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

Yıl 2025, Cilt: 26 Sayı: 3, 516 - 530, 25.07.2025

Yunus Kaya

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

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

Nakit Tutumu Firma Değeri Optimal Nakit Seviyesi GMM

Kaynakça

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  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: monte carlo evidence and an application to employment equations. The review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51. https://doi.org/10.1016/0304-4076(94)01642-D
  • Azmat, Q. U. A. (2014). Firm value and optimal cash level: evidence from Pakistan. International Journal of Emerging Markets, 9(4), 488-504. https://doi.org/10.1108/IJoEM-11-2011-0104
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  • Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985-2021. https://doi.org/10.1111/j.1540-6261.2009.01492.x
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
  • Brown, J. R., Fazzari, S. M., & Petersen, B. C. (2009). Financing innovation and growth: Cash flow, external equity, and the 1990s R&D boom. The Journal of Finance, 64(1), 151-185. https://doi.org/10.1111/j.1540-6261.2008.01431.x
  • Çam, İ., Özer, G., Kocaman, M., & Çerez, S. (2023). Petrol fiyatı volatilitesi ve kurumsal nakit bulundurma politikası: BIST’te ampirik bir uygulama. Maliye Dergisi, 184:74-91.
  • Canbaş, S., Doğukanlı, H., Düzakın, H., & İskenderoğlu, Ö. (2005). Performans ölçümünde tobin q oranının kullanılması: hisse senetleri İMKB'de işlem gören sanayi işletmeleri üzerinde bir deneme. Muhasebe ve Finansman Dergisi, (28), 24-36.
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  • Chireka, T., & Moloi, T. (2024). Firm value, corporate cash holdings and the role of managerial ability. South African Journal of Business Management, 55(1), 10. https://doi.org/10.4102/sajbm.v55i1.4541
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  • Diaw, A. (2021). Corporate cash holdings in emerging markets. Borsa Istanbul Review, 21(2), 139-148. https://doi.org/10.1016/j.bir.2020.09.005
  • Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599-634. https://doi.org/10.1016/j.jfineco.2005.12.006
  • Dogru, T., & Sirakaya-Turk, E. (2017). The value of cash holdings in hotel firms. International Journal of Hospitality Management, 65, 20-28. https://doi.org/10.1016/j.ijhm.2017.05.004
  • Drobetz, W., & Grüninger, M. C. (2007). Corporate cash holdings: Evidence from Switzerland. Financial Markets and Portfolio Management, 21, 293-324. https://doi.org/10.1007/s11408-007-0052-8
  • Düzer, M. ve Önce, S. (2018). “Sürdürülebilirlik performans göstergelerine ilişkin açıklamaların finansal performans üzerine etkisi: BİST’te bir uygulama”. Muhasebe ve Vergi Uygulamaları Dergisi, 11(1): 93-118.
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  • Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The journal of Finance, 61(4), 1957-1990. https://doi.org/10.1111/j.1540-6261.2006.00894.x
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The Impact of Corporate Cash Holdings on Firm Value: Empirical Evidence from BIST

Yıl 2025, Cilt: 26 Sayı: 3, 516 - 530, 25.07.2025

Yunus Kaya

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

Öz

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.

