Research Article
FİRMALARDA SAHİPLİK ÖZELLİKLERİNİN YATIRIM-NAKİT AKIŞI DUYARLILIKLARINA ETKİSİ: BORSA İSTANBUL ÖRNEĞİ
Abstract
Firmaların
kârlı yatırım fırsatları hakkındaki enformasyon, dış yatırımcılara tamamıyla
aktarılamamaktadır. Bu bilgi
asimetrisi, yatırım harcamaları için dış ve iç finansman kaynakları arasında
bir maliyet farkı oluşturur. Pahalı dış finansman, yatırım-nakit akış
duyarlılığıyla gözlemlenebilir ve finansal kısıtlılığının bir göstergesi olarak
kabul edilebilir. Firmaların sahiplik özellikleri, optimal düzeyde
yatırım yapılabilmesi için hayati önemde olan finansman koşullarını etkileyebilir.
Bu çalışmada, Borsa İstanbul’da
işlem gören firmaların yatırım-nakit akışı duyarlılıkları, sahiplik yapısına ilişkin
özellikleri bağlamında araştırılmıştır. Analiz sonuçlarına göre, herhangi
bir sınıflandırma yapılmaksızın, Borsa İstanbul firmaları yatırım nakit akışı
duyarlılığı göstermektedir. Analizin 2002-2014 döneminde, bireysel firmaların yatırımları nakit akışlarına
duyarlı iken, bir şirketler grubuyla ilişkili firmalar için bu durum geçerli
değildir. Bu bulgu, şirketler grubu yapısının sunduğu içsel sermaye piyasasının
finansal kısıtları aşmakta firmalar için faydalı olduğu yönündedir. Yatırım-nakit
akışı duyarlılıkları, hisselerin halka açıklık oranına ve firmanın yabancı
ortak barındırma durumuna göre sınıflandırılmış her iki firma gruplandırmaları
için istatistiksel olarak anlamsız bulunmuştur. Borsada işlem gören hisselerinin
oranı düşük olan firmalara ait yatırımların, piyasa fiyatlamasıyla birlikte
değişmediği gözlenmiştir.
References
- Arslan, O., Florackis, C., ve Ozkan, A. 2006. The role of cash holdings in reducing investment-cash flow sensitivity: Evidence from a financial crisis period in an emerging market. Emerging Markets Review, 7(4): 320-338.Beck, T., Demirguc-Kunt, A., Laeven, L., ve Maksimovic, V. 2006. The determinants of financing obstacles. Journal of International Money & Finance, 25(6): 932-952. Bond, S., ve Cummins, J. 2001. Noisy share prices and the Q model of investment. Institute for Fiscal Studies Working Paper No.01-22, London: Institute for Fiscal Studies.Cleary, S., Povel, P. ve Raith, M. 2007. The u-shaped investment curve: theory and evidence. Journal of Financial & Quantitative Analysis, 42(1): 1-39. Chen, H., ve Chen, S. 2012. Investment-cash flow sensitivity cannot be a good measure of financial constraints: Evidence from the time series. Journal of Financial Economics, 103(2): 393-410.Chirinko, R. S., ve Schaller, H. 2001. Business fixed investment and "Bubbles": The Japanese case. American Economic Review, 91(3): 663-680.Çetenak, E. H., ve Vural, G. (2015). İşletme grubu ilişkisi ve finansal kısıtlar: Türk işletme gruplarının yatırım-nakit akışı duyarlılığı üzerine bir araştırma. Journal of Economics, Finance and Accounting, 2(3): 313-330. Erdogan, A. I. 2013. Cash flow sensitivities of uses of cash: Evidence from Turkey. Paper Proceedings of the Multidisciplinary Academic Conference, Prague, 1-10.Erickson, T., ve Whited, T. M. 2000. Measurement error and the relationship between investment and q. Journal of Political Economy, 