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Sectoral Differences in Fixed Asset Financing: Evidence from Turkish Manufacturing Sub-sectors

Year 2024, Volume: 19 Issue: 3, 685 - 712

Abstract

This paper aims to identify the differences in fixed asset financing across Turkish manufacturing sub-sectors using data from 123 firms traded on the Borsa Istanbul (BIST) during the period 2010-2022. A five-stage panel regression methodology is followed. Employing panel regression models separately built for each manufacturing sub-sector the study examines the impact of short-term borrowing decisions, long-term financing options, and financial performance on fixed asset investments. The findings reveal a significant dampening effect of short-term borrowing decisions on fixed asset investments across all manufacturing sub-sectors. Moreover, the study underscores significant variations in the effects of long-term financing options and financial performance on fixed asset investments across manufacturing sub-sectors. The findings emphasize that sectoral characteristics play an important role in fixed asset finance planning and that the principle of maturity matching is a determining approach in financing strategies.

Ethical Statement

This study has been prepared under scientific research and publication ethics rules.

References

  • Abedin, M. T., Sen, K. K., & Akter, M. (2017), “Determinants of Net Capital Expenditure Cash Outflows: Evidence from The Pharmaceutical Sector of Bangladesh, Asian”, Journal of Accounting Perspectives, Vol. 10, No. 1: 73-98.
  • Abdioğlu, N., & Aytekin, S. (2016), “Finansal Esneklik ve Sermaye Yatırımları Arasındaki İlişkinin İncelenmesi”, Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi, Vol. 8, No. 1: 11-19.
  • Açıkgöz E., Uygurtürk, H. & Korkmaz, T. (2015), “Analysis of Factors Affecting Growth of Pension Mutual Funds in Turkey”, International Journal of Economics and Financial Issues, Vol. 5, No. 2: 427-433.
  • Açıkgöz, T., & Alp, Ö. S. (2022), “Firm-Specific and Macroeconomic Determinants of Fixed Asset Investment Decisions in Türkiye”, Journal of Accounting & Finance, Vol. 96: 117-134.
  • Akgüç, Ö. (2010), Finansal Yönetim, 8th Edition, Istanbul: Avcıol Basım Yayın.
  • Akron, S., Demir, E., Díez-Esteban, J. M., & García-Gómez, C. D. (2020), “Economic Policy Uncertainty and Corporate Investment: Evidence from the US Hospitality Industry”, Tourism Management, Vol. 77: 104019.
  • Alkaraan, F., & Northcott, D. (2007), “Strategic Investment Decision Making: The Influence of Predecision Control Mechanisms”, Qualitative Research in Accounting & Management, Vol. 4, No. 2: 133-150.
  • Asteriou, D., & Hall, S. G. (2007), Applied Econometrics: A Modern Approach Using EViews and Microfit, Revised Edition, New York: Palgrave Macmillan.
  • Azmı, A. F., & Alı, S. (2019), “Fixed Assets Revaluation and Future Firm Performance: Empirical Evidence from Indonesia”, The Indonesian Journal of Accounting Research, Vol. 22, No. 3: 419-148.
  • Baltagi, B. H. (2014), Econometric Analysis of Panel Data, 5th Edition, Chichester: Jhon Wiley & Sons Ltd.
  • Baltagi, B., & Li, Q. (1991), “A Joint Test for Serial Correlation and Random İndividual Effects”, Statistics and Probability Letters, Vol. 11: 277-280.
  • Beck, N., & Katz, J. N. (1995), "What to do (and not to do) with Time-Series Cross-Section Data”, American Political Science Review, Vol. 89, No. 3: 634-647.
  • Born, B., & Breitung, J. (2016), “Testing for Serial Correlation in Fixed-Effects Panel Data Models”, Econometric Reviews, Vol. 35, No. 7: 1290-1316.
  • Breusch, T. S., & Pagan, A. R. (1979), “A Simple Test for Heteroskedasticity and Random Coefficient Variation”, Econometrica, Vol. 47, No. 5: 1287-1294.
