Yatırım Faaliyetlerinden Kaynaklanan Nakit Akışlarının Tahmin Gücü

Abstract

Prediction of cash flow from operating activities (CFO) is on the focus of most stakeholders of a firm since CFO is the major ingredient of the firm value and it reveals the financial health and liquidity of the firm. The extant literature focuses on the predictive abilities of today’s earnings and CFO figures. Different than the literature, we examine the predictive ability of cash flow from investing activities (CFI). By employing a sample of Turkish listed firms between 2009 and 2018, we document that CFI does have a significant impact on neither one-year-ahead CFO nor two-years-ahead CFO while it negatively and significantly affects three-years-ahead CFO. In other words, today’s cash investments are harvested three years after they take place.

Keywords

• yatırım faaliyetlerinden kaynaklanan nakit akışları
• tahmin gücü
• yatırım
• cash flow from investments
• investing
• predictive ability