Nakit Akış Profillerinin İncelenmesi: Türkiye Uygulaması

Abstract

The statement of cash flow has received increasing attention recently since it provides various information that may not be included in the balance sheet or income statement to keep track of the financial status of firms. Yet, cash flow-based information is still not popular as much as the other financial statements. The purpose of this study is to provide insights about the cash flow patterns of the firms and combine the cash flow profiles with life cycle theory by using the methods of Gup et. al. (1993), Bruwer and Hamman (2005) and Dickinson (2011). The research covers 206 non-financial firms from 4 different sectors in Borsa Istanbul (BIST) between the dates of 2008-2017. 1.793 firm-year observations are first grouped according to the signs, either positive or negative and assigned to the patterns and life cycle stages. Results reveal that 40% of the firm-year observations are at the mature stage which is pattern 2 (Successful Company) that is consistent with the literature. In addition, 23% of the firm-year observations are at the growth stage (Pattern 4, Growing Company), while 6% of are at the decline stage (Pattern 5 and 7). We also examine the traditional ratios in different cash flow profiles and the results prove that liquidity, profitability financial structure and dividend pay-out decisions are the functions of cash flow profiles.