What Explains Firm’s Access to Finance in Turkey?

The relationship between the financial sector and private non-financial sector deserves particular attention given the incontestable importance of the private sector as an engine of economic growth and job creation. Notwithstanding this importance, however, the evidence is highly suggestive that Turkish firms are confronted with obstacles in accessing formal financial services. Along these lines, this paper provides new empirical evidence for the determinants of access to finance by the enterprises in Turkey. In particular, the study investigates some enterprise-specific characteristics that may have an impact on a firm’s ability in accessing finance to scrutinize whether Turkish firms are credit constrained. The empirical analysis is based on micro level data from the World Bank’s Enterprise Survey for the fiscal year 2019. Three different measures of credit constraint are computed; a subjective measure based on perception and two objective measures based on the usage of formal financial services and direct information on credit constraints. Employing both subjective and objective measures of credit provide means for assessing the extent to which and how key determinants among firms’ characteristics displays variation between enterprises categorized by alternative credit constraint measures. Overall, the findings of the study reveal that the age of the firm, experience of the current manager, female/foreign participation in ownership and exporter status are found to be significantly associated with the firm’s access to finance. Notably, the results display several differences in underlying firm level factors for credit situation among subcategories based on alternative credit indicators. The findings of the study are of remarkable importance for designing policy to improve firms’ credit constraints and advance bank-firm connectedness in Turkey

Türkiye’de Frmaların Finansmana Erişiminin Belirleyicileri Nelerdir?

Özel sektörün iktisadi büyüme ve istihdam yaratmadaki inkar edilemez rolü göz önünde bulundurulduğunda, finansal sektör ile finansal olmayan özel sektör arasındaki ilişkinin incelenmesi önem kazanmaktadır. Ancak bu öneme rağmen, bulgular Türk firmalarının resmi finansal hizmetlere erişim konusunda engellerle karşılaştıklarını ortaya koymaktadır. Bu doğrultuda, bu çalışma Türkiye’deki işletmeler tarafından finansmana erişime ilişkin belirleyicilere yönelik yeni ampirik bulgular sunmaktadır. Türk firmalarının kredi kısıtlamaları olup olmadığını ortaya koymak amacıyla bu araştırma, özellikle firmanın finansmana erişim gücünü etkileyebilecek bazı firma düzeyindeki özellikleri araştırmaktadır. Ampirik analizler, 2019 mali yılı için Dünya Bankası İşletme Anketi’nden alınan mikro seviye verilere dayanmaktadır. Üç farklı kredi kısıtlaması ölçüsü hesaplanmıştır; bunlardan bir tanesi algıya dayalı bir subjektif değişken ve diğer ikisi ise resmi finansal hizmetlerin kullanımına ve kredi kısıtlamalarına ilişkin doğrudan bilgiye dayanan objektif değişkenlerdir. Krediye ilişkin hem subjektif hem objektif değişkenleri kullanmak firma özellikleri arasındaki başlıca belirleyicilerin ne dereceye kadar alternatif kredi kısıtlaması ölçüleri ile sınıflandırılan işletmeler arasında farklılık gösterdiğinin değerlendirilmesini sağlamaktadır. Genel olarak araştırmanın sonuçları firmanın yaşının, mevcut yöneticinin deneyimlerinin, mülkiyette kadın/yabancı katılımının ve ihracatçı durumunun firmanın finansmana erişimiyle önemli derecede bağlantılı olduğunu göstermektedir. Sonuçlar, alternatif kredi göstergelerine bağlı alt kategoriler arasındaki kredi durumuna ilişkin altta yatan firma seviyesindeki faktörlerde bazı değişiklikler olduğunu açıkça ortaya koymuştur. Araştırmanın bulguları, firmaların kredi kısıtlamaları durumunun ve Türkiye’deki banka-firma bağının iyileştirilmesine yönelik politikanın geliştirilmesi bakımından oldukça önemlidir.

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ISSN: 2667-5617
Yayın Aralığı: Yılda 6 Sayı
Başlangıç: 2006
Yayıncı: ASOS Eğitim Bilişim Danışmanlık Otomasyon Yayıncılık Reklam Sanayi ve Ticaret LTD ŞTİ