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    A Financing Constraints Paradox? Internal Finance and Capital Structure Link for Tourism Firms: Asian Emerging Market evidence
    (Sage Publications Inc, 2024) Doruk, Omer Tugsal; Gohore, Bi Irie Claude Martial
    The aim of the study is to investigate the relationship between the internal financial and capital structure of an organization in the travel and tourism sector. The study shows how financial constraints on tourism companies affect their ability to finance themselves. The study also shows a relationship between tax shielding and financial leverage. This study analyzes panel data collected over a 21 year period, from 1998 to 2019, from over 100 publicly traded tourism companies in three Asian countries. A panel data methodology and the generalized method of moments estimation (GMM) were used in this empirical study. To support our hypothesis, using a generic method to evaluate parameter estimation will be our most effective method to improve the literature. Overall, the results show that financially stressed tourism firms use their option of debt-free tax avoidance to increase leverage. There is also a positive correlation between tax haven and leverage for firms with limited resources. The correlations between financial leverage and corporate debt supported by the results theoretically support the pecking order. By providing useful insights into the tax shielding of non-debt, which is significantly correlated with leverage for firms operating in tourism, this study closes the gap in firms' capital structure decisions regarding access to finance.JEL Classification: G0, G01, L25
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    Property rights protection and intangible investment in the Sub-Saharan African non-financial firms
    (Academic Press Inc Elsevier Science, 2024) Ndhlovu, Emmanuel; Doruk, Omer Tugsal; Gohore, Bi Irie Claude Martial
    This empirical study examines the impact of property rights on intangible investments in subSaharan African (SSA) non-financial firms using firm-level data. The study employs a local projections methodology for twelve SSA countries over the period 1996-2020. Our empirical results show that property rights protection increases intangible investment in non-financial firms in the SSA region. This effect is significant for the SSA region in the long run.
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    The effect of debt overhang on investment under financial liberalization: an examination for an emerging market
    (Routledge Journals, Taylor & Francis Ltd, 2025) Doruk, Omer Tugsal; Gohore, Bi Irie Claude Martial
    The present study investigates the debt overhang hypothesis, which posits that increasing debt levels reduce investment, focusing on Chinese private firms over a 20-year period. It examines the role of financial openness and credit market regulations in influencing the relationship between debt overhang and investment in these firms. High leverage discourages investment within the Chinese economy. Furthermore, the study evaluates whether financial openness and credit market regulations mitigate the debt overhang-investment link for private unlisted non-financial firms. The findings reveal no mitigating effect of these factors on the debt overhang-investment relationship. These results remain robust across various modelling approaches.