R&D activity and financing constraints: Evidence from Turkey

Panoeconomicus

Yalçın Cihan¹  Orhangazi Özgür²  Gezici Armağan³ 

[1] Central Bank of the Republic of Turkey, Turkey;Kadir Has University, Turkey;Keene State College, USA;

关键词: r&d investment;    financing constraint;    credit constraint;    internal funds;    cash flow;    turkey;   

DOI  :  10.2298/PAN170420011G

来源: DOAJ

【 摘 要 】

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.

【 授权许可】

Unknown