Anahtar Kelimeler

Cash Holdings Firm Value Optimal Cash Level GMM

Kaynakça

  • Alnori, F. (2020). Cash holdings: Do they boost or hurt firms’ performance? Evidence from listed non-financial firms in Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 13(5), 919-934. https://doi.org/10.1108/IMEFM-08-2019-0338
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: monte carlo evidence and an application to employment equations. The review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51. https://doi.org/10.1016/0304-4076(94)01642-D
  • Azmat, Q. U. A. (2014). Firm value and optimal cash level: evidence from Pakistan. International Journal of Emerging Markets, 9(4), 488-504. https://doi.org/10.1108/IJoEM-11-2011-0104
  • Baltagi, B. H. (2005). Econometric analysis of panel data. (3.Ed.). England: John Wiley&Sons.
  • Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985-2021. https://doi.org/10.1111/j.1540-6261.2009.01492.x
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
  • Brown, J. R., Fazzari, S. M., & Petersen, B. C. (2009). Financing innovation and growth: Cash flow, external equity, and the 1990s R&D boom. The Journal of Finance, 64(1), 151-185. https://doi.org/10.1111/j.1540-6261.2008.01431.x
  • Çam, İ., Özer, G., Kocaman, M., & Çerez, S. (2023). Petrol fiyatı volatilitesi ve kurumsal nakit bulundurma politikası: BIST’te ampirik bir uygulama. Maliye Dergisi, 184:74-91.
  • Canbaş, S., Doğukanlı, H., Düzakın, H., & İskenderoğlu, Ö. (2005). Performans ölçümünde tobin q oranının kullanılması: hisse senetleri İMKB'de işlem gören sanayi işletmeleri üzerinde bir deneme. Muhasebe ve Finansman Dergisi, (28), 24-36.
  • Caprio, L., Del Giudice, A., & Signori, A. (2020). Cash holdings in family firms: CEO identity and implications for firm value. European Financial Management, 26(2), 386-415. https://doi.org/10.1111/eufm.12233
  • Chireka, T., & Moloi, T. (2024). Firm value, corporate cash holdings and the role of managerial ability. South African Journal of Business Management, 55(1), 10. https://doi.org/10.4102/sajbm.v55i1.4541
  • Chung, K.H. & Pruitt, S.W. (1994). “A simple approximation of Tobin’s q”. Financial Management, 23(3): 70-74. https://doi.org/10.2307/3665623
  • Dang, C., Li, Z. F., & Yang, C. (2018). Measuring firm size in empirical corporate finance. Journal of Banking & Finance, 86, 159-176. https://doi.org/10.1016/j.jbankfin.2017.09.006
  • Diaw, A. (2021). Corporate cash holdings in emerging markets. Borsa Istanbul Review, 21(2), 139-148. https://doi.org/10.1016/j.bir.2020.09.005
  • Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599-634. https://doi.org/10.1016/j.jfineco.2005.12.006
  • Dogru, T., & Sirakaya-Turk, E. (2017). The value of cash holdings in hotel firms. International Journal of Hospitality Management, 65, 20-28. https://doi.org/10.1016/j.ijhm.2017.05.004
  • Drobetz, W., & Grüninger, M. C. (2007). Corporate cash holdings: Evidence from Switzerland. Financial Markets and Portfolio Management, 21, 293-324. https://doi.org/10.1007/s11408-007-0052-8
  • Düzer, M. ve Önce, S. (2018). “Sürdürülebilirlik performans göstergelerine ilişkin açıklamaların finansal performans üzerine etkisi: BİST’te bir uygulama”. Muhasebe ve Vergi Uygulamaları Dergisi, 11(1): 93-118.
  • Elmas, B., & Topal, B. (2022). Yatırım faaliyetlerinden kaynaklanan nakit akışları ile firma değeri ve firma performansı ilişkisi: Panel veri analizi. Trends in Business and Economics, 36(4), 359-373.
  • Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The journal of Finance, 61(4), 1957-1990. https://doi.org/10.1111/j.1540-6261.2006.00894.x
  • Fresard, L. (2010). Financial strength and product market behavior: The real effects of corporate cash holdings. The Journal of Finance, 65(3), 1097-1122. https://doi.org/10.1111/j.1540-6261.2010.01562.x
  • Guney, Y., Ozkan, A., & Ozkan, N. (2003). Additional international evidence on corporate cash holdings. Available at SSRN 406721. https://dx.doi.org/10.2139/ssrn.406721
