by olcay yücel Çulha pınar Özbay ÖzlÜ cihan yalÇin

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The Role of Financial Structure The Role of Financial Structure and Financial Depth in Economic and Financial Depth in Economic Growth: Growth: A Firm Level Analysis for A Firm Level Analysis for Turkey Turkey By By Olcay Yücel Olcay Yücel ÇULHA ÇULHA Pınar ÖZBAY ÖZLÜ Pınar ÖZBAY ÖZLÜ Cihan YALÇIN Cihan YALÇIN INTERNATIONAL CONFERENCE ON SUSTAINABLE GROWTH STRATEGIES FOR TURKEY Swissotel, İstanbul FRIDAY, 17 JUNE 2005

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The Role of Financial Structure and Financial Depth in Economic Growth: A Firm Level Analysis for Turkey. By Olcay Yücel ÇULHA Pınar ÖZBAY ÖZLÜ Cihan YALÇIN. INTERNATIONAL CONFERENCE ON SUSTAINABLE GROWTH STRATEGIES FOR TURKEY Swissotel, İstanbul FRIDAY, 17 JUNE 2005. LITERATURE. - PowerPoint PPT Presentation

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  • The Role of Financial Structure and Financial Depth in Economic Growth:A Firm Level Analysis for TurkeyByOlcay Ycel ULHAPnar ZBAY ZLCihan YALININTERNATIONAL CONFERENCE ON SUSTAINABLE GROWTH STRATEGIES FOR TURKEY

    Swissotel, stanbulFRIDAY, 17 JUNE 2005

  • LITERATURE

    Extensive literature on the relationship between financial system and growth starting from Schumpeter

    Cross country panel data analyses confirm that well developed financial system supports economic growth.

    Small, high tech firms contribute to employment, innovations and growth significantly as long as financial constraints that they face are relieved.

  • FINANCIAL STRUCTURE IN TURKEY: STYLIZED FACTS

    Finance sources, share in total balance sheets

    BankCreditBondShareholder EquityTradeCredit (*) G-7 Countries0.230.080.630.06Emerging Countries0.270.200.400.14Turkey0.300.000.430.27

    (*):For Turkey it is defined as the sum of trade credits and credits from partners, participations and the others (based on 4 thousand manufacturing firms)

  • FINANCIAL STRUCTURE IN TURKEY: STYLIZED FACTS The finance choice of firms classified according to different firm groups for 1995-2003 period are given in details in Figures (based on 2 thousand manufacturing firms that report regularly).

    Chart2

    18.4622.368.999.2634.81

    19.8122.759.019.0234.33

    19.0723.211.112.8129.85

    13.6721.38.3510.6935.94

    13.8520.328.2910.0337.84

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Tablo 1

    Table 1: Firms in Manufacturing Sector (Share in Total , in percentage)

    Size(*)Number of FirmsNumber of EmployeeValue Added

    199220011992200119922001

    1-994,3594,6435,3931,347,375,67

    10-494,023,4411,8811,56,426,77

    50-2491,231,4815,2721,4717,1221,52

    250+0,40,4337,4635,6969,0966,04

    (*) Number of workers

    Tablo2

    Table 2: Source of Finance in Corporate Sector in Turkey(1)

    (Percentage share in total balance sheet, 1995-2003)

    All FirmsManufacturing Sector(2)

    Total Manuf.High GrowthLow GrowthSmallLargeYoungOldLow ExportHigh ExportHi-Tech

    Current Liabilities55,9253,1152,3253,8955,4249,6957,7250,4153,756,9651,95

    Short Term Loans18,7420,7119,9821,4517,9222,1322,1319,911,9828,116,56

    Short Term Bank Loans18,4620,4719,7421,2217,7421,8121,9619,6311,7327,9116,28

    Short Term Trade Credits22,3621,1121,9420,324,0517,4624,0719,3825,4519,4420,36

    Short Term Other Debt8,997,476,138,7613,873,6610,176,0214,45,117,12

    Long Term Debt9,268,98,739,076,0912,987,839,536,69,539,26

    Shareholder Equity34,8137,9838,9637,0438,4937,3334,4540,0639,733,538,79

    Number of Observations38 87120 44810 05310 3956 1475 9677 56912 8792 1788 6584257

    Source: Central Bank of Turkey, Sectoral Balance Sheets data set.

    (1): Mean values for the firms that continuously report their balance sheets over the period of 1995-2003. However, the sample includes missing observations for some items even though reported items include minimum number of missing observations. Therefor

    (2): Manufacturing firms are split into high growth-low growth, small-large, young-old and no export-high export groups based on the average figures of employment growth, employment, age and export share during the period, respectively. High and low growt

    Ek-Tablo 2

    All FirmsManufacturing Sector(2)

    Total Manuf.High GrowthLow GrowthSmallLargeYoungOldLow ExportHigh ExportHi-Tech

    1995

    Current Liabilities56,2753,4753,3353,6156,7648,9159,7249,8053,6556,0952,45

    Short Term Loans18,2819,3318,8619,7918,1019,5821,5818,1914,0325,6014,30

    Short Term Bank Loans17,9619,1218,6519,5817,8719,2721,4417,9414,0125,4813,93

    Short Term Trade Credits23,4521,7822,6320,9624,8118,1226,5019,0925,3619,8320,21

    Short Term Other Debt10,479,439,019,8316,833,7814,456,7616,136,629,20

    Long Term Debt6,946,546,646,445,048,616,086,815,486,417,17

    Shareholder Equity36,7939,9940,0339,9538,1942,4834,2149,8040,8737,5040,38

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2000

    Current Liabilities56,6453,7752,5654,9455,9550,8858,1256,0955,1358,0052,45

    Short Term Loans20,1322,1020,8423,4119,1124,4223,7121,1912,3430,3718,35

    Short Term Bank Loans19,8121,7120,4823,0018,6024,1023,4720,7212,1430,0617,86

    Short Term Trade Credits22,7521,3722,1320,6324,1317,0124,1119,8326,6219,3820,27

    Short Term Other Debt9,017,415,908,8714,673,879,716,6215,654,807,10

    Long Term Debt9,028,868,529,196,0812,647,529,657,649,299,07

    Shareholder Equity34,3337,3738,9235,8737,9736,4834,3737,5037,2332,7238,48

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2001

    Current Liabilities57,3455,2153,2157,1555,4255,0157,9653,6055,0759,8553,42

    Short Term Loans19,3421,3919,7923,0616,1525,8221,1921,5010,5929,2919,24

    Short Term Bank Loans19,0721,1719,5322,8816,0825,4921,0321,2510,4729,1019,00

    Short Term Trade Credits23,2022,2322,8121,6725,0218,3824,7820,7425,9121,3620,11

    Short Term Other Debt11,108,886,8810,8316,764,7311,517,4818,195,458,57

    Long Term Debt12,8110,289,9410,616,8015,248,1611,538,2010,7210,88

    Shareholder Equity29,8534,5136,8632,2437,7929,7533,8934,8836,7329,4335,70

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2002

    Current Liabilities53,3751,4649,8253,0453,6048,6054,9049,4453,9255,4250,59

    Short Term Loans13,8616,7316,6916,7612,4219,2016,9816,586,9624,0713,79

    Short Term Bank Loans13,6716,5716,4916,6412,3618,8516,8916,386,9423,9413,64

    Short Term Trade Credits21,3020,8921,5520,2522,7018,4422,8919,7125,1220,2920,38

    Short Term Other Debt8,357,104,849,2712,994,029,045,9714,074,846,85

    Long Term Debt10,6910,179,1111,196,2517,448,3411,256,7211,5010,98

    Shareholder Equity35,9438,3741,0635,7740,1533,9736,7639,3239,3633,0838,43

    Number of Observations4 3192 2721 1171 155683663242962242962473

    2003

    Current Liabilities52,1449,3347,8550,7551,7445,0953,1447,0949,8452,3549,27

    Short Term Loans14,1216,9817,2216,7414,5317,8717,3216,789,2122,8413,58

    Short Term Bank Loans13,8516,7316,9716,4914,3817,4817,1116,508,9822,6313,30

    Short Term Trade Credits20,3219,6420,0919,2020,9317,0721,6418,4620,7119,2420,24

    Short Term Other Debt8,296,394,508,2911,243,318,135,4112,764,786,07

    Long Term Debt10,039,568,8010,296,3315,228,5410,166,7610,9210,31

    Shareholder Equity37,8441,1143,3538,9641,9339,6938,3342,7543,4036,7240,42

    Number of Observations4 3192 2721 1171 155683663242962242962473

    Tablo 3

    Table 3: Sources of Finance in Corporate Sector: The World and Turkey

    Bank CreditsBondShareholder EquityTrade Credits(*)

    G-7 Countries0,230,080,630,06

    Developing Countries0,270,210,400,14

    Turkey0,300,000,430,27

    Source: CBRT Sectoral Balance Sheet Data Set comprising 3900 firms in manufacturing sector for Turkey,

    IMF Global Financial Stability Report (2005) for the others

    (*):For Turkey it is defined as the sum of trade credits and credits from partners, participations and the others

    Tablo 4

    Table 4:Correlation Coefficients Between Firms

    SmallMediumLargeYoungOldFDIQuotedHi-TechPublic

    Small1,000

    Medium-0,6591,000

    (0,00)

    Large-0,444-0,3751,000

    (0,00)(0,00)

    Young0,178-0,030-0,1861,000

    (0,00)(0,00)(0,00)

    Old-0,1780,0300,186-10001,000

    (0,00)(0,00)(0,00)(0,00)

    FDI-0,1310,0010,163-0,0270,0271,000

    (0,00)(0,92)(0,00)(0,00)(0,00)

    Quoted-0,152-0,0660,268-0,1540,1540,0961,000

    (0,00)(0,00)(0,00)(0,00)(0,00)(0,00)

