Doruk, Omer TugsalErgun, Bahadir2026-02-272026-02-2720251468-38491743-966310.1080/14683849.2025.2585992http://dx.doi.org/10.1080/14683849.2025.2585992https://hdl.handle.net/20.500.14669/4622In 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.eninfo:eu-repo/semantics/closedAccessInvestmentfinancializationfamily firmsgeneration-level family firm managementprofessional CEOsArticle; Early AccessWOS:001614731400001