Kurumsal finansmanda kredi limitlerinin rolü: Türkiye örneği

This paper investigates the liquidity choice between line of credit and cash for Turkish public firms. I find that firms with high cash flow rely more on bank lines of credit in their liquidity management. Nevertheless, the significance of liquidity choice differs with cash holding levels. While firms with high cash holdings and low cash flow rely more on credit lines, firms with high cash holdings and high cash flow do not. I also find, using a cash flow sensitivity of cash analysis, that reliance on bank lines of credit is a viable financial constraint measurements that distinguishes financially constraint firms from unconstrained ones.