    Hi-Tech0,0050,002-0,008-0,0480,0480,0490,0081,000

    (0,30)(0,66)(0,11)(0,00)(0,00)(0,00)(-0,10)

    Public-0,077-0,0410,143-0,0430,043-0,0190,0260,0231,000

    (0,00)(0,00)(0,00)(0,00)(0,00)(0,00)(0,00)(0,00)

    (*) Figures in paranthesis are the p-values

    Tablo 5

    Table 5: Summary Statistics of Variables Used in Regressions (Manufacturing Industry)

    TotalSmallMediumLargeYoungOldHi-TechQuotedFDIPublic

    N. Of ObservationsMeanN. Of ObservationsMeanN. Of ObservationsMeanN. Of ObservationsMeanN. Of ObservationsMeanN. Of ObservationsMeanN. Of ObservationsMeanN. Of ObservationsMeanN. Of ObservationsMeanN. Of ObservationsMean

    1995-2003 Period

    GSALE331930.04138550.02114760.0570700.04162770.0716916066950.061184-0.0115290.05269-0.09

    LEMP367154.11161283.04128854.5365825.86182743.85184414.3672184.129565.7214805.132215.81

    EXPSHA4062721.161772013.481350425.41822530.582037122.152025620.16812018.23129726.46166130.793246.75

    PROFITA3281911.131471911.161093410.66640711.35162979.851652212.4666912.92100015.17126915.1913722.21

    LTALAB366145.17160414.8128805.2965805.87182105.03184045.3171925.089566.6614756.162205.3

    BLOSH408650.12178820.01135360.0582450.45205480.06203170.1881540.1113000.8816680.393261.21

    RTBLO3394325.931354822.461196225.56759230.891699325.791695026.07678122.16124630.59150328.5118623.76

    RTCRED3988523.461702325.721347423.2822318.9519834262005120.95799622.62130014166821.5932426.74

    ROSTD3221510.031289815.85111027.1174194.181574712.66164687.526537912772.12153233253.21

    GDP408653.75178823.75135363.7782453.75205483.75203173.7581543.7513003.7516683.433264.08

    MBLOAN4086517.191788217.191353617.17824517.192054817.192031717.19815417.19130017.19166817.532616.91

    2001, Crisis year

    GSALE4218-0.081787-0.121469-0.07898-0.022233-0.041985-0.13887-0.19161-0.11181-0.0330-0.02

    LEMP42794.0718692.9815514.517785.8323673.8319124.368834.041215.551605.22235.8

    EXPSHA444224.7188515.9155029.6592834.73242424.75201824.6492725.0416132.0618235.793311.22

    PROFITA309511.37140610.72107911.7358012.03173311.22136211.5663611.578314.4111114.19139.41

    LTALAB42635.2318554.9115505.247785.8723525.0919115.48795.181216.721596.32235.43

    BLOSH44740.1219070.0115550.059290.4924480.0520260.219330.131620.991820.52331.36

    RTBLO381824.47150818.02139123.9985135.22210121.85171727.6780123.6715444.3316532.831539

    RTCRED439824.4184226.27154724.9392819.89239726.7200121.6392022.816214.8818221.183325.67

    ROSTD371711.34149417.7313017.978565.34200313.5317148.787739.361593.141723.22331.93

    GDP4474-7.51907-7.51555-7.5929-7.52448-7.52026-7.5933-7.5162-7.5182-7.533-7.5

    MBLOAN447421.28190721.28155521.2892921.28244821.28202621.2893321.2816221.2818221.283321.28

    Tablo 6

    Table 6: Estimation Results: Manufacturing Industry; Interaction with financial variables; Financial structure indicator: BLOSH

    DUMAll FirmsSmallMediumLargeYoungHi-techQuotedCrisis

    LEMP0,092***0,091***0,092***0,091***0,091***0,092***0,091***0,091***

    (10,33)(10,25)(10,39)(10,28)(10,27)(10,35)(10,28)(10,28)

    EXPSHA0,001***0,001***0,001***0,001***0,001***0,001***0,001***0,001***

    (4,65)(4,52)(4,67)(4,61)(4,60)(4,70)(4,62)(4,64)

    PROFITA0,007***0,007***0,007***0,007***0,007***0,007***0,007***0,007***

    (19,35)(19,48)(19,27)(19,45)(19,27)(19,21)(19,35)(19,38)

    LTALAB0,016***0,017***0,017***0,017***0,016***0,017***0,016***0,016***

    (2,85)(2,91)(2,94)(2,95)(2,78)(2,92)(2,82)(2,77)

    GDP0,006***0,006***0,006***0,006***0,006***0,006***0,006***0,004***

    (6,81)(6,70)(6,76)(6,73)(6,83)(6,81)(6,80)(4,31)

    MBLOAN0,005**0,010***0,0030,0020,0030,008***0,005**0,005**

    (2,36)(4,36)(1,42)(0,89)(1,38)(3,83)(2,36)(2,54)

    MBLOAN*DUM-0,013***0,0040,014***0,003-0,015***0,001-0,002**

    (5,36)(1,51)(4,62)(1,46)(5,31)(0,28)(2,33)

    BLOSH0,142***0,150***0,151***0,0430,083**0,184***0,160***0,127***

    (5,26)(5,52)(5,32)(0,57)(2,46)(6,50)(5,55)(4,64)

    BLOSH*DUM-0,132-0,0970,1210,163***-0,434***-0,130*0,147***

    (0,73)(1,11)(1,50)(2,94)(4,80)(1,79)(3,09)

    CONSTANT-0,669***-0,663***-0,671***-0,667***-0,663***-0,673***-0,667***-0,659***

    (9,62)(9,54)(9,64)(9,59)(9,54)(9,69)(9,59)(9,48)

    R20,060,060,060,060,060,060,060,06

    Tablo7

    Table 7: Estimation Results: Manufacturing Industry; Interaction with financial variables; Financial structure indicator: RTBLO

    DUMAll firmsSmallMediumLargeYoungHi-techQuotedCrisis

    LEMP0,068***0,068***0,068***0,067***0,068***0,068***0,067***0,067***

    (7,12)(7,15)(7,15)(7,05)(7,13)(7,17)(7,10)(7,07)

    EXPSHA0,001***0,001***0,001***0,001***0,001***0,001***0,001***0,001***

    (3,28)(3,16)(3,24)(3,21)(3,29)(3,23)(3,23)(3,22)

    PROFITA0,007***0,008***0,007***0,008***0,007***0,007***0,007***0,007***

    (16,47)(16,64)(16,49)(16,61)(16,39)(16,47)(16,47)(16,57)

    LTALAB0,015**0,016***0,015**0,015**0,015**0,016**0,015**0,015**

    (2,44)(2,60)(2,47)(2,48)(2,42)(2,55)(2,42)(2,44)

    GDP0,005***0,005***0,005***0,005***0,005***0,005***0,005***0,004***

    (5,13)(5,10)(5,12)(5,11)(5,17)(5,14)(5,10)(3,78)

    MBLOAN0,006***0,010***0,005**0,0030,0040,009***0,006***0,006***

    (2,92)(4,52)(2,27)(1,45)(1,63)(4,31)(2,86)(3,04)

    MBLOAN*DUM-0,012***0,0020,013***0,004*-0,015***0,002-0,003***

    (4,60)(0,71)(4,40)(1,84)(5,04)(0,45)(3,19)

    RTBLO0,000*0,001**0,0000,0000,001*0,001*0,001*0,000

    (1,71)(2,39)(0,43)(1,23)(1,90)(1,66)(1,93)(0,91)

    RTBLO*DUM-0,001*0,0010,000-0,001-0,000-0,0020,002***

    (1,71)(1,50)(0,57)(0,94)(0,25)(1,31)(4,43)

    CONSTANT-0,565***-0,570***-0,567***-0,563***-0,564***-0,573***-0,563***-0,557***

    (7,65)(7,71)(7,68)(7,62)(7,64)(7,76)(7,62)(7,55)

    R20,060,060,060,060,060,060,060,06

    Tablo 8

    Table 8: Manufacturing Industry; Interaction with financial variables; Financial structure indicator:RTCRED

    DUMAll firmsSmallMediumLargeYoungHi-techQuotedCrisis

    LEMP0.094***0.094***0.094***0.093***0.095***0.095***0.094***0.094***

    (10.72)(10.66)(10.73)(10.61)(10.75)(10.80)(10.72)(10.70)

    EXPSHA0.001***0.001***0.001***0.001***0.001***0.001***0.001***0.001***

    (4.60)(4.48)(4.58)(4.52)(4.60)(4.58)(4.60)(4.65)

    PROFITA0.007***0.008***0.007***0.008***0.007***0.007***0.007***0.007***

    (20.34)(20.52)(20.33)(20.49)(20.24)(20.35)(20.33)(20.33)

    LTALAB0.020***0.021***0.020***0.020***0.020***0.021***0.020***0.020***

    (3.52)(3.66)(3.58)(3.55)(3.51)(3.64)(3.53)(3.55)

    GDP0.006***0.006***0.006***0.006***0.006***0.006***0.006***0.005***

    (6.91)(6.81)(6.88)(6.86)(6.93)(6.96)(6.91)(4.63)

    MBLOAN0.0030.008***0.001-0.0000.0020.006***0.0030.003

    (1.35)(3.53)(0.42)(0.05)(0.67)(2.69)(1.35)(1.57)

    MBLOAN*DUM-0.013***0.004*0.013***0.003-0.013***-0.000-0.003***

    (5.63)(1.72)(4.68)(1.08)(4.53)(0.06)(2.78)

    RTCRED0.005***0.005***0.004***0.005***0.004***0.004***0.005***0.005***

    (16.08)(13.04)(11.16)(15.39)(9.36)(13.13)(16.02)(15.02)

