Mali kısıtlar ve yatırım: Türk imalat sanayi firmaları üzerine bir çalışma

Using a comprehensive firm-level data that covers nearly 75% of total employmentin Turkish manufacturing industry for the period 1992-2003, this studytests whether Turkish firms are financially constrained or not. Based on the pioneeringwork of Fazari, Hubbard and Peterson (1988), numerous studies haveexamined the role of financing constraints in determining investment decisionsof firms. Most of these studies check for investment-cash flow sensitivity in orderto identify financing constraints. This study follows the approach of Fazari,Hubbard and Peterson (1988) that interprets a significant positive relationshipbetween firms' investment and the measure of their internal finance (cash flow)as evidence of financing constraints, which might arise due to capital marketimperfections. The results presented here suggest a significant positive relationshipbetween firms' investment and their cash flow. This finding is robustto controlling firm specific characteristics such as size and age. As a result, thestudy contributes to the financing constraints literature by studying the issuein a developing country context.