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

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.

Anahtar Kelimeler:

Finansal kısıtlar, İhracat, Türkiye ekonomisi, Gölge değişkenli en küçük kareler modeli, Dinamik Sabit Etkiler Modeli

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

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.

Keywords:

Financing constraints, Exports, Turkish economy, Least Squares dummy variable regression model, Dynamic fixed effects model,

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