırmalar, KOBİ’lerde Nakit Tutma Düzeyi Belirleyicileri, Gazi Kitabevi, Ankara
Yücel, Emel (2016), “İmalat Sanayi Firmalarının Nakit Tutma Dinamikleri”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 16 (1), ss.103-117.