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Determinants of Investment in Turkey: A Firm-Level Investigation

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  • Armağan Gezici
  • Özgür Orhangazi
  • Cihan Yalçın

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.

Suggested Citation

  • Armağan Gezici & Özgür Orhangazi & Cihan Yalçın, 2019. "Determinants of Investment in Turkey: A Firm-Level Investigation," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 55(6), pages 1405-1416, May.
    • Handle: RePEc:mes:emfitr:v:55:y:2019:i:6:p:1405-1416
    DOI: 10.1080/1540496X.2018.1473247
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    Cited by:

    1. Costas Lapavitsas & Aylin Soydan, 2020. "Financialisation in developing countries: Approaches, concepts, and metrics," Working Papers 240, Department of Economics, SOAS University of London, UK.

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