Macroeconomic and institutional determinants of financialisation of non-financial firms: Case study of Turkey

dc.contributor.authorAkkemik, K. Ali
dc.contributor.authorÖzen, Şükrü
dc.date.accessioned2019-06-27T08:03:13Z
dc.date.available2019-06-27T08:03:13Z
dc.date.issued2014
dc.departmentFakülteler, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümüen_US
dc.description.abstractWe observe that industrial firms in Turkey have shifted substantial amounts of working capital from production activities to the purchase of high-yield interest-bearing assets most notably public bonds to ensure immediate short-term interest revenues. Introducing the new and historical institutional literatures to the financialisation research this article empirically examines the influences of macroeconomic and institutional factors on non-financial firms' financialisation behaviour for the period 1990-2002. The findings from panel regression analyses using data from 41 firms listed on the Istanbul Stock Exchange indicate that both macroeconomic and institutional factors influence financialisation behaviour to different degrees. Turkish non-financial firms particularly engage in financialisation as a response to highly uncertain macroeconomic conditions. The findings indicate that the key characteristics of state-organised business system in Turkey such as firms' ties with the government and family ownership are not conducive to financialisation behaviour.en_US]
dc.identifier.citation67
dc.identifier.doi10.1093/ser/mwt006en_US
dc.identifier.endpage98
dc.identifier.issn1475-1461en_US
dc.identifier.issn1475-147Xen_US
dc.identifier.issn1475-1461
dc.identifier.issn1475-147X
dc.identifier.issue1
dc.identifier.scopus2-s2.0-84892472248en_US
dc.identifier.scopusqualityQ1
dc.identifier.startpage71en_US
dc.identifier.urihttps://hdl.handle.net/20.500.12469/758
dc.identifier.urihttps://doi.org/10.1093/ser/mwt006
dc.identifier.volume12en_US
dc.identifier.wosWOS:000329903400004en_US
dc.identifier.wosqualityQ1
dc.institutionauthorAkkemik, K. Alien_US
dc.language.isoenen_US
dc.publisherOxford University Pressen_US
dc.relation.journalSocio-Economic Reviewen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectEconomic developmenten_US
dc.subjectFinancialisationen_US
dc.subjectInstitutional political economyen_US
dc.subjectFirmsen_US
dc.titleMacroeconomic and institutional determinants of financialisation of non-financial firms: Case study of Turkeyen_US
dc.typeArticleen_US
dspace.entity.typePublication

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