The aim of this study is to establish current econometric models to examine the cash holding determinants of enterprises and the effects of these determinants on firm value. In this context, a model has been established to estimate the cash holding determinants by using the quarterly data of 91 companies operating in the manufacturing sector in Borsa Istanbul for the period 2005-2020 and to show the effect of these determinants on the firm value. Two models were established in the study, and in the first model, it was aimed to predict the determinants of cash holding motivation of companies operating in the manufacturing sector. In the second model, the effect of cash holding determinants on firm value was examined. First, it was determined that there was no correlation between the variables, and then unit root tests were performed for each variable. The study was conducted with panel data analysis and the Extended Mean Group Estimator (AMG), which is one of the strong estimators that takes into account the cross-section dependence, was used for both models. Since the Extended Mean Group Estimator (AMG) produces results by taking into account the cross-sectional dependence, preliminary tests of the cross-section dependence on the variables were not performed. When the findings obtained from the analysis are evaluated, the factors that positively affect the cash holding motivation of the enterprises included in the sample, which are examined in model 1, are determined as cash flow and RveD expenditures, while the factors that affect negatively are fixed assets/total assets ratio and business size. In the relationship between cash holding motive and firm value examined in Model 2, the relation between cash flow and firm value was found to be positive.