Browsing by Author "Ramzan, Imran"

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Citation Count: 0
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.
Effect of Financial Factors on Export Oriented Firm Performance: an Explication for Manufacturing Industry
(Kadir Has Üniversitesi, 2022) Ramzan, Imran; Gebizlioğlu, Ömer Lütfi
Exports at the firm level improve the financial performance and thereby contribute to economic growth. Exporting activities require additional financing and become a challenge for manufacturing firms, thus affecting managerial financing decisions. This thesis attempts to use panel data of manufacturing firms listed on the Pakistan Stock Exchange for the period of 2013–2019 and contributes to the literature on leverage, export intensity, and firm growth. This thesis collects the annual data from the PSX database and covers 156 manufacturing firms, comprising 117 exporter firms and 39 non-exporter firms. The univariate analysis reveals that exporter firms are highly leveraged, older, and larger relative to non-exporter firms. We examine the impact of leverage on export intensity by using the two-step system GMM method. We find that leverage has a negative relationship with export intensity. It implies that exporter firms with higher leverage have a lower export intensity. Furthermore, we find that board size exhibits a negative relationship to export intensity. On the relationship between export intensity and leverage, we find that export intensity is negatively associated with Pakistani manufacturing firms' leverage, and this is consistent with the pecking order theory that exporting firms depend on internal sources of finance compared to external sources of finance due to asymmetric information problems. By unraveling the impact of export growth on firm growth, we document that export growth exerts a significant and positive impact on firm growth and is in line with the hypothesis of export-ledgrowth. Furthermore, we find that firm growth has a more pronounced positive impact on the return on assets of firms that export to foreign markets. These findings suggest important policy implications for export promotion, specifically for a small-open economy. The results are robust to different sensitivity checks.
Citation Count: 1
Leverage, Corporate Governance, and Export Intensity of Heterogeneous Firms: Micro-Level Evidence for Pakistan
(Routledge Journals, Taylor & Francis Ltd, 2022) Ramzan, Imran
This study attempts to analyse the impact of leverage and corporate governance on export intensity of manufacturing firms quoted on Pakistan stock exchange for period 2013-2019. The results of a two-step system GMM method show that leverage has a negative relationship to export intensity. We find evidence that a firm's age negatively impacts the export sales to total sales ratio, while profitability has a positive connection with it. Finally, we note that board size exhibits a negative relationship with export intensity. These findings suggest important policy implications for export promotion, specifically for a small-open economy.
Citation Count: 0
U.S.-Turkey Commodity Trade and J-Curve Phenomenon: Evidence from 23 Industries
(2021) Ramzan, Imran
This paper empirically explores the effects of real exchange rate on Turkey’s balance of trade at aggregate and dis-aggregate level. A dataset of 23 industries is analyzed over 1989-2017. Linear ARDL results confirm that there is no sign of J-curve phenomenon at aggregate level. However, linear ARDL results at dis-aggregate level support for J-curve phenomenon in Transportation, Textiles & Clothing and Ores & Metals industries. Furthermore, Turkish lira depreciation has favorable effect on most of the industries in the long-run. These results highlight to policymakers that depreciation policy could increase the exports against some trade partners and promote the domestic outputs. Whilst, one should carefully assess the adverse consequences of Turkish lira depreciation against trade benefits.