    RTCRED*DUM-0.001**0.002***-0.0000.001**0.002***-0.0000.001**

    (2.53)(3.12)(0.56)(2.46)(3.08)(0.12)(2.42)

    CONSTANT-0.758***-0.758***-0.760***-0.753***-0.757***-0.769***-0.758***-0.752***

    (10.91)(10.92)(10.94)(10.84)(10.90)(11.07)(10.91)(10.83)

    R20.070.080.080.080.070.080.070.07

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 20385, Firma Says: 3900

    Tablo 9

    Table 9: Manufacturing Industry; Interaction with financial variables; Financial structure indicator: ROSTD

    DUMAll firmsSmallMediumLargeYoungHi-techQuotedCrisis

    LEMP0.078***0.076***0.078***0.077***0.078***0.079***0.078***0.077***

    (7.58)(7.46)(7.59)(7.46)(7.61)(7.68)(7.58)(7.54)

    EXPSHA0.001***0.001***0.001***0.001***0.001***0.001***0.001***0.001***

    (4.74)(4.56)(4.72)(4.65)(4.73)(4.67)(4.74)(4.70)

    PROFITA0.007***0.007***0.007***0.007***0.007***0.007***0.007***0.007***

    (16.79)(16.89)(16.76)(16.94)(16.71)(16.85)(16.79)(16.81)

    LTALAB0.014**0.014**0.014**0.014**0.014**0.015**0.014**0.014**

    (2.10)(2.08)(2.09)(2.12)(2.08)(2.21)(2.10)(2.08)

    GDP0.007***0.006***0.006***0.006***0.007***0.007***0.007***0.004***

    (6.20)(6.05)(6.18)(6.14)(6.21)(6.22)(6.20)(3.49)

    MBLOAN0.006**0.011***0.0040.0020.0040.008***0.006**0.006***

    (2.52)(4.53)(1.47)(1.04)(1.47)(3.61)(2.51)(2.73)

    MBLOAN*DUM-0.015***0.005*0.013***0.004-0.013***-0.000-0.001

    (5.61)(1.72)(4.34)(1.56)(4.06)(0.02)(0.84)

    ROSTD0.001***0.0010.001**0.001***0.002***0.0010.001***0.001***

    (2.76)(1.51)(2.53)(2.66)(2.76)(1.18)(2.76)(3.49)

    ROSTD*DUM0.000-0.0000.001-0.0010.003***-0.000-0.002***

    (0.33)(0.38)(0.34)(1.22)(3.03)(0.02)(3.04)

    CONSTANT-0.624***-0.611***-0.622***-0.617***-0.624***-0.633***-0.624***-0.617***

    (7.67)(7.51)(7.65)(7.59)(7.67)(7.79)(7.67)(7.59)

    R20.060.060.060.060.060.060.060.06

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 16054, Firma Says: 3746

    Tablo10

    Table 10: Manufacturing Industry; Interaction with all variables; Financial structure indicator: BLOSH

    DUMSmallMediumLargeYoungHi-techQuotedCrisis

    LEMP0.086***0.097***0.091***0.060***0.079***0.092***0.085***

    (7.37)(8.18)(9.55)(4.62)(8.07)(10.32)(9.44)

    LEMP*DUM0.009-0.016-0.0140.054***0.065***-0.0430.030***

    (0.48)(0.90)(0.56)(3.03)(2.86)(1.09)(3.32)

    EXPSHA0.001*0.001***0.002***0.002***0.001***0.001***0.001***

    (1.89)(4.00)(5.22)(4.75)(3.87)(4.63)(3.10)

    EXPSHA*DUM0.002***-0.000-0.002***-0.001**0.001-0.0010.003***

    (2.96)(0.90)(2.80)(2.29)(1.35)(0.58)(7.70)

    PROFITA0.007***0.007***0.008***0.006***0.007***0.007***0.007***

    (14.18)(14.74)(18.35)(12.37)(16.59)(19.31)(17.44)

    PROFITA*DUM0.002**0.001*-0.003***0.004***0.000-0.0030.001

    (2.02)(1.85)(3.60)(5.10)(0.53)(1.31)(1.08)

    LTALAB0.0100.026***0.014**0.0090.023***0.016***0.015***

    (1.15)(3.66)(2.28)(1.03)(3.67)(2.74)(2.59)

    LTALAB*DUM0.012-0.027**0.0230.013-0.034**0.037-0.004

    (1.09)(2.25)(1.29)(1.10)(2.34)(1.17)(0.52)

    GDP0.004***0.006***0.007***0.007***0.004***0.006***0.004***

    (4.01)(5.77)(7.44)(6.17)(4.02)(6.74)(4.26)

    GDP*DUM0.004***-0.000-0.006***-0.0010.011***-0.000-

    (2.63)(0.22)(3.39)(0.95)(5.81)(0.11)-

    MBLOAN0.008***0.0030.0030.004*0.005**0.005**0.005**

    (3.24)(1.29)(1.57)(1.66)(2.30)(2.31)(2.51)

    MBLOAN*DUM-0.008**0.0040.0050.002-0.0010.004-0.010***

    (2.42)(1.18)(1.24)(0.56)(0.13)(0.44)(4.30)

    BLOSH0.151***0.144***0.0550.080**0.184***0.159***0.141***

    (5.50)(5.08)(0.73)(2.39)(6.50)(5.48)(5.15)

    BLOSH*DUM-0.148-0.0440.0970.174***-0.432***-0.145*0.073

    (0.82)(0.49)(1.19)(3.11)(4.74)(1.88)(1.42)

    CONSTANT-0.633***-0.653***-0.651***-0.630***-0.672***-0.666***-0.612***

    (8.82)(9.35)(8.94)(8.94)(9.69)(9.55)(8.77)

    R20.060.060.060.060.070.060.07

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 20385, Firma Says: 3900

    Tablo11

    Table 11: Manufacturing Industry; Interaction with all variables; Financial structure indicator:RTBLO

    DUMSmallMediumLargeYoungHi-techQuotedCrisis

    LEMP0.061***0.081***0.065***0.044***0.053***0.068***0.063***

    (5.17)(6.22)(6.31)(3.12)(5.14)(7.11)(6.56)

    LEMP*DUM0.015-0.0290.0040.043**0.079***-0.0310.020**

    (0.75)(1.55)(0.16)(2.28)(3.19)(0.77)(2.18)

    EXPSHA0.0000.001**0.001***0.002***0.0000.001***0.000*

    (1.40)(1.96)(4.31)(3.84)(1.52)(3.25)(1.73)

    EXPSHA*DUM0.001**0.000-0.002***-0.001**0.002***-0.0010.003***

    (2.06)(0.56)(3.55)(2.22)(3.60)(0.64)(7.88)

    PROFITA0.006***0.007***0.008***0.006***0.007***0.008***0.007***

    (11.32)(11.97)(16.68)(9.84)(13.96)(16.50)(14.47)

    PROFITA*DUM0.003***0.001-0.004***0.003***0.001-0.004*0.001

    (3.23)(1.11)(4.04)(3.81)(0.63)(1.69)(1.12)

    LTALAB0.016**0.022***0.0100.0060.020***0.014**0.014**

    (1.98)(2.83)(1.47)(0.72)(2.96)(2.33)(2.24)

    LTALAB*DUM-0.003-0.0180.034**0.015-0.0240.0320.001

    (0.24)(1.44)(1.97)(1.20)(1.55)(0.99)(0.11)

    GDP0.003**0.005***0.006***0.006***0.003**0.005***0.004***

    (2.56)(4.39)(6.02)(5.13)(2.49)(5.05)(3.68)

    GDP*DUM0.005***-0.001-0.007***-0.0020.012***-0.000-

    (3.27)(0.37)(3.68)(1.45)(6.08)(0.07)-

    MBLOAN0.007***0.005**0.005**0.005**0.006***0.006***0.006***

    (3.19)(2.16)(2.29)(2.14)(2.74)(2.80)(3.01)

    MBLOAN*DUM-0.0040.0010.0030.0010.0010.004-0.010***

    (1.35)(0.38)(0.83)(0.47)(0.21)(0.45)(4.03)

    RTBLO0.001**0.0000.0000.0000.001*0.001*0.000

    (2.06)(0.19)(1.34)(1.21)(1.91)(1.92)(1.42)

    RTBLO*DUM-0.0010.001*-0.000-0.000-0.001-0.0020.001

    (1.55)(1.81)(0.39)(0.02)(0.78)(1.49)(1.09)

    CONSTANT-0.551***-0.566***-0.561***-0.538***-0.578***-0.561***-0.519***

    (7.31)(7.65)(7.33)(7.19)(7.84)(7.57)(7.01)

    R20.070.060.070.060.070.060.07

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 17430, Firma Says: 3788

    Tablo12

    Table 12: Manufacturing Industry; Interaction with all variables; Financial structure indicator: RTCRED

    DUMSmallMediumLargeYoungHi-techQuotedCrisis

    LEMP0.099***0.098***0.088***0.065***0.083***0.095***0.086***

    (8.71)(8.18)(9.32)(5.03)(8.51)(10.75)(9.62)

    LEMP*DUM-0.014-0.0100.0170.052***0.060***-0.0500.040***

    (0.80)(0.59)(0.68)(2.96)(2.67)(1.28)(4.56)

    EXPSHA0.001**0.001***0.001***0.002***0.001***0.001***0.001***

    (2.06)(3.95)(4.99)(4.74)(3.83)(4.63)(3.15)

    EXPSHA*DUM0.001***-0.000-0.002**-0.001**0.001-0.0010.002***

    (2.66)(0.90)(2.52)(2.28)(1.26)(0.74)(7.24)

