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YP CİNSİNDEN BORÇLANMA, İSTİHDAM VE FİRMA BÜYÜMESİ

Year 2023, Volume: 19 Issue: 3, 516 - 526, 29.09.2023
https://doi.org/10.17130/ijmeb.1349720

Abstract

Bu çalışmada Yabancı Para (YP) cinsinden borçlanmanın firma büyümesindeki rolü incelenmiştir. Firma seviyesinde detaylı bir veri setinde genişletilmiş tam eşleme (coarsened exact matching) yöntemi uygulanarak ölçek, karlılık, maddi duran varlık yoğunluğu ve kullanılan kredi tutarı açısından benzer olan fakat kullanılan kredinin kur cinsi farklı olan firmaları tespit edilmektedir. Ardından panel veri sabit etkiler modelleri kullanılarak YP cinsinden kredilerin firma büyümesindeki etkisi incelenmektedir. Diğer bir ifadeyle, daha yüksek YP cinsinden kredi payına sahip firmaların daha iyi firma sonuçlarına sahip olup olmadığını analiz ediyorum. Sonuçlar YP kredilerin firma büyümesi üzerindeki rolünün son yıllarda azaldığını göstermektedir. 2017 yılına kadar olan süreçte YP kredi kullanan firmalar benzer miktarda TL kredi kullanan firmalara göre daha yüksek büyüme oranına sahipken 2017 sonrası dönemde bu ilişkinin değiştiği görülmektedir.

References

  • Acharya, V. & Vij, S. (2016). Foreign currency borrowing of corporations as carry trades: Evidence from India. NYU Working Paper.
  • Aguiar, M. (2005). Investment, devaluation, and foreign currency exposure: The case of Mexico. Journal of Development Economics, 78, 95-113.
  • Alp, B. & C. Yalçın (2014). Türkiye’de şirketler kesiminde borç dolarizasyonu ve şirketlerin büyüme performansı. CBRT Working Paper.
  • Amiti, M. & D. Weinstein (2011). Exports and financial shocks. Quarterly Journal of Economics, 126, 1841–1877.
  • Amiti, M. & Weinstein, D. (2018). How much do bank shocks affect investment? Evidence from matched bank-firm loan data. Journal of Political Economy, 126(2), 525-587.
  • Benmelech, E., N. Bergman & A. Seru, (2011). Financing labor. NBER Working Paper 17144.
  • Bleakley, H. & Cowan K. (2005). Corporate dollar debt and depreciations: Much ado about nothing? Inter-American Development Bank Research Department Working Paper No: 532.
  • Bordeaux, M.D., Meissner C.M. & D. Stuckler (2009). Foreign currency debt, financial crises and economic growth: A long run view. NBER Working Papers No: 15534.
  • Bruno, V. & Shin, H. S. (2017). Global dollar credit and carry trades: a firm-level analysis. The Review of Financial Studies, 30, 703-749.
  • Chava, S. & Roberts, M. R. (2008). How does financing impact investment? The role of debt covenants. The Journal of Finance, 63(5), 2085-2121.
  • Chodorow-Reich, G. (2014). The employment effects of credit market disruptions: Firm-level evidence from the 2008-09 financial crisis. Quarterly Journal of Economics, 129(1), 1–59.
  • Du, W. & Schreger J. (2016). Sovereign risk, currency risk, and corporate balance sheets. Mimeo, Harvard University.
  • Fazzari, S.M., Hubbard R.G. & Petersen B.C. (1988). Financing constraints and corporate investment. Brooking Papers on Economic Activity 1, 141-195.
  • Galindo, A., Panizza, U. & Schiantarelli, F. (2003). Debt composition and balance sheet effects of currency depreciation: a summary of the micro evidence. Emerging Markets Review 4, 330-339.
  • Karagol, E. (2012). The causality analysis of external debt service and GNP: The case of Turkey. Central Bank Review, 2(1), 39-64.
  • Kesriyeli, M., Özmen, E. & Yiğit, S. (2011). Corporate sector liability dollarization and exchange rate balance sheet effect in Turkey. Applied Economics, 43(30), 4741-4747.
  • Khwaja, A. I. & Mian, A. (2008). Tracing the impact of banking liquidity shocks: evidence from an emerging market. American Economic Review, 98(4), 1413–1442.
  • Kim, Y. J., Tesar, L. & Zhang, J. (2015). The impact of foreign liabilities on small firms: Firm-level evidence from the Korean crisis. Journal of International Economics, 97, 209-230.
  • Luca, A. & Petrova, I. (2008). What drives credit dollarization in transition economies? Journal of Banking & Finance, Elsevier, 32(5), 858-869

