Browsing by Author "Gebizlioglu, Omer Lutfi"

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    Does Export Intensity of Heterogeneous Firms Affect Leverage? Evidence From a Small Open Economy
    (Univ Oviedo, 2023) Ramzan, Imran; Gebizlioglu, Omer Lutfi
    Exports at firm level improve the financial performance and contribute to economic growth. Exporting activities can require additional financing and pose a challenge to manufacturing firms, affecting their managerial financing decisions. This study explores the impact of export intensity on leverage using a dataset of manufacturing firms. The results of two-step system GMM reveal that export intensity has a negative influence on leverage. We find that a firm size positively impacts leverage, while cash holding has a negative connection with leverage. Fi-nally, we note that board size exhibits a positive relationship with leverage. These findings suggest important policy implications for export promotion, specifically for a small open econ-omy. The results are robust to different sensitivity checks.