    PROFITA0.007***0.007***0.009***0.006***0.007***0.008***0.007***

    (15.14)(15.08)(19.65)(12.93)(17.12)(20.28)(18.20)

    PROFITA*DUM0.002**0.002**-0.003***0.004***0.001-0.0030.001

    (2.32)(2.46)(4.29)(5.38)(1.64)(1.29)(1.46)

    LTALAB0.023***0.027***0.014**0.0100.027***0.020***0.018***

    (2.85)(3.75)(2.36)(1.21)(4.36)(3.44)(3.13)

    LTALAB*DUM-0.006-0.0180.044**0.018-0.035**0.0340.005

    (0.49)(1.53)(2.53)(1.55)(2.41)(1.08)(0.63)

    GDP0.005***0.006***0.007***0.007***0.004***0.006***0.005***

    (4.15)(5.74)(7.64)(6.24)(4.19)(6.87)(4.55)

    GDP*DUM0.004***-0.000-0.007***-0.0010.010***-0.001-

    (2.64)(0.02)(3.57)(0.95)(5.64)(0.21)-

    MBLOAN0.006**0.0010.0010.0020.0030.0030.003

    (2.44)(0.30)(0.68)(1.00)(1.21)(1.27)(1.57)

    MBLOAN*DUM-0.008**0.0040.0040.0010.0010.005-0.016***

    (2.57)(1.41)(1.08)(0.22)(0.38)(0.56)(6.11)

    RTCRED0.005***0.004***0.005***0.004***0.004***0.005***0.004***

    (12.83)(11.04)(15.60)(8.99)(13.05)(16.00)(14.51)

    RTCRED*DUM-0.001**0.002***-0.0010.002***0.002***0.0000.002***

    (2.29)(3.25)(0.95)(3.03)(3.29)(0.05)(3.30)

    SABIT-0.759***-0.748***-0.766***-0.721***-0.765***-0.755***-0.686***

    (10.62)(10.73)(10.56)(10.24)(11.02)(10.83)(9.83)

    R20.080.080.080.080.080.070.08

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 20097, Firma Says: 3888

    Tablo 13

    Table 13: Manufacturing Industry; Interaction with all variables; Financial structure indicator: ROSTD

    DUMSmallMediumLargeYoungHi-techQuotedCrisis

    LEMP0.089***0.083***0.066***0.061***0.070***0.078***0.070***

    (6.88)(5.97)(5.84)(4.08)(6.18)(7.61)(6.82)

    LEMP*DUM-0.034-0.0140.048*0.0280.040-0.0400.032***

    (1.62)(0.68)(1.76)(1.38)(1.53)(1.03)(3.17)

    EXPSHA0.001***0.001**0.002***0.001***0.001***0.002***0.001***

    (3.66)(2.27)(5.25)(2.91)(3.60)(4.80)(3.18)

    EXPSHA*DUM0.0000.001*-0.002***0.0000.001-0.0020.003***

    (0.15)(1.75)(2.69)(0.31)(1.55)(0.93)(7.83)

    PROFITA0.006***0.006***0.008***0.006***0.007***0.007***0.006***

    (13.04)(12.17)(16.09)(10.89)(14.95)(16.74)(14.79)

    PROFITA*DUM0.002**0.002***-0.003***0.004***-0.000-0.0030.002*

    (2.19)(2.66)(3.85)(4.69)(0.08)(1.37)(1.86)

    LTALAB0.024***0.018**0.0060.0090.021***0.014**0.013*

    (2.66)(2.08)(0.80)(0.92)(2.83)(2.02)(1.91)

    LTALAB*DUM-0.023*-0.0100.052***0.009-0.033*0.032-0.003

    (1.69)(0.73)(2.79)(0.66)(1.88)(1.01)(0.40)

    GDP0.005***0.006***0.008***0.008***0.004***0.006***0.004***

    (4.22)(4.96)(6.66)(5.88)(3.98)(6.11)(3.42)

    GDP*DUM0.003*0.000-0.005***-0.0020.010***-0.000-

    (1.74)(0.26)(2.62)(1.33)(4.70)(0.01)-

    MBLOAN0.009***0.0030.0040.005*0.006**0.005**0.006***

    (3.65)(1.16)(1.61)(1.79)(2.33)(2.42)(2.69)

    MBLOAN*DUM-0.011***0.0050.0060.0010.0010.004-0.012***

    (3.06)(1.54)(1.38)(0.32)(0.15)(0.42)(4.14)

    ROSTD0.0010.001**0.001***0.001**0.0000.001***0.001***

    (1.50)(2.40)(2.84)(2.48)(1.13)(2.79)(2.89)

    ROSTD*DUM0.000-0.0000.000-0.0010.003***-0.000-0.000

    (0.38)(0.14)(0.02)(0.77)(3.09)(0.07)(0.18)

    CONSTANT-0.641***-0.612***-0.653***-0.593***-0.629***-0.621***-0.561***

    (7.71)(7.51)(7.74)(7.16)(7.74)(7.61)(6.88)

    R20.060.060.060.060.060.060.06

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 16054, Firma Says: 3746

    Tablo 14

    Table 14:Services Sector; Interaction with financial variables; Financial structure indicator: BLOSH

    DUMAll FirmsSmallMediumLaregYoungQuotedCrisis

    LEMP0.134***0.133***0.134***0.133***0.134***0.134***0.134***

    (8.43)(8.35)(8.41)(8.35)(8.44)(8.44)(8.42)

    EXPSHA0.0010.0010.0010.0010.0010.0010.001

    (1.42)(1.41)(1.43)(1.41)(1.41)(1.42)(1.41)

    PROFITA0.008***0.008***0.008***0.008***0.008***0.008***0.008***

    (15.50)(15.52)(15.49)(15.53)(15.51)(15.51)(15.51)

    LTALAB0.054***0.054***0.054***0.053***0.054***0.054***0.054***

    (5.29)(5.26)(5.30)(5.24)(5.30)(5.30)(5.29)

    GDP0.015***0.015***0.015***0.015***0.015***0.015***-0.000

    (3.79)(3.84)(3.82)(3.80)(3.80)(3.78)(0.09)

    MBLOAN0.0280.0410.0270.0270.0300.0280.038

    (0.52)(0.76)(0.51)(0.52)(0.56)(0.52)(0.69)

    MBLOAN*DUM--0.014**-0.0040.010-0.003-0.007-0.011***

    -(2.24)(0.05)(1.02)(0.45)(0.56)(3.19)

    BLOSH0.0210.0050.0210.095*0.0170.0200.014

    (0.89)(0.22)(0.85)(1.75)(0.45)(0.84)(0.57)

    BLOSH*DUM-0.151*0.013*-0.0910.008-0.0020.046

    -(1.95)(1.83)(1.51)(0.16)(0.07)(1.21)

    CONSTANT-1.432-1.504-1.480-1.445-1.454-1.432-1.542

    (1.29)(1.36)(1.34)(1.31)(1.31)(1.29)(1.36)

    R20.030.030.030.030.030.030.03

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 19649, Firma Says: 4069

    Tablo 15

    Table 15:Services Sector; Interaction with financial variables; Financial structure indicator: RTBLO

    DUMAll FirmsSmallMediumLargeYoungQuotedCrisis

    LEMP0.145***0.146***0.146***0.146***0.146***0.146***0.146***

    (7.85)(7.88)(7.87)(7.86)(7.86)(7.86)(7.87)

    EXPSHA0.0010.0010.0010.0010.0010.0010.001

    (0.86)(0.92)(0.92)(0.86)(0.84)(0.88)(0.84)

    PROFITA0.016***0.016***0.016***0.016***0.016***0.016***0.016***

    (16.22)(16.31)(16.29)(16.24)(16.21)(16.22)(16.27)

    LTALAB0.058***0.058***0.058***0.059***0.059***0.059***0.059***

    (4.81)(4.81)(4.82)(4.82)(4.83)(4.83)(4.84)

    GDP0.015***0.016***0.016***0.015***0.015***0.015***0.001

    (3.77)(3.89)(3.86)(3.79)(3.80)(3.77)(0.39)

    MBLOAN0.0380.0570.0370.0380.0440.0380.048

    (0.72)(1.07)(0.70)(0.71)(0.84)(0.72)(0.87)

    MBLOAN*DUM--0.020***0.018**0.014-0.007-0.016-0.012***

    -(2.92)(2.30)(1.27)(1.09)(0.96)(3.22)

    RTBLO-0.0010.001-0.001*-0.001-0.001-0.001-0.001

    (1.15)(0.90)(1.87)(1.10)(0.68)(1.23)(1.45)

    RTBLO*DUM--0.003*0.003*0.000-0.0000.0050.003*

    -(1.70)(1.91)(0.02)(0.11)(0.89)(1.89)

    CONSTANT-1.760-1.879*-1.835*-1.784-1.816*-1.759-1.869*

    (1.60)(1.71)(1.67)(1.62)(1.65)(1.60)(1.65)

    R20.040.050.050.040.040.040.05

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 13786, Firma Says: 3704

    Tablo 16

    Table 16: Services Sector; Interaction with financial variables; Financial structure indicator: RTCRED

    DUMAll FirmsSmallMediumLargeYoungQuotedCrisis

    LEMP0.136***0.137***0.136***0.136***0.137***0.137***0.136***

    (8.45)(8.47)(8.42)(8.43)(8.46)(8.49)(8.45)

    EXPSHA0.0010.0010.0010.0010.0010.0010.001

    (1.30)(1.25)(1.26)(1.30)(1.29)(1.30)(1.30)

    PROFITA0.016***0.016***0.016***0.016***0.016***0.016***0.016***

    (20.81)(20.81)(20.84)(20.82)(20.82)(20.82)(20.78)

