Firm Size, Financial Constraints and Inverse Monotonicity of Investment-Cash Flow Sensitivity

Yıl 2022, Cilt: 22 Sayı: 2, 632 - 647, 31.07.2022

Cihan Çobanoğlu , Ümit Gümrah

https://doi.org/10.11616/asbi.1094934

Öz

Financial constraints hypothesis states that firms that are more likely to be financially constrained should have higher investment-cash flow sensitivity. This paper aims at testing the financial constraints hypothesis in a period when access to credit is relatively easy using firm size as a priori criterion for access to credit. We use data of firms listed on Borsa Istanbul during the period 2006–2017 and estimate regressions with panel fixed effects. We find that investment-cash flow sensitivities monotonically increase from small firms to large firms across four groups. The findings reject the financial constraints hypothesis and imply an inverse monotonic relationship between investment-cash flow sensitivities and financial constraints. We conclude that any difference in investment-cash flow sensitivities estimated by a cash flow-augmented q investment equation can’t be interpreted as an indicator of financial constraints especially when firms are not homogenous in terms of cash flow which can indicate financial distress or free cash flow problem.

Anahtar Kelimeler

Firm Size, Financial Constraints, Investment-Cash Flow Sensitivity, Financial Distress, Free Cash Flow

Firma Büyüklüğü, Finansal Kısıtlar ve Ters Monotonik Yatırım-Nakit Akış Duyarlılığı

Öz

Çalışma, krediye erişimin göreceli olarak daha kolay olduğu bir dönemde krediye erişim için öncül kriter olarak firma büyüklüğünü kullanarak finansal kısıtlar hipotezini test etmeyi amaçlamaktadır. Çalışmada Borsa İstanbul’da 2006–2017 dönemi boyunca işlem gören firmaların verisi kullanılmıştır ve yatırım-nakit akış duyarlılıkları panel sabit etkiler yöntemi ile tahmin edilmiştir. Yatırım-nakit akış duyarlılıklarının küçük firmalardan büyük firmalara doğru monoton arttığı bulunmuştur. Bu bulgu finansal kısıtlar hipotezini reddetmektedir ve yatırım-nakit akış duyarlılığı ile finansal kısıtlar arasında ters monoton ilişki olduğu anlamına gelmektedir. Nakit akışı ile genişletilmiş q yatırım denklemi kullanılarak tahmin edilen yatırım-nakit akış duyarlılıkları arasındaki bir farklılığın, finansal kısıtların bir göstergesi olarak yorumlanamayacağı sonucuna varılmıştır. Nakit akışı finansal sıkıntıyı veya serbest nakit akışı problemini gösterebileceği için, bu sonuç özellikle firmalar nakit akışı açısından homojen olmadığında geçerlidir.

Anahtar Kelimeler

Firma Büyüklüğü, Finansal Kısıtlar, Yatırım-Nakit Akış Duyarlılığı, Finansal Sıkıntı, Serbest Nakit Akışı

Kaynakça

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