108(5): 1027-1055.Fazzari, S. M., Hubbard, R. G., ve Petersen, B. C. 1988. Financing constraints and corporate investment. Brookings Papers on Economic Activity,(1): 141-206.Gatchev, V. A., Pulvino, T., ve Tarhan, V. 2010. The interdependent and intertemporal nature of financial decisions: An application to cash flow sensitivities. Journal of Finance, 65(2): 725-763.Gilchrist, S., ve Himmelberg, C. P. 1995. Evidence on the role of cash flow for investment. Journal of Monetary Economics, 36(3): 541-572.Gonenc, H., Kan, O. B., ve Karadagli, E. C. 2007. Business groups and internal capital markets. Emerging Markets Finance & Trade, 43(2): 63-81.Hoshi, T., ve Kashyap, A. 1991. Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups. Quarterly Journal of Economics, 106(1): 33-60.Hubbard, R. G. 1998. Capital market imperfections and investment. Journal of Economic Literature, 36(1): 193-225.Kaplan, S. N., ve Zingales, L. 1997. Do investment-cash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics, 112(1): 169-215. Khanna, T., ve Palepu, K. 2000. Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance, 55(2): 867-891.Lamont, O. 1997. Cash flow and investment: Evidence from internal capital markets. Journal of Finance, 52(1): 83-109.Mizen, P., ve Vermeulen, P. 2005. Corporate investment and cash flow sensitivity: What drives the relationship? European Central Bank Working Paper No. 485, Frankfurt, European Central Bank.Myers, S. C., ve Majluf, N. S. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2): 187-221.Özen, A., ve Erdem, E. 2016. Finansal kısıtların yatırımlar üzerindeki etkisi: Türkiye imalat sanayii firmaları üzerinde bir inceleme. Uluslararası İşletme, Ekonomi ve Yönetim Perspektifleri Dergisi, 1(1): 58-72. Perfect, S. B., ve Wiles, K. W. 1994. Alternative constructions of Tobin's q: An empirical comparison. Journal of Empirical Finance, 1(3–4): 313-341.Pindado, J., Requejo, I., ve de la Torre, C. 2011. Family control and investment-cash flow sensitivity: Empirical evidence from the Euro zone. Journal of Corporate Finance, 17(5): 1389-1409.Rajan, R., Servaes, H., ve Zingales, L. 2000. The cost of diversity: The diversification discount and inefficient investment. Journal of Finance, 55(1): 35-80. Sasidharan, S., Jijo Lukose, P. J., ve Komera, S. 2015. Financing constraints and investments in R&D: Evidence from Indian manufacturing firms. Quarterly Review of Economics & Finance, 55,:28-39.Schaller, H. 1993. Asymmetric information, liquidity constraints, and Canadian investment. Canadian Journal of Economics, 26(3): 552-574. Shin, H.-H., & Park, Y. S. 1999. Financing constraints and internal capital markets: Evidence from Korean `chaebols'. Journal of Corporate Finance, 5(2): 169–191. Wei, K. C. J., ve Zhang, Y. 2008. Ownership structure, cash flow, and capital investment: evidence from East Asian economies before the financial crisis. Journal of Corporate Finance, 14(2): 118-132.Yesiltas, S. 2009. Financing Constraints and Investment: The Case of Turkish Manufacturing Firms. Society for Economic Dynamics 2009 Meeting Papers. Bilkent University Society for Economic Dynamics, Ankara.
