{"id":15924,"date":"2026-01-31T23:00:42","date_gmt":"2026-01-31T23:00:42","guid":{"rendered":"https:\/\/www.hnjournal.net\/?page_id=15924"},"modified":"2026-01-31T23:00:43","modified_gmt":"2026-01-31T23:00:43","slug":"7-2-42","status":"publish","type":"page","link":"https:\/\/www.hnjournal.net\/en\/7-2-42\/","title":{"rendered":""},"content":{"rendered":"<div class=\"journal-article\" style=\"margin-bottom: 20px;\"><h3 style='text-align: left; font-family:Times New Roman;'>Cash Holdings and Financial Structure Effects on Firm Growth: Evidence from Borsa Istanbul (BIST100)<\/h3><h4 style='text-align: right; font-family:Simplified Arabic;'>\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0646\u0642\u062f \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0623\u062b\u0631\u0647\u0645\u0627 \u0639\u0644\u0649 \u0646\u0645\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a: \u0623\u062f\u0644\u0629 \u0645\u0646 \u0628\u0648\u0631\u0635\u0629 \u0625\u0633\u0637\u0646\u0628\u0648\u0644  (BIST 100)<\/h4><p style='text-align: left; font-weight:bold;'>HUSHAM HASAN HAMMADI AL-ALWANI<sup>1<\/sup>, Dr. \u00d6\u011fr. \u00dcyesi SARA FAEDFAR<sup>1<\/sup><\/p><div style='direction: ltr; text-align: left; font-size:12px; line-height:1.5;'><p><sup>1<\/sup> Istanbul Aydin University, T\u00fcrkiye.<\/p><p>Email: hushamhasanhammadial@stu.aydin.edu.tr<\/p><\/div><p style='text-align:left;'><strong>DOI:<\/strong> <a href='https:\/\/doi.org\/https:\/\/doi.org\/10.53796\/hnsj72\/42' target='_blank' rel='noopener'>https:\/\/doi.org\/10.53796\/hnsj72\/42<\/a><\/p><p style='text-align: left;'><strong>Arabic Scientific Research Identifier:<\/strong> <a href='https:\/\/arsri.org\/10000\/72\/42' target='_blank' rel='noopener'>https:\/\/arsri.org\/10000\/72\/42<\/a><\/p><p style='text-align: left;'><strong>Volume (7) Issue (2). Pages:<\/strong> 673 - 678<\/p><p style='text-align: left;'><strong>Received at:<\/strong> 2026-01-10 | <strong>Accepted at:<\/strong> 2026-01-20 | <strong>Published at:<\/strong> 2026-02-01<\/p><p><a href='\/volume7\/issue2\/7-2-42.pdf' target='_blank' rel='noopener' style='background-color:green;color:white;padding:10px 15px;text-decoration:none;border-radius:5px;'>Download PDF<\/a><\/p>\r\n<style>\r\n.hnsj-cite-btn{\r\n  display:inline-flex; gap:8px; align-items:center;\r\n  padding:10px 14px; border-radius:10px;\r\n  border:1px solid #0b5ed7; background:#0b5ed7; color:#fff;\r\n  cursor:pointer; font-weight:700;\r\n}\r\n.hnsj-cite-btn:hover{background:#084bb0;border-color:#084bb0}\r\n.hnsj-cite-note{display:block;margin-top:6px;font-size:13px;opacity:.85}\r\n\r\n.hnsj-modal-backdrop{\r\n  position:fixed; inset:0; background:rgba(0,0,0,.55);\r\n  display:none; z-index:99998;\r\n}\r\n.hnsj-modal{\r\n  position:fixed; left:50%; top:50%; transform:translate(-50%,-50%);\r\n  width:min(760px,94vw); background:#fff; border-radius:14px;\r\n  box-shadow:0 12px 35px rgba(0,0,0,.28);\r\n  display:none; z-index:99999; overflow:hidden;\r\n  border:1px solid rgba(0,0,0,.08);\r\n}\r\n\r\n.hnsj-modal-header{\r\n  display:flex; justify-content:space-between; align-items:center;\r\n  padding:14px 16px; border-bottom:1px solid #eee; background:#f8fafc;\r\n}\r\n.hnsj-modal-title{font-size:16px;font-weight:800;color:#111827}\r\n.hnsj-modal-close{\r\n  border:1px solid #d1d5db; background:#fff;\r\n  width:34px; height:34px; border-radius:10px;\r\n  font-size:18px; cursor:pointer; line-height:0; color:#111827;\r\n}\r\n.hnsj-modal-close:hover{background:#f3f4f6}\r\n\r\n.hnsj-tabs{\r\n  display:flex; gap:10px; padding:10px 16px;\r\n  border-bottom:1px solid #f0f0f0; justify-content:flex-end;\r\n}\r\n.hnsj-tab{\r\n  padding:10px 14px; border-radius:10px;\r\n  border:1px solid #cfcfcf; background:#f3f4f6;\r\n  cursor:pointer; font-weight:800; color:#111827;\r\n}\r\n.hnsj-tab:hover{background:#e5e7eb;border-color:#9ca3af}\r\n.hnsj-tab.active{\r\n  background:#0b5ed7; border-color:#0b5ed7; color:#fff;\r\n  box-shadow:0 2px 10px rgba(11,94,215,.18);\r\n}\r\n\r\n.hnsj-modal-body{padding:14px 16px}\r\n.hnsj-row{\r\n  display:flex; gap:10px; flex-wrap:wrap; align-items:center;\r\n  margin-bottom:10px; justify-content:flex-end;\r\n}\r\n.hnsj-select{\r\n  padding:10px 12px; border-radius:10px;\r\n  border:1px solid #cfcfcf; min-width:220px;\r\n  background:#fff; color:#111827; font-weight:700;\r\n}\r\n.hnsj-copy{\r\n  padding:10px 14px; border-radius:10px;\r\n  border:1px solid #0b5ed7; background:#0b5ed7; color:#fff;\r\n  cursor:pointer; font-weight:800;\r\n}\r\n.hnsj-copy:hover{background:#084bb0;border-color:#084bb0}\r\n\r\n.hnsj-textarea{\r\n  width:100%; min-height:130px; padding:12px;\r\n  border-radius:12px; border:1px solid #cfcfcf;\r\n  line-height:1.7; resize:vertical; color:#111827; background:#fff;\r\n}\r\n.hnsj-actions{display:flex; justify-content:space-between; align-items:center; margin-top:10px; gap:10px; flex-wrap:wrap;}\r\n.hnsj-dl{\r\n  padding:10px 14px;\r\n  border-radius:10px;\r\n  border:1px solid #0b5ed7;\r\n  background:#0b5ed7;\r\n  color:#fff;\r\n  cursor:pointer;\r\n  font-weight:800;\r\n}\r\n.hnsj-dl:hover{background:#084bb0;border-color:#084bb0}\r\n\/* Force the citation modal UI to be independent from site RTL\/LTR *\/\r\n.hnsj-modal,\r\n.hnsj-modal *{\r\n  direction: ltr;\r\n  text-align: left;\r\n}\r\n\r\n\/* Keep the header title readable *\/\r\n.hnsj-modal-header{\r\n  direction: ltr;\r\n}\r\n<\/style>\r\n\r\n<script>\r\n(function(){\r\n  function slugifyFileName(s){\r\n    return (s || 'citation')\r\n      .toString()\r\n      .trim()\r\n      .replace(\/^https?:\\\/\\\/\/i,'')\r\n      .replace(\/[^a-z0-9]+\/gi,'-')\r\n      .replace(\/-+\/g,'-')\r\n      .replace(\/^-|-$\/g,'')\r\n      .toLowerCase();\r\n  }\r\n\r\n  function downloadTextFile(filename, content, mime){\r\n    var blob = new Blob([content], { type: mime || 'text\/plain;charset=utf-8' });\r\n    var url = URL.createObjectURL(blob);\r\n    var a = document.createElement('a');\r\n    a.href = url;\r\n    a.download = filename;\r\n    document.body.appendChild(a);\r\n    a.click();\r\n    a.remove();\r\n    setTimeout(function(){ URL.revokeObjectURL(url); }, 500);\r\n  }\r\n\r\n  function splitAuthors(str){\r\n    if(!str) return [];\r\n    return str\r\n      .split(\/,|\u061b|\u060c|;|\\n\/g)\r\n      .map(s => s.trim())\r\n      .filter(Boolean);\r\n  }\r\n\r\n  function buildRIS(m, langKey){\r\n    const title   = (langKey === 'ar') ? 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H. H, Faedfar S. (2026). Cash Holdings and Financial Structure Effects on Firm Growth: Evidence from Borsa Istanbul (BIST100). Humanities &amp; Natural Sciences Journal, 7(2). https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;,&quot;Chicago&quot;:&quot;Husham Hasan Hammadi Al-Alwani, Sara Faedfar. 2026. \\&quot;Cash Holdings and Financial Structure Effects on Firm Growth: Evidence from Borsa Istanbul (BIST100).\\&quot; Humanities &amp; Natural Sciences Journal 7, no. 2. https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;,&quot;Harvard&quot;:&quot;Al-Alwani H. H. H, Faedfar S. 2026. Cash Holdings and Financial Structure Effects on Firm Growth: Evidence from Borsa Istanbul (BIST100). Humanities &amp; Natural Sciences Journal. [Internet] 2026-02-01. [Cited 2026-04-24]. 7(2). Available at: https:\\\/\\\/www.hnjournal.net\\\/7-2-42\\\/. https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;,&quot;Vancouver&quot;:&quot;Al-Alwani H. H. H, Faedfar S. Cash Holdings and Financial Structure Effects on Firm Growth: Evidence from Borsa Istanbul (BIST100). Humanities &amp; Natural Sciences Journal. [Internet]. 2026-02-01; 7(2). Available from: https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;,&quot;IEEE&quot;:&quot;Al-Alwani H. H. H, Faedfar S, \\&quot;Cash Holdings and Financial Structure Effects on Firm Growth: Evidence from Borsa Istanbul (BIST100),\\&quot; Humanities &amp; Natural Sciences Journal, vol. 7, no. 2, 2026. https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;,&quot;MLA&quot;:&quot;Husham Hasan Hammadi Al-Alwani, Sara Faedfar. \\&quot;Cash Holdings and Financial Structure Effects on Firm Growth: Evidence from Borsa Istanbul (BIST100).\\&quot; Humanities &amp; Natural Sciences Journal, vol. 7, no. 2, 2026-02-01, https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;}' data-cit-ar='{&quot;APA&quot;:&quot;AL-ALWANI H. H. H, FAEDFAR S. (2026). \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0646\u0642\u062f \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0623\u062b\u0631\u0647\u0645\u0627 \u0639\u0644\u0649 \u0646\u0645\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a: \u0623\u062f\u0644\u0629 \u0645\u0646 \u0628\u0648\u0631\u0635\u0629 \u0625\u0633\u0637\u0646\u0628\u0648\u0644  (BIST 100). \u0645\u062c\u0644\u0629 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0627\u0646\u0633\u0627\u0646\u064a\u0629 \u0648\u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629\u060c 7(2). https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;,&quot;Chicago&quot;:&quot;AL-ALWANI HUSHAM HASAN HAMMADI, FAEDFAR SARA. 2026. \u00ab\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0646\u0642\u062f \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0623\u062b\u0631\u0647\u0645\u0627 \u0639\u0644\u0649 \u0646\u0645\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a: \u0623\u062f\u0644\u0629 \u0645\u0646 \u0628\u0648\u0631\u0635\u0629 \u0625\u0633\u0637\u0646\u0628\u0648\u0644  (BIST 100)\u00bb. \u0645\u062c\u0644\u0629 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0627\u0646\u0633\u0627\u0646\u064a\u0629 \u0648\u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629\u060c 7(2). https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;,&quot;Harvard&quot;:&quot;AL-ALWANI H. H. H, FAEDFAR S. \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0646\u0642\u062f \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0623\u062b\u0631\u0647\u0645\u0627 \u0639\u0644\u0649 \u0646\u0645\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a: \u0623\u062f\u0644\u0629 \u0645\u0646 \u0628\u0648\u0631\u0635\u0629 \u0625\u0633\u0637\u0646\u0628\u0648\u0644  (BIST 100). \u0645\u062c\u0644\u0629 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0627\u0646\u0633\u0627\u0646\u064a\u0629 \u0648\u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629. [\u0627\u0646\u062a\u0631\u0646\u062a] 2026-02-01. [\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0648\u0635\u0648\u0644 2026-04-24]. 7(2). \u0645\u062a\u0627\u062d \u0639\u0644\u0649: https:\\\/\\\/www.hnjournal.net\\\/7-2-42\\\/. https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;,&quot;Vancouver&quot;:&quot;AL-ALWANI H. H. H, FAEDFAR S. \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0646\u0642\u062f \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0623\u062b\u0631\u0647\u0645\u0627 \u0639\u0644\u0649 \u0646\u0645\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a: \u0623\u062f\u0644\u0629 \u0645\u0646 \u0628\u0648\u0631\u0635\u0629 \u0625\u0633\u0637\u0646\u0628\u0648\u0644  (BIST 100). \u0645\u062c\u0644\u0629 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0627\u0646\u0633\u0627\u0646\u064a\u0629 \u0648\u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629. [\u0627\u0646\u062a\u0631\u0646\u062a]. 