R&D Activity and Financing Constraints: Evidence From Turkey

Armağan Gezici (), Özgür Orhangazi () and Cihan Yalcin

Panoeconomicus, 2020, vol. 67, issue 4, 557-571

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. Key words: R&D investment, financing constraint, credit constraint, internal funds, cash flow, Turkey. JEL: G30, G32, L20, O31, C33, E22.

Keywords: R&D investment; financing constraint; credit constraint; internal funds; cash flow; Turkey (search for similar items in EconPapers)
Date: 2020
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