Orhangazi, ÖzgürGezici, ArmağanOrhangazi, ÖzgürYalçın, Cihan2020-09-082020-09-08202021452-595X2217-23861452-595X2217-2386https://hdl.handle.net/20.500.12469/3357https://doi.org/10.2298/PAN170420011GWe analyze the relationship between financing constraints and firms' R&D activity using a rich and comprehensive firm-level balance sheet and income statement data set of manufacturing firms in Turkey for the period 1996 to 2013. Using a firm-specific, time-varying financing constraints index, we find that financing constraints have a negative relationship with firms' R&D activity, after controlling for other determinants of R&D such as firm size, capital intensity and export market participation.eninfo:eu-repo/semantics/openAccessR&D investmentFinancing constraintCredit constraintInternal fundsCash flowTurkeyArticle557571467WOS:00056137420000610.2298/PAN170420011G2-s2.0-85089542225N/AQ3