Nakit Akışlarının Hisse Senedi Getirileri Ve Özkaynak Karlılığı Üzerindeki Etkileri: Türkiye Sigorta Endeksi Örneği

Abstract

This paper uses dynamic panel data models for the firms in the Borsa Istanbul Insurance Index, to investigate the empirical relationship between cash flows, stock returns and return on equity in an emerging market. The data set consists of quarterly financial information between 2009 and 2018 making 200 financial statement observations. The findings reveal that cash flows from financial activities has a statistically significant and negative effect on stock returns. In addition, we determine that cash flows arising from investment activities and asset size have a statistically significant and positive effect on return on equity. Another finding of the study is that as cash flows from financial activities has a statistically significant and negative effect on both stock returns and return on equity.