{"id":3791,"date":"2017-11-08T03:05:44","date_gmt":"2017-11-08T00:05:44","guid":{"rendered":"https:\/\/www.berjournal.com\/?p=3791"},"modified":"2017-11-11T02:26:45","modified_gmt":"2017-11-10T23:26:45","slug":"investigating-cash-flow-sensitivity-of-investments-in-firms-quoted-on-borsa-istanbul","status":"publish","type":"post","link":"https:\/\/www.berjournal.com\/tr\/investigating-cash-flow-sensitivity-of-investments-in-firms-quoted-on-borsa-istanbul","title":{"rendered":"Borsa \u0130stanbul Firmalar\u0131nda Yat\u0131r\u0131mlar\u0131n Nakit Ak\u0131\u015flar\u0131na Duyarl\u0131l\u0131\u011f\u0131n\u0131n \u0130ncelenmesi"},"content":{"rendered":"

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Makale Bilgileri<\/td>\n<\/tr>\n
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Dergi:<\/td>\nBusiness and Economics Research Journal<\/td>\n<\/tr>\n
Makalenin Ba\u015fl\u0131\u011f\u0131:<\/td>\nBorsa \u0130stanbul Firmalar\u0131nda Yat\u0131r\u0131mlar\u0131n Nakit Ak\u0131\u015flar\u0131na Duyarl\u0131l\u0131\u011f\u0131n\u0131n \u0130ncelenmesi<\/td>\n<\/tr>\n
Yazar(lar):<\/td>\nSerdar Benligiray, Nurhan Ayd\u0131n<\/td>\n<\/tr>\n
Cilt:<\/td>\n8<\/td>\n<\/tr>\n
Say\u0131:<\/td>\n4<\/td>\n<\/tr>\n
Y\u0131l:<\/td>\n2017<\/td>\n<\/tr>\n
Sayfa:<\/td>\n699-714<\/td>\n<\/tr>\n
ISSN:<\/td>\n1309-2448<\/td>\n<\/tr>\n
DOI Numaras\u0131:<\/td>\n10.20409\/berj.2017.77<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
\u00d6z<\/td>\n<\/tr>\n
D\u0131\u015fsal finansman maliyetinin y\u00fcksek olmas\u0131 firmalar\u0131n kendi kaynaklar\u0131 ile yaratt\u0131klar\u0131 nakit ak\u0131\u015flar\u0131na daha \u00e7ok ba\u011fl\u0131 kalmalar\u0131na ve olmas\u0131 beklenenden daha d\u00fc\u015f\u00fck seviyede yat\u0131r\u0131m yapmalar\u0131na neden olur. \u0130\u00e7sel ve d\u0131\u015fsal finansman\u0131n maliyetindeki bu farkl\u0131l\u0131\u011f\u0131 belirlemede faydal\u0131 bir yakla\u015f\u0131m, yat\u0131r\u0131mlar\u0131n nakit ak\u0131\u015f\u0131 duyarl\u0131l\u0131\u011f\u0131n\u0131 g\u00f6zlemlemektir. Belirgin yat\u0131r\u0131m-nakit ak\u0131\u015f\u0131 duyarl\u0131l\u0131\u011f\u0131 g\u00f6steren firmalar finansal k\u0131s\u0131tl\u0131 olarak kabul edilir. Bu yakla\u015f\u0131m izlenerek, Borsa \u0130stanbul\u2019a kote olan finans d\u0131\u015f\u0131 firmalar\u0131n yat\u0131r\u0131m-nakit ak\u0131\u015f\u0131 duyarl\u0131l\u0131klar\u0131 2002\u20132014 d\u00f6nemi i\u00e7in incelenmi\u015ftir. Panel veri analizinin sonu\u00e7lar\u0131na g\u00f6re k\u00fc\u00e7\u00fck, gen\u00e7 ve temett\u00fc da\u011f\u0131t\u0131m\u0131 d\u00fc\u015f\u00fck olan firmalar