R&D Activity and Financing Constraints: Evidence from Turkey

被引：2
|
作者：
Gezici, Armagan [1 ]
Orhangazi, Ozgur [2 ]
Yalcin, Cihan [3 ]
机构：
[1] Keene State Coll, Keene, NH 03435 USA
[2] Kadir Has Univ, Istanbul, Turkey
[3] Cent Bank Republ Turkey, Ankara, Turkey
来源：
PANOECONOMICUS | 2020年 / 67卷 / 04期
关键词：
R&D investment; Financing constraint; Credit constraint; Internal funds; Cash flow; Turkey; DEVELOPMENT INVESTMENT; INNOVATION; DETERMINANTS; COUNTRIES;
D O I：
10.2298/PAN170420011G
中图分类号：
F [经济];
学科分类号：
02 ;
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.
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页码：557 / 571
页数：15
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