Determinants of Investment in Turkey: A Firm-Level Investigation

Armağan Gezici, Ozgur Orhangazi and Cihan Yalcin

Emerging Markets Finance and Trade, 2019, vol. 55, issue 6, 1405-1416

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.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:mes:emfitr:v:55:y:2019:i:6:p:1405-1416

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DOI: 10.1080/1540496X.2018.1473247

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