2008 Kriz Sonrası Türkiye ve Doğu Avrupa Şirketlerinde Nakit Tutma Belirleyicileri

Abstract

This study aims to evaluate the determinants of corporate cash holding in Central and Eastern European countries, including Turkey, by reflecting the 2008 Global Crisis. In the study, the year-end financial statement data of non-financial firms listed on the stock exchange and macroeconomic variables of Bulgaria, the Czechia, Estonia, Croatia, Latvia, Lithuania, Hungary, Poland, Romania, Slovakia, Slovenia and Turkey between years 2003-2016 are used. Research and development (R&D) expenditures, growth opportunity, tangible capital expenditures, firm size, leverage, dividend, debt structure, cash flow, cash flow volatility, net working capital and return on assets with the macroeconomic variables of inflation, domestic credit provided to private sector (%), GDP growth rate, rule of law index and total market value are used as cash holding variables. The relationship between variables was analyzed by pooled, random and fixed effects models from panel data regression methods; the dynamic panel data was created by adding the lagged cash holding variable to the model and the analysis was repeated with the generalized moments method (GMM). The findings show that cash holding rates, which decreased continuously until the 2008 crisis, increased every year after the crisis. In explaining the cash holding ratio of firms, the lagged cash holding variable is more effective than all other variables. In addition, the post-crisis period; when compared to the pre-crisis and all-year averages, it is seen that the time period to reach the target cash levels of the firms is prolonged. This is a sign that the cost of reaching the target cash level after the crisis outweighs the cost of not being at that cash level.