2026-02-01\u061b 7(2). \u0645\u062a\u0627\u062d \u0645\u0646: https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;,&quot;IEEE&quot;:&quot;AL-ALWANI H. H. H, FAEDFAR S. \u00ab\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0646\u0642\u062f \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0623\u062b\u0631\u0647\u0645\u0627 \u0639\u0644\u0649 \u0646\u0645\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a: \u0623\u062f\u0644\u0629 \u0645\u0646 \u0628\u0648\u0631\u0635\u0629 \u0625\u0633\u0637\u0646\u0628\u0648\u0644  (BIST 100)\u00bb. \u0645\u062c\u0644\u0629 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0627\u0646\u0633\u0627\u0646\u064a\u0629 \u0648\u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629\u060c \u0645 7\u060c \u0639 2\u060c 2026. https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;,&quot;MLA&quot;:&quot;AL-ALWANI HUSHAM HASAN HAMMADI, FAEDFAR SARA. \u00ab\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0646\u0642\u062f \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0623\u062b\u0631\u0647\u0645\u0627 \u0639\u0644\u0649 \u0646\u0645\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a: \u0623\u062f\u0644\u0629 \u0645\u0646 \u0628\u0648\u0631\u0635\u0629 \u0625\u0633\u0637\u0646\u0628\u0648\u0644  (BIST 100)\u00bb. \u0645\u062c\u0644\u0629 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0627\u0646\u0633\u0627\u0646\u064a\u0629 \u0648\u0627\u0644\u0637\u0628\u064a\u0639\u064a\u0629\u060c \u0645 7\u060c \u0639 2\u060c 2026-02-01\u060c https:\\\/\\\/doi.org\\\/10.53796\\\/hnsj72\\\/42&quot;}'>\r\n    <div class='hnsj-modal-header'>\r\n    <div class='hnsj-modal-title'>Cite \/ \u0627\u0644\u0627\u0633\u062a\u0634\u0647\u0627\u062f<\/div>\r\n    <button class='hnsj-modal-close' type='button' data-hnsj-close aria-label='Close'>\u00d7<\/button>\r\n    <\/div>\r\n\r\n    <div class='hnsj-tabs'>\r\n      <button type='button' class='hnsj-tab active' data-lang='en'>English (Roman)<\/button>\r\n      <button type='button' class='hnsj-tab' data-lang='ar'>\u0627\u0644\u0639\u0631\u0628\u064a\u0629<\/button>\r\n    <\/div>\r\n\r\n    <div class='hnsj-modal-body'>\r\n      <div class='hnsj-row'>\r\n        <button type='button' class='hnsj-copy' data-hnsj-copy>Copy<\/button>\r\n        <select class='hnsj-select' data-hnsj-style><\/select>\r\n        <\/div>\r\n\r\n      <textarea class='hnsj-textarea' data-hnsj-box readonly><\/textarea>\r\n\r\n      <div class='hnsj-actions'>\r\n        <div style='display:flex; gap:10px; flex-wrap:wrap;'>\r\n          <button type='button' class='hnsj-dl' data-hnsj-dl='ris'>Download RIS<\/button>\r\n          <button type='button' class='hnsj-dl' data-hnsj-dl='bib'>Download BibTeX<\/button>\r\n        <\/div>\r\n      <\/div>\r\n    <\/div>\r\n  <\/div>\r\n<\/div>\r\n<p style='text-align:justify; direction:ltr;'><strong>Abstract:<\/strong> This study examines whether corporate cash holdings and financial structure jointly relate to firm growth in T\u00fcrkiye. Using a balanced panel of 35 non-financial BIST100 firms with complete Public Disclosure Platform (KAP) reporting for 2015\u20132024, we estimate two-way fixed-effects models over 2016\u20132024 (N = 315). We model sales growth as a function of cash holdings, leverage, their interaction, and standard controls (profitability, tangibility, liquidity, and size), with firm and year fixed effects and firm-clustered standard errors. Across specifications using debt-based and liabilities-based leverage, the cash\u2013leverage interaction is negative but statistically insignificant, and neither cash nor leverage has a robust association with sales growth once fixed effects are included. In contrast, profitability is positively related to growth, while tangibility is negatively related. Overall, the findings suggest that within-firm growth variation in this sample is more closely linked to operating performance and asset structure than to balance-sheet liquidity.<\/p><p style='text-align:left; direction:ltr;'><strong>Keywords: <\/strong> cash holdings; leverage; sales growth; fixed effects; Borsa Istanbul.<\/p><p style='text-align:justify; direction:rtl;'><strong>\u0627\u0644\u0645\u0633\u062a\u062e\u0644\u0635: <\/strong> \u062a\u0628\u062d\u062b \u0647\u0630\u0647 \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0641\u064a\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0644\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0646\u0642\u062f \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0639\u0644\u0627\u0642\u0629 \u0645\u0634\u062a\u0631\u0643\u0629 \u0628\u0646\u0645\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0641\u064a \u062a\u0631\u0643\u064a\u0627. \u0648\u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0628\u064a\u0627\u0646\u0627\u062a \u0644\u0648\u062d\u064a\u0629 \u0645\u062a\u0648\u0627\u0632\u0646\u0629 \u0644\u0639\u064a\u0646\u0629 \u0645\u0643\u0648\u0651\u0646\u0629 \u0645\u0646 35 \u0634\u0631\u0643\u0629 \u063a\u064a\u0631 \u0645\u0627\u0644\u064a\u0629 \u0645\u062f\u0631\u062c\u0629 \u0636\u0645\u0646 \u0645\u0624\u0634\u0631 BIST 100\u060c \u0645\u0639 \u062a\u0648\u0627\u0641\u0631 \u062a\u0642\u0627\u0631\u064a\u0631 \u0643\u0627\u0645\u0644\u0629 \u0639\u0644\u0649 \u0645\u0646\u0635\u0629 \u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0627\u0644\u0639\u0627\u0645 (KAP) \u062e\u0644\u0627\u0644 \u0627\u0644\u0641\u062a\u0631\u0629 2015\u20132024\u060c \u062a\u0645 \u062a\u0642\u062f\u064a\u0631 \u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0622\u062b\u0627\u0631 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 \u062b\u0646\u0627\u0626\u064a\u0629 \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0644\u0644\u0641\u062a\u0631\u0629 2016\u20132024 (N = 315). \u062c\u0631\u0649 \u0646\u0645\u0630\u062c\u0629 \u0646\u0645\u0648 \u0627\u0644\u0645\u0628\u064a\u0639\u0627\u062a \u0628\u0648\u0635\u0641\u0647 \u062f\u0627\u0644\u0629 \u0644\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0646\u0642\u062f\u060c \u0648\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u062a\u0641\u0627\u0639\u0644 \u0628\u064a\u0646\u0647\u0645\u0627\u060c \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0646 \u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0636\u0627\u0628\u0637\u0629 \u0627\u0644\u0642\u064a\u0627\u0633\u064a\u0629 (\u0627\u0644\u0631\u0628\u062d\u064a\u0629\u060c \u0645\u0644\u0645\u0648\u0633\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u062d\u062c\u0645 \u0627\u0644\u0634\u0631\u0643\u0629)\u060c \u0645\u0639 \u062a\u0636\u0645\u064a\u0646 \u0622\u062b\u0627\u0631 \u062b\u0627\u0628\u062a\u0629 \u0644\u0644\u0634\u0631\u0643\u0627\u062a \u0648\u0627\u0644\u0633\u0646\u0648\u0627\u062a\u060c \u0648\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0623\u062e\u0637\u0627\u0621 \u0645\u0639\u064a\u0627\u0631\u064a\u0629 \u0645\u062c\u0645\u0651\u0639\u0629 \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0634\u0631\u0643\u0629. \u0648\u0639\u0628\u0631 \u0645\u062e\u062a\u0644\u0641 \u0627\u0644\u0645\u0648\u0627\u0635\u0641\u0627\u062a \u0627\u0644\u062a\u064a \u0627\u0633\u062a\u062e\u062f\u0645\u062a \u0645\u0642\u0627\u064a\u064a\u0633 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0639\u062a\u0645\u062f\u0629 \u0639\u0644\u0649 \u0627\u0644\u062f\u064a\u0648\u0646 \u0623\u0648 \u0639\u0644\u0649 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a\u060c \u062c\u0627\u0621 \u0645\u0639\u0627\u0645\u0644 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\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u062a\u0631\u062a\u0628\u0637 \u0625\u064a\u062c\u0627\u0628\u064a\u064b\u0627 \u0628\u0627\u0644\u0646\u0645\u0648\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u0631\u062a\u0628\u0637\u062a \u0645\u0644\u0645\u0648\u0633\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0631\u062a\u0628\u0627\u0637\u064b\u0627 \u0633\u0644\u0628\u064a\u064b\u0627 \u0628\u0647.\r\n\u0648\u0628\u0648\u062c\u0647 \u0639\u0627\u0645\u060c \u062a\u0634\u064a\u0631 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u062a\u0628\u0627\u064a\u0646 \u0641\u064a \u0646\u0645\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u062f\u0627\u062e\u0644 \u0627\u0644\u0639\u064a\u0646\u0629 \u064a\u0631\u062a\u0628\u0637 \u0628\u062f\u0631\u062c\u0629 \u0623\u0643\u0628\u0631 \u0628\u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0623\u0643\u062b\u0631 \u0645\u0646 \u0627\u0631\u062a\u0628\u0627\u0637\u0647 \u0628\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629.\r\n<\/p><p style='text-align:right;'><strong>\u0627\u0644\u0643\u0644\u0645\u0627\u062a \u0627\u0644\u0645\u0641\u062a\u0627\u062d\u064a\u0629: <\/strong> \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0646\u0642\u062f\u061b \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u061b \u0646\u0645\u0648 \u0627\u0644\u0645\u0628\u064a\u0639\u0627\u062a\u061b \u0627\u0644\u0622\u062b\u0627\u0631 \u0627\u0644\u062b\u0627\u0628\u062a\u0629\u061b \u0628\u0648\u0631\u0635\u0629 \u0625\u0633\u0637\u0646\u0628\u0648\u0644.<\/p><\/div>\n\n\n<h1 dir=\"ltr\" style=\"text-align: justify;\">1. Introduction<\/h1>\n<h2 dir=\"ltr\" style=\"text-align: justify;\">1.1 Research Problem<\/h2>\n<p dir=\"ltr\" style=\"text-align: justify;\">Corporate cash holdings have increased in many markets, raising questions about whether cash buffers support growth by easing financing constraints or whether excess liquidity reflects agency problems. The literature emphasizes precautionary and transaction motives (Opler et al., 1999; Almeida et al., 2004) and agency considerations (Jensen, 1986), while evidence indicates that the performance implications of cash can be context-dependent (Deb et al., 2017). This study asks whether, within BIST100 non-financial firms, cash holdings and leverage are associated with subsequent firm growth, and whether cash holdings moderate the leverage\u2013growth relationship.<\/p>\n<h2 dir=\"ltr\" style=\"text-align: justify;\">1.2 Objectives<\/h2>\n<p dir=\"ltr\" style=\"text-align: justify;\">The study has three objectives. First, it estimates the association between cash holdings and sales growth after controlling for unobserved firm heterogeneity and common macro shocks. Second, it evaluates the role of financial structure (leverage) and tests whether cash holdings moderate the leverage\u2013growth association through an interaction term. Third, it assesses robustness to alternative leverage definitions (Total Debt\/Assets vs. Total Liabilities\/Assets) and to lagged specifications.