  • Breusch, T. S., & Pagan, A. R. (1980), “The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics”, Review of Economic Studies, Vol. 47, No. 1: 239-253. Can, G., Günay, S., & Ocak, M. (2021), “How Does Size Affect Capital Expenditures? Evidence from Borsa Istanbul”, SN Business & Economics, Vol. 1, No. 1: 1-28.
  • Chistik, O., Ovchinnikov, O., Volgin, A., Tumanov, A., & Danilova, L. (2023), “Investments in Fixed Assets in Russia: Analysis and Forecast”, E3S Web of Conferences, Vol. 389: 1-8.
  • Çam, İ., & Özer, G. (2022), “An Analysis of the Effects of Firm-Specific Factors on Businesses' Investment Financing Decisions”, The Journal of Social Economic Research, Vol. 22, No. 2: 102-117.
  • Çelik, I., & Boyacıoğlu, N. (2013), “The Impact of Fixed Assets Expenditures on Working Capital Management: An Application on Manufacturing Enterprises in Istanbul Stock Exchange”, Journal of Suleyman Demirel University Institute of Social Sciences, Vol. 17, No. 1: 81-99.
  • Çil, N. (2018), Finansal Ekonometri: Istanbul: Der Yayınevi.
  • Dalbor, M., & Jiang, L. (2013), “Determinants of Capital Expenditures in the US Restaurant Industry” The Journal of Hospitality Financial Management, Vol. 21, No. 2: 77-86.
  • De Hoyos, E. R., & Sarafidis, V. (2006), “The Testing for Cross-Sectional Dependence in Panel Data Model”, The Stata Journal, Vol. 6, No. 4: 482-496.
  • Demir, Y., & Görür, Ç. (2020), “Investigation of the Relationship between Various Energy Consumption and Economic Growth Belonging to OECD Countries by Panel Cointegration Analysis”, Ekoist: Journal of Econometrics and Statistics, Vol. 32: 15-33.
  • Easton, P. D., Eddey, P. H., & Harris, T. S. (1993), “An Investigation of Revaluations of Tangible Long-Lived Assets”, Journal of Accounting Research, Vol. 31: 1-38.
  • Frezatti, F., de Souza Bido, D., Da Cruz, A. P. C., Barroso, M. F. G., & de Camargo Machado, M. J. (2013), “Investment Decisions on Long-Term Assets: Integrating Strategic and Financial Perspectives”, European Accounting Review, Vol. 22, No. 2: 297-336.
  • Gujarati, D. N. (2004). Basic Econometrics, 4th Edition, New York: McGraw-Hill.
  • Güriş, S., Çağlayan, E., & Güriş, B. (2013), EViews ile Temel Ekonometri. Istanbul: Der Yayınevi.
  • Harc, M. (2015), “The Relationship between Tangible Assets and Capital Structure of Small and Medium-Sized Companies in Croatia”, Ekonomski Vjesnik/Econviews: Review of Contemporary Business, Entrepreneurship and Economic Issues, Vol. 28, No. 1: 213-224.
  • Hamidi, M. (2015), “Determinants of Capital Expenditures Decision in Malaysian Companies”, In the Australian Conference on Business and Social Science. Sydney, Australia.
  • Hisham, A. A. M., Karim, Z. A., & Khalid, N. (2019), “Determinants of Capital Expenditure Spending in Malaysian Palm Oil Industries: A Dynamic Panel Data Analysis”, Economic Journal of Emerging Markets”, Vol. 11, No: 2: 223-233.
  • Honda, Y. (1985), Testing the Error Components Model with Non-Normal Disturbances”, Review of Economic Studies, Vol. 52: 681-690.
  • Im, K., Pesaran, H., & Shin, Y. (2003), “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, Vol. 115, No. 1: 53-74.
  • Jiang, C. H., Chen, H. L., & Huang, Y. S. (2006), “Capital Expenditures and Corporate Earnings: Evidence from the Taiwan Stock Exchange”, Managerial Finance, Vol. 32: 853–861.
  • Jiang, L., & Dalbor, M. (2017), “Factors Impacting Capital Expenditures in the Quick Service Restaurant Industry”, The Journal of Hospitality Financial Management, Vol. 25, No. 2: 90-100.
  • Kaya, M. (2021), Finansal Zaman Serilerinin Temel Özellikleri. In İ. Çelik, & S. Bozkuş Kahyaoğu (Eds.) Finansal Zaman Serisi Analizleri: Temel Yaklaşımlar. (pp. 5-40). Ankara: Gazi Kitabevi.
  • Kalusová, L., & Badura, P. (2022), “Factors Affecting the Capital Allocation into Fixed Assets of Slovak Enterprises?”, Montenegrin Journal of Economics, Vol. 18, No. 1: 169-182.
