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

Year 2018, Issue: 21, 81 - 100, 19.03.2018

Emre Esat Topaloğlu

https://doi.org/10.18092/ulikidince.380882

Cited By: 3

Abstract

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

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

Abstract

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.

Keywords

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

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