Export Decisions of Firms and Financial Constraints

Year 2018, , 61 - 66, 15.12.2018

Elmas Yaldiz Hanedar

https://doi.org/10.18506/anemon.452675

Cited By: 1

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

Abstract

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. 

Keywords

Finansal Kısıtlar, İhracat, Finansal Gelişmişlik, Dış Ticaret

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