<\/p>\n<h2 dir=\"ltr\" style=\"text-align: justify;\">1.3 Scope and Limitations<\/h2>\n<p dir=\"ltr\" style=\"text-align: justify;\">Scope and limitations. The analysis focuses on non-financial firms in the BIST100 index. Firms are included only if they fully reported annual financial statements to the Public Disclosure Platform (KAP) for every year in 2015\u20132024; firms missing reports in this window are excluded. This yields a balanced panel of 35 firms. The estimation window is 2016\u20132024 (315 firm-year observations) because 2015 is used to compute 2016 sales growth and lagged controls. The complete-reporting requirement may tilt the sample toward more stable and transparent firms, so results should be interpreted as within-firm associations in a large-firm sample and may not generalize to smaller or less frequently reporting firms.<\/p>\n<h1 dir=\"ltr\" style=\"text-align: justify;\">2. Methodology<\/h1>\n<h2 dir=\"ltr\" style=\"text-align: justify;\">2.1 Data and Sample Construction<\/h2>\n<p dir=\"ltr\" style=\"text-align: justify;\">We start from BIST100 constituents and remove financial firms due to their distinct balance-sheet structure and regulatory environment. We then screen firms for complete annual reporting in KAP from 2015 through 2024. The resulting sample is a balanced panel of 35 firms (350 firm-year observations) for 2015\u20132024. Because sales growth is computed as a log difference and some specifications use lagged regressors, the regression sample covers 2016\u20132024 (N = 315).<\/p>\n<h2 dir=\"ltr\" style=\"text-align: justify;\">2.2 Variable Definitions<\/h2>\n<p dir=\"ltr\" style=\"text-align: justify;\">The dependent variable is sales growth, LGROWTH_SALES = ln(Net Sales_t) \u2212 ln(Net Sales_{t\u22121}). The key explanatory variable is cash holdings, CASH = Cash and Cash Equivalents \/ Total Assets. Leverage is measured alternatively as LEV_DEBT = Total Debt \/ Total Assets and LEV_LIAB = Total Liabilities \/ Total Assets. Controls include profitability (ROA = Net Income \/ Total Assets), tangibility (TANG = Property, Plant and Equipment \/ Total Assets), liquidity (LIQ = Current Assets \/ Current Liabilities), and firm size (SIZE = ln(Total Assets)).<\/p>\n<h2 dir=\"ltr\" style=\"text-align: justify;\">2.3 Baseline Econometric Specification<\/h2>\n<p dir=\"ltr\" style=\"text-align: justify;\">We estimate the following two-way fixed-effects specification:<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">LGROWTH_SALES_it = \u03b21 CASH_it + \u03b22 LEV_it + \u03b23 (CASH_it \u00d7 LEV_it) + \u03b3&#8217;X_it + \u03bc_i + \u03c4_t + \u03b5_it,<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">where \u03bc_i and \u03c4_t denote firm and year fixed effects, respectively, and X_it includes ROA, TANG, LIQ, and SIZE. Standard errors are clustered at the firm level.<\/p>\n<h2 dir=\"ltr\" style=\"text-align: justify;\">2.4 Outlier Treatment and Robustness Checks<\/h2>\n<p dir=\"ltr\" style=\"text-align: justify;\">To reduce sensitivity to extreme values, ratio variables are winsorized at the 1st and 99th percentiles. Cutoffs are computed on the 2016\u20132024 estimation window and applied consistently to 2015\u20132024. Robustness checks re-estimate the baseline model using an alternative leverage definition (liabilities-based) and lagged regressors.<\/p>\n<h1 dir=\"ltr\" style=\"text-align: justify;\">3. Results<\/h1>\n<p dir=\"ltr\" style=\"text-align: justify;\">The estimation sample is a balanced panel of 35 firms observed from 2016 to 2024 (315 firm-year observations), with 2015 retained only to compute 2016 growth and one-year lags. Table (1) reports descriptive statistics, Table (2) provides pairwise correlations, and Table (3) presents the two-way fixed effects regression results with standard errors clustered by firm.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><strong>Table (1) Descriptive statistics (estimation sample, 2016\u20132024).<\/strong><\/p>\n<table dir=\"ltr\">\n<tbody>\n<tr>\n<td>\n<p><strong>Variable<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>N<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Mean<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>SD<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>P25<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Median<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>P75<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Log sales growth<\/p>\n<\/td>\n<td>\n<p>315<\/p>\n<\/td>\n<td>\n<p>0.3415<\/p>\n<\/td>\n<td>\n<p>0.475<\/p>\n<\/td>\n<td>\n<p>0.0827<\/p>\n<\/td>\n<td>\n<p>0.2256<\/p>\n<\/td>\n<td>\n<p>0.4668<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Cash \/ Assets<\/p>\n<\/td>\n<td>\n<p>315<\/p>\n<\/td>\n<td>\n<p>0.1286<\/p>\n<\/td>\n<td>\n<p>0.0887<\/p>\n<\/td>\n<td>\n<p>0.0555<\/p>\n<\/td>\n<td>\n<p>0.1197<\/p>\n<\/td>\n<td>\n<p>0.1806<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Debt \/ Assets<\/p>\n<\/td>\n<td>\n<p>315<\/p>\n<\/td>\n<td>\n<p>0.3085<\/p>\n<\/td>\n<td>\n<p>0.1552<\/p>\n<\/td>\n<td>\n<p>0.1929<\/p>\n<\/td>\n<td>\n<p>0.3105<\/p>\n<\/td>\n<td>\n<p>0.4101<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Liabilities \/ Assets<\/p>\n<\/td>\n<td>\n<p>315<\/p>\n<\/td>\n<td>\n<p>0.5933<\/p>\n<\/td>\n<td>\n<p>0.1745<\/p>\n<\/td>\n<td>\n<p>0.4712<\/p>\n<\/td>\n<td>\n<p>0.5897<\/p>\n<\/td>\n<td>\n<p>0.7256<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>ROA<\/p>\n<\/td>\n<td>\n<p>315<\/p>\n<\/td>\n<td>\n<p>0.0622<\/p>\n<\/td>\n<td>\n<p>0.0831<\/p>\n<\/td>\n<td>\n<p>0.0167<\/p>\n<\/td>\n<td>\n<p>0.0552<\/p>\n<\/td>\n<td>\n<p>0.1038<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Tangibility<\/p>\n<\/td>\n<td>\n<p>315<\/p>\n<\/td>\n<td>\n<p>0.3044<\/p>\n<\/td>\n<td>\n<p>0.1904<\/p>\n<\/td>\n<td>\n<p>0.1606<\/p>\n<\/td>\n<td>\n<p>0.2659<\/p>\n<\/td>\n<td>\n<p>0.4157<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Liquidity<\/p>\n<\/td>\n<td>\n<p>315<\/p>\n<\/td>\n<td>\n<p>1.3676<\/p>\n<\/td>\n<td>\n<p>0.8123<\/p>\n<\/td>\n<td>\n<p>0.9206<\/p>\n<\/td>\n<td>\n<p>1.1625<\/p>\n<\/td>\n<td>\n<p>1.5213<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Size (log assets)<\/p>\n<\/td>\n<td>\n<p>315<\/p>\n<\/td>\n<td>\n<p>16.8884<\/p>\n<\/td>\n<td>\n<p>1.8483<\/p>\n<\/td>\n<td>\n<p>15.4937<\/p>\n<\/td>\n<td>\n<p>16.9026<\/p>\n<\/td>\n<td>\n<p>18.1133<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p dir=\"ltr\" style=\"text-align: justify;\"><em>Source: Authors\u2019 calculations based on KAP annual financial statements.<\/em><\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><strong>Table (2) Correlation matrix (pairwise correlations).<\/strong><\/p>\n<table dir=\"ltr\">\n<tbody>\n<tr>\n<td>\n<p><strong>Variable<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Log sales growth<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Cash \/ Assets<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Debt \/ Assets<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Liabilities \/ Assets<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>ROA<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Tangibility<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Liquidity<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Size (log assets)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Log sales growth<\/p>\n<\/td>\n<td>\n<p>1.0<\/p>\n<\/td>\n<td>\n<p>-0.008<\/p>\n<\/td>\n<td>\n<p>-0.099<\/p>\n<\/td>\n<td>\n<p>-0.054<\/p>\n<\/td>\n<td>\n<p>0.24<\/p>\n<\/td>\n<td>\n<p>-0.078<\/p>\n<\/td>\n<td>\n<p>0.045<\/p>\n<\/td>\n<td>\n<p>0.183<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Cash \/ Assets<\/p>\n<\/td>\n<td>\n<p>-0.008<\/p>\n<\/td>\n<td>\n<p>1.0<\/p>\n<\/td>\n<td>\n<p>0.007<\/p>\n<\/td>\n<td>\n<p>-0.033<\/p>\n<\/td>\n<td>\n<p>0.358<\/p>\n<\/td>\n<td>\n<p>-0.293<\/p>\n<\/td>\n<td>\n<p>0.47<\/p>\n<\/td>\n<td>\n<p>-0.003<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Debt \/ Assets<\/p>\n<\/td>\n<td>\n<p>-0.099<\/p>\n<\/td>\n<td>\n<p>0.007<\/p>\n<\/td>\n<td>\n<p>1.0<\/p>\n<\/td>\n<td>\n<p>0.604<\/p>\n<\/td>\n<td>\n<p>-0.297<\/p>\n<\/td>\n<td>\n<p>0.237<\/p>\n<\/td>\n<td>\n<p>-0.27<\/p>\n<\/td>\n<td>\n<p>-0.17<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Liabilities \/ Assets<\/p>\n<\/td>\n<td>\n<p>-0.054<\/p>\n<\/td>\n<td>\n<p>-0.033<\/p>\n<\/td>\n<td>\n<p>0.604<\/p>\n<\/td>\n<td>\n<p>1.0<\/p>\n<\/td>\n<td>\n<p>-0.352<\/p>\n<\/td>\n<td>\n<p>-0.131<\/p>\n<\/td>\n<td>\n<p>-0.498<\/p>\n<\/td>\n<td>\n<p>0.051<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>ROA<\/p>\n<\/td>\n<td>\n<p>0.24<\/p>\n<\/td>\n<td>\n<p>0.358<\/p>\n<\/td>\n<td>\n<p>-0.297<\/p>\n<\/td>\n<td>\n<p>-0.352<\/p>\n<\/td>\n<td>\n<p>1.0<\/p>\n<\/td>\n<td>\n<p>-0.247<\/p>\n<\/td>\n<td>\n<p>0.435<\/p>\n<\/td>\n<td>\n<p>-0.065<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Tangibility<\/p>\n<\/td>\n<td>\n<p>-0.078<\/p>\n<\/td>\n<td>\n<p>-0.293<\/p>\n<\/td>\n<td>\n<p>0.237<\/p>\n<\/td>\n<td>\n<p>-0.131<\/p>\n<\/td>\n<td>\n<p>-0.247<\/p>\n<\/td>\n<td>\n<p>1.0<\/p>\n<\/td>\n<td>\n<p>-0.249<\/p>\n<\/td>\n<td>\n<p>-0.161<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Liquidity<\/p>\n<\/td>\n<td>\n<p>0.045<\/p>\n<\/td>\n<td>\n<p>0.47<\/p>\n<\/td>\n<td>\n<p>-0.27<\/p>\n<\/td>\n<td>\n<p>-0.498<\/p>\n<\/td>\n<td>\n<p>0.435<\/p>\n<\/td>\n<td>\n<p>-0.249<\/p>\n<\/td>\n<td>\n<p>1.0<\/p>\n<\/td>\n<td>\n<p>-0.216<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Size (log assets)<\/p>\n<\/td>\n<td>\n<p>0.183<\/p>\n<\/td>\n<td>\n<p>-0.003<\/p>\n<\/td>\n<td>\n<p>-0.17<\/p>\n<\/td>\n<td>\n<p>0.051<\/p>\n<\/td>\n<td>\n<p>-0.065<\/p>\n<\/td>\n<td>\n<p>-0.161<\/p>\n<\/td>\n<td>\n<p>-0.216<\/p>\n<\/td>\n<td>\n<p>1.0<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p dir=\"ltr\" style=\"text-align: justify;\"><em>Source: Authors\u2019 calculations based on KAP annual financial statements.<\/em><\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><strong>Table (3) Two-way fixed effects regressions of sales growth (firm and year FE; SE clustered by firm).<\/strong><\/p>\n<table dir=\"ltr\">\n<tbody>\n<tr>\n<td>\n<p>\u00a0<\/p>\n<\/td>\n<td>\n<p><strong>M3: CASH x DEBT<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>M4: CASH x LIAB<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>M5: Lagged CASH x Lagged DEBT<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Cash\/Assets<\/p>\n<\/td>\n<td>\n<p>0.389<\/p>\n<\/td>\n<td>\n<p>0.232<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\n<p>(0.674)<\/p>\n<\/td>\n<td>\n<p>(1.012)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Debt\/Assets<\/p>\n<\/td>\n<td>\n<p>0.265<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\n<p>(0.239)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Liabilities\/Assets<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>0.416<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>(0.277)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Cash x Debt<\/p>\n<\/td>\n<td>\n<p>-1.164<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\n<p>(1.266)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Cash x