Export Decisions of Firms and Financial Constraints

Abstract

Financial constraints may prevent firms from continuing their operations which can hamper the economic growth. The aim of this paper is to examine the effect of financial constraints on export decisions of firms. This relationship is particularly important for emerging markets like Turkey which are suffering from high current account deficits. The contribution of this study stems from the dataset used, which is the widest dataset that is ever used to test the relationship between export behaviour of firms and financial constraints from a large range of economies. The data cover nearly 110000 firms around the world from 2002 to 2010. Our results imply a positive relationship between financial constraints and export probabilities of firms. Moreover we observe higher probability of exporting for firms if the economy does not have a developed financial system.

Keywords

• Financial Constraints,Export,Financial Development,Foreign Trade

Firmaların İhracat Kararları ve Finansal Kısıtlar

Öz

Finansal kısıtlar, firmaların faaliyetlerine devam etmelerini engelleyerek ekonomik büyümenin önüne geçebilir. Bu yazının amacı, finansal kısıtların firmaların ihracat davranışlarına etkisini incelemektir. Bu ilişki, özellikle yüksek cari açık oranlarından muzdarip olan Türkiye gibi gelişen piyasa ekonomileri için önemlidir. Bu çalışmanın katkısı, kullandığı veri setinden kaynaklanmakta olup, firmaların ihracat davranışları ve finansal kısıtlar arasındaki ilişkiyi test etmek için şimdiye dek kullanılmış olan en geniş veri seti üzerinden ekonometrik analizler gerçekleştirilmiştir. Veriler, 2002'den 2010'a kadar dünya çapında 110000 civarı firmayı kapsamaktadır. Sonuçlar, firmaların finansal kısıtlar ve firmaların ihracat olasılıkları arasında pozitif bir ilişki olduğunu gösterirken gelişmiş finansal sistemin sahip olmayan ülkelerde, firmaların ihracat olasılıklarının daha düşük olduğuna işaret etmektedir. 

Anahtar Kelimeler

• Finansal Kısıtlar,İhracat,Finansal Gelişmişlik,Dış Ticaret

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