  • Köroğlu, A., Zaif, F., & Karapınar, A. (2023), “Motives for Property, Plant, and Equipment Revaluation: An Empirical Analysis of Listed Manufacturing Firms”, The World of Accounting Science, Vol. 25, No. 2: 274-295.
  • Levin, A., Lin, C. F. & Chu, C. S. J. (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, Vol. 108: 1-24.
  • Milojević, S., Milašinović, M., Mitrović, A., & Knežević, S. (2021), “Solvency and Financing of Fixed Assets: The Case of Agricultural Enterprises in Serbia”, International Academic Journal, Vol. 2, No. 2: 26-34.
  • Modigliani, F., & Miller, M. H. (1958), “The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, Vol. 48, No. 3: 261-297.
  • Nguyen, H., & Nguyen, T. (2020), “Determinants of Firm’s Capital Expenditure: Empirical Evidence from Vietnam”, Management Science Letters, Vol. 10, No. 5: 943-952.
  • Nunes, P. M., Serrasqueiro, Z., & Matos, A. F. (2017), “Determinants of Investment in Fixed Assets and in Intangible Assets for High-Tech Firms”, Journal of International Studies, Vol. 10, No. 1: 173-179.
  • Öndeş, T., & Barakalı, O. C. (Mayıs, 2023), “Makroekonomik Göstergelerin İşletmelerin Duran Varlık Yatırımına Etkisi: BIST sanayi işletmeleri üzerine bir araştırma”, Uluslararası Ekonomi Finans ve İşletme Kongresi (EFI2023), Sivas, Türkiye.
  • O’Brien, R. M. (2007), “A Caution Regarding Rules of Thumb for Variance Inflation Factors”, Quality and Quantity, Vol. 41, No. 5: 673-690.
  • Olatunji, T. E., & Adegbite, T. A. (2014), “Investment in Fixed Assets and Firm Profitability: Empirical Evidence from the Nigerian Banking Sector”, Asian Journal of Social Sciences and Management Studies, Vol. 1, No. 3: 78-82.
  • Papadakis, V. M. (1995), “The Contribution of Formal Planning Systems to Strategic Investment Decisions”, British Journal of Management, Vol. 6, No. 1: 15-28.
  • Pesaran, M. H. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels. Cambridge Working Papers in Economics.
  • Pesaran, M. H. (2007), A Simple Panel Unit Root Test in the Presence of Cross Section Dependence”, Journal of Applied Econometrics, Vol. 22: 265–312.
  • Pesaran, M. H., & Yamagata, T. (2008), “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, Vol. 142: 50-93.
  • Santoso, H., Lako, A., & Rustam, M. (2020), “Relationship of Asset Structure, Capital Structure, Asset Productivity, Operating Activities and Their Impact on the Value of Manufacturing Companies Listed on the Indonesia Stock Exchange”, International Journal of Multicultural and Multireligious Understanding, Vol. 7, No. 8: 358-370.
  • Seng, D., & Su, J. (2010), Managerial Incentives Behind Fixed Asset Revaluations: Evidence from New Zealand Firms. Working Paper, Department of Accountancy and Business Law, University of Otaga.
  • Smith, C. W. (1993), “A Perspective on Accounting-Based Debt Covenant Violations", The Accounting Review, Vol. 88, No. 2: 289-303.
  • Soylu, N., Uygurtürk, H., & Korkmaz, T. (2018), “The Effect of Fixed Assets Purchase Announcements on Stock Returns: A Research on Textile, Wearing Apparel and Leather Industry”, The Journal of Accounting and Finance, Vol. 79: 67-80.
  • Swamy, P.A., (1970), “Efficient Inference in a Random Coefficient Regression Model”, Econometrica, Vol. 38, No. 2: 311–323.
  • Tatoğlu, F. Y. (2013), Panel Veri Ekonometrisi: Stata Uygulamalı, 2nd Edition, Istanbul: Beta Basım.
  • Temiz, H., & İpci, M. Ö. (2018), “Investigation of the Relationship between Earnings Management and Firms Investment: BIST Manufacturing Sector Case”, Ege Academic Review, Vol. 18, No. 3: 409-421.
  • Welch, I., & Wessels, D. (2000), “The Cross-Sectional Determinants of Corporate Capital Expenditures: A Multinational Comparison”, Schmalenbach Business Review, Vol. 52, No. 2: 103-136.
  • Whittred, G., & Chan, Y. K. (1992), “Asset Revaluation and The Mitigation of Underinvestment", Abacus, Vol. 28, No. 1: 58-73.