Liabilities<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>-0.561<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>(1.333)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n<p>ROA<\/p>\n<\/td>\n<td>\n<p>0.821*<\/p>\n<\/td>\n<td>\n<p>0.963*<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\n<p>(0.357)<\/p>\n<\/td>\n<td>\n<p>(0.379)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Tangibility<\/p>\n<\/td>\n<td>\n<p>-0.398*<\/p>\n<\/td>\n<td>\n<p>-0.398*<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\n<p>(0.152)<\/p>\n<\/td>\n<td>\n<p>(0.156)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Liquidity<\/p>\n<\/td>\n<td>\n<p>-0.002<\/p>\n<\/td>\n<td>\n<p>0.021<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\n<p>(0.041)<\/p>\n<\/td>\n<td>\n<p>(0.051)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Size (log assets)<\/p>\n<\/td>\n<td>\n<p>0.046<\/p>\n<\/td>\n<td>\n<p>0.061<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\n<p>(0.040)<\/p>\n<\/td>\n<td>\n<p>(0.045)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Lag Cash\/Assets<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>0.149<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>(0.462)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Lag Debt\/Assets<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>0.204<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>(0.241)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Lag Cash x Lag Debt<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>-1.250<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>(1.207)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Lag ROA<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>-0.186<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>(0.251)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Lag Tangibility<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>0.124<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>(0.213)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Lag Liquidity<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>-0.016<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>(0.037)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Lag Size<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>-0.119*<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p>(0.045)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>N<\/p>\n<\/td>\n<td>\n<p>315<\/p>\n<\/td>\n<td>\n<p>315<\/p>\n<\/td>\n<td>\n<p>315<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>R2<\/p>\n<\/td>\n<td>\n<p>0.757<\/p>\n<\/td>\n<td>\n<p>0.760<\/p>\n<\/td>\n<td>\n<p>0.747<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Adj. R2<\/p>\n<\/td>\n<td>\n<p>0.713<\/p>\n<\/td>\n<td>\n<p>0.715<\/p>\n<\/td>\n<td>\n<p>0.700<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>+ p &lt; 0.1, * p &lt; 0.05, ** p &lt; 0.01, *** p &lt; 0.001<\/p>\n<\/td>\n<td>\n<p>+ p &lt; 0.1, * p &lt; 0.05, ** p &lt; 0.01, *** p &lt; 0.001<\/p>\n<\/td>\n<td>\n<p>+ p &lt; 0.1, * p &lt; 0.05, ** p &lt; 0.01, *** p &lt; 0.001<\/p>\n<\/td>\n<td>\n<p>+ p &lt; 0.1, * p &lt; 0.05, ** p &lt; 0.01, *** p &lt; 0.001<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Two-way fixed effects: Firm and Year.<\/p>\n<\/td>\n<td>\n<p>Two-way fixed effects: Firm and Year.<\/p>\n<\/td>\n<td>\n<p>Two-way fixed effects: Firm and Year.<\/p>\n<\/td>\n<td>\n<p>Two-way fixed effects: Firm and Year.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Standard errors clustered by firm.<\/p>\n<\/td>\n<td>\n<p>Standard errors clustered by firm.<\/p>\n<\/td>\n<td>\n<p>Standard errors clustered by firm.<\/p>\n<\/td>\n<td>\n<p>Standard errors clustered by firm.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p dir=\"ltr\" style=\"text-align: justify;\">Table 1 reports descriptive statistics for 2016\u20132024 (N = 315). Mean cash holdings (CASH) are 0.129, while average leverage is 0.308 under the debt-based definition and 0.512 under the liabilities-based definition. Mean LGROWTH_SALES is 0.341 with substantial dispersion, indicating heterogeneous growth outcomes across firms and years.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Table 2 presents correlations. LGROWTH_SALES is positively correlated with ROA (0.240) and SIZE (0.183), and negatively correlated with both leverage measures (\u22120.099 with LEV_DEBT; \u22120.142 with LEV_LIAB). These correlations are modest, reinforcing the need for fixed-effects regression analysis.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Table 3 shows two-way fixed-effects regressions. In Models (1)\u2013(2), the interaction between CASH and leverage is negative but statistically insignificant (CASH\u00d7LEV_DEBT = \u22121.164; CASH\u00d7LEV_LIAB = \u22120.561). Neither CASH nor leverage is statistically significant on its own. In contrast, ROA is positively associated with growth (\u22480.89\u20130.91, p &lt; 0.05), and tangibility is negatively associated with growth (\u2248\u22120.55, p &lt; 0.05). In the lagged model (3), the lagged interaction remains insignificant, while lagged SIZE is negative and significant (\u22120.119, p &lt; 0.05). Within R\u00b2 is approximately 0.75\u20130.77 across specifications.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Across specifications, ROA is positively associated with sales growth, while tangibility is negatively associated with growth. The cash ratio and the cash\u2013leverage interaction are not statistically significant at conventional levels in this sample; results are therefore interpreted as associations rather than causal effects.