SavedAdd your journal

Journals / Uluslararası Yönetim İktisat ve İşletme Dergisi / 2017 / Cilt: 13 - Sayı: 3

CASH HOLDING LEVEL ANALYSIS ON INDUSTRIAL BASIS: EVIDENCE FROM LISTED NON-FINANCIAL FIRMS ON BORSA ISTANBUL

NAKİT BULUNDURMA DÜZEYİNİN SEKTÖREL ANALİZİ: BORSA İSTANBUL’DA İŞLEM GÖREN REEL SEKTÖR FİRMALARI ÜZERİNE BİR UYGULAMA

Özlem Kutlu FURTUNA
Pages
615–630
Publication Date
2017-08-01
DOI
—
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Findings reveal that cash holdings are mean reverting and firms have the target cash level considering the benefit and cost of holding cash which is in line with the trade-off theory.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:In attempt to cope with costs of cash surplus and cash deficits,firms have adopted various approaches in determining the optimum cash level that will increase the market value.
📊
Key Findings & Data:In this study, changes in the cash and net cash holdings of the real sector firms listed on Borsa Istanbul BIST between 2005 and 2015 have been investigated within the framework of the trade-off and financial hierarchy theories..
💡
Conclusion & Impact:Findings reveal that cash holdings are mean reverting and firms have the target cash level considering the benefit and cost of holding cash which is in line with the trade-off theory.
🔬Design:Research Article
📍Scope:2005 Verileri
⚙️Variables:Nakit Düzeyi · Net Nakit Düzeyi · Dengeleme Teorisi

Abstract

In attempt to cope with costs of cash surplus and cash deficits,firms have adopted various approaches in determining the optimum cash level that will increase the market value. In this study, changes in the cash and net cash holdings of the real sector firms listed on Borsa Istanbul BIST between 2005 and 2015 have been investigated within the framework of the trade-off and financial hierarchy theories.. Findings reveal that cash holdings are mean reverting and firms have the target cash level considering the benefit and cost of holding cash which is in line with the trade-off theory. Furthermore, results exhibit that sectoral characteristics have a significant role in determining the optimum level of cash

Özet

Firmaların nakit fazlalığı ve nakit yetersizliği durumunda ortaya çıkabilecek maliyetleri azaltarak piyasa değerini arttıracak optimum nakit tutarının belirlenmesinde farklı yaklaşımlar uyguladıkları görülmektedir. Bu çalışmada, 2005-2015 yılları arasında Borsa İstanbul BİST ’de işlem gören reel sektör firmalarının nakit ve net nakit bulundurma düzeyinde yıllar itibariyle meydana gelen değişimler sermaye yapısı teorilerinden dengeleme teorisi ve finansal hiyerarşi teorisi kapsamında açıklanmıştır. Çalışmanın bulguları, ilgili dönemde reel sektör firmalarının nakit bulundurma düzeyinin genel ortalamaya yaklaştığını, firmaların nakit tutmanın fayda ve maliyetini dikkate alarak hedef nakit düzeyine sahip olduklarını ve dengeleme teorisine uygun hareket ettiklerini göstermektedir. Ayrıca, optimum nakit düzeyinin belirlenmesinde sektörel faktörlerin belirgin rol oynadığını göstermektedir.

🔖

Cite This Article

FURTUNA, Ö. K. (2017). CASH HOLDING LEVEL ANALYSIS ON INDUSTRIAL BASIS: EVIDENCE FROM LISTED NON-FINANCIAL FIRMS ON BORSA ISTANBUL. Uluslararası Yönetim İktisat ve İşletme Dergisi, Cilt: 13 - Sayı: 3, 615–630. https://ajindex.com/articles/169759

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (15)

  1. Al-Najjar, B. (2013). The financial determinants of corporate cash holdings: Evidence from some emerging markets. International Business Review, 22 (1), 77-88.
  2. Ali, A. & Yousaf, S. (2013). Determinants of cash holding in German market. Journal of Business and Management, 12(6), 28- 34. Anagnostopoulou, S. (2013). Cash holdings: Determining factors and impact on future operating performance for listed versus unlisted firms. Review of Pacific Basin Financial Markets and Policies, (16)2, 1-47.
  3. Aras, G. & Kutlu Furtuna, Ö. (2016, Aralık). Insights from corporate cash holdings in emerging markets. Proceedings of 7th European Business Research Conference, University of Roma Tre, Rome, Italy ISBN: 978-1-925488-203-4.
  4. Aras, G., Tezcan, N., Kutlu Furtuna, Ö., & Aybars, A. (2014). Firmaların ar-ge ve inovasyon performansının stratejik analizi. İstanbul Ticaret Odası KOBİ Araştırmaları, Yayın No: 2014-10.
  5. Bates, T. W., Kahle, K. M., & Stulz, R. (2009). Why do US firms hold so much more cash than they used to? Journal of Finance, 64 (5), 1985–2021.
  6. Baumol, W. J. (1952). The transactions demand for cash: An inventory theoretic approach. Quarterly Journal of Economics, 66, 545-556.
  7. Begenau, J. & Palazzo, B. (2016). Firm selection and corporate cash holdings. Harvard Business Schol Working Paper, 16-130.
  8. Belkhir, M., Boubaker S. & Derouiche I. (2014). Control–ownership wedge, board of directors, and the value of excess cash. Economic Modelling, 39, 110–122.
  9. Borhanuddin, R. & Ching P. (2011). Cash holdings, leverage, ownership concentration and board independence: Evidence from Malaysia, Malaysian Accounting Review, (10)1, 63-88.
  10. Brisker, E.R., Çolak, G. & Peterson, D.R. (2013). Changes in cash holdings around the S&P 500 additions. Journal of Banking & Finance, 37, 1787-1807.
  11. Chen, Y., Dou, P.Y., Ghon, R., Truong, C, & Veeraraghavan, M. (2015). National culture and corporate cash holdings around the world. Journal of Banking & Finance 50, 1–18.
  12. Chen, D. Li, S.Xiao, J.Z., & Zou, H. (2014). The effect of government quality on corporate cash holdings. Journal of Corporate Finance 27, 384-400.
  13. Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings, Journal of Financial and Quantative Analysis 38(1), 111-133.
  14. Erdoğan, M. (2010). Kurumsal yönetim ve şirket nakit tutuşuna etkisi: Bir dinamik panel veri analizi. (Yayınlanmamış Doktora Tezi). Gazi Üniversitesi Sosyal Bilimler Enstitüsü, Ankara.
  15. Ferreira, A. & Vilela, S.