Determinants of Investment in Turkey: A Firm-Level Investigation

被引：10
作者：
Gezici, Armagan [1 ]
Orhangazi, Ozgur [2 ]
Yalcin, Cihan [3 ]
机构：
[1] Keene State Coll, Dept Econ, 229 Main St, Keene, NH 03435 USA
[2] Kadir Has Univ, Dept Econ, Istanbul, Turkey
[3] Cent Bank Republ Turkey, Res & Monetary Policy Dept, Ankara, Turkey
来源：
EMERGING MARKETS FINANCE AND TRADE | 2019年 / 55卷 / 06期
关键词：
business fixed investment; capital accumulation; credit constraint; debt; financing constraint; investment; Turkey; CAPITAL-MARKET IMPERFECTIONS; CASH FLOW SENSITIVITIES; FINANCIAL CONSTRAINTS; PANEL; MODELS;
D O I：
10.1080/1540496X.2018.1473247
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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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页码：1405 / 1416
页数：12
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