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Finansal Kısıtlar ve İhracat İlişkisi: Türkiye Metal Eşya, Makine ve Gereç Yapım İmalat Sanayisi için Bir İnceleme

Year 2019, Volume: 10 Issue: 17, 596 - 614, 31.03.2019
https://doi.org/10.26466/opus.479052

Abstract

Finansal kısıtlar, Türkiye
ekonomisinde büyüme için önemli olan ihracat açısından oldukça önemli bir engel
olma potansiyeline sahiptir. İhracat yapan firmaların dışsal finansmana
erişiminde yaşadığı sorunlar ihracat için önemli bir sorun teşkil etmektedir. Bu
çalışmada finansal kısıtlar ile ihracat arasındaki ilişki Türkiye imalat
sanayisi içerisinde yer alan Metal Eşya, Makine ve Gereç Yapım sektöründe yer
alan firmalar için Borsa Istanbul’da yer alan şirketler için 2006-2015 yılları
arasında araştırılmaktadır. Çalışmada Gölge Değişkenli En Küçük Kareler ve
Dinamik Sabit Etkiler modelleri kullanılarak ihracat ile finansal kısıtlar
arasındaki ilişki araştırılmaktadır. Ekonometrik analizde kullanılan modeller
çerçevesinde içsellik, değişen varyans, otokorelasyon ve firmaların
davranışının dinamik yapısı  kontrol edilerek  elde edilen sonuçlar, Metal Eşya, Makine ve
Gereç Yapım sektöründe yer alan firmalar için finansal kısıtların ihracat
üzerine ciddi anlamda ve olumsuz bir etkisi olduğunu göstermektedir. Çalışma,
literatürde yer alan çalışmalardan ayrı olarak uyguladığı dinamik panel
modelleri vasıtasıyla Türkiye ekonomisinde ihracat için önemli olan bir sektör
olan Metal Eşya, Makine ve Gereç Yapım sektöründe yer alan firmalar açısından
finansal kısıtlar ile ihracat arasındaki ilişkisiyi göstermektedir.

References

  • Akarim, Y. D. (2013). The impact of financial factors on export decisions: The evidence from Turkey. Economic Modelling 35 (1), 305-308.
  • Bernini, M. ve Montagnoli, A. (2017). Competition and financial constraints: A two-sided story. Journal of International Money and Finance, 70, 88–109.
  • Bruno, G. S. F. (2005). Estimation and inference in dynamic unbalanced panel data models with small number of individuals. Stata Journal, 5(4), 473–500.
  • Castagnino, T., D’Amato, L. ve Sangiácomo, M. (2012). “How do Firms in Argentina get Financing to Export? Banco Central de la República Argentina”. Investigationes Económicas, Working Paper 2012/58, Kasım.
  • Chaney, T. (2013). Liquidity constrained exporters. NBER Working Paper no. 19170.
  • De Vos, I. D., Everaert, G.D., ve Ruyssen, I. (2015). Bootstrap-based bias correction and inference for dynamic panels with fixed effects. Stata Journal, 15 (4), 986-1018.
  • Doruk, Ö. T. (2017). Determinants of investment in the manufacturing sector in Turkey. Yayımlanmamış Doktora Tezi, Kadir Has Üniversitesi, İstanbul.
  • Dünya Bankası. (2018). World development indicators, 25.12.2018 tarihinde https://datacatalog.worldbank.org/dataset/world-development-indicators adresinden erişilmiştir.
  • Egger, P., ve Kesina, M. (2013), Financial constraints and exports: Evidence from Chinese firms. CESifo Economic Studies, 59(4), 676–706.
  • Everaert, G., ve Pozzi, L. (2007). Bootstrap-based bias correction for dynamic panels. Journal of Economic Dynamics and Control, 31(4): 1160–1184.
  • Fauceglia, D. (2015). Credit constraints, firm exports and financial development: Evidence from developing countries. The Quarterly Review of Economics and Finance, 55, 53–66.
  • Falls, G. A. ve Natke, P.A. (2008). An empirical analysis of a Keynesian investment theory using Brazilian firm-level panel data. Journal of Post Keynesian Economics, 29(1), 501-519.
