Özet:

Purpose - The study aims to determine whether there is any relationship between the cash flows and the liquidity rates expressed as the liquidity measure of the enterprises and whether there is the level and direction of that relationship. Method - The sample of the research has been created by 40 that can be accessed to their data without interruption from companies operating in the Borsa İstanbul KOBI Industry Index. The data related to the companies that are subject to the research, Borsa Istanbul and Public Lighting Platform have been obtained from the official internet addresses and prepared for analysis. For the purpose of the research, correlation analysis, panel unit root tests, panel regression analysis and causality analysis were performed. Results - The analysis found that there was no statistically meaningful relationship between cash flows from business activities, investments and financial activities and liquidity rates. Also, according to the results of the panel causality analysis, it has been determined that cash flows are due to a cause of the currency rate with two delays, but cash flows variables are not due to a cause of the currency rate. Discussions - According to the research results, liquidity analysis has revealed the need for co-evaluation of balance sheet and cash flow data in order to more accurate results related to the business.

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