NAKİT BULUNDURMA POLİTİKASI DİNAMİKLERİ: BIST TEKSTİL ENDEKSİ FİRMALARI ÜZERİNE STATİK VE DİNAMİK PANEL VERİ ANALİZİ

Türkiye ihracatının lokomotifi konumunda olan Tekstil Sektörü, ihracat gelirinin önemli bir kısmını oluşturmaktadır. Sektörün esnek yapısı, kalitesi ve uluslararası piyasalara yakınlığı gibi üstünlükleri doğrultusunda Türkiye, sektörde önemli küresel aktörlerden biridir. Sektörün uzun vadede mali açıdan güçlü olabilmesi hem dış ticaret hem de ülke ekonomisi açısından önem arz etmektedir. Dolayısıyla, sektörde faaliyet gösteren firmalar açısından nakit bulundurma politikaları hayati öneme sahiptir. Çalışmada, 1998-2016 döneminde Borsa İstanbul Tekstil Deri Endeksi’nde hisse senetleri işlem gören firmaların nakit bulundurma politikalarını etkileyen faktörleri belirlemek amaçlanmıştır. Nakit bulundurma politikasını etkilediği varsayılan; duran varlık yatırımı, firma büyüklüğü, finansal kaldıraç, borcun vade yapısı, likidite, büyüme fırsatı ve özsermaye karlılığı ile nakit bulundurma düzeyi arasındaki ilişki, statik ve dinamik panel veri analizleri kullanılarak araştırılmıştır. Araştırma neticesinde, nakit bulundurma düzeyi ile likidite, finansal kaldıraç ve duran varlık yatırımı arasında anlamlı ve negatif ilişki belirlenirken; özsermaye karlılığı ile pozitif ilişki belirlenmiştir. Buna karşın, firma büyüklüğü, borcun vade yapısı ve büyüme fırsatı ile nakit bulundurma düzeyi arasında herhangi bir ilişki tespit edilmemiştir.

Anahtar Kelimeler:

Nakit Bulundurma Politikası, Borsa İstanbul, Tekstil Endeksi, Panel Veri Analizi

DYNAMICS OF CASH HOLDINGS POLICY: STATIC AND DYNAMIC PANEL DATA ANALYSIS ON BIST TEXTILE INDEX FIRMS

Textile sector which is locomotive of Turkey exports constitute a significant portoin of exports revenues. In line with Flexible structure of the sector, quality and international proximity to markets, Turkey is one of the majör global players in the sector. Being able to be financially strong in the long term of the sector is important both in terms of foreign trade and economy of the country. Therefore cash holding policies have a vital prospect for companies operating in the sector. In the study, it is aimed to determine the factors that affect the cash holding policies of the firms which are operating in the Textile index during 1998-2016 period. Presumed to affect cash holding policy; The relationship between fixed asset investment, firm size, financial leverage, debt maturity, liquidity, growth opportunity and profitability and cash holding level was investigated using static and dynamic panel data analysis. As a result of research, A statistically significant and negative relationship was observed between liquidity, financial leverage, fixed asset investment and level of cash holding while a statistically significant and positive relationship was observed between return on equity and level of cash holding. On the other hand, no statistically significant relationship was found between firm size, debt maturity, growth opportunity and level of cash holding.

Keywords:

Cash Holding Policy, Borsa İstanbul, Textile Index, Panel Data Analysis,

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