Factors Affecting Firm Competitiveness: Evidence From an Emerging Market
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Date
2016
Authors
Akben Selçuk, Elif
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Publisher
MDPI
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Abstract
The objective of this study is to investigate the factors affecting firm competitiveness in an emerging marketTurkey. In the paper competitiveness is proxied by a firm's financial performance. The empirical analysis is based on firms listed on Borsa Istanbul and covers the period between 2005 and 2014. Results from a firm-level panel data model indicate that return on assets is positively related to firm size international sales liquidity and growth and negatively related to leverage and R&D expenditures. On the other hand gross profit margin is positively related to size and international sales and negatively related to leverage and R&D expenditures. Finally results show that Tobin's Q ratio is higher for firms with higher levels of debt and higher liquidity levels.
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Keywords
Financial Performance, Profitability, Return on Assets, Gross Profit Margin, Tobin's Q, Panel Data, Fixed Effects Model, Turkey, G30, G32
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Citation
30
WoS Q
Scopus Q
Q2
Source
Volume
4
Issue
2