The link between exchange rate volatility and capital structure under financial liberalization: evidence from the Turkish manufacturing sector

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dc.authoridDoruk, Omer Tugsal/0000-0002-2382-1042
dc.contributor.authorDoruk, Oemer Tugsal
dc.date.accessioned2025-01-06T17:37:13Z
dc.date.available2025-01-06T17:37:13Z
dc.date.issued2022
dc.description.abstractThe main purpose of this article is to examine the effect of exchange rate volatility on the corporate capital structure for firms in the Turkish manufacturing sector during the period of 1990-2017. This period is considered the post-financial liberalization period. This article uses a novel dynamic multiplier analysis which is based on the Panel Vector Autoregressive Model which takes into account endogeneity, firm dynamics, and omitted variable bias. The obtained findings show that real exchange rate volatility forces the firms to use their internal finance sources in the Turkish manufacturing sector even though the Turkish economy experienced a much earlier financial liberalization process than other emerging markets. In addition, the exporter, and those firms without special business group affiliates (non-TUSIAD member firms), have more exposure to real exchange volatility than their exporter and TUSIAD member peers.
dc.identifier.doi10.1007/s40821-021-00184-y
dc.identifier.endpage615
dc.identifier.issn1309-4297
dc.identifier.issn2147-4281
dc.identifier.issue3
dc.identifier.scopus2-s2.0-85110575632
dc.identifier.scopusqualityQ1
dc.identifier.startpage583
dc.identifier.urihttps://doi.org/10.1007/s40821-021-00184-y
dc.identifier.urihttps://hdl.handle.net/20.500.14669/2142
dc.identifier.volume12
dc.identifier.wosWOS:000673023800001
dc.identifier.wosqualityQ2
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherSpringer Heidelberg
dc.relation.ispartofEurasian Business Review
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.snmzKA_20241211
dc.subjectCorporate capital structure
dc.subjectTurkish manufacturing sector
dc.subjectPanel VAR
dc.subjectExchange rate volatility
dc.subjectFinancial liberalization
dc.subjectExporter firms
dc.subjectTUSIAD member firms
dc.titleThe link between exchange rate volatility and capital structure under financial liberalization: evidence from the Turkish manufacturing sector
dc.typeArticle

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