Articlegold2017

Is the free cash flow hypothesis valid in Turkey?

54 citations0/0 files storedBorsa Istanbul Review

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

This study tests the validity of the free cash flow hypothesis in the context of firms traded on Borsa Istanbul. The study applies a panel regression to a data set composed of 1267 observations from 227 companies during the period 2008–2014. The results reveal a significant, negative correlation between dividends per share and free cash flow. Likewise, a significant, inverse relationship is found between leverage and free cash flow. Thus, the results support the free cash flow hypothesis.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1979Distribution of the Estimators for Autoregressive Time Series with a Unit Root 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 2003Testing for unit roots in heterogeneous panels 2002Unit root tests in panel data: asymptotic and finite-sample properties 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1999The determinants and implications of corporate cash holdings 1998Agency Problems and Dividend Policies Around the World

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