R&D activity and financing constraints: Evidence from Turkey

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, w...

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Veröffentlicht in:	Panoeconomicus 2020, Vol.67 (4), p.557-571
Hauptverfasser:	Gezici, Armağan, Orhangazi, Özgür, Yalçın, Cihan
Format:	Artikel
Sprache:	eng
Schlagworte:	Bond ratings Capital intensity Cash flow Companies Costs Financing Intangible assets Investments Liquidity R&D Research & development Research & development expenditures Transition economies
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Zusammenfassung:	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. nema
ISSN:	1452-595X 2217-2386
DOI:	10.2298/PAN170420011G