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SENSITIVITY OF INVESTMENTS TO CASH FLOWS: BIST CHEMICAL SECTOR RESEARCH

Yıl 2020, Sayı: 29, 113 - 126, 10.10.2020
https://doi.org/10.18092/ulikidince.707586

Öz

In this study, it is examined the cash flow sensitivities of investment of the BIST chemical industry firms WHİCH among the priority sectors in the eleventh development plan between 2005 and 2018. it is used the method developed by Howakimia (2009), which allows to determine the sensitivity of investments to cash flows on a firm basis. the firms are grouped as insensitive, positive sensitive and negative sensitive companies by the sensitivity coefficients. Financial differences between the groups have were evaluated through descriptive statistics and independent sample t-test. According to the results from the study, some of the firms in the sector increased their investments in the period when the cash flows increased (positive sensitivity); Others increase their investments in the period when their cash flows decrease (negatively sensitive). In addition, the findings show that positive sensitive firms have financial constraints, whereas negative sensitive firms do not have financial constraints and can finance their investments through debt / equity in the period when their cash flows are low.

Kaynakça

  • Allayannis, G. ve Mozumdar, A. (2004). The Impact of Negative Cash Flow and Influential Observations on Investment–Cash Flow Sensitivity Estimates. Journal of Banking & Finance, 28(5), 901-930.
  • Biddle, G. C. ve Hilary, G. (2006). Accounting Quality and Firm-Level Capital Investment. The Accounting Review, 81(5), 963-982.
  • Cleary, S., Povel P. ve Raith, M. (2007). The U-Shaped Investment Curve: Theory and Evidence. Journal of Financial and Quantitative Analysis, 42, 1–39.
  • Degryse, H. ve De Jong, A. (2006). Investment and Internal Finance: Asymmetric Information or Managerial Discretion? International Journal of Industrial Organization, 24(1), 125-147.
  • Devereux, M. ve Schiantarelli F. (1990). Investment, Financial Factors, and Cash Flow: Evidence from U.K. Panel Data. Erişim Adresi https://www.nber.org/papers/w3116.pdf.
  • Fazzari, S. Hubbard, R. G., ve Petersen, B. (1988). Investment, Financing Decisions, and Tax Policy. The American Economic Review, 78(2), 200-205.
  • Gautam, V. ve Vaidya, R. R. (2018). Evidence on the Determinants of Investment-Cash Flow Sensitivity. Indian Economic Review, 53(1-2), 229-244.
  • Gilchrist, S. ve Himmelberg, C. P. (1995). Evidence on the Role of Cash Flow for Investment. Journal of Monetary Economics, 36(3), 541-572.
  • Hadlock, C. J. (1998). Ownership, Liquidity, and Investment. The Rand Journal of Economics, 487-508.
  • Hoshi, T., Kashyap, A. ve Scharfstein, D. (1991). Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups. The Quarterly Journal of Economics, 106(1), 33-60.
  • Hovakimian, G. (2009). Determinants of Investment Cash Flow Sensitivity. Financial Management, 38(1), 161-183.
  • Hubbard, R.G., Skinner, J. ve Zeldes, S.P. (1995). Precautionary Saving and Social Insurance, Journal of Political Economy, 103, 360–99.
  • Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance and Takeovers. The American Economic Review, 76(2), 323-329.
  • Kaplan, S. ve Zingales, L. (1997). Do Investment Cash Flow Sensitivities Provide Useful Measures of Financial Constraints. Quarterly Journal of Economics, 112(1), 169-215.
  • Kaplan, S. N., & Zingales, L. (2000). Investment-cash flow sensitivities are not valid measures of financing constraints. The Quarterly Journal of Economics, 115(2), 707-712.
  • Lyandres, E. (2007). Costly External Financing, Investment Timing, and Investment–Cash Flow Sensitivity. Journal of Corporate Finance, 13(5), 959-980.
  • Makina, D. ve Wale, L. E. (2016). The Source of Investment Cash Flow Sensitivity in Manufacturing Firms: Is It Asymmetric Information or Agency Costs? South African Journal of Economic and Management Sciences, 19(3), 388-399.
  • McNichols, M. F. ve Stubben, S. R. (2008). Does Earnings Management Affect Firms’ Investment Decisions? The Accounting Review, 83(6), 1571-1603.
  • Mizen, P. ve Vermeulen, P. (2005). Corporate Investment and Cash Flow Sensitivity: What Drives the Relationship? Erişim Adresi https://www.econstor.eu/bitstream/10419/152919/1/ ecbwp0485.pdf.
  • Modigliani, F. ve Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American economic review, 48(3), 261-297.
  • Mulier, K., Schoors, K. ve Merlevede, B. (2016). Investment-Cash Flow Sensitivity and Financial Constraints: Evidence from Unquoted European SMEs. Journal of Banking & Finance, 73, 182-197.
  • Myers, S. C. ve 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.
  • Oliner, S. D. ve Rudebusch, G. D. (1992). Sources of the Financing Hierarchy for Business Investment. Review of Economics and Statistics, 74(2), 643-654.
  • Polk, C. ve Sapienza, P. (2008). The Stock Market and Corporate Investment: A Test of Catering Theory. The Review of Financial Studies, 22(1), 187-217.
  • Pulvino, T. ve Tarhan, V. (2006). Cash Flow Sensitivities with Constraints. In North-Western University Working Paper. Erişim Adresi http://211.167.92.69/cicf2006/cicf2006paper/ 20060115054230.pdf.
  • Schaller, H. (1993). Asymmetric Information, Liquidity Constraints, and Canadian Investment. Canadian Journal of Economics, 552-574.
  • Vogt, S. C. (1994). The Cash Flow/Investment Relationship: Evidence from US Manufacturing Firms. Financial Management, 3(2), 3-20.