    LTALAB0.062***0.062***0.062***0.062***0.062***0.062***0.062***

    (6.05)(6.07)(6.06)(6.04)(6.05)(6.06)(6.01)

    GDP0.015***0.016***0.016***0.015***0.015***0.015***0.001

    (4.07)(4.13)(4.12)(4.08)(4.08)(4.07)(0.48)

    MBLOAN0.0290.0400.0290.0290.0310.0290.039

    (0.56)(0.76)(0.57)(0.55)(0.60)(0.56)(0.71)

    MBLOAN*DUM--0.011*0.0080.011-0.003-0.013-0.009**

    -(1.73)(1.18)(1.11)(0.44)(1.04)(2.50)

    RTCRED0.007***0.010***0.007***0.007***0.007***0.007***0.007***

    (12.04)(7.62)(9.95)(11.88)(7.92)(12.04)(12.03)

    RTCRED*DUM--0.003**0.004***-0.001-0.000-0.002-0.001

    -(2.36)(2.72)(0.38)(0.14)(0.32)(1.08)

    CONSTANT-1.784*-1.864*-1.834*-1.799*-1.807*-1.784*-1.886*

    (1.65)(1.73)(1.70)(1.67)(1.67)(1.65)(1.70)

    R20.050.050.050.050.050.050.05

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 18629, Firma Says: 3982

    Tablo 17

    Table 17: Services Sector; Interaction with financial variables; Financial structure indicator: ROSTD

    DUMAll FirmsSmallMediumLargeYoungQuotedCrisis

    LEMP0.145***0.144***0.144***0.145***0.145***0.145***0.145***

    (7.10)(7.08)(7.08)(7.10)(7.11)(7.09)(7.11)

    EXPSHA0.0000.0000.0000.0000.0000.0000.000

    (0.14)(0.18)(0.17)(0.14)(0.12)(0.14)(0.14)

    PROFITA0.017***0.017***0.017***0.017***0.017***0.017***0.017***

    (16.73)(16.73)(16.71)(16.74)(16.77)(16.72)(16.72)

    LTALAB0.069***0.069***0.069***0.070***0.069***0.069***0.070***

    (5.35)(5.34)(5.31)(5.36)(5.34)(5.35)(5.38)

    GDP0.014***0.014***0.014***0.014***0.014***0.014***0.005

    (3.29)(3.37)(3.35)(3.30)(3.31)(3.28)(1.38)

    MBLOAN0.0430.0590.0420.0430.0480.0430.049

    (0.79)(1.08)(0.77)(0.78)(0.87)(0.79)(0.86)

    MBLOAN*DUM--0.018**0.016**0.011-0.0060.000-0.005

    -(2.42)(1.97)(0.97)(0.78)(0.01)(1.37)

    ROSTD-0.000-0.004**0.000-0.000-0.002-0.0000.000

    (0.38)(2.04)(0.49)(0.25)(1.37)(0.38)(0.09)

    ROSTD*DUM-0.005**-0.005**-0.0020.0030.001-0.003*

    -(2.12)(2.04)(0.52)(1.42)(0.07)(1.67)

    CONSTANT-1.912*-2.012*-1.972*-1.932*-1.955*-1.912*-1.986*

    (1.68)(1.76)(1.73)(1.69)(1.71)(1.68)(1.70)

    R20.040.040.040.040.040.040.04

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 13610, Firma Says: 3687

    Tablo 18

    Table 18: Services Sector; Interaction with all variables; Financial structure indicator: BLOSH

    DUMSmallMediumLargeYoungQuotedCrisis

    LEMP0.178***0.105***0.140***0.150***0.135***0.134***

    (6.88)(5.60)(8.28)(6.29)(8.46)(8.34)

    LEMP*DUM-0.068**0.088**0.032-0.0190.0040.003

    (2.06)(2.49)(0.59)(0.58)(0.04)(0.20)

    EXPSHA-0.003**0.003***0.0010.003**0.0010.001

    (2.24)(3.29)(1.59)(2.08)(1.57)(0.96)

    EXPSHA*DUM0.007***-0.008***-0.003-0.002-0.0100.003***

    (4.03)(3.95)(0.95)(1.42)(1.63)(3.79)

    PROFITA0.019***0.006***0.008***0.015***0.008***0.008***

    (14.46)(11.26)(15.03)(15.39)(15.42)(14.80)

    PROFITA*DUM-0.013***0.014***0.008**-0.010***0.0000.002

    (9.10)(8.68)(2.31)(8.49)(0.10)(1.53)

    LTALAB0.072***0.062***0.045***0.078***0.055***0.053***

    (3.47)(5.46)(4.30)(5.15)(5.36)(5.15)

    LTALAB*DUM-0.020-0.0300.151***-0.039*-0.0360.006

    (0.83)(1.17)(3.30)(1.90)(0.67)(0.43)

    GDP0.013***0.015***0.015***0.009**0.014***0.000

    (2.81)(3.92)(3.80)(2.03)(3.74)(0.10)

    GDP*DUM0.003-0.002-0.0020.009**0.0120.107

    (0.67)(0.58)(0.26)(2.50)(0.92)(0.70)

    MBLOAN0.0320.0250.0270.0120.0280.005

    (0.59)(0.46)(0.51)(0.23)(0.52)(1.03)

    MBLOAN*DUM-0.0080.0060.0050.0100.0100.023

    (0.97)(0.72)(0.39)(1.32)(0.41)(0.44)

    BLOSH0.0100.0210.095*0.0250.0190.015

    (0.42)(0.84)(1.75)(0.69)(0.79)(0.63)

    BLOSH*DUM0.144*0.022-0.093-0.0010.0010.041

    (1.87)(0.25)(1.54)(0.02)(0.02)(1.06)

    CONSTANT-1.481-1.414-1.509-1.288-1.442-0.866***

    (1.34)(1.28)(1.36)(1.16)(1.30)(6.70)

    R20.040.040.030.040.030.03

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 19649, Firma Says: 4069

    Tablo 19

    Table 19:Services Sector; Interaction with all variables; Financial structure indicator: RTBLO

    DUMSmallMediumLargeYoungQuotedCrisis

    LEMP0.175***0.124***0.156***0.172***0.146***0.145***

    (6.08)(5.61)(7.79)(6.25)(7.87)(7.79)

    LEMP*DUM-0.0380.0670.015-0.0470.0090.002

    (1.00)(1.64)(0.26)(1.26)(0.06)(0.12)

    EXPSHA-0.0010.002*0.0010.0010.0010.000

    (1.04)(1.84)(1.04)(0.69)(0.96)(0.44)

    EXPSHA*DUM0.004**-0.004*-0.003-0.000-0.0060.004***

    (2.25)(1.96)(0.92)(0.14)(0.88)(3.82)

    PROFITA0.022***0.013***0.016***0.019***0.016***0.016***

    (12.52)(11.88)(15.81)(14.23)(16.08)(15.73)

    PROFITA*DUM-0.009***0.011***-0.002-0.007***0.006-0.002

    (4.30)(4.87)(0.38)(3.40)(0.57)(1.00)

    LTALAB0.099***0.059***0.045***0.069***0.060***0.057***

    (4.22)(4.38)(3.60)(3.86)(4.92)(4.60)

    LTALAB*DUM-0.056**-0.0060.168***-0.018-0.0500.019

    (2.04)(0.19)(3.54)(0.73)(0.81)(1.11)

    GDP0.013***0.017***0.015***0.010**0.015***0.002

    (2.62)(3.99)(3.68)(2.19)(3.78)(0.64)

    GDP*DUM0.004-0.0050.0020.008*-0.0010.122

    (0.83)(1.09)(0.25)(1.81)(0.07)(0.81)

    MBLOAN0.0460.0320.0380.0270.0380.003

    (0.85)(0.61)(0.72)(0.51)(0.72)(0.50)

    MBLOAN*DUM-0.0140.0100.0120.003-0.0020.029

    (1.56)(0.96)(0.88)(0.35)(0.06)(0.54)

    RTBLO0.002-0.001*-0.001-0.001-0.001-0.001

    (1.16)(1.95)(1.07)(0.66)(1.26)(1.21)

    RTBLO*DUM-0.003*0.004**-0.001-0.0000.0060.001

    (1.94)(2.45)(0.51)(0.33)(0.99)(0.52)

    CONSTANT-1.798-1.688-1.859*-1.571-1.763-0.935***

    (1.63)(1.53)(1.69)(1.42)(1.60)(6.47)

    R20.050.050.050.050.050.05

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 13786, Firma Says: 3704

    Tablo 20

    Table 20: Services Sector; Interaction with all variables; Financial structure indicator: RTCRED

    DUMSmallMediumLargeYoungQuotedCrisis

    LEMP0.189***0.097***0.144***0.151***0.138***0.137***

    (7.32)(5.02)(8.35)(6.29)(8.52)(8.38)

    LEMP*DUM-0.089***0.113***0.033-0.025-0.0020.002

    (2.66)(3.17)(0.60)(0.77)(0.02)(0.09)

    EXPSHA-0.004**0.003***0.0010.002*0.0010.001

    (2.55)(3.23)(1.51)(1.82)(1.44)(0.90)

    EXPSHA*DUM0.008***-0.008***-0.003-0.002-0.0080.003***

    (4.29)(4.14)(1.12)(1.27)(1.46)(3.39)

    PROFITA0.021***0.014***0.016***0.017***0.016***0.016***

    (15.30)(15.64)(20.17)(15.87)(20.77)(20.14)

    PROFITA*DUM-0.007***0.007***0.003-0.002-0.006-0.002

    (4.51)(4.35)(0.90)(1.12)(1.09)(1.27)

    LTALAB0.082***0.068***0.053***0.081***0.063***0.062***

    (3.98)(5.98)(4.99)(5.35)(6.10)(5.91)

