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Finansal Esneklik ve Sermaye Yatırımları Arasındaki İlişkinin İncelenmesi

Year 2016, Volume: 8 Issue: 1, 11 - 20, 14.07.2016

Nida Abdioğlu Sinan Aytekin

Abstract

Bu çalışmada Türkiye'de 2006-2011 yılları arasında Borsa İstanbul İmalat Sanayinde işlem gören firmaların finansal esnekliğinin sermaye yatırımlarına olan etkisi incelenmiştir. 2008 yılı küresel finansal krizi öncesi ve sonrasında finansal açıdan esnek olan ve esnek olmayan firmaların karakteristikleri incelenerek sermaye yatırımı belirleyicileri analiz edilmiştir. Kriz öncesinde yüksek kaldıraçlı firmaların, kriz dönemi ve kriz sonrasında kaldıraç oranlarını artırdıkları, yüksek nakit oranlı firmaların nakit oranlarının ise krizden etkilenerek azaldığı sonucuna ulaşılmıştır. İkinci olarak, esnekliği daha fazla olan firmaların, kriz sonrası yatırımlarındaki azalmanın daha az olduğu bulunmuştur. Son olarak, kaldıracın kriz sonrasında nakit akımı duyarlılığını etkilemediği tespit edilmiştir.

Keywords

Finansal Esneklik Sermaye Yatırımı İmalat Sanayi Borsa İstanbul

References

  • Arslan, Ö., Florackis, C., & Ozkan, A. (2014). Financial Flexibility, Corporate Investment and Performance: Evidence from Financial Crises. Review of Quantitative Finance and Accounting, 42(2), 211-250.
  • Bahadori, M., Talebnia, G., & Imani, Z. (2015). A study on the Relationship between Financial Flexibility and Cash Policies of Listed Companies in Tehran Stock Exchange. Journal of Applied Environmental and Biological Sciences, 5(7): 138-143. Bancel, F., & Mittoo, U.R. (2004). The Determinants of Capital Structure Choice: A Survey of European Firms. Financial Management, 33: 103–132.
  • Bonaimé, A. A., Hankins, K. W., & Harford, J. (2014). Financial Flexibility, Risk Management, and Payout Choice. The Review of Financial Studies, 24(4): 1074-1101.
  • Brounen, D., Jong, A., & Koedijk, K. (2006). Capital Structure Policies in Europe: Survey Evidence. Journal of Banking and Finance, 30(5): 1409-1442.
  • Byoun, S. (2011). Financial Flexibility and Capital Structure Decision.
  • http://ssrn.com/abstract=1108850. Paper, Available
  • at Chen, T., Harford, J., & Lin, C. (2013). Financial Flexibility and Corporate
  • http://ssrn.com/abstract=2298628. Policy. Available
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  • Daniel, N. D., Denis, D. J., & Naveen, L. (2010). Sources of Financial Flexibility: Evidence from Cash Flow Shortfalls. Drexel University Working Paper.
  • DeAngelo, H., & DeAngelo, L. (2007). Capital Structure, Payout Policy, and Financial Flexibility. Working Paper, Denis, D. J., & McKeon, S. B. (2010). Debt Financing and Financial Flexibility: Evidence from Pro-active Leverage Increases.
  • http://ssrn.com/abstract=1361171. Paper, Available
  • at Faulkender, M., & Wang, R. (2006). Corporate Financial Policy and the Value of Cash. Journal of Finance, 61(4): 1957-1990.
  • Ferrando, A., Marchica, M., & Mura, R. (2014). Financial Flexibility Across the Euro Area and the UK. European Central Bank Working Paper Series, 1630: 1-73.
  • Frank, M. Z., & Goyal, V. K. (2009). Capital Structure Decisions: Which
  • Management, Spring: 1-37. Important?.
  • Financial Graham, J.R., & Harvey, C.R. (2001). The Theory and Practice of Corporate Finance: Evidence From the Field. Journal of Financial Economics, 60: 187-243.
  • Hess, D., & Immenkötter, P. (2014). How Much is too Much? Debt capacity and Financial Flexibility. CFR Working Paper, 14-03.
  • Kahl, M., Shivdasani, A., & Wang, Y. (2008). Do Firms Use Commercial Paper to Enhance Financial Flexibility?. Working Paper,
  • http://www.hec.unil.ch/documents/sem_ibf/kahl.pdf. Available
  • at Killi, A. M., Rapp, M. S., & Schmid, T. (2011). Can Financial Flexibility Explain the Debt Conservatism Puzzle? Cross- Country Evidence from Listed Firms. Working Paper, King'wara, R. (2015). The Relationship between Financial Flexibility and Dividend Payouts: A Case of Listed Firms in Kenya. European Journal of Business and Management, 7(3): 51-58.
  • Lindström, O., & Heshmati, A. (2003). Interaction of Real and Financial Flexibility: An Empirical Analysis. Helsinki School of Economics Working Paper, 363:1-31.
  • Ma, S., Jin, Y., & Chang, Y. (2015). Firm's Financial Flexibility: Driving Factors, Flexibility Degree and Economic Results: A Comparison of America and China. International Journal of Economics and Finance, 7(11): 52-61.
  • Marchica, M., & Mura, R. (2010). Financial Flexibility, Investment Ability and Firm Value: Evidence from Firms with Spare Debt Capacity. Financial Management, 39(4): 1339-1365. Myers, S. C., & Majluf, N. (1984). Corporate Financing and Investment Decisions when Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 13(2): 187-221.
  • Rapp, M. S., Schmid, T., & Urban, D. (2014). The Value of Financial Flexibility and Corporate Financial Policy. Journal of Corporate Finance, 29: 288-302.
  • Rajaei, M. H., & Batuteh, M. (2013). Study The Relationship between Financial Flexibility and Firm's Ownership Structure in Tehran Stock Exchange. Advances in Environmental Biology, 7(10): 3175-3180.
  • Schoubben, F., & Hulle, C. V. (2011). Stock Listing and Financial Flexibility. Journal of Business Research, 64(5): 483- 489.
  • Yung, K., Li, D. D., & Jian, Y. (2015). The Value of Corporate Financial Flexibility in Emerging Countries. Journal of Multinational Financial Management, 32-33: 25-41.