  • Habib, A., Bhatti, M. I., Khan, M. A., & Azam, Z. (2021). Cash holding and firm value in the presence of managerial optimism. Journal of Risk and Financial Management, 14(8), 356. https://doi.org/10.3390/jrfm14080356
  • Hansen, B. E. (1999). Threshold effects in non-dynamic panels: Estimation, testing, and inference. Journal of Econometrics, 93(2), 345-368. https://doi.org/10.1016/S0304-4076(99)00025-1
  • Hansen, L. P. (1982). Large sample properties of generalized method of moments estimators. Econometrica: Journal of The Econometric Society, 1029-1054. https://doi.org/10.2307/1912775
  • Harford, J. (1999). Corporate cash reserves and acquisitions. The Journal of Finance, 54(6), 1969-1997. https://doi.org/10.1111/0022-1082.00179
  • Harford, J., Mansi, S. A., & Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the US. Journal of Financial Economics, 87(3), 535-555. https://doi.org/10.1016/j.jfineco.2007.04.002
  • He, Z., & Wintoki, M. B. (2016). The cost of innovation: R&D and high cash holdings in US firms. Journal of Corporate Finance, 41, 280-303. https://doi.org/10.1016/j.jcorpfin.2016.10.006
  • Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795-822. https://doi.org/10.1111/j.1539-6975.2011.01413.x
  • https://www.finnet.com.tr/FinnetStore/Tr/Urun/AnalizExpert Erişim Tarihi: 02.09.2024
  • https://www.kap.org.tr/tr/ Erişim Tarihi: 11.09.2024
  • Isshaq, Z., Bokpin, G. A., & Onumah, J. M. (2009). Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange. The Journal of Risk Finance, 10(5), 488-499.
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  • Jensen, M. C. and Meckling, W. (1976) Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3(4), 305-360.
  • Kakani, R. K., Saha, B., & Reddy, V. N. (2001). Determinants of financial performance of Indian corporate sector in the post-liberalization era: an exploratory study. National Stock Exchange of India Limited, NSE Research Initiative Paper, (5). https://dx.doi.org/10.2139/ssrn.904983
  • Keynes, J. M. (1936). The general theory of employment. ın: ınterest and money. Harcourt Brace: London.
  • Khadraoui, N., & Smida, M. (2012). Financial development and economic growth: static and dynamic panel data analysis. International Journal of Economics and Finance, 4(5), 94-104. http://dx.doi.org/10.5539/ijef.v4n5p94
  • Khoshemehr, A.J. (2018). İç denetimin finansal performans üzerine etkisi: tahran borsasında bir uygulama. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı, Yayımlanmamış Doktora Tezi, Erzurum.
  • Kılınç, D., Seven, Ü., & Yetkiner, H. (2017). Financial development convergence: New evidence for the EU. Central Bank Review, 17(2), 47-54. https://doi.org/10.1016/j.cbrev.2017.05.002
  • Kim, C. S., Mauer, D. C., & Sherman, A. E. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of Financial and Quantitative Analysis, 33(3), 335-359. https://doi.org/10.2307/2331099
  • Koçak, E., & Ulucak, Z.Ş. (2019). The effect of energy R&D expenditures On CO2 emission reduction: estimation of the STIRPAT model for OECD Countries. Environmental Science and Pollution Research, 26, 14328-14338. https://doi.org/10.1007/s11356-019-04712-2
  • Korkmaz, Ö., & Karaca, S. S. (2014). Üretim işletmelerinde firma karlılığının finansal belirleyicileri ve BİST imalat sanayi uygulaması. Ege Akademik Bakış, 14(1), 21-29.
  • Kraus, A., & Litzenberger, R.H. (1973). A State-Preference Model of Optimal Financial Leverage. Journal of Finance, 28(4), 911-922. https://doi.org/10.2307/2978343
  • Levitas, E., & McFadyen, M. A. (2009). Managing liquidity in research‐intensive firms: signaling and cash flow effects of patents and alliance activities. Strategic Management Journal, 30(6), 659-678. https://doi.org/10.1002/smj.762
  • Li, F. (2016). Endogeneity in CEO power: A survey and experiment. Investment Analysts Journal, 45(3), 149-162. http://dx.doi.org/10.1080/10293523.2016.1151985
