Determinants of Investment in Turkey: A Firm-Level Investigation

Gezici, Armaǧan; Orhangazi, Özgür; Yalçın, Cihan

doi:10.1080/1540496x.2018.1473247

Cited by 15 publications

(13 citation statements)

References 32 publications

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“…In addition, So (2004) found that many foreign investors in Turkey saw economic and political instability as the most important obstacle. Whatever measures were used, small and medium‐sized manufacturing companies in Turkey would be subject to financing restrictions (Gezici, Orhangazi, & Yalçın, 2019). Agricultural cultivation in Georgia is still based on the way of collective farming and has problems of single planting structures and lack of technological renewal, etc.…”

Section: Resultsmentioning

confidence: 99%

Evaluation of agricultural investment environment in countries around the Black Sea under the background of The Belt and Road

Chen

Shi

et al. 2021

Natural Resources Forum

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The stable development of agriculture is of great significance to alleviate the problem of food insecurity. As a significant yield zone along the Belt and Road Initiative, the Black Sea area is an ideal object for China to invest in agriculture. Therefore, it is particularly important to evaluate the agricultural investment environment in this region reasonably and effectively. This paper selects the countries around the Black Sea as the research objects and uses an Entropy‐ technique for order preference by similarity to an ideal solution (TOPSIS) model to analyse the agricultural investment environment and its influencing factors. The results show that: (a) There are significant differences in the agricultural investment environment among the six countries around the Black Sea, ranking as follows: Russia(0.5583) > Bulgaria(0.4782) > Georgia(0.4072) > Ukraine(0.3539) > Turkey(0.3493) > Romania(0.3167); (b) in primary indexes, agricultural production conditions, political environment, and social development have a relatively large impact, among which agricultural production is the most important factor; (c) among the secondary indexes, human capital index and railway (total kilometres) have high levels of impact. Unemployment rate, inflation rate and employment in agriculture (% of total employment) also have a significant impact. On this basis, suggestions are put forward according to the research results.

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Section: Resultsmentioning

confidence: 99%

Evaluation of agricultural investment environment in countries around the Black Sea under the background of The Belt and Road

Chen

Shi

et al. 2021

Natural Resources Forum

View full text Add to dashboard Cite

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“…In the literature, total assets, total sales, or the number of employees (Gezici et al 2019;Özmen et al 2012;Riaz et al 2016;Yeşiltaş, 2009) are used as a financial proxy for size. Following the previous studies (Almeida et al 2004;Arslan et al 2006;Chang et al 2007;Crisóstomo et al 2014;Devereux & Schiantarelli, 1990;Gertler & Gilchrist, 1993, 1994Kadapakkam et al 1998), total assets are used as a financial proxy for size, and we rank firms in each country based on their total assets and classify them as financially constrained or unconstrained if their size is below or above the median size value.…”

Section: Sizementioning

confidence: 99%

Cash - Cash Flow Sensitivity: Evidence From Emerging Markets

Tan

Avcı

2022

Muhasebe Bilim Dünyası Dergisi

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This study analyzes cash-cash flow sensitivity by comparing financially constrained and unconstrained firms in eight markets. 486 manufacturing firms are examined between 2005 and 2018 using the Generalized Method of Moments. These firms are categorized based on size, age, and Size-Age, Sales-Age, and Kaplan and Zingales indices. We find that both constrained and unconstrained firms evince positive cash-cash flow sensitivity. Although unconstrained firms obtain external financing easily, they prefer to first use internally generated funds in accordance with the pecking order theory. The results also reveal that cash-cash flow sensitivity cannot be used to test financial constraints in emerging markets.

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“…Yukarıdaki modelde yer alan yatırım oranı ve yatırım oranının karesi kuadratik ayarlama maliyet (adjustment cost) fonksiyonunu temsil etmektedir. (Gezici, Orhangazi ve Yalçın, 2019).…”

Section: Veri Seti Ve Yöntemunclassified

Türk Fi̇rmalarinda Fi̇nansal Kisitlar Ve Yatirim: Dokuma, Gi̇yi̇m Eşyasi Ve Deri̇ Sektöründe Bi̇r Araştirma

Ergun¹

2020

Finansal Araştırmalar Ve Çalışmalar Dergisi

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Yeni borç ya da özkaynak gibi dışsal finansmana erişimde problemler yaşanması durumunda, firmalar yatırımlarını içsel nakit akışları ile finanse etmek zorunda kalabilirler. Bu durum firmaların yatırımlarının kendi nakit akışlarıyla kısıtlı olması anlamına gelir. Bu çalışmanın amacı, firmaların yatırımlarında içsel nakit akışlarına bağımlılıklarının araştırılmasıdır. Veri seti hisse senetleri Borsa İstanbul' da (BİST) işlem gören, Dokuma, Giyim Eşyası ve Deri Sektöründe yer alan 20 firmanın 2005 ve 2017 arasındaki finansal verilerinden oluşmaktadır. Analiz için Gölge Değişkenli En Küçük Kareler yöntemi ve Euler Denklemlerinden faydalanılmıştır. Tahmin edilen modellerin sonuçlarına göre içsel nakit akışlarının firma yatırımlarını pozitif ve anlamlı bir şekilde etkilediği gözlenmiştir. Diğer bir ifade ile içsel nakit akışları azaldığında yatırımlar da azlamak zorunda kalmaktadır; bu durum dışsal finansmana erişimde problemlerin yaşanıyor olduğunun göstergesidir.

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Determinants of Investment in Turkey: A Firm-Level Investigation

Cited by 15 publications

References 32 publications

Evaluation of agricultural investment environment in countries around the Black Sea under the background of The Belt and Road

Evaluation of agricultural investment environment in countries around the Black Sea under the background of The Belt and Road

Cash - Cash Flow Sensitivity: Evidence From Emerging Markets

Türk Fi̇rmalarinda Fi̇nansal Kisitlar Ve Yatirim: Dokuma, Gi̇yi̇m Eşyasi Ve Deri̇ Sektöründe Bi̇r Araştirma

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