Duran Varlık Finansmanında Sektörel Farklılıklar: Türkiye İmalat Alt Sektörlerinden Kanıtlar

Year 2024, Volume: 19 Issue: 3, 685 - 712

Abstract

Bu çalışma, 2010-2022 döneminde Borsa İstanbul'da (BIST) işlem gören 123 firmanın verilerini kullanarak duran varlık finansmanında imalat alt sektörleri arasındaki farklılıkları belirlemeyi amaçlamaktadır. Çalışmada beş aşamalı bir panel regresyon metodolojisi takip edilmiştir. İmalat alt sektörleri için ayrı ayrı oluşturulan panel regresyon modelleri kullanılarak kısa vadeli borçlanma kararları, uzun vadeli finansman seçenekleri ve finansal performansın duran varlık yatırımları üzerindeki etkileri incelenmiştir. Bulgular, tüm imalat alt sektörlerinde kısa vadeli borçlanma kararlarının duran varlık yatırımları üzerinde önemli bir azaltıcı etki yarattığını göstermektedir. Ayrıca, uzun vadeli finansman seçenekleri ve finansal performansın duran varlık yatırımları üzerindeki etkilerinin imalat alt sektörleri arasında önemli farklılıklar gösterdiği ortaya konulmuştur. Bulgular, sektörel karakteristiklerin duran varlık finansmanı planlamasında önemli bir rol oynadığını ve vade uyumu ilkesinin finansman stratejilerinde belirleyici bir yaklaşım olduğunu göstermektedir.

Ethical Statement

Bu çalışma bilimsel araştırma ve yayın etiği kurallarına uygun olarak hazırlanmıştır.