Year 2017,
Volume: 5 Issue: 2, 48 - 67, 06.10.2017
Abstract
References
- Arslan, O., Florackis, C., ve Ozkan, A. 2006. The role of cash holdings in reducing investment-cash flow sensitivity: Evidence from a financial crisis period in an emerging market. Emerging Markets Review, 7(4): 320-338.Beck, T., Demirguc-Kunt, A., Laeven, L., ve Maksimovic, V. 2006. The determinants of financing obstacles. Journal of International Money & Finance, 25(6): 932-952. Bond, S., ve Cummins, J. 2001. Noisy share prices and the Q model of investment. Institute for Fiscal Studies Working Paper No.01-22, London: Institute for Fiscal Studies.Cleary, S., Povel, P. ve Raith, M. 2007. The u-shaped investment curve: theory and evidence. Journal of Financial & Quantitative Analysis, 42(1): 1-39. Chen, H., ve Chen, S. 2012. Investment-cash flow sensitivity cannot be a good measure of financial constraints: Evidence from the time series. Journal of Financial Economics, 103(2): 393-410.Chirinko, R. S., ve Schaller, H. 2001. Business fixed investment and "Bubbles": The Japanese case. American Economic Review, 91(3): 663-680.Çetenak, E. H., ve Vural, G. (2015). İşletme grubu ilişkisi ve finansal kısıtlar: Türk işletme gruplarının yatırım-nakit akışı duyarlılığı üzerine bir araştırma. Journal of Economics, Finance and Accounting, 2(3): 313-330. Erdogan, A. I. 2013. Cash flow sensitivities of uses of cash: Evidence from Turkey. Paper Proceedings of the Multidisciplinary Academic Conference, Prague, 1-10.Erickson, T., ve Whited, T. M. 2000. Measurement error and the relationship between investment and q. Journal of Political Economy, 108(5): 1027-1055.Fazzari, S. M., Hubbard, R. G., ve Petersen, B. C. 1988. Financing constraints and corporate investment. Brookings Papers on Economic Activity,(1): 141-206.Gatchev, V. A., Pulvino, T., ve Tarhan, V. 2010. The interdependent and intertemporal nature of financial decisions: An application to cash flow sensitivities. Journal of Finance, 65(2): 725-763.Gilchrist, S., ve Himmelberg, C. P. 1995. Evidence on the role of cash flow for investment. Journal of Monetary Economics, 36(3): 541-572.Gonenc, H., Kan, O. B., ve Karadagli, E. C. 2007. Business groups and internal capital markets. Emerging Markets Finance & Trade, 43(2): 63-81.Hoshi, T., ve Kashyap, A. 1991. Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups. Quarterly Journal of Economics, 106(1): 33-60.Hubbard, R. G. 1998. Capital market imperfections and investment. Journal of Economic Literature, 36(1): 193-225.Kaplan, S. N., ve Zingales, L. 1997. Do investment-cash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics, 112(1): 169-215. Khanna, T., ve Palepu, K. 2000. Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance, 55(2): 867-891.Lamont, O. 1997. Cash flow and investment: Evidence from internal capital markets. Journal of Finance, 52(1): 83-109.Mizen, P., ve Vermeulen, P. 2005. Corporate investment and cash flow sensitivity: What drives the relationship? European Central Bank Working Paper No. 485, Frankfurt, European Central Bank.Myers, S. C., ve Majluf, N. S. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2): 187-221.Özen, A., ve Erdem, E. 2016. Finansal kısıtların yatırımlar üzerindeki etkisi: Türkiye imalat sanayii firmaları üzerinde bir inceleme. Uluslararası İşletme, Ekonomi ve Yönetim Perspektifleri Dergisi, 1(1): 58-72. Perfect, S. B., ve Wiles, K. W. 1994. Alternative constructions of Tobin's q: An empirical comparison. Journal of Empirical Finance, 1(3–4): 313-341.Pindado, J., Requejo, I., ve de la Torre, C. 2011. Family control and investment-cash flow sensitivity: Empirical evidence from the Euro zone. Journal of Corporate Finance, 17(5): 1389-1409.Rajan, R., Servaes, H., ve Zingales, L. 2000. The cost of diversity: The diversification discount and inefficient investment. Journal of Finance, 55(1): 35-80. Sasidharan, S., Jijo Lukose, P. J., ve Komera, S. 2015. Financing constraints and investments in R&D: Evidence from Indian manufacturing firms. Quarterly Review of Economics & Finance, 55,:28-39.Schaller, H. 1993. Asymmetric information, liquidity constraints, and Canadian investment. Canadian Journal of Economics, 26(3): 552-574. Shin, H.-H., & Park, Y. S. 1999. Financing constraints and internal capital markets: Evidence from Korean `chaebols'. Journal of Corporate Finance, 5(2): 169–191. Wei, K. C. J., ve Zhang, Y. 2008. Ownership structure, cash flow, and capital investment: evidence from East Asian economies before the financial crisis. Journal of Corporate Finance, 14(2): 118-132.Yesiltas, S. 2009. Financing Constraints and Investment: The Case of Turkish Manufacturing Firms. Society for Economic Dynamics 2009 Meeting Papers. Bilkent University Society for Economic Dynamics, Ankara.
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Details
| Journal Section | ARTICLES |
|---|---|
| Authors | |
| Publication Date | October 6, 2017 |
| Submission Date | June 6, 2017 |
| Acceptance Date | October 5, 2017 |
| Published in Issue | Year 2017 Volume: 5 Issue: 2 |