CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS

AVCI, EMIN; tan, ömer faruk

doi:10.31460/mbdd.974277

CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS

Ömer Faruk TAN, (Marmara Üniversitesi, İşletme Fakültesi, Muhasebe ve Finans Bölümü, İstanbul, Türkiye)

Emin AVCI (Marmara Üniversitesi, İşletme Fakültesi, Muhasebe ve Finans Bölümü, İstanbul, Türkiye)

Muhasebe Bilim Dünyası Dergisi

7 0

Yıl: 2022 Cilt: 24 Sayı: 3 Sayfa Aralığı: 700 - 728 Metin Dili: İngilizce DOI: 10.31460/mbdd.974277 İndeks Tarihi: 14-10-2022

CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS

Öz:

This study analyzes cash-cash flow sensitivity by comparing financially constrained and unconstrained firms in eight markets. 486 manufacturing firms are examined between 2005 and 2018 using the Generalized Method of Moments. These firms are categorized based on size, age, and Size-Age, Sales-Age, and Kaplan and Zingales indices. We find that both constrained and unconstrained firms evince positive cash-cash flow sensitivity. Although unconstrained firms obtain external financing easily, they prefer to first use internally generated funds in accordance with the pecking order theory. The results also reveal that cash-cash flow sensitivity cannot be used to test financial constraints in emerging markets.

Anahtar Kelime: Cash-cash flow sensitivity CASH HOLDİNG Emerging Markets GMM

NAKİT - NAKİT AKIŞI DUYARLILIĞI: GELİŞMEKTE OLAN ÜLKELER ÖRNEĞİ

Öz:

Bu çalışma sekiz gelişmekte olan ülkede yer alan finansal açıdan kısıtlı ve kısıtlı olmayan firmaları karşılaştırarak nakit-nakit akışı duyarlılığını analiz etmektedir. 486 üretim firması 2005-2018 yılları arasında Genelleştirilmiş Momentler Metodu tahmincileri uygulanarak analiz edilmiştir. Bu firmalar büyüklük, yaş ve Size-Age (SA1), Sales-Age (SA2), ve Kaplan-Zingales (KZ) endekslerine göre kategorilere ayrılmıştır. Analiz sonuçlarına göre hem kısıtlanmış hem de kısıtlanmamış firmaların pozitif nakit-nakit akışı duyarlılığı gösterdiği bulunmuştur. Kısıtlanmamış firmalar dış finansmanı kolaylıkla temin edebilirken, finansal hiyerarşi teorisine dayalı olarak öncelikle kendi iç fonlarını kullanmayı tercih etmektedirler. Sonuçlar ayrıca nakit-nakit akışı duyarlılığının gelişmekte olan ülkelerde finansal kısıtlamaları test etmek için kullanılamayacağını da göstermektedir.

Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık

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APA	tan ö, AVCI E (2022). CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS. , 700 - 728. 10.31460/mbdd.974277
Chicago	tan ömer faruk,AVCI EMIN CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS. (2022): 700 - 728. 10.31460/mbdd.974277
MLA	tan ömer faruk,AVCI EMIN CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS. , 2022, ss.700 - 728. 10.31460/mbdd.974277
AMA	tan ö,AVCI E CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS. . 2022; 700 - 728. 10.31460/mbdd.974277
Vancouver	tan ö,AVCI E CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS. . 2022; 700 - 728. 10.31460/mbdd.974277
IEEE	tan ö,AVCI E "CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS." , ss.700 - 728, 2022. 10.31460/mbdd.974277
ISNAD	tan, ömer faruk - AVCI, EMIN. "CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS". (2022), 700-728. https://doi.org/10.31460/mbdd.974277

APA	tan ö, AVCI E (2022). CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS. Muhasebe Bilim Dünyası Dergisi, 24(3), 700 - 728. 10.31460/mbdd.974277
Chicago	tan ömer faruk,AVCI EMIN CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS. Muhasebe Bilim Dünyası Dergisi 24, no.3 (2022): 700 - 728. 10.31460/mbdd.974277
MLA	tan ömer faruk,AVCI EMIN CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS. Muhasebe Bilim Dünyası Dergisi, vol.24, no.3, 2022, ss.700 - 728. 10.31460/mbdd.974277
AMA	tan ö,AVCI E CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS. Muhasebe Bilim Dünyası Dergisi. 2022; 24(3): 700 - 728. 10.31460/mbdd.974277
Vancouver	tan ö,AVCI E CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS. Muhasebe Bilim Dünyası Dergisi. 2022; 24(3): 700 - 728. 10.31460/mbdd.974277
IEEE	tan ö,AVCI E "CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS." Muhasebe Bilim Dünyası Dergisi, 24, ss.700 - 728, 2022. 10.31460/mbdd.974277
ISNAD	tan, ömer faruk - AVCI, EMIN. "CASH - CASH FLOW SENSITIVITY: EVIDENCE FROM EMERGING MARKETS". Muhasebe Bilim Dünyası Dergisi 24/3 (2022), 700-728. https://doi.org/10.31460/mbdd.974277