    LTALAB*DUM-0.024-0.0290.160***-0.034*-0.0200.002

    (1.02)(1.12)(3.49)(1.67)(0.37)(0.12)

    GDP0.014***0.016***0.016***0.010**0.015***0.002

    (3.03)(4.11)(4.08)(2.23)(4.06)(0.75)

    GDP*DUM0.002-0.002-0.0030.009**0.0020.092

    (0.62)(0.44)(0.43)(2.54)(0.18)(0.62)

    MBLOAN0.0310.0270.0280.0160.0290.001

    (0.59)(0.52)(0.55)(0.30)(0.56)(0.15)

    MBLOAN*DUM-0.0050.0030.0040.0100.0010.025

    (0.62)(0.36)(0.33)(1.35)(0.05)(0.48)

    RTCRED0.011***0.006***0.007***0.008***0.007***0.007***

    (8.20)(9.63)(11.81)(8.06)(12.04)(12.01)

    RTCRED*DUM-0.005***0.005***-0.001-0.000-0.001-0.001

    (3.06)(3.31)(0.23)(0.37)(0.16)(1.34)

    CONSTANT-1.806*-1.738-1.863*-1.636-1.794*-1.113***

    (1.68)(1.61)(1.73)(1.51)(1.66)(8.54)

    R20.050.050.050.050.050.05

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 18629, Firma Says: 3982

    Tablo 21

    Table 21:Services Sector; Interaction with all variables; Financial structure indicator: ROSTD

    DUMSmallMediumLargeYoungQuotedCrisis

    LEMP0.179***0.115***0.151***0.156***0.146***0.144***

    (5.93)(4.64)(6.81)(5.08)(7.11)(7.03)

    LEMP*DUM-0.0630.079*0.029-0.0200.0440.012

    (1.51)(1.81)(0.48)(0.48)(0.40)(0.55)

    EXPSHA-0.004***0.002*0.0010.0000.000-0.000

    (2.58)(1.89)(0.52)(0.16)(0.34)(0.19)

    EXPSHA*DUM0.008***-0.007***-0.005-0.000-0.011*0.003***

    (3.66)(3.15)(1.40)(0.10)(1.89)(2.79)

    PROFITA0.022***0.014***0.017***0.019***0.017***0.017***

    (12.44)(12.46)(16.21)(13.69)(16.74)(16.39)

    PROFITA*DUM-0.008***0.009***0.000-0.005**-0.008-0.004*

    (3.79)(4.02)(0.12)(2.53)(1.50)(1.74)

    LTALAB0.086***0.077***0.057***0.083***0.071***0.071***

    (3.61)(5.29)(4.21)(4.33)(5.45)(5.38)

    LTALAB*DUM-0.023-0.0400.159***-0.027-0.054-0.006

    (0.82)(1.29)(3.23)(1.03)(0.93)(0.34)

    GDP0.0080.016***0.014***0.0080.014***0.005*

    (1.57)(3.67)(3.34)(1.55)(3.21)(1.65)

    GDP*DUM0.009*-0.009*-0.0050.010**0.0170.101

    (1.94)(1.69)(0.68)(2.15)(1.22)(0.65)

    MBLOAN0.0410.0390.0420.0300.0430.005

    (0.73)(0.71)(0.77)(0.54)(0.80)(0.81)

    MBLOAN*DUM-0.0040.0020.0020.0080.0230.032

    (0.38)(0.23)(0.15)(0.86)(0.88)(0.59)

    ROSTD-0.004*0.000-0.000-0.002-0.0000.000

    (1.89)(0.31)(0.22)(1.33)(0.36)(0.06)

    ROSTD*DUM0.004*-0.005*-0.0030.003-0.006-0.003

    (1.94)(1.89)(0.67)(1.34)(0.38)(1.56)

    CONSTANT-1.852-1.813-1.971*-1.725-1.943*-1.088***

    (1.62)(1.59)(1.73)(1.51)(1.70)(6.94)

    R20.050.050.040.040.040.04

    Parantez iindekiler saylar t istatistiininin deerini, * yzde 10luk hata payn, ** * yzde 5lik hata payn ve

    *** yzde 1lik hata payn gstermektedir. Gzlem says: 13610, Firma Says: 3687

    Grafik 1

    All firms1995-20032000200120022003

    ST Bank Loans18.4619.8119.0713.6713.85

    ST Trade Credits22.3622.7523.221.320.32

    ST Other Debt8.999.0111.18.358.29

    LT Debt9.269.0212.8110.6910.03

    Shareholder Equity34.8134.3329.8535.9437.84

    Grafik 1

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

  • Chart1

    17.697525937723.992418196313.83679169996.075418994438.3978451716

    23.391248391218.72586872593.925353925413.921063921140.0364650365

    15.695461200624.421669106916.35919960966.637384089836.8862859932

    27.235815792319.63885030455.053958756316.283791003331.7875841436

    14.126472608223.049289450112.80046489516.661735960743.362037086

    19.585961507419.14388915843.951695509217.607418189739.7110356353

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    SIZE

    All firms

    Tm Firmalar1995-20032000200120022003

    ST Bank Loans18.4619.8119.0713.6713.85

    ST Trade Credits22.3622.7523.221.320.32

    ST Other Debt8.999.0111.18.358.29

    LT Debt9.269.0212.8110.6910.03

    Shareholder Equity34.8134.3329.8535.9437.84

    Figure 1: Financial Structure of the Firms: All Firms

    All firms

    18.4622.368.999.2634.81

    19.8122.759.019.0234.33

    19.0723.211.112.8129.85

    13.6721.38.3510.6935.94

    13.8520.328.2910.0337.84

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: All Firms

    Total manf.

    Toplam malat

    1995-20032000200120022003

    ST Bank Loans20.4721.7121.1716.5716.73

    ST Trade Credits21.1121.3722.2320.8919.64

    ST Other Debt7.477.418.887.16.39

    LT Debt8.98.8610.2810.179.56

    Shareholder Equity37.9837.3734.5138.3741.11

    Total manf.

    20.4721.117.478.937.98

    21.7121.377.418.8637.37

    21.1722.238.8810.2834.51

    16.5720.897.110.1738.37

    16.7319.646.399.5641.11

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Total Manufacturing

    Hi-tech

    Manufacturing Hi-Tech

    1995-200319952000200120022003

    ST Bank Loans16.2813.9317.861913.6413.3

    ST Trade Credits20.3620.2120.2720.1120.3820.24

    ST Other Debt7.129.27.18.576.856.07

    LT Debt9.267.179.0710.8810.9810.31

    Shareholder Equity38.7940.3838.4835.738.4340.42

    Hi-tech

    16.2820.367.129.2638.79

    13.9320.219.27.1740.38

    17.8620.277.19.0738.48

    1920.118.5710.8835.7

    13.6420.386.8510.9838.43

    13.320.246.0710.3140.42

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Manufacturing- High-tech

    High-Low growth

    Manufacturing, high-low growth

    1995-20031995-20041995199520002000200120012002200220032003

    High GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow Growth

    Short Term Bank Loans19.7421.2218.6519.5820.482319.5322.8816.4916.6416.9716,49

    Short Term Trade Credits21.9420.322.6320.9622.1320.6322.8121.6721.5520.2520.0919,20

    Short Term Other Debt6.138.769.019.835.98.876.8810.834.849.274.58,29

    Long Term Debt8.739.076.646.448.529.199.9410.619.1111.198.810,29

    Shareholder Equity38.9637.0440.0339.9538.9235.8736.8632.2441.0635.7743.3538,96

    1995-200419952000200120022003

    Low GrowthLow GrowthLow GrowthLow GrowthLow GrowthLow Growth

    Short Term Bank Loans21.2219,5823,0022,8816,6416,49

    Short Term Trade Credits20.320,9620,6321,6720,2519,20

    Short Term Other Debt8.769,838,8710,839,278,29

    Long Term Debt9.076,449,1910,6111,1910,29

    Shareholder Equity37.0439,9535,8732,2435,7738,96

    1995-200319952000200120022003

    High GrowthHigh GrowthHigh GrowthHigh GrowthHigh GrowthHigh Growth

    Short Term Bank Loans19.7418,6520,4819,5316,4916,97

    Short Term Trade Credits21.9422,6322,1322,8121,5520,09

    Short Term Other Debt6.139,015,906,884,844,50

    Long Term Debt8.736,648,529,949,118,80

    Shareholder Equity38.9640,0338,9236,8641,0643,35

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003High Growth19.7421.946.138.7338.96

    Low Growth21.2220.38.769.0737.04

    2000High Growth20.4822.135.98.5238.92

    Low Growth2320.638.879.1935.87

    2001High Growth19.5322.816.889.9436.86

    Low Growth22.8821.6710.8310.6132.24

    2002High Growth16.4921.554.849.1141.06

    Low Growth16.6420.259.2711.1935.77

    2003High Growth16.9720.094.58.843.35

    Low Growth16.4919.28.2910.2938.96

    High-Low growth

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms:Manufacturing-Performance

    Small-Large

    manufacturin, smal,large firms

    1995-20031995-20041995199520002000200120012002200220032003

    SmallLargeSmallLargeSmallLargeSmallLargeSmallLargeSmallLarge

    Short Term Bank Loans17.7421.8117.8719.2718.624.116.0825.4912.3618.8514.3817.48

    Short Term Trade Credits24.0517.4624.8118.1224.1317.0125.0218.3822.718.4420.9317.07

    Short Term Other Debt13.873.6616.833.7814.673.8716.764.7312.994.0211.243.31

    Long Term Debt6.0912.985.048.616.0812.646.815.246.2817.446.3315.22

    Shareholder Equity38.4937.3338.1942.4837.9736.4837.7929.7540.1533.9741.9339.69

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003Small17.724.013.86.138.4100.00