  • Fazzari, S., Hubbard, G., ve Petersen, B. (1988), financing constraints and corporate ınvestment. Brookings Papers on Economic Activity 1, 141–195.
  • Gezici, A.(2007). Investment under financial liberalization: Channels of liquidity and uncertainty. Yayımlanmamış Doktora Tezi, University of Massachusetts Amherst, ABD.
  • Gezici,A., Orhangazi, O. ve Yalçın, C. (2018). Exports and financing constraints evidence from Turkey. Review of Middle Eastern Economics and Finance, 14(1), doi:10.1515/rmeef-2017-0024
  • Goldsmith, Raymond W. (1969). Financial structure and development. New Haven, CT: Yale University Press.
  • Greenaway, D., Guariglia, A., ve Kneller, R. (2007). Financial factors and exporting decisions. Journal of International Economics, 73(2), 377–395.
  • Hasan, S. M. ve Sheldon, I. (2013). Credit constraints, technology choice and exports – a firm level study for Latin American countries. Review of Development Economics, 20(2), 547-560.
  • ISO (İstanbul Sanayi Odası). (2018). Sanayi şirketlerinde ar-ge faaliyetleri ve performansa etkileri, Tematik Rapolar-III, ISO Yayınları, İstanbul.
  • KAP (Kamuyu Aydınlatma Platformu). (2018). 25.12.2018 tarihinde https://www.kap.org.tr/tr/bist-sirketler adresinden erişilmiştir.
  • Kiendrebeogo, Y. ve Minea, A. (2012). Financial factors and manufacturing exports: Theory and firm-level evidence from Egypt. CERDI, Etudes et Documents, E2012.21.
  • King, R. G., ve Levine, R. (1993). Finance and growth: Schumpeter might be right. Quarterly Journal of Economics, 108 (3), 717-737.
  • Kiviet, J. F. (1995). On bias, inconsistency and efficiency of various estimators in dynamic panel data models. Journal of Econometrics, 68, 53–78.
  • Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35, 688-726.
  • Manole, V. ve Spatareanu, M. (2010). Exporting, capital investment and financial constraints. Review of World Economics, 146 (1), 23-37.
  • Manova, K. (2013). Credit Constraints, Heterogeneous Firms and International Trade. Review of Economic Studies, 80(2), 711–744.
  • McKinnon, R. I. (1973). Money and capital in economic development. Washington D.C.: Brookings Institution.
  • Melitz, M. (2003). The impact of trade on intra-industry reallocations and aggregate industry productivity. Econometrica, 71(6), 1695–1725.
  • Muuls, M. (2008). Exporters and credit constraints. A firm-level approach. National Bank of Belgium Working Paper Research No. 139.
  • Nagaraj, P. (2014). Financial constraints and export participation in India, International Economics, 140, 19–35.
  • Schumpeter, J. A. (1911). The theory of economic development. Cambridge, MA: Harvard University Press.
  • SPK (Sermaye Piyasası Kurulu). (2018). Ekim Ayı İstatistik Bülteni, 25.12.2018 tarihinde http://www.spk.gov.tr/SiteApps/Yayin/AylikIstatistikBultenleri adresinden erişilmiştir.
  • Stiglitz, J. E., ve Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review; 71 (3), 393-410.
  • Shleifer, A. ve Vishny, R.W. (1986). Large shareholders and corporate control. The Journal of Political Economy, 94 (3), 461-488.
  • Wang, Xiao (2010). Financial constraints and exports. Department of Economics, University of Wisconsin, mimeo, Ekim.
  • Yaldız Hanedar, E. (2018). Firmaların ihracat kararları ve finansal kısıtlar, Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 2018 6(ICEESS’ 18) 61–66.

