R&D activity and financing constraints: Evidence from Turkey

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

Abstract

We 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.

• Journal Article Type: Article
• Acceptance Date: Apr 14, 2018
• Publication Date: 2020
• Deposit Date: Feb 10, 2022
• Journal: Panoeconomicus
• Print ISSN: 1452-595X
• Peer Reviewed: Peer Reviewed
• Volume: 67
• Issue: 4
• Pages: 557-571
• DOI: https://doi.org/10.2298/pan170420011g
• Keywords: General Economics, Econometrics and Finance
• Public URL: https://uwe-repository.worktribe.com/output/9007478