Financing constraints and investment : the case of Turkish manufacturing firms

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buir.advisorKalemli-Özcan, Şebnem
dc.contributor.authorYeşiltas, Sevcan
dc.date.accessioned2016-01-08T18:09:37Z
dc.date.available2016-01-08T18:09:37Z
dc.date.issued2009
dc.departmentDepartment of Economicsen_US
dc.descriptionAnkara : The Department of Economic, the Institute of Economics and Social Sciences of Bilkent University, 2009.en_US
dc.descriptionThesis (Master's) -- Bilkent University, 2009.en_US
dc.descriptionIncludes bibliographical references leaves 28-32.en_US
dc.description.abstractUsing a comprehensive firm-level data that covers nearly 75% of total employment in Turkish manufacturing industry for the period 1992–2003, this study tests whether Turkish firms are financially constrained or not. Based on the pioneering work of Fazari, Hubbard and Peterson (1988), numerous studies have examined the role of financing constraints in determining investment decisions of firms. Most of these studies check for investment-cash flow sensitivity in order to identify financing constraints. This study follows the approach of Fazari, Hubbard and Peterson (1988) that interprets a significant positive relationship between firms’ investment and the measure of their internal finance (cash flow) as evidence of financing constraints, which might arise due to capital market imperfections. The results presented here suggest a significant positive relationship between firms’ investment and their cash flow. This finding is robust to controlling firm specific characteristics such as size and age. As a result, the study contributes to the financing constraints literature by studying the issue in a developing country context.en_US
dc.description.degreeM.A.en_US
dc.description.statementofresponsibilityYeşiltas, Sevcanen_US
dc.format.extentix, 51 leaves, tablesen_US
dc.identifier.urihttp://hdl.handle.net/11693/14856
dc.language.isoEnglishen_US
dc.publisherBilkent Universityen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectFinancing Constraintsen_US
dc.subjectEmerging Marketsen_US
dc.subjectInvestmenten_US
dc.subject.lccHG5706.5.A3 Y47 2009en_US
dc.subject.lcshCapital market--Turkey.en_US
dc.subject.lcshInvestments--Turkey--Econometric models.en_US
dc.subject.lcshBusiness enterprises--Finance--Mathematical models.en_US
dc.titleFinancing constraints and investment : the case of Turkish manufacturing firmsen_US
dc.typeThesisen_US

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Dept. of Economics - Master's degree