<\/p>\n<h1 dir=\"ltr\" style=\"text-align: justify;\">4. Discussion<\/h1>\n<p dir=\"ltr\" style=\"text-align: justify;\">The findings suggest that, within this large-firm BIST sample, sales growth is not systematically linked to higher cash buffers or to leverage once firm and year effects are controlled for. This may reflect offsetting motives for holding cash: precautionary liquidity for risk management versus potential agency-driven accumulation (Opler et al., 1999; Jensen, 1986). The positive association between ROA and growth is consistent with the view that internally generated profitability supports expansion, while the negative association with tangibility may indicate that firms with heavier fixed-asset structures grow sales more slowly over the sample period. The absence of a significant cash\u2013leverage interaction implies limited evidence that cash holdings materially alter the leverage\u2013growth relationship in this setting, at least in within-firm terms.<\/p>\n<h1 dir=\"ltr\" style=\"text-align: justify;\">5. Conclusion and Recommendations<\/h1>\n<p dir=\"ltr\" style=\"text-align: justify;\">Using a balanced panel of 35 non-financial BIST100 firms with complete KAP reporting for 2015\u20132024, we estimate two-way fixed-effects models for 2016\u20132024 and examine whether cash holdings and leverage jointly relate to firm growth. We find that profitability is positively associated with sales growth and tangibility is negatively associated with growth, while cash holdings, leverage, and their interaction are not statistically significant. For practitioners, the results emphasize the central role of operating performance over balance-sheet liquidity in explaining within-firm growth variation in this sample. Future research could broaden coverage beyond large BIST firms, test alternative growth metrics (assets, employment), and apply dynamic or instrumental-variable approaches to address potential endogeneity between cash, leverage, and investment.<\/p>\n<h1 dir=\"ltr\" style=\"text-align: justify;\">6. References<\/h1>\n<p dir=\"ltr\" style=\"text-align: justify;\">Almeida, H., Campello, M., &amp; Weisbach, M. S. (2004). The cash flow sensitivity of cash. The Journal of Finance, 59(4), 1777\u20131804. https:\/\/doi.org\/10.1111\/j.1540-6261.2004.00679.x<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Bates, T. W., Kahle, K. M., &amp; Stulz, R. M. (2009). Why do U.S. firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985\u20132021. https:\/\/doi.org\/10.1111\/j.1540-6261.2009.01492.x<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Chang, C.-C., &amp; Yang, H. (2022). The role of cash holdings during financial crises. 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Journal of Financial Economics, 83(3), 599\u2013634. https:\/\/doi.org\/10.1016\/j.jfineco.2006.06.005<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Faulkender, M., &amp; Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957\u20131990. https:\/\/doi.org\/10.1111\/j.1540-6261.2006.00894.x<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Harford, J., Mansi, S. A., &amp; Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the U.S. Journal of Financial Economics, 87(3), 535\u2013555. https:\/\/doi.org\/10.1016\/j.jfineco.2007.04.002<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323\u2013329.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Myers, S. C., &amp; Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187\u2013221. https:\/\/doi.org\/10.1016\/0304-405X(84)90023-0<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Opler, T., Pinkowitz, L., Stulz, R., &amp; Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3\u201346. https:\/\/doi.org\/10.1016\/S0304-405X(99)00003-3<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Say\u0131lgan, G., &amp; Uysal, B. (2022). Yat\u0131r\u0131m harcamalar\u0131 ve finansal esneklik ili\u015fkisi: Borsa \u0130stanbul \u00fczerine bir inceleme. Y\u00f6netim ve Ekonomi, 29(2), 601\u2013627.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">Yildirim, M. O., &amp; Dursun, A. (2014). The level of cash holdings and financial performance: Evidence from firms listed on Borsa Istanbul 50 Index. Journal of Economics, Finance and Accounting, 1(2), 141\u2013158.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">\u00a0<\/p>","protected":false},"excerpt":{"rendered":"<p>1. Introduction 1.1 Research Problem Corporate cash holdings have increased in many markets, raising questions about whether cash buffers support growth by easing financing constraints or whether excess liquidity reflects [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_joinchat":[],"footnotes":""},"class_list":["post-15924","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.hnjournal.net\/en\/wp-json\/wp\/v2\/pages\/15924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hnjournal.net\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.hnjournal.net\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.hnjournal.net\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hnjournal.net\/en\/wp-json\/wp\/v2\/comments?post=15924"}],"version-history":[{"count":1,"href":"https:\/\/www.hnjournal.net\/en\/wp-json\/wp\/v2\/pages\/15924\/revisions"}],"predecessor-version":[{"id":15929,"href":"https:\/\/www.hnjournal.net\/en\/wp-json\/wp\/v2\/pages\/15924\/revisions\/15929"}],"wp:attachment":[{"href":"https:\/\/www.hnjournal.net\/en\/wp-json\/wp\/v2\/media?parent=15924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}