R&D activity and financing constraints: Evidence from Turkey
| Autor: | Özgür Orhangazi, Cihan Yalcin, Armağan Gezici |
|---|---|
| Přispěvatelé: | Orhangazi, Özgür |
| Jazyk: | angličtina |
| Rok vydání: | 2020 |
| Předmět: |
Finance
cash flow Index (economics) business.industry lcsh:Economic theory. Demography financing constraint Investment (macroeconomics) lcsh:HB1-3840 r&d investment Negative relationship Income statement Economics turkey Cash flow Capital intensity Balance sheet credit constraint internal funds business General Economics Econometrics and Finance Constraint (mathematics) |
| Zdroj: | Panoeconomicus, Vol 67, Iss 4, Pp 557-571 (2020) |
| ISSN: | 2217-2386 |
| Popis: | 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. Key words: R&D investment, financing constraint, credit constraint, internal funds, cash flow, Turkey. JEL: G30, G32, L20, O31, C33, E22. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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