Kurumsal Nakit Tutumunun Firma Değerine Etkisi: BİST’ten Ampirik Kanıtlar

Yunus Kaya

doi:10.37880/cumuiibf.1612835

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Kurumsal Nakit Tutumunun Firma Değerine Etkisi: BİST’ten Ampirik Kanıtlar

Öz

Bu çalışmanın amacı, Borsa İstanbul’da işlem gören imalat sanayi firmaları için nakit tutumunun firma değeri üzerindeki etkisini incelemektir. Çalışmada firma değerinin maksimum seviyede olduğu optimal bir nakit seviyesinin varlığı dinamik panel veri analizi yöntemlerinden olan Genelleştirilmiş Momentler Metodu (GMM) ile test edilmektedir. 2009-2023 dönemine ait veri setlerini içeren çalışmada, firma değerini temsilen Tobin’s-Q ve Pd/Dd bağımlı değişken olarak kullanılmıştır. Nakit ve nakit benzerleri toplamının toplam aktiflere oranı olan “Nakit ve Nakit’in karesi” ise çalışmanın temel bağımsız değişkenleridir. Çalışma ayrıca, literatürde firma değerinin önemli belirleyicileri olarak kabul edilen kaldıraç, büyüklük ve varlık yapısı gibi firmaya özgü bazı kontrol değişkenlerini de içermektedir. Çalışmada elde edilen sonuçlar nakit tutumu ile firma değeri arasında ters U şeklinde bir ilişki olduğunu göstermekte ve nakit bulundurmanın marjinal fayda ve maliyetlerinin dengelendiği, optimal bir nakit tutma seviyesinin varlığını kanıtlamaktadır. Ayrıca çalışma sonuçlarına göre, optimum seviyeden sapmaların firmanın değerini olumsuz etkilediği de belirlenmiştir. Bu anlamda gelişmekte olan bir ülke olarak nitelendirilen Türkiye’de imalat sanayi firmalarının finansal sıkıntıları dikkate alındığında, nakit yönetim politikalarının söz konusu bu denge noktalarının referans alınarak yürütülmesi gerektiği fikri ön plana çıkmaktadır. Bu nedenle firmalar optimal nakit bulundurma seviyelerinin ötesine geçmeyecek şekilde nakit rezervlerini yönetmelidir. Bu durum firma değeri açısından önem arz eden bir konu olarak karşımıza çıkmaktadır.

Anahtar Kelimeler

The Impact of Corporate Cash Holdings on Firm Value: Empirical Evidence from BIST

Abstract

The purpose of this study is to examine the effect of cash holdings on firm value for manufacturing firms traded in Borsa Istanbul. In the study, the existence of an optimal cash level at which firm value is maximized is tested with the Generalized Method of Moments (GMM), one of the dynamic panel data analysis methods. In the study, which includes data sets for the period 2009-2023, Tobin's-Q and Pd/Dd are used as dependent variables to represent firm value. “Cash and Cash squared”, which is the ratio of total cash and cash equivalents to total assets, are the main independent variables of the study. The study also includes some firm-specific control variables such as leverage, size and asset structure, which are considered to be important determinants of firm value in the literature. The results of the study show that there is an inverted U-shaped relationship between cash holding and firm value and prove the existence of an optimal level of cash holding where the marginal benefits and costs of holding cash are balanced. In addition, the study also finds that deviations from the optimal level have a negative impact on firm value. Given the financial constraints experienced by manufacturing enterprises in Turkey, which is recognized as a developing country, it becomes imperative to emphasize that cash management strategies should be aligned with these critical balance points. Therefore, firms should organize their cash reserves in a way that they can maintain them at optimal levels. This consideration is vital for enhancing firm value.

Keywords

References

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Details

Primary Language

Turkish

Subjects

Finance

Journal Section

Research Article

Authors

Yunus Kaya ^*
0000-0001-9293-8108
Türkiye

Early Pub Date

July 19, 2025

Publication Date

July 25, 2025

Submission Date

January 3, 2025

Acceptance Date

June 8, 2025

Published in Issue

Year 2025 Volume: 26 Number: 3

DOI

https://doi.org/10.37880/cumuiibf.1612835

IZ

https://izlik.org/JA57PD67BZ

Cite

RIS / Bibtex

APA

Kaya, Y. (2025). Kurumsal Nakit Tutumunun Firma Değerine Etkisi: BİST’ten Ampirik Kanıtlar. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 26(3), 516-530. https://doi.org/10.37880/cumuiibf.1612835