Firma Büyüklüğü, Finansal Kısıtlar ve Ters Monotonik Yatırım-Nakit Akış Duyarlılığı

Abstract

This paper aims at testing the financial constraints hypothesis in a period when access to credit is relatively easy using firm size as a priori criterion for access to credit. We use Turkish firm data covering the period 2006–2017 and estimate regressions with panel fixed effects. We find that investment-cash flow sensitivities monotonically increase from small firms to large firms across four groups. The findings reject the null hypothesis and imply an inverse monotonic relationship between investment-cash flow sensitivities and financial constraints. We conclude that any difference in investment-cash flow sensitivities estimated by a cash flow-augmented q investment equation can’t be interpreted as an indicator of financial constraints especially when firms are not homogenous in terms of cash flow which can indicate financial distress or free cash flow problem.