Hisse Senedi Likiditesi ile İşletmelerin Nakit Varlıkları Arasındaki Nedensellik İlişkisi

Abstract

Recent research documents evidence that stock liquidity and asset liquidity are associated. In the literature, some research finds the effect of asset liquidity on stock liquidity whereas some finds the effect of stock liquidity on corporate liquidity. This study examines the causality relationship between a firm's stock liquidity and its cash holdings. We use Granger causality for a dataset of listed non-financial companies. We find bidirectional causality between the two variables. The evidence shows that the causality from stock liquidity to cash holdings is weaker than the otherwise. Furthermore, our findings imply that investors are more reliant on firm's cash holdings for valuation of smaller firms. The results support that small firms have more information asymmetry.