References

  • Abedin, M. T., Sen, K. K., & Akter, M. (2017), “Determinants of Net Capital Expenditure Cash Outflows: Evidence from The Pharmaceutical Sector of Bangladesh, Asian”, Journal of Accounting Perspectives, Vol. 10, No. 1: 73-98.
  • Abdioğlu, N., & Aytekin, S. (2016), “Finansal Esneklik ve Sermaye Yatırımları Arasındaki İlişkinin İncelenmesi”, Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi, Vol. 8, No. 1: 11-19.
  • Açıkgöz E., Uygurtürk, H. & Korkmaz, T. (2015), “Analysis of Factors Affecting Growth of Pension Mutual Funds in Turkey”, International Journal of Economics and Financial Issues, Vol. 5, No. 2: 427-433.
  • Açıkgöz, T., & Alp, Ö. S. (2022), “Firm-Specific and Macroeconomic Determinants of Fixed Asset Investment Decisions in Türkiye”, Journal of Accounting & Finance, Vol. 96: 117-134.
  • Akgüç, Ö. (2010), Finansal Yönetim, 8th Edition, Istanbul: Avcıol Basım Yayın.
  • Akron, S., Demir, E., Díez-Esteban, J. M., & García-Gómez, C. D. (2020), “Economic Policy Uncertainty and Corporate Investment: Evidence from the US Hospitality Industry”, Tourism Management, Vol. 77: 104019.
  • Alkaraan, F., & Northcott, D. (2007), “Strategic Investment Decision Making: The Influence of Predecision Control Mechanisms”, Qualitative Research in Accounting & Management, Vol. 4, No. 2: 133-150.
  • Asteriou, D., & Hall, S. G. (2007), Applied Econometrics: A Modern Approach Using EViews and Microfit, Revised Edition, New York: Palgrave Macmillan.
  • Azmı, A. F., & Alı, S. (2019), “Fixed Assets Revaluation and Future Firm Performance: Empirical Evidence from Indonesia”, The Indonesian Journal of Accounting Research, Vol. 22, No. 3: 419-148.
  • Baltagi, B. H. (2014), Econometric Analysis of Panel Data, 5th Edition, Chichester: Jhon Wiley & Sons Ltd.
  • Baltagi, B., & Li, Q. (1991), “A Joint Test for Serial Correlation and Random İndividual Effects”, Statistics and Probability Letters, Vol. 11: 277-280.
  • Beck, N., & Katz, J. N. (1995), "What to do (and not to do) with Time-Series Cross-Section Data”, American Political Science Review, Vol. 89, No. 3: 634-647.
  • Born, B., & Breitung, J. (2016), “Testing for Serial Correlation in Fixed-Effects Panel Data Models”, Econometric Reviews, Vol. 35, No. 7: 1290-1316.
  • Breusch, T. S., & Pagan, A. R. (1979), “A Simple Test for Heteroskedasticity and Random Coefficient Variation”, Econometrica, Vol. 47, No. 5: 1287-1294.
  • Breusch, T. S., & Pagan, A. R. (1980), “The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics”, Review of Economic Studies, Vol. 47, No. 1: 239-253. Can, G., Günay, S., & Ocak, M. (2021), “How Does Size Affect Capital Expenditures? Evidence from Borsa Istanbul”, SN Business & Economics, Vol. 1, No. 1: 1-28.
  • Chistik, O., Ovchinnikov, O., Volgin, A., Tumanov, A., & Danilova, L. (2023), “Investments in Fixed Assets in Russia: Analysis and Forecast”, E3S Web of Conferences, Vol. 389: 1-8.
  • Çam, İ., & Özer, G. (2022), “An Analysis of the Effects of Firm-Specific Factors on Businesses' Investment Financing Decisions”, The Journal of Social Economic Research, Vol. 22, No. 2: 102-117.
  • Çelik, I., & Boyacıoğlu, N. (2013), “The Impact of Fixed Assets Expenditures on Working Capital Management: An Application on Manufacturing Enterprises in Istanbul Stock Exchange”, Journal of Suleyman Demirel University Institute of Social Sciences, Vol. 17, No. 1: 81-99.
  • Çil, N. (2018), Finansal Ekonometri: Istanbul: Der Yayınevi.
  • Dalbor, M., & Jiang, L. (2013), “Determinants of Capital Expenditures in the US Restaurant Industry” The Journal of Hospitality Financial Management, Vol. 21, No. 2: 77-86.