    Large23.418.73.913.940.0100.00

    2001Small15.724.416.46.636.9100.00

    Large27.219.65.116.331.8100.00

    2002-2003Small14.123.012.86.743.4100.00

    Large19.619.14.017.639.7100.00

    Small-Large

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Manufacturing-Size

    Young-old

    Manufactring young old firms

    1995-20031995-20031995199520002000200120012002200220032003

    YoungOldYoungOldYoungOldYoungOldYoungOldYoungOld

    Short Term Bank Loans21.9619.6321.4417.9423.4720.7221.0321.2516.8916.3817.1116.5

    Short Term Trade Credits24.0719.3826.519.0924.1119.8324.7820.7422.8919.7121.6418.46

    Short Term Other Debt10.176.0214.456.769.716.6211.517.489.045.978.135.41

    Long Term Debt7.839.536.086.817.529.658.1611.538.3411.258.5410.16

    Shareholder Equity34.4540.0634.2149.834.3737.533.8934.8836.7639.3238.3342.75

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003Young21.9624.0710.177.8334.4598.4822.3024.4410.337.9534.98100.00

    Old19.6319.386.029.5340.0694.6220.7520.486.3610.0742.34100.00

    2001Young21.0324.7811.518.1633.8999.3721.1624.9411.588.2134.10100.00

    Old21.2520.747.4811.5334.8895.8822.1621.637.8012.0336.38100.00

    2002Young17.0022.278.598.4437.5593.8418.1223.739.158.9940.01100.00

    Old16.4419.095.6910.7141.0492.9617.6920.536.1211.5244.15100.00

    Young-old

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Manufacturing - Age

    High-low export

    manufacturing high low export growth

    1995-20031995-20031995199520002000200120012002200220032003

    Low ExportHigh ExportLow ExportHigh ExportLow ExportHigh ExportLow ExportHigh ExportLow ExportHigh ExportLow ExportHigh Export

    Short Term Bank Loans11.7327.9114.0125.4812.1430.0610.4729.16.9423.948.9822.63

    Short Term Trade Credits25.4519.4425.3619.8326.6219.3825.9121.3625.1220.2920.7119.24

    Short Term Other Debt14.45.1116.136.6215.654.818.195.4514.074.8412.764.78

    Long Term Debt6.69.535.486.417.649.298.210.726.7211.56.7610.92

    Shareholder Equity39.733.540.8737.537.2332.7236.7329.4339.3633.0843.436.72

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003Low Export11.7325.4514.46.639.797.8811.9826.0014.716.7440.56100.00

    High Export27.9119.445.119.5333.595.4929.2320.365.359.9835.08100.00

    2001Low Export10.4725.9118.198.236.7399.5010.5226.0418.288.2436.91100.00

    High Export29.121.365.4510.7229.4396.0630.2922.245.6711.1630.64100.00

    2002-2003Low Export7.9622.91513.4156.7441.3892.418.6124.8014.527.2944.78100.00

    High Export23.28519.7654.8111.2134.993.9724.7821.035.1211.9337.14100.00

    High-low export

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Manufacturing- Export Performance

    Sheet6

    malat Sanayii (2)

    1995-2003

    Tm FirmalarTotal Manuf.High GrowthLow GrowthSmallLargeYoungOldLow ExportHigh ExportHi-Tech

    Current Liabilities55.9253.1152.3253.8955.4249.6957.7250.4153.756.9651.95

    Short Term Loans18.7420.7119.9821.4517.9222.1322.1319.911.9828.116.56

    Short Term Bank Loans18.4620.4719.7421.2217.7421.8121.9619.6311.7327.9116.28

    Short Term Trade Credits22.3621.1121.9420.324.0517.4624.0719.3825.4519.4420.36

    Short Term Other Debt8.997.476.138.7613.873.6610.176.0214.45.117.12

    Long Term Debt9.268.98.739.076.0912.987.839.536.69.539.26

    Shareholder Equity34.8137.9838.9637.0438.4937.3334.4540.0639.733.538.79

    Number of Observations38 87120 44810 05310 3956 1475 9677 56912 8792 1788 6584257

    1995

    Current Liabilities56,2753,4753,3353,6156,7648,9159,7249,8053,6556,0952,45

    Short Term Loans18,2819,3318,8619,7918,1019,5821,5818,1914,0325,6014,30

    Short Term Bank Loans17,9619,1218,6519,5817,8719,2721,4417,9414,0125,4813,93

    Short Term Trade Credits23,4521,7822,6320,9624,8118,1226,5019,0925,3619,8320,21

    Short Term Other Debt10,479,439,019,8316,833,7814,456,7616,136,629,20

    Long Term Debt6,946,546,646,445,048,616,086,815,486,417,17

    Shareholder Equity36,7939,9940,0339,9538,1942,4834,2149,8040,8737,5040,38

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2000

    Current Liabilities56,6453,7752,5654,9455,9550,8858,1256,0955,1358,0052,45

    Short Term Loans20,1322,1020,8423,4119,1124,4223,7121,1912,3430,3718,35

    Short Term Bank Loans19,8121,7120,4823,0018,6024,1023,4720,7212,1430,0617,86

    Short Term Trade Credits22,7521,3722,1320,6324,1317,0124,1119,8326,6219,3820,27

    Short Term Other Debt9,017,415,908,8714,673,879,716,6215,654,807,10

    Long Term Debt9,028,868,529,196,0812,647,529,657,649,299,07

    Shareholder Equity34,3337,3738,9235,8737,9736,4834,3737,5037,2332,7238,48

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2001

    Current Liabilities57,3455,2153,2157,1555,4255,0157,9653,6055,0759,8553,42

    Short Term Loans19,3421,3919,7923,0616,1525,8221,1921,5010,5929,2919,24

    Short Term Bank Loans19,0721,1719,5322,8816,0825,4921,0321,2510,4729,1019,00

    Short Term Trade Credits23,2022,2322,8121,6725,0218,3824,7820,7425,9121,3620,11

    Short Term Other Debt11,108,886,8810,8316,764,7311,517,4818,195,458,57

    Long Term Debt12,8110,289,9410,616,8015,248,1611,538,2010,7210,88

    Shareholder Equity29,8534,5136,8632,2437,7929,7533,8934,8836,7329,4335,70

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2002

    Current Liabilities53,3751,4649,8253,0453,6048,6054,9049,4453,9255,4250,59

    Short Term Loans13,8616,7316,6916,7612,4219,2016,9816,586,9624,0713,79

    Short Term Bank Loans13,6716,5716,4916,6412,3618,8516,8916,386,9423,9413,64

    Short Term Trade Credits21,3020,8921,5520,2522,7018,4422,8919,7125,1220,2920,38

    Short Term Other Debt8,357,104,849,2712,994,029,045,9714,074,846,85

    Long Term Debt10,6910,179,1111,196,2517,448,3411,256,7211,5010,98

    Shareholder Equity35,9438,3741,0635,7740,1533,9736,7639,3239,3633,0838,43

    Number of Observations4 3192 2721 1171 155683663242962242962473

    2003

    Current Liabilities52,1449,3347,8550,7551,7445,0953,1447,0949,8452,3549,27

    Short Term Loans14,1216,9817,2216,7414,5317,8717,3216,789,2122,8413,58

    Short Term Bank Loans13,8516,7316,9716,4914,3817,4817,1116,508,9822,6313,30

    Short Term Trade Credits20,3219,6420,0919,2020,9317,0721,6418,4620,7119,2420,24

    Short Term Other Debt8,296,394,508,2911,243,318,135,4112,764,786,07

    Long Term Debt10,039,568,8010,296,3315,228,5410,166,7610,9210,31

    Shareholder Equity37,8441,1143,3538,9641,9339,6938,3342,7543,4036,7240,42

    Number of Observations4 3192 2721 1171 155683663242962242962473

  • Chart2

    22.29894394824.441510966710.32696994317.950852965134.9817221771

    20.746142464620.48192771086.362291270310.07186641342.3377721412

    21.163328972524.937103753611.58297272828.211733923734.1048606219

    22.163120567421.63120567387.801418439712.025448477336.3788068419

    18.116907337323.72782010989.14903820548.994511642840.0117227047

    17.685977085720.53143994416.121241460911.516325103544.1450164058

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    AGE

    All firms

    Tm Firmalar1995-20032000200120022003

    ST Bank Loans18.4619.8119.0713.6713.85

    ST Trade Credits22.3622.7523.221.320.32

    ST Other Debt8.999.0111.18.358.29

    LT Debt9.269.0212.8110.6910.03

    Shareholder Equity34.8134.3329.8535.9437.84

    Figure 1: Financial Structure of the Firms: All Firms

    All firms

    18.4622.368.999.2634.81

    19.8122.759.019.0234.33

    19.0723.211.112.8129.85

    13.6721.38.3510.6935.94

    13.8520.328.2910.0337.84

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: All Firms

    Total manf.

    Toplam malat

    1995-20032000200120022003

    ST Bank Loans20.4721.7121.1716.5716.73

    ST Trade Credits21.1121.3722.2320.8919.64

    ST Other Debt7.477.418.887.16.39

    LT Debt8.98.8610.2810.179.56

    Shareholder Equity37.9837.3734.5138.3741.11

    Total manf.