The Relation Between Financial Flexibility and Corporate Investment

Year 2016, Volume: 8 Issue: 1, 11 - 20, 14.07.2016

Nida Abdioğlu Sinan Aytekin

Abstract

In this study the relation between financial flexibility and corporate investment is examined for the firms listed in Borsa Istanbul Manufaturing Industry for the period 2006-2011. The firms are divided into two groups. The firms which are financially flexible pre and post-crisis create the first group. In addition, the firms which are not financially flexible pre and post-crisis exist in the second group. The chracteristics of these firms are investigated and the determinants of corporate investment are analysed. It is found that the firms which have higher leverage ratio before the crisis increase their leverage ratio during the crisis and post-crisis. Furthermore, the firms with high cash ratios decrease their cash ratios post-crisis. Financially flexible firms also show less decline in their investment post-crisis. Finally, it is reported that leverage do not affect the sensitivity of cash flow after the crisis.

Keywords

Financial Flexibility Corporate Investment Manufacturing Industry Borsa Istanbul

References

  • Arslan, Ö., Florackis, C., & Ozkan, A. (2014). Financial Flexibility, Corporate Investment and Performance: Evidence from Financial Crises. Review of Quantitative Finance and Accounting, 42(2), 211-250.
  • Bahadori, M., Talebnia, G., & Imani, Z. (2015). A study on the Relationship between Financial Flexibility and Cash Policies of Listed Companies in Tehran Stock Exchange. Journal of Applied Environmental and Biological Sciences, 5(7): 138-143. Bancel, F., & Mittoo, U.R. (2004). The Determinants of Capital Structure Choice: A Survey of European Firms. Financial Management, 33: 103–132.
  • Bonaimé, A. A., Hankins, K. W., & Harford, J. (2014). Financial Flexibility, Risk Management, and Payout Choice. The Review of Financial Studies, 24(4): 1074-1101.
  • Brounen, D., Jong, A., & Koedijk, K. (2006). Capital Structure Policies in Europe: Survey Evidence. Journal of Banking and Finance, 30(5): 1409-1442.
  • Byoun, S. (2011). Financial Flexibility and Capital Structure Decision.
  • http://ssrn.com/abstract=1108850. Paper, Available
  • at Chen, T., Harford, J., & Lin, C. (2013). Financial Flexibility and Corporate
  • http://ssrn.com/abstract=2298628. Policy. Available
  • at Clark, B. J. (2010). The Impact of Financial Flexibility on Capital Structure Decisions: Some Empirical Evidence. Working Paper. Available at http://ssrn.com/abstract=1499497.
  • Daniel, N. D., Denis, D. J., & Naveen, L. (2010). Sources of Financial Flexibility: Evidence from Cash Flow Shortfalls. Drexel University Working Paper.
  • DeAngelo, H., & DeAngelo, L. (2007). Capital Structure, Payout Policy, and Financial Flexibility. Working Paper, Denis, D. J., & McKeon, S. B. (2010). Debt Financing and Financial Flexibility: Evidence from Pro-active Leverage Increases.
  • http://ssrn.com/abstract=1361171. Paper, Available