YATIRIMLARIN NAKİT AKIMLARINA DUYARLILIĞI: BİST KİMYA SEKTÖRÜ ARAŞTIRMASI

Yıl 2020, Sayı: 29, 113 - 126, 10.10.2020
https://doi.org/10.18092/ulikidince.707586

Öz

Bu çalışmada Türkiye’nin on birinci kalkınma planında öncelikli sektörler arasında yer alan BİST Kimya sektörü firmalarının 2005-2018 yılları arasındaki yatırımlarının nakde olan duyarlılıkları incelenmiştir. Yatırımların nakit akımlarına duyarlılığının firma bazında tespit edilmesine imkan veren ve Howakimia (2009) tarafından geliştirilen yöntem kullanılmıştır. Elde edilen duyarlılık katsayıları incelenerek, firmalar duyarsız, pozitif duyarlı ve negatif duyarlı firmalar olarak gruplandırılmıştır. Gruplar arasındaki finansal farklılıklar tanımlayıcı istatistikler ve bağımsız örneklem t testi yoluyla değerlendirilmiştir. Çalışmadan elde edilen sonuçlara göre sektördeki firmaların bir kısmı nakit akışları arttığı dönemde yatırımlarını arttırırken (pozitif duyarlılık); bir kısmı ise nakit akışları azaldığı dönemde yatırımlarını arttırmaktadır (negatif duyarlı). Ayrıca elde edilen bulgular pozitif duyarlı firmaların finansal kısıtlara sahip olduğunu, buna karşın negatif duyarlı firmaların finansal kısıtlara sahip olmadığını ve yatırımlarını nakit akışlarının düşük olduğu dönemde borç/öz sermaye yoluyla finanse edebildiklerini göstermiştir.