The Relationship between Financing Constraints and Exports: A Case of Turkish Fabricated Metal Products, Machinery, and Equipment Manufacturing Industry

Year 2019, Volume: 10 Issue: 17, 596 - 614, 31.03.2019
https://doi.org/10.26466/opus.479052

Abstract

Financing
constraints have the potential to become
an important obstacle for exports which have significant
importance for economic growth in the Turkish economy. The issues that firms
face for access to external finance represents
a significant issue for exports in the Turkish economy. In this study, the
relationship between financing constraints and exports is examined for the
Turkish fabricated metal products, machinery, and
equipment sector in the period 2006-2015. By using the least squares dummy variable regression and dynamic fixed effects
methods, the relationship between financing constraints and exports is
examined.  The obtained findings from the
econometric analyses, which endogeneity, heteroscedasticity, and
autocorrelation and dynamic structure of firm behavior are controlled, show
that financing constraints have a significant effect on exports in the
fabricated metal products, machinery and equipment sector. This study, unlike
the previous studies in the current literature, shows
the relationship between financing constraints and exports for the firms operates in the fabricated metal
products, machinery, and equipment sector
by employing dynamic panel models.

References

  • Akarim, Y. D. (2013). The impact of financial factors on export decisions: The evidence from Turkey. Economic Modelling 35 (1), 305-308.
  • Bernini, M. ve Montagnoli, A. (2017). Competition and financial constraints: A two-sided story. Journal of International Money and Finance, 70, 88–109.
  • Bruno, G. S. F. (2005). Estimation and inference in dynamic unbalanced panel data models with small number of individuals. Stata Journal, 5(4), 473–500.
  • Castagnino, T., D’Amato, L. ve Sangiácomo, M. (2012). “How do Firms in Argentina get Financing to Export? Banco Central de la República Argentina”. Investigationes Económicas, Working Paper 2012/58, Kasım.
  • Chaney, T. (2013). Liquidity constrained exporters. NBER Working Paper no. 19170.
  • De Vos, I. D., Everaert, G.D., ve Ruyssen, I. (2015). Bootstrap-based bias correction and inference for dynamic panels with fixed effects. Stata Journal, 15 (4), 986-1018.
  • Doruk, Ö. T. (2017). Determinants of investment in the manufacturing sector in Turkey. Yayımlanmamış Doktora Tezi, Kadir Has Üniversitesi, İstanbul.
  • Dünya Bankası. (2018). World development indicators, 25.12.2018 tarihinde https://datacatalog.worldbank.org/dataset/world-development-indicators adresinden erişilmiştir.
  • Egger, P., ve Kesina, M. (2013), Financial constraints and exports: Evidence from Chinese firms. CESifo Economic Studies, 59(4), 676–706.
  • Everaert, G., ve Pozzi, L. (2007). Bootstrap-based bias correction for dynamic panels. Journal of Economic Dynamics and Control, 31(4): 1160–1184.
  • Fauceglia, D. (2015). Credit constraints, firm exports and financial development: Evidence from developing countries. The Quarterly Review of Economics and Finance, 55, 53–66.
  • Falls, G. A. ve Natke, P.A. (2008). An empirical analysis of a Keynesian investment theory using Brazilian firm-level panel data. Journal of Post Keynesian Economics, 29(1), 501-519.
  • Fazzari, S., Hubbard, G., ve Petersen, B. (1988), financing constraints and corporate ınvestment. Brookings Papers on Economic Activity 1, 141–195.
  • Gezici, A.(2007). Investment under financial liberalization: Channels of liquidity and uncertainty. Yayımlanmamış Doktora Tezi, University of Massachusetts Amherst, ABD.
  • Gezici,A., Orhangazi, O. ve Yalçın, C. (2018). Exports and financing constraints evidence from Turkey. Review of Middle Eastern Economics and Finance, 14(1), doi:10.1515/rmeef-2017-0024
  • Goldsmith, Raymond W. (1969). Financial structure and development. New Haven, CT: Yale University Press.
  • Greenaway, D., Guariglia, A., ve Kneller, R. (2007). Financial factors and exporting decisions. Journal of International Economics, 73(2), 377–395.
  • Hasan, S. M. ve Sheldon, I. (2013). Credit constraints, technology choice and exports – a firm level study for Latin American countries. Review of Development Economics, 20(2), 547-560.
  • ISO (İstanbul Sanayi Odası). (2018). Sanayi şirketlerinde ar-ge faaliyetleri ve performansa etkileri, Tematik Rapolar-III, ISO Yayınları, İstanbul.
  • KAP (Kamuyu Aydınlatma Platformu). (2018). 25.12.2018 tarihinde https://www.kap.org.tr/tr/bist-sirketler adresinden erişilmiştir.
  • Kiendrebeogo, Y. ve Minea, A. (2012). Financial factors and manufacturing exports: Theory and firm-level evidence from Egypt. CERDI, Etudes et Documents, E2012.21.
  • King, R. G., ve Levine, R. (1993). Finance and growth: Schumpeter might be right. Quarterly Journal of Economics, 108 (3), 717-737.
  • Kiviet, J. F. (1995). On bias, inconsistency and efficiency of various estimators in dynamic panel data models. Journal of Econometrics, 68, 53–78.
  • Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35, 688-726.
  • Manole, V. ve Spatareanu, M. (2010). Exporting, capital investment and financial constraints. Review of World Economics, 146 (1), 23-37.
  • Manova, K. (2013). Credit Constraints, Heterogeneous Firms and International Trade. Review of Economic Studies, 80(2), 711–744.
  • McKinnon, R. I. (1973). Money and capital in economic development. Washington D.C.: Brookings Institution.
  • Melitz, M. (2003). The impact of trade on intra-industry reallocations and aggregate industry productivity. Econometrica, 71(6), 1695–1725.
  • Muuls, M. (2008). Exporters and credit constraints. A firm-level approach. National Bank of Belgium Working Paper Research No. 139.
  • Nagaraj, P. (2014). Financial constraints and export participation in India, International Economics, 140, 19–35.
  • Schumpeter, J. A. (1911). The theory of economic development. Cambridge, MA: Harvard University Press.
  • SPK (Sermaye Piyasası Kurulu). (2018). Ekim Ayı İstatistik Bülteni, 25.12.2018 tarihinde http://www.spk.gov.tr/SiteApps/Yayin/AylikIstatistikBultenleri adresinden erişilmiştir.
  • Stiglitz, J. E., ve Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review; 71 (3), 393-410.
  • Shleifer, A. ve Vishny, R.W. (1986). Large shareholders and corporate control. The Journal of Political Economy, 94 (3), 461-488.
  • Wang, Xiao (2010). Financial constraints and exports. Department of Economics, University of Wisconsin, mimeo, Ekim.
  • Yaldız Hanedar, E. (2018). Firmaların ihracat kararları ve finansal kısıtlar, Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 2018 6(ICEESS’ 18) 61–66.
There are 36 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Ömer Tuğsal Doruk 0000-0002-2382-1042

Publication Date March 31, 2019
Acceptance Date February 17, 2019
Published in Issue Year 2019 Volume: 10 Issue: 17

Cite

APA Doruk, Ö. T. (2019). Finansal Kısıtlar ve İhracat İlişkisi: Türkiye Metal Eşya, Makine ve Gereç Yapım İmalat Sanayisi için Bir İnceleme. OPUS International Journal of Society Researches, 10(17), 596-614. https://doi.org/10.26466/opus.479052