Crowding out or crowding in?: Investment and financialization across generations within family firms in an emerging market

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dc.authoridDoruk, Ömer Tuğsal/0000-0002-2382-1042
dc.authoridERGÜN, Bahadır/0000-0002-0844-412X
dc.contributor.authorDoruk, Omer Tugsal
dc.contributor.authorErgun, Bahadir
dc.date.accessioned2026-02-27T07:33:31Z
dc.date.available2026-02-27T07:33:31Z
dc.date.issued2025
dc.description.abstractIn this study, we provide new insight into the financialization of the Turkish economy at the intergenerational level for family manufacturing firms from 2001 to 2019, using a dynamic panel generalized method of moments. The results indicate that financialization patterns differ across generations. The second-generation managers achieve a crowding-in effect through non-operational investment income-based financialization, whereas the first-generation managers rely on non-operational interest income channels that crowd out corporate investment. Additionally, professional CEOs use non-operational investment income to reduce real investment, while their use of non-operational interest income supports and increases productive investments within the family-manufacturing firms.
dc.identifier.doi10.1080/14683849.2025.2585992
dc.identifier.issn1468-3849
dc.identifier.issn1743-9663
dc.identifier.urihttp://dx.doi.org/10.1080/14683849.2025.2585992
dc.identifier.urihttps://hdl.handle.net/20.500.14669/4622
dc.identifier.wosWOS:001614731400001
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakTR-Dizin
dc.language.isoen
dc.publisherRoutledge Journals, Taylor & Francis Ltd
dc.relation.ispartofTurkish Studies
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.snmzKA_20260302
dc.subjectInvestment
dc.subjectfinancialization
dc.subjectfamily firms
dc.subjectgeneration-level family firm management
dc.subjectprofessional CEOs
dc.titleCrowding out or crowding in?: Investment and financialization across generations within family firms in an emerging market
dc.typeArticle; Early Access

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