Determinants of investment in Turkey: A firm-level investigation

Gezici, Arma?an; Orhangazi, �zg�r; Yal�?n, Cihan

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.

• Journal Article Type: Article
• Acceptance Date: May 30, 2018
• Online Publication Date: Sep 20, 2018
• Publication Date: May 3, 2019
• Deposit Date: Feb 10, 2022
• Journal: Emerging Markets Finance and Trade
• Print ISSN: 1540-496X
• Electronic ISSN: 1558-0938
• Publisher: Taylor & Francis (Routledge)
• Peer Reviewed: Peer Reviewed
• Volume: 55
• Issue: 6
• Pages: 1405-1416
• DOI: https://doi.org/10.1080/1540496x.2018.1473247
• Keywords: General Economics, Econometrics and Finance; Finance
• Public URL: https://uwe-repository.worktribe.com/output/9007470
• Additional Information: Peer Review Statement: The publishing and review policy for this title is described in its Aims & Scope.; Aim & Scope: http://www.tandfonline.com/action/journalInformation?show=aimsScope&journalCode=mree20; Published: 2018-05-30