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Firm Productivity, Exchange Rate Movements, Sources of Finance, and Export Orientation

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  • Caglayan, Mustafa
  • Demir, Firat

Abstract

We investigate the level and volatility effects of real exchange rates on productivity growth of manufacturing firms with heterogeneous access to debt, and domestic and foreign equity markets in Turkey. We find that while volatility affects productivity growth negatively, having access to foreign or domestic equity, or debt markets does not alleviate these effects. Furthermore, foreign or publicly traded companies do not appear to perform significantly better than the rest. We detect, however, that productivity is positively related to credit market access. Additionally, we find that while export-oriented firms react positively to currency appreciations, they are hurt more from volatility.

Suggested Citation

  • Caglayan, Mustafa & Demir, Firat, 2014. "Firm Productivity, Exchange Rate Movements, Sources of Finance, and Export Orientation," World Development, Elsevier, vol. 54(C), pages 204-219.
    • Handle: RePEc:eee:wdevel:v:54:y:2014:i:c:p:204-219
    DOI: 10.1016/j.worlddev.2013.08.012
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    More about this item

    Keywords

    productivity growth; exchange rate volatility; sources of finance; capital structure; export orientation;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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