Determinants of Investment in Turkey: A Firm-Level Investigation

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Date

2019

Authors

Orhangazi, Özgür
Yalçın, Cihan

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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

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Citation

9

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Q2

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Q1

Source

Volume

55

Issue

6

Start Page

1405

End Page

1416