Heterogeneous Effects of Financial Indicators on Firms' Exports: Evidence from Turkish Manufacturing Firms

Download

10510966.pdf

Date

2022-12-21

Author

Şahin, Yavuz Selim

Metadata

Show full item record

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Item Usage Stats

273
views

216
downloads

Using an extensive firm-level database that combines customs and balance sheets data, this paper investigates the heterogeneity in the effects of financial indicators on the exports of Turkish manufacturing firms. The panel data estimations for the period 2010-2020 suggest that improvement in the firm-level financial indicators have stimulating effects on the firms’ exports. More specifically, it is found that profitability and liquidity ratios are positively associated with firms’ exports, while increases in the leverage ratios hinder the export performances. Estimation results also reveal that, bank loans support the exports of firms that are able to have access to those loans. In this regard, the study demonstrates that firm characteristics are sources of heterogeneity for the export performances. The effects of financial indicators along with real exchange rate and foreign demand on real exports are shown to differ depending on firms’ size, age (experience), permanence in exporting, technology intensity of production, the degree of imported input intensity and the level of foreign ownership.

Subject Keywords

Exports, Firm Heterogeneity, Financial Indicators

URI

https://hdl.handle.net/11511/101182

Collections

Graduate School of Social Sciences, Thesis

Suggestions

OpenMETU
Core

Long run relationship between entry and exit: time series evidence from Turkish manufacturing industry Soytaş, Uğur (2006-12-01) This paper investigates the long run relationship between entry and exit using aggregate annual data from the Turkish manufacturing industry for the period 1968-2001. The time series properties of the data imply that simple OLS regressions may yield spurious results. We employ both bivariate and multivariate models to test for Granger causality. Utilizing relatively new time series techniques, we find that exit Granger causes entry in the long run, but not vice versa. However, unlike many empirical fin...
The accuracy of earnings forecasts disclosed in IPO prospectuses: The case of the Turkish IPO companies Bulut, Halil İbrahim; Er, Bünyamin (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2010-12) This paper examines the accuracy of earnings forecasts made by Turkish IPO (Initial Public Offering) companies during the period 2002-2007. It is a voluntary requirement for Turkish IPOs to furnish earnings forecasts. Their accuracy is measured by forecast errors, absolute forecast errors and squared forecast errors in this paper. A number of company specific characteristics such as size, age, forecast interval, gearing, proportion of shares retained by owners and both auditing firm and underwriter reputati...
Business cycles in emerging market economies: the role of financial shocks Pirgan Matur, Eser; Parmaksız, Ömer Kağan; Kılınç, Mustafa; Department of Economics (2014) This dissertation documents the differences in the course of macroeconomic volatility in emerging market economies and advanced countries. Then the dynamics of emerging market business cycles and macroeconomic effects of financial shocks are investigated using a small open economy real business cycle model with credit constraints calibrated to the Turkish economy. The results indicate that the impact of financial shocks crucially depends on whether the firms can access to alternative sources of finance when...
The auditor's opinion modifications around domestic and global financial crises Sultanoglu, Banu; Mugan, Can Simga; SEKERDAG, Umut; Oran, Adil (2018-01-01) Purpose The purpose of this study is to investigate the effect of company characteristics such as the level of financial distress, client size and type of auditor on the propensity to issue modified audit opinions and to assess comparative differences in audit opinions during two significant economic crises in Turkey.
EFFECTS OF EXCHANGE RATE VOLATILITY AND FIRM-SPECIFIC FEATURES ON THE RATES OF RETURNS OF THE MANUFACTURING FIRMS LISTED IN BORSA İSTANBUL: A CAPM APPROACH Aslan, Mustafa; Gaygısız Lajunen, Esma; Department of Financial Mathematics (2021-8-04) This study examines the effects of the exchange rate volatility and the firm-specific features representing the liquidity, profitability, and leverage performance of firms on excess stock returns for the manufacturing firms listed in Borsa İstanbul (BIST) using dynamic panel data model. The exchange rate volatility is modeled by single regime generalized autoregressive conditional heteroscedasticity (GARCH) models and Markov-switching GARCH (MSGARCH) models. The MSGARCH models show evidence that the evoluti...

Citation Formats

Y. S. Şahin, “Heterogeneous Effects of Financial Indicators on Firms’ Exports: Evidence from Turkish Manufacturing Firms,” M.S. - Master of Science, Middle East Technical University, 2022.