Cash holdings, asset structure and foreign-currency exposure in Turkish listed property firms

Purpose This paper examines how asset composition and foreign-currency exposure are associated with cash holdings in Turkish listed property firms. Design/methodology/approach Using 1,211 quarterly observations over 2016Q3–2025Q3, the paper estimates firm and quarter fixed-effects models and tests robustness using wild-cluster-bootstrap inference, fractional response, alternative liquidity measurement and post-2022 stability tests. Findings Investment-property and inventory intensity are strongly negatively associated with cash holdings across both high- and low-IP orientations. Net-FX (foreign exchange) exposure shows some heterogeneity across the fixed orientation groups, but this result is weaker across alternative specifications. Asset-composition results remain robust. Originality/value The paper shows that balance-sheet asset composition is a robust correlate of liquidity in listed property firms, while foreign-currency heterogeneity is more limited and specification dependent.