FX BORROWING, EMPLOYMENT AND FIRM GROWTH

Year 2023, Volume: 19 Issue: 3, 516 - 526, 29.09.2023
https://doi.org/10.17130/ijmeb.1349720

Abstract

Matching (CEM) methodology using a rich firm-level dataset in order to find counterpart firms that are similar in terms of amount of loans, size, profitability and tangible asset but different in currency of the loan used. Then I use panel data fixed effect regressions to measure the impact of FX loan on firm employment and sales growth compared to TL loan. More specifically, analyze whether firms with higher FX denominated credit share have better firm outcome or not. The results point to diminishing impact of the FX loans on firm growth in recent years. While the firms borrowed in FX have higher growth rate compared to TL borrowed firms until 2017, there is no significant difference in firm employment growth or sales growth performance between FX-indebted firms and TL-indebted firms.

Thanks

I would like to thank Ahmet Duhan Yassa for his valuable comments and help in understanding some of the details of the data set.

References

  • Acharya, V. & Vij, S. (2016). Foreign currency borrowing of corporations as carry trades: Evidence from India. NYU Working Paper.
  • Aguiar, M. (2005). Investment, devaluation, and foreign currency exposure: The case of Mexico. Journal of Development Economics, 78, 95-113.
  • Alp, B. & C. Yalçın (2014). Türkiye’de şirketler kesiminde borç dolarizasyonu ve şirketlerin büyüme performansı. CBRT Working Paper.
  • Amiti, M. & D. Weinstein (2011). Exports and financial shocks. Quarterly Journal of Economics, 126, 1841–1877.
  • Amiti, M. & Weinstein, D. (2018). How much do bank shocks affect investment? Evidence from matched bank-firm loan data. Journal of Political Economy, 126(2), 525-587.
  • Benmelech, E., N. Bergman & A. Seru, (2011). Financing labor. NBER Working Paper 17144.
  • Bleakley, H. & Cowan K. (2005). Corporate dollar debt and depreciations: Much ado about nothing? Inter-American Development Bank Research Department Working Paper No: 532.
  • Bordeaux, M.D., Meissner C.M. & D. Stuckler (2009). Foreign currency debt, financial crises and economic growth: A long run view. NBER Working Papers No: 15534.
  • Bruno, V. & Shin, H. S. (2017). Global dollar credit and carry trades: a firm-level analysis. The Review of Financial Studies, 30, 703-749.
  • Chava, S. & Roberts, M. R. (2008). How does financing impact investment? The role of debt covenants. The Journal of Finance, 63(5), 2085-2121.
  • Chodorow-Reich, G. (2014). The employment effects of credit market disruptions: Firm-level evidence from the 2008-09 financial crisis. Quarterly Journal of Economics, 129(1), 1–59.
  • Du, W. & Schreger J. (2016). Sovereign risk, currency risk, and corporate balance sheets. Mimeo, Harvard University.
  • Fazzari, S.M., Hubbard R.G. & Petersen B.C. (1988). Financing constraints and corporate investment. Brooking Papers on Economic Activity 1, 141-195.
  • Galindo, A., Panizza, U. & Schiantarelli, F. (2003). Debt composition and balance sheet effects of currency depreciation: a summary of the micro evidence. Emerging Markets Review 4, 330-339.
  • Karagol, E. (2012). The causality analysis of external debt service and GNP: The case of Turkey. Central Bank Review, 2(1), 39-64.
  • Kesriyeli, M., Özmen, E. & Yiğit, S. (2011). Corporate sector liability dollarization and exchange rate balance sheet effect in Turkey. Applied Economics, 43(30), 4741-4747.
  • Khwaja, A. I. & Mian, A. (2008). Tracing the impact of banking liquidity shocks: evidence from an emerging market. American Economic Review, 98(4), 1413–1442.
  • Kim, Y. J., Tesar, L. & Zhang, J. (2015). The impact of foreign liabilities on small firms: Firm-level evidence from the Korean crisis. Journal of International Economics, 97, 209-230.
  • Luca, A. & Petrova, I. (2008). What drives credit dollarization in transition economies? Journal of Banking & Finance, Elsevier, 32(5), 858-869
There are 19 citations in total.

Details

Primary Language English
Subjects Applied Microeconometrics, Labor Economics, Developmental Economy - Micro
Journal Section Research Articles
Authors

Huzeyfe Torun 0000-0002-3209-9047

Early Pub Date September 26, 2023
Publication Date September 29, 2023
Submission Date August 25, 2023
Acceptance Date September 1, 2023
Published in Issue Year 2023 Volume: 19 Issue: 3

Cite

APA Torun, H. (2023). FX BORROWING, EMPLOYMENT AND FIRM GROWTH. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 19(3), 516-526. https://doi.org/10.17130/ijmeb.1349720