Kurumsal mali politika ve nakit varlıkların değeri: Türkiye örneği

This paper investigates the cross sectional variation in the market value of corporate cash holdings for Turkish non-financial public firms from 1990 to 2014. On average, the estimated marginal value of cash is around TRY 0.56 for a firm with zero cash and no leverage, indicating that the potential agency problems associated with cash holdings outweighs the benefits of liquidity on average. Through examining the changes in excess stock returns during the fiscal year, the findings suggest that the marginal value of cash decreases with higher cash holdings, higher leverage and better access to external financing. The findings of this study are in line with the existing theories in cash literature.