  • at Faulkender, M., & Wang, R. (2006). Corporate Financial Policy and the Value of Cash. Journal of Finance, 61(4): 1957-1990.
  • Ferrando, A., Marchica, M., & Mura, R. (2014). Financial Flexibility Across the Euro Area and the UK. European Central Bank Working Paper Series, 1630: 1-73.
  • Frank, M. Z., & Goyal, V. K. (2009). Capital Structure Decisions: Which
  • Management, Spring: 1-37. Important?.
  • Financial Graham, J.R., & Harvey, C.R. (2001). The Theory and Practice of Corporate Finance: Evidence From the Field. Journal of Financial Economics, 60: 187-243.
  • Hess, D., & Immenkötter, P. (2014). How Much is too Much? Debt capacity and Financial Flexibility. CFR Working Paper, 14-03.
  • Kahl, M., Shivdasani, A., & Wang, Y. (2008). Do Firms Use Commercial Paper to Enhance Financial Flexibility?. Working Paper,
  • http://www.hec.unil.ch/documents/sem_ibf/kahl.pdf. Available
  • at Killi, A. M., Rapp, M. S., & Schmid, T. (2011). Can Financial Flexibility Explain the Debt Conservatism Puzzle? Cross- Country Evidence from Listed Firms. Working Paper, King'wara, R. (2015). The Relationship between Financial Flexibility and Dividend Payouts: A Case of Listed Firms in Kenya. European Journal of Business and Management, 7(3): 51-58.
  • Lindström, O., & Heshmati, A. (2003). Interaction of Real and Financial Flexibility: An Empirical Analysis. Helsinki School of Economics Working Paper, 363:1-31.
  • Ma, S., Jin, Y., & Chang, Y. (2015). Firm's Financial Flexibility: Driving Factors, Flexibility Degree and Economic Results: A Comparison of America and China. International Journal of Economics and Finance, 7(11): 52-61.
  • Marchica, M., & Mura, R. (2010). Financial Flexibility, Investment Ability and Firm Value: Evidence from Firms with Spare Debt Capacity. Financial Management, 39(4): 1339-1365. Myers, S. C., & Majluf, N. (1984). Corporate Financing and Investment Decisions when Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 13(2): 187-221.
  • Rapp, M. S., Schmid, T., & Urban, D. (2014). The Value of Financial Flexibility and Corporate Financial Policy. Journal of Corporate Finance, 29: 288-302.
  • Rajaei, M. H., & Batuteh, M. (2013). Study The Relationship between Financial Flexibility and Firm's Ownership Structure in Tehran Stock Exchange. Advances in Environmental Biology, 7(10): 3175-3180.
  • Schoubben, F., & Hulle, C. V. (2011). Stock Listing and Financial Flexibility. Journal of Business Research, 64(5): 483- 489.
  • Yung, K., Li, D. D., & Jian, Y. (2015). The Value of Corporate Financial Flexibility in Emerging Countries. Journal of Multinational Financial Management, 32-33: 25-41.
There are 28 citations in total.

Details

Other ID JA43ST54DH
Journal Section Review Article
Authors

Nida Abdioğlu

Sinan Aytekin

Publication Date July 14, 2016
Published in Issue Year 2016Volume: 8 Issue: 1

Cite

APA Abdioğlu, N., & Aytekin, S. (2016). Finansal Esneklik ve Sermaye Yatırımları Arasındaki İlişkinin İncelenmesi. Aksaray Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 8(1), 11-20.
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