Kurumsal Nakit Bulundurma Politikalarına Etki Eden Faktörler: Denizcilik İşletmeleri Üzerine Finansal Bir Analiz

Year 2021, Volume: 10 Issue: 3, 2660 - 2693, 30.09.2021

Esma Önal Berk Yıldız

https://doi.org/10.15869/itobiad.878085

Abstract

Kurumsal finansın majör çalışma alanlarından biri olan nakit yönetiminin işletmeler için önemi, 2008 küresel finans krizi sonrasında daha da artmış ve bir işletmenin sürekliliğinin sağlanabilmesi için kârlılık faktörünün tek başına yeterli bir ölçü olmadığı daha net bir şekilde anlaşılmıştır. Kuşkusuz her sektörün kendine özgü dinamikleri ve özellikleri vardır. Ancak yoğun rekabetin yaşandığı deniz ticaret piyasasında, etkin bir nakit yönetim politikasının oluşturulması, ekonomik dalgalanmalara oldukça duyarlı olan sektör işletmelerinin sürekliliklerinin sağlanması açısından büyük önem arz etmektedir. Bu sebeple de, bu piyasada herhangi bir işletmenin tek başına egemen olması veya hüküm sürmesi, pek rastlanan bir durum değildir. Bununla birlikte, nakdin diğer varlıklara veya ödeme şekillerine göre üstünlüğünü ifade eden "nakit kraldır" deyişinin daha da önem kazandığı bu günlerde, deniz ticaret piyasası özelinde bir değerlendirme yapabilmek ve denizyolu taşımacılık işletmelerinin kurumsal nakit bulundurma politikalarını etkileyen faktörleri tespit etmek üzere bu çalışmanın yapılmasına karar verilmiştir. Finans yazınında birçok çalışma yapılmış olmasına rağmen, deniz ticaret piyasası işletmeleri üzerine yapılmış çalışma sayısı oldukça sınırlı ve yetersizdir. Bu nedenle, finans yazınına deniz ticaret piyasası özelinde katkı sağlamak için de yapılan bu çalışmanın amacı, hisse senetleri New York Menkul Kıymetler Borsasında (New York Stock Exchange) işlem gören denizyolu taşımacılık işletmelerinin nakit bulundurma politikalarına etki eden faktörlerin tespit edilmesidir. İşletmelerin yıllık verilerini içeren ve 2008-2019 dönemini kapsayan bir veri setinin kullanıldığı çalışmada, söz konusu dönemde hisse senetleri NYSE’ de sürekli olarak işlem gören 17 denizyolu taşımacılık işletmesinin, nakit bulundurma politikalarını etkileyebileceği tahmin edilen çeşitli faktörler, kurulan model yardımıyla panel veri yöntemi ile analiz edilmiştir. Elde edilen bulgulara göre NYSE’ de işlem gören denizyolu taşımacılık işletmelerinin nakit bulundurma politikaları üzerinde kârlılık ve sermaye harcamaları faktörlerinin pozitif, kaldıraç ve likidite faktörlerinin ise negatif yönlü etkileri vardır.

Keywords

Kurumsal Nakit Bulundurma, Denizyolu Taşımacılık İşletmeleri, Nakit Yönetim Politikaları, Nakit Devir Hızı, Panel Veri

Determinants of Corporate Cash Holding Policies: A Financial Analysis on Shipping Companies

Abstract

The importance of cash management, which is one of the major research areas of corporate finance, has increased even more after the 2008 Global Financial Crisis and it has been understood more clearly that profitability is not only factor for a sufficient measure to ensure the continuity of a business. Precisely, every sector has its own dynamics and characteristics. However, in the maritime trade market where there is fierce competition, establishing an effective cash management policy is of great importance in terms of ensuring continuity, by the reason of the sensitivity of companies to economic fluctuations. For this reason it is not ordinary for just a company to dominate this market. Currently, when the motto "cash is king", which expresses the superiority of cash over other assets or payment methods, has become more important, it has been decided to conduct this study in order to make an assessment specific to the sector and to determine the affecting factors of the corporate cash holding policies of maritime transport companies. Although there are many studies in the literature, the studies on maritime trade market industry is very limited and insufficient. So, the purpose of this study is also made to contribute to literature in the maritime trade market, by determining the factors affecting the cash holding policies of companies that are listed on the New York Stock Exchange (NYSE). In the study, an annual data set covering the period of 2008-2019 has been created and various factors that are predicted to affect the cash holding policies of 17 maritime transport companies listed in NYSE analyzed by panel data method. The findings showed that, profitability and capital expenditures have positive effects, contrary to leverage and liquidity.

Keywords

Corporate Cash Holding, Shipping Companies, Cash Management Policies, Cash Turnover Ratio, Panel Data

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