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Saving Behavior of Non-Financial Firms in Turkey

Listed author(s):
  • Hamza Demircan

    ()

    (Koc University-TUSIAD Economic Reserch Forum and Koc University)

  • Sumru Oz

    ()

    (Koc University-TUSIAD Economic Reserch Forum)

Registered author(s):

    This paper proposes a method to calculate undistributed profits, thus saving rates of non-financial firms using only the information given in their balance sheets. This allows us to analyze the saving behavior of non-financial firms even in the absence of their statement of cash flows, which contains "dividend payments" data. The balance sheets of non-financial firms are provided by TurkStat only for 2013 and 2014, so this paper is confined to the cross sectional analysis of the saving behavior of non-financial firms in Turkey. We find that the saving rate increases as past net profit margin increases for firms with profits in the preceding year. For the firms which declare loss in the preceding year, saving rate increases as the past value of net profit margin decreases. Our findings for the rest of the firm-level determinants are consistent with the previous studies: Firm size plays a role on corporate savings; leverage ratio has a negative impact on the saving rate; and the positive impact of export orientation is higher for SMEs.

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    File URL: http://eaf.ku.edu.tr/sites/eaf.ku.edu.tr/files/erf_wp_1720.pdf
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    Paper provided by Koc University-TUSIAD Economic Research Forum in its series Koç University-TUSIAD Economic Research Forum Working Papers with number 1720.

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    Length: 24 pages
    Date of creation: Dec 2017
    Handle: RePEc:koc:wpaper:1720
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