  • De Hoyos, E. R., & Sarafidis, V. (2006), “The Testing for Cross-Sectional Dependence in Panel Data Model”, The Stata Journal, Vol. 6, No. 4: 482-496.
  • Demir, Y., & Görür, Ç. (2020), “Investigation of the Relationship between Various Energy Consumption and Economic Growth Belonging to OECD Countries by Panel Cointegration Analysis”, Ekoist: Journal of Econometrics and Statistics, Vol. 32: 15-33.
  • Easton, P. D., Eddey, P. H., & Harris, T. S. (1993), “An Investigation of Revaluations of Tangible Long-Lived Assets”, Journal of Accounting Research, Vol. 31: 1-38.
  • Frezatti, F., de Souza Bido, D., Da Cruz, A. P. C., Barroso, M. F. G., & de Camargo Machado, M. J. (2013), “Investment Decisions on Long-Term Assets: Integrating Strategic and Financial Perspectives”, European Accounting Review, Vol. 22, No. 2: 297-336.
  • Gujarati, D. N. (2004). Basic Econometrics, 4th Edition, New York: McGraw-Hill.
  • Güriş, S., Çağlayan, E., & Güriş, B. (2013), EViews ile Temel Ekonometri. Istanbul: Der Yayınevi.
  • Harc, M. (2015), “The Relationship between Tangible Assets and Capital Structure of Small and Medium-Sized Companies in Croatia”, Ekonomski Vjesnik/Econviews: Review of Contemporary Business, Entrepreneurship and Economic Issues, Vol. 28, No. 1: 213-224.
  • Hamidi, M. (2015), “Determinants of Capital Expenditures Decision in Malaysian Companies”, In the Australian Conference on Business and Social Science. Sydney, Australia.
  • Hisham, A. A. M., Karim, Z. A., & Khalid, N. (2019), “Determinants of Capital Expenditure Spending in Malaysian Palm Oil Industries: A Dynamic Panel Data Analysis”, Economic Journal of Emerging Markets”, Vol. 11, No: 2: 223-233.
  • Honda, Y. (1985), Testing the Error Components Model with Non-Normal Disturbances”, Review of Economic Studies, Vol. 52: 681-690.
  • Im, K., Pesaran, H., & Shin, Y. (2003), “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, Vol. 115, No. 1: 53-74.
  • Jiang, C. H., Chen, H. L., & Huang, Y. S. (2006), “Capital Expenditures and Corporate Earnings: Evidence from the Taiwan Stock Exchange”, Managerial Finance, Vol. 32: 853–861.
  • Jiang, L., & Dalbor, M. (2017), “Factors Impacting Capital Expenditures in the Quick Service Restaurant Industry”, The Journal of Hospitality Financial Management, Vol. 25, No. 2: 90-100.
  • Kaya, M. (2021), Finansal Zaman Serilerinin Temel Özellikleri. In İ. Çelik, & S. Bozkuş Kahyaoğu (Eds.) Finansal Zaman Serisi Analizleri: Temel Yaklaşımlar. (pp. 5-40). Ankara: Gazi Kitabevi.
  • Kalusová, L., & Badura, P. (2022), “Factors Affecting the Capital Allocation into Fixed Assets of Slovak Enterprises?”, Montenegrin Journal of Economics, Vol. 18, No. 1: 169-182.
  • Köroğlu, A., Zaif, F., & Karapınar, A. (2023), “Motives for Property, Plant, and Equipment Revaluation: An Empirical Analysis of Listed Manufacturing Firms”, The World of Accounting Science, Vol. 25, No. 2: 274-295.
  • Levin, A., Lin, C. F. & Chu, C. S. J. (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, Vol. 108: 1-24.
  • Milojević, S., Milašinović, M., Mitrović, A., & Knežević, S. (2021), “Solvency and Financing of Fixed Assets: The Case of Agricultural Enterprises in Serbia”, International Academic Journal, Vol. 2, No. 2: 26-34.
  • Modigliani, F., & Miller, M. H. (1958), “The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, Vol. 48, No. 3: 261-297.
  • Nguyen, H., & Nguyen, T. (2020), “Determinants of Firm’s Capital Expenditure: Empirical Evidence from Vietnam”, Management Science Letters, Vol. 10, No. 5: 943-952.