  • Luo, Q., & Hachiya, T. (2005). Corporate governance, cash holdings, and firm value: evidence from Japan. Review of Pacific Basin Financial Markets and Policies, 8(04), 613-636. https://doi.org/10.1142/S0219091505000580
  • Martínez-Sola, C., García-Teruel, P. J., & Martínez-Solano, P. (2013). Corporate cash holding and firm value. Applied Economics, 45(2), 161-170. https://doi.org/10.1080/00036846.2011.595696
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  • McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595-612. https://doi.org/10.1016/0304-405X(90)90069-C
  • Mikkelson, W. H., & Partch, M. M. (2003). Do persistent large cash reserves hinder performance? Journal of Financial and Quantitative Analysis, 38(2), 275-294. https://doi.org/10.2307/4126751
  • Myers, S. C., & 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. https://doi.org/10.1016/0304-405X(84)90023-0
  • Nguyen Thanh, C. (2019). Optimal cash holding ratio for non-financial firms in Vietnam stock exchange market. Journal of Risk and Financial Management, 12(2), 104. https://doi.org/10.3390/jrfm12020104
  • Nguyen, T. L. H., Nguyen, L. N. T., & Le, T. P. V. (2016). Firm value, corporate cash holdings and financial constraint: A study from a developing market. Australian Economic Papers, 55(4), 368-385. https://doi.org/10.1111/1467-8454.12082
  • Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46. https://doi.org/10.1016/S0304-405X(99)00003-3
  • Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103-2134. https://doi.org/10.1016/j.jbankfin.2003.08.003
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  • Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86-136. https://doi.org/10.1177/1536867X0900900106
  • Şahin, O. (2011). KOBİ’lerde finansal performansı belirleyen faktörler. Uluslararası Yönetim İktisat ve İşletme Dergisi, 7(14), 183-200.
  • Şenol, Z., & Karaca, S. S. (2017). Finansal risklerin firma değeri üzerine etkisi: BİST örneği. Gazi İktisat ve İşletme Dergisi, 3(1), 1-18.
  • Tatoğlu Yerdelen, F. (2018). İleri panel veri analizi. (3. Baskı). İstanbul: Beta Basım Yayım Dağıtım.
  • Tong, Z. (2008). Deviations from optimal CEO ownership and firm value. Journal of Banking & Finance, 32(11), 2462-2470. https://doi.org/10.1016/j.jbankfin.2008.05.005
  • Topaloğlu, E. E. (2018). Nakit bulundurma politikası dinamikleri: bıst tekstil endeksi firmaları üzerine statik ve dinamik panel veri analizi. Uluslararası İktisadi ve İdari İncelemeler Dergisi, (21), 81-100. https://doi.org/10.18092/ulikidince.380882
  • Wang, Z., & Xu, G. (2021). Optimal cash holding decision with uncertain control. Journal of Control and Decision, 8(3), 292-302. https://doi.org/10.1080/23307706.2020.1765204
  • Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25-51. https://doi.org/10.1016/j.jeconom.2004.02.005
  • Yücel, E. (2016). İmalat sanayi firmalarının nakit tutma dinamikleri. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 16(1), 103-117.
  • Zeren, F., & Ergun, S. (2010). AB'ye dogrudan yabanci yatirim girislerini belirleyen faktörler: Dinamik panel veri analizi. Business and Economics Research Journal, 1(4), 67-83.
  • Zhang, Q., Shah, S. A. R., & Yang, L. (2022). Modeling the effect of disaggregated renewable energies on ecological footprint in E5 economies: Do economic growth and R&D matter? Applied Energy, 310, 118522. https://doi.org/10.1016/j.apenergy.2022.118522
Toplam 69 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm Makaleler
Yazarlar

Yunus Kaya 0000-0001-9293-8108

Erken Görünüm Tarihi 19 Temmuz 2025
Yayımlanma Tarihi 25 Temmuz 2025
Gönderilme Tarihi 3 Ocak 2025
Kabul Tarihi 8 Haziran 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 26 Sayı: 3

Kaynak Göster

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
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