Kaynakça

  • Allayannis, G. ve Mozumdar, A. (2004). The Impact of Negative Cash Flow and Influential Observations on Investment–Cash Flow Sensitivity Estimates. Journal of Banking & Finance, 28(5), 901-930.
  • Biddle, G. C. ve Hilary, G. (2006). Accounting Quality and Firm-Level Capital Investment. The Accounting Review, 81(5), 963-982.
  • Cleary, S., Povel P. ve Raith, M. (2007). The U-Shaped Investment Curve: Theory and Evidence. Journal of Financial and Quantitative Analysis, 42, 1–39.
  • Degryse, H. ve De Jong, A. (2006). Investment and Internal Finance: Asymmetric Information or Managerial Discretion? International Journal of Industrial Organization, 24(1), 125-147.
  • Devereux, M. ve Schiantarelli F. (1990). Investment, Financial Factors, and Cash Flow: Evidence from U.K. Panel Data. Erişim Adresi https://www.nber.org/papers/w3116.pdf.
  • Fazzari, S. Hubbard, R. G., ve Petersen, B. (1988). Investment, Financing Decisions, and Tax Policy. The American Economic Review, 78(2), 200-205.
  • Gautam, V. ve Vaidya, R. R. (2018). Evidence on the Determinants of Investment-Cash Flow Sensitivity. Indian Economic Review, 53(1-2), 229-244.
  • Gilchrist, S. ve Himmelberg, C. P. (1995). Evidence on the Role of Cash Flow for Investment. Journal of Monetary Economics, 36(3), 541-572.
  • Hadlock, C. J. (1998). Ownership, Liquidity, and Investment. The Rand Journal of Economics, 487-508.
  • Hoshi, T., Kashyap, A. ve Scharfstein, D. (1991). Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups. The Quarterly Journal of Economics, 106(1), 33-60.
  • Hovakimian, G. (2009). Determinants of Investment Cash Flow Sensitivity. Financial Management, 38(1), 161-183.
  • Hubbard, R.G., Skinner, J. ve Zeldes, S.P. (1995). Precautionary Saving and Social Insurance, Journal of Political Economy, 103, 360–99.
  • Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance and Takeovers. The American Economic Review, 76(2), 323-329.
  • Kaplan, S. ve Zingales, L. (1997). Do Investment Cash Flow Sensitivities Provide Useful Measures of Financial Constraints. Quarterly Journal of Economics, 112(1), 169-215.
  • Kaplan, S. N., & Zingales, L. (2000). Investment-cash flow sensitivities are not valid measures of financing constraints. The Quarterly Journal of Economics, 115(2), 707-712.
  • Lyandres, E. (2007). Costly External Financing, Investment Timing, and Investment–Cash Flow Sensitivity. Journal of Corporate Finance, 13(5), 959-980.
  • Makina, D. ve Wale, L. E. (2016). The Source of Investment Cash Flow Sensitivity in Manufacturing Firms: Is It Asymmetric Information or Agency Costs? South African Journal of Economic and Management Sciences, 19(3), 388-399.
  • McNichols, M. F. ve Stubben, S. R. (2008). Does Earnings Management Affect Firms’ Investment Decisions? The Accounting Review, 83(6), 1571-1603.
  • Mizen, P. ve Vermeulen, P. (2005). Corporate Investment and Cash Flow Sensitivity: What Drives the Relationship? Erişim Adresi https://www.econstor.eu/bitstream/10419/152919/1/ ecbwp0485.pdf.
  • Modigliani, F. ve Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American economic review, 48(3), 261-297.
  • Mulier, K., Schoors, K. ve Merlevede, B. (2016). Investment-Cash Flow Sensitivity and Financial Constraints: Evidence from Unquoted European SMEs. Journal of Banking & Finance, 73, 182-197.
  • Myers, S. C. ve 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.
  • Oliner, S. D. ve Rudebusch, G. D. (1992). Sources of the Financing Hierarchy for Business Investment. Review of Economics and Statistics, 74(2), 643-654.
  • Polk, C. ve Sapienza, P. (2008). The Stock Market and Corporate Investment: A Test of Catering Theory. The Review of Financial Studies, 22(1), 187-217.
  • Pulvino, T. ve Tarhan, V. (2006). Cash Flow Sensitivities with Constraints. In North-Western University Working Paper. Erişim Adresi http://211.167.92.69/cicf2006/cicf2006paper/ 20060115054230.pdf.
  • Schaller, H. (1993). Asymmetric Information, Liquidity Constraints, and Canadian Investment. Canadian Journal of Economics, 552-574.
  • Vogt, S. C. (1994). The Cash Flow/Investment Relationship: Evidence from US Manufacturing Firms. Financial Management, 3(2), 3-20.
Toplam 27 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm MAKALELER
Yazarlar

Aslı Yıkılmaz Erkol

Turhan Korkmaz 0000-0001-5468-2279

Yayımlanma Tarihi 10 Ekim 2020
Yayımlandığı Sayı Yıl 2020 Sayı: 29

Kaynak Göster

APA Yıkılmaz Erkol, A., & Korkmaz, T. (2020). YATIRIMLARIN NAKİT AKIMLARINA DUYARLILIĞI: BİST KİMYA SEKTÖRÜ ARAŞTIRMASI. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(29), 113-126. https://doi.org/10.18092/ulikidince.707586


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