  • Nunes, P. M., Serrasqueiro, Z., & Matos, A. F. (2017), “Determinants of Investment in Fixed Assets and in Intangible Assets for High-Tech Firms”, Journal of International Studies, Vol. 10, No. 1: 173-179.
  • Öndeş, T., & Barakalı, O. C. (Mayıs, 2023), “Makroekonomik Göstergelerin İşletmelerin Duran Varlık Yatırımına Etkisi: BIST sanayi işletmeleri üzerine bir araştırma”, Uluslararası Ekonomi Finans ve İşletme Kongresi (EFI2023), Sivas, Türkiye.
  • O’Brien, R. M. (2007), “A Caution Regarding Rules of Thumb for Variance Inflation Factors”, Quality and Quantity, Vol. 41, No. 5: 673-690.
  • Olatunji, T. E., & Adegbite, T. A. (2014), “Investment in Fixed Assets and Firm Profitability: Empirical Evidence from the Nigerian Banking Sector”, Asian Journal of Social Sciences and Management Studies, Vol. 1, No. 3: 78-82.
  • Papadakis, V. M. (1995), “The Contribution of Formal Planning Systems to Strategic Investment Decisions”, British Journal of Management, Vol. 6, No. 1: 15-28.
  • Pesaran, M. H. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels. Cambridge Working Papers in Economics.
  • Pesaran, M. H. (2007), A Simple Panel Unit Root Test in the Presence of Cross Section Dependence”, Journal of Applied Econometrics, Vol. 22: 265–312.
  • Pesaran, M. H., & Yamagata, T. (2008), “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, Vol. 142: 50-93.
  • Santoso, H., Lako, A., & Rustam, M. (2020), “Relationship of Asset Structure, Capital Structure, Asset Productivity, Operating Activities and Their Impact on the Value of Manufacturing Companies Listed on the Indonesia Stock Exchange”, International Journal of Multicultural and Multireligious Understanding, Vol. 7, No. 8: 358-370.
  • Seng, D., & Su, J. (2010), Managerial Incentives Behind Fixed Asset Revaluations: Evidence from New Zealand Firms. Working Paper, Department of Accountancy and Business Law, University of Otaga.
  • Smith, C. W. (1993), “A Perspective on Accounting-Based Debt Covenant Violations", The Accounting Review, Vol. 88, No. 2: 289-303.
  • Soylu, N., Uygurtürk, H., & Korkmaz, T. (2018), “The Effect of Fixed Assets Purchase Announcements on Stock Returns: A Research on Textile, Wearing Apparel and Leather Industry”, The Journal of Accounting and Finance, Vol. 79: 67-80.
  • Swamy, P.A., (1970), “Efficient Inference in a Random Coefficient Regression Model”, Econometrica, Vol. 38, No. 2: 311–323.
  • Tatoğlu, F. Y. (2013), Panel Veri Ekonometrisi: Stata Uygulamalı, 2nd Edition, Istanbul: Beta Basım.
  • Temiz, H., & İpci, M. Ö. (2018), “Investigation of the Relationship between Earnings Management and Firms Investment: BIST Manufacturing Sector Case”, Ege Academic Review, Vol. 18, No. 3: 409-421.
  • Welch, I., & Wessels, D. (2000), “The Cross-Sectional Determinants of Corporate Capital Expenditures: A Multinational Comparison”, Schmalenbach Business Review, Vol. 52, No. 2: 103-136.
  • Whittred, G., & Chan, Y. K. (1992), “Asset Revaluation and The Mitigation of Underinvestment", Abacus, Vol. 28, No. 1: 58-73.
There are 57 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Articles
Authors

Serdar Yaman 0000-0002-8316-0805

Publication Date
Submission Date January 9, 2024
Acceptance Date February 23, 2024
Published in Issue Year 2024 Volume: 19 Issue: 3

Cite

APA Yaman, S. (n.d.). Sectoral Differences in Fixed Asset Financing: Evidence from Turkish Manufacturing Sub-sectors. Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 19(3), 685-712.