Determinants of Investment in Turkey: a Firm-Level Investigation
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Date
2019
Authors
Gezici, Armağan
Orhangazi, Özgür
Yalçın, Cihan
Journal Title
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Volume Title
Publisher
Routledge Journals Taylor & Francis Ltd
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Abstract
In this article we analyze the financing constraints-investment link for the case of Turkey between 1996 and 2013. As different from the existing studies on Turkey we use a more comprehensive data set that includes both publicly-traded and privately-owned firms and analyze the differences in constraints across small- and medium-sized firms and large firms. In addition to the commonly used cash-flow sensitivities we use alternative measures of constraints build from multiple firm specific variables. We find that small- and medium-sized manufacturing firms in Turkey are subject to financing constraints regardless of the measure used.
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Keywords
Business fixed investment, Capital accumulation, Credit constraint, Debt, Financing constraint, Investment, Turkey
Turkish CoHE Thesis Center URL
Fields of Science
Citation
9
WoS Q
Q2
Scopus Q
Q1
Source
Volume
55
Issue
6
Start Page
1405
End Page
1416