yat\u0131r\u0131m\u2013nakit ak\u0131\u015f\u0131 duyarl\u0131l\u0131\u011f\u0131 g\u00f6sterirken, sekt\u00f6rel kategorilere ve bir finansal k\u0131s\u0131tl\u0131l\u0131k endeksine \u2013KZ endeks\u2013 g\u00f6re yap\u0131lan s\u0131n\u0131fland\u0131rmaya ait bulgularda bu duyarl\u0131l\u0131\u011fa ili\u015fkin net bir bulguya ula\u015f\u0131lamam\u0131\u015ft\u0131r. D\u00fc\u015f\u00fck temett\u00fc da\u011f\u0131t\u0131m\u0131 yapan firmalar en belirgin yat\u0131r\u0131m\u2013nakit ak\u0131\u015f\u0131 duyarl\u0131l\u0131\u011f\u0131na sahiptir. S\u0131n\u0131fland\u0131rma yap\u0131lmaks\u0131z\u0131n firmalar\u0131n t\u00fcm\u00fc, 2002-2014 d\u00f6neminde belli \u00f6l\u00e7\u00fcde yat\u0131r\u0131m-nakit ak\u0131\u015f\u0131 duyarl\u0131l\u0131\u011f\u0131 g\u00f6stermi\u015ftir. Kriz d\u00f6neminde yat\u0131r\u0131mlar\u0131n di\u011fer t\u00fcm alt d\u00f6nemlere g\u00f6re, nakit ak\u0131\u015f\u0131na en duyarl\u0131 oldu\u011fu g\u00f6zlenmi\u015ftir. Di\u011fer taraftan, finansman imk\u00e2n\u0131n\u0131n g\u00f6rece kolay oldu\u011fu varsay\u0131lan d\u00f6nemlerde yat\u0131r\u0131m\u2013nakit ak\u0131\u015f\u0131 duyarl\u0131l\u0131\u011f\u0131 belirgin de\u011fildir. Bu bulgular, yat\u0131r\u0131m-nakit ak\u0131\u015f\u0131 duyarl\u0131l\u0131\u011f\u0131n\u0131n finansal k\u0131s\u0131tl\u0131l\u0131kla ili\u015fkili oldu\u011funu savunan g\u00f6r\u00fc\u015f ile ayn\u0131 do\u011frultudad\u0131r.<\/td>\n<\/tr>\n
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Anahtar Kelimeler:<\/td>\nYat\u0131r\u0131mlar, Nakit Ak\u0131\u015f\u0131, Finansal K\u0131s\u0131t, Finansman Hiyerar\u015fisi, Finansal Kriz<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
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JEL S\u0131n\u0131fland\u0131rmas\u0131:<\/td>\nG14, G31, G01<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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Makale Bilgileri Dergi: Business and Economics Research Journal Makalenin Ba\u015fl\u0131\u011f\u0131: Borsa \u0130stanbul Firmalar\u0131nda Yat\u0131r\u0131mlar\u0131n Nakit Ak\u0131\u015flar\u0131na Duyarl\u0131l\u0131\u011f\u0131n\u0131n \u0130ncelenmesi Yazar(lar): Serdar Benligiray, Nurhan Ayd\u0131n Cilt: 8 Say\u0131: 4 Y\u0131l: 2017 Sayfa: 699-714 ISSN: 1309-2448 DOI Numaras\u0131: 10.20409\/berj.2017.77 \u00d6z D\u0131\u015fsal finansman maliyetinin y\u00fcksek olmas\u0131 firmalar\u0131n kendi kaynaklar\u0131 ile yaratt\u0131klar\u0131 nakit ak\u0131\u015flar\u0131na daha \u00e7ok ba\u011fl\u0131 kalmalar\u0131na ve olmas\u0131 […]<\/p>\n

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