    20.4721.117.478.937.98

    21.7121.377.418.8637.37

    21.1722.238.8810.2834.51

    16.5720.897.110.1738.37

    16.7319.646.399.5641.11

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Total Manufacturing

    Hi-tech

    Manufacturing Hi-Tech

    1995-200319952000200120022003

    ST Bank Loans16.2813.9317.861913.6413.3

    ST Trade Credits20.3620.2120.2720.1120.3820.24

    ST Other Debt7.129.27.18.576.856.07

    LT Debt9.267.179.0710.8810.9810.31

    Shareholder Equity38.7940.3838.4835.738.4340.42

    Hi-tech

    16.2820.367.129.2638.79

    13.9320.219.27.1740.38

    17.8620.277.19.0738.48

    1920.118.5710.8835.7

    13.6420.386.8510.9838.43

    13.320.246.0710.3140.42

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Manufacturing- High-tech

    High-Low growth

    Manufacturing, high-low growth

    1995-20031995-20041995199520002000200120012002200220032003

    High GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow Growth

    Short Term Bank Loans19.7421.2218.6519.5820.482319.5322.8816.4916.6416.9716,49

    Short Term Trade Credits21.9420.322.6320.9622.1320.6322.8121.6721.5520.2520.0919,20

    Short Term Other Debt6.138.769.019.835.98.876.8810.834.849.274.58,29

    Long Term Debt8.739.076.646.448.529.199.9410.619.1111.198.810,29

    Shareholder Equity38.9637.0440.0339.9538.9235.8736.8632.2441.0635.7743.3538,96

    1995-200419952000200120022003

    Low GrowthLow GrowthLow GrowthLow GrowthLow GrowthLow Growth

    Short Term Bank Loans21.2219,5823,0022,8816,6416,49

    Short Term Trade Credits20.320,9620,6321,6720,2519,20

    Short Term Other Debt8.769,838,8710,839,278,29

    Long Term Debt9.076,449,1910,6111,1910,29

    Shareholder Equity37.0439,9535,8732,2435,7738,96

    1995-200319952000200120022003

    High GrowthHigh GrowthHigh GrowthHigh GrowthHigh GrowthHigh Growth

    Short Term Bank Loans19.7418,6520,4819,5316,4916,97

    Short Term Trade Credits21.9422,6322,1322,8121,5520,09

    Short Term Other Debt6.139,015,906,884,844,50

    Long Term Debt8.736,648,529,949,118,80

    Shareholder Equity38.9640,0338,9236,8641,0643,35

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003High Growth19.7421.946.138.7338.96

    Low Growth21.2220.38.769.0737.04

    2000High Growth20.4822.135.98.5238.92

    Low Growth2320.638.879.1935.87

    2001High Growth19.5322.816.889.9436.86

    Low Growth22.8821.6710.8310.6132.24

    2002High Growth16.4921.554.849.1141.06

    Low Growth16.6420.259.2711.1935.77

    2003High Growth16.9720.094.58.843.35

    Low Growth16.4919.28.2910.2938.96

    High-Low growth

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms:Manufacturing-Performance

    Small-Large

    manufacturin, smal,large firms

    1995-20031995-20041995199520002000200120012002200220032003

    SmallLargeSmallLargeSmallLargeSmallLargeSmallLargeSmallLarge

    Short Term Bank Loans17.7421.8117.8719.2718.624.116.0825.4912.3618.8514.3817.48

    Short Term Trade Credits24.0517.4624.8118.1224.1317.0125.0218.3822.718.4420.9317.07

    Short Term Other Debt13.873.6616.833.7814.673.8716.764.7312.994.0211.243.31

    Long Term Debt6.0912.985.048.616.0812.646.815.246.2817.446.3315.22

    Shareholder Equity38.4937.3338.1942.4837.9736.4837.7929.7540.1533.9741.9339.69

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003Small17.724.013.86.138.4100.00

    Large23.418.73.913.940.0100.00

    2001Small15.724.416.46.636.9100.00

    Large27.219.65.116.331.8100.00

    2002-2003Small14.123.012.86.743.4100.00

    Large19.619.14.017.639.7100.00

    Small-Large

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Manufacturing-Size

    Young-old

    Manufactring young old firms

    1995-20031995-20031995199520002000200120012002200220032003

    YoungOldYoungOldYoungOldYoungOldYoungOldYoungOld

    Short Term Bank Loans21.9619.6321.4417.9423.4720.7221.0321.2516.8916.3817.1116.5

    Short Term Trade Credits24.0719.3826.519.0924.1119.8324.7820.7422.8919.7121.6418.46

    Short Term Other Debt10.176.0214.456.769.716.6211.517.489.045.978.135.41

    Long Term Debt7.839.536.086.817.529.658.1611.538.3411.258.5410.16

    Shareholder Equity34.4540.0634.2149.834.3737.533.8934.8836.7639.3238.3342.75

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003Young22.324.410.38.035.0100.0022.3024.4410.337.9534.98100.00

    Old20.720.56.410.142.3100.0020.7520.486.3610.0742.34100.00

    2001Young21.224.911.68.234.1100.0021.1624.9411.588.2134.10100.00

    Old22.221.67.812.036.4100.0022.1621.637.8012.0336.38100.00

    2002Young18.123.79.19.040.0100.0018.1223.739.158.9940.01100.00

    Old17.720.56.111.544.1100.0017.6920.536.1211.5244.15100.00

    Young-old

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    AGE

    High-low export

    manufacturing high low export growth

    1995-20031995-20031995199520002000200120012002200220032003

    Low ExportHigh ExportLow ExportHigh ExportLow ExportHigh ExportLow ExportHigh ExportLow ExportHigh ExportLow ExportHigh Export

    Short Term Bank Loans11.7327.9114.0125.4812.1430.0610.4729.16.9423.948.9822.63

    Short Term Trade Credits25.4519.4425.3619.8326.6219.3825.9121.3625.1220.2920.7119.24

    Short Term Other Debt14.45.1116.136.6215.654.818.195.4514.074.8412.764.78

    Long Term Debt6.69.535.486.417.649.298.210.726.7211.56.7610.92

    Shareholder Equity39.733.540.8737.537.2332.7236.7329.4339.3633.0843.436.72

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003Low Export11.7325.4514.46.639.797.8811.9826.0014.716.7440.56100.00

    High Export27.9119.445.119.5333.595.4929.2320.365.359.9835.08100.00

    2001Low Export10.4725.9118.198.236.7399.5010.5226.0418.288.2436.91100.00

    High Export29.121.365.4510.7229.4396.0630.2922.245.6711.1630.64100.00

    2002-2003Low Export7.9622.91513.4156.7441.3892.418.6124.8014.527.2944.78100.00

    High Export23.28519.7654.8111.2134.993.9724.7821.035.1211.9337.14100.00

    High-low export

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Manufacturing- Export Performance

    Sheet6

    malat Sanayii (2)

    1995-2003

    Tm FirmalarTotal Manuf.High GrowthLow GrowthSmallLargeYoungOldLow ExportHigh ExportHi-Tech

    Current Liabilities55.9253.1152.3253.8955.4249.6957.7250.4153.756.9651.95

    Short Term Loans18.7420.7119.9821.4517.9222.1322.1319.911.9828.116.56

    Short Term Bank Loans18.4620.4719.7421.2217.7421.8121.9619.6311.7327.9116.28

    Short Term Trade Credits22.3621.1121.9420.324.0517.4624.0719.3825.4519.4420.36

    Short Term Other Debt8.997.476.138.7613.873.6610.176.0214.45.117.12

    Long Term Debt9.268.98.739.076.0912.987.839.536.69.539.26

    Shareholder Equity34.8137.9838.9637.0438.4937.3334.4540.0639.733.538.79

    Number of Observations38 87120 44810 05310 3956 1475 9677 56912 8792 1788 6584257

    1995

    Current Liabilities56,2753,4753,3353,6156,7648,9159,7249,8053,6556,0952,45

    Short Term Loans18,2819,3318,8619,7918,1019,5821,5818,1914,0325,6014,30

    Short Term Bank Loans17,9619,1218,6519,5817,8719,2721,4417,9414,0125,4813,93

    Short Term Trade Credits23,4521,7822,6320,9624,8118,1226,5019,0925,3619,8320,21

    Short Term Other Debt10,479,439,019,8316,833,7814,456,7616,136,629,20

    Long Term Debt6,946,546,646,445,048,616,086,815,486,417,17

    Shareholder Equity36,7939,9940,0339,9538,1942,4834,2149,8040,8737,5040,38

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2000

    Current Liabilities56,6453,7752,5654,9455,9550,8858,1256,0955,1358,0052,45

    Short Term Loans20,1322,1020,8423,4119,1124,4223,7121,1912,3430,3718,35

    Short Term Bank Loans19,8121,7120,4823,0018,6024,1023,4720,7212,1430,0617,86

    Short Term Trade Credits22,7521,3722,1320,6324,1317,0124,1119,8326,6219,3820,27

    Short Term Other Debt9,017,415,908,8714,673,879,716,6215,654,807,10

    Long Term Debt9,028,868,529,196,0812,647,529,657,649,299,07

    Shareholder Equity34,3337,3738,9235,8737,9736,4834,3737,5037,2332,7238,48

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2001

    Current Liabilities57,3455,2153,2157,1555,4255,0157,9653,6055,0759,8553,42

    Short Term Loans19,3421,3919,7923,0616,1525,8221,1921,5010,5929,2919,24

    Short Term Bank Loans19,0721,1719,5322,8816,0825,4921,0321,2510,4729,1019,00

    Short Term Trade Credits23,2022,2322,8121,6725,0218,3824,7820,7425,9121,3620,11

    Short Term Other Debt11,108,886,8810,8316,764,7311,517,4818,195,458,57

    Long Term Debt12,8110,289,9410,616,8015,248,1611,538,2010,7210,88

    Shareholder Equity29,8534,5136,8632,2437,7929,7533,8934,8836,7329,4335,70

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2002

    Current Liabilities53,3751,4649,8253,0453,6048,6054,9049,4453,9255,4250,59

    Short Term Loans13,8616,7316,6916,7612,4219,2016,9816,586,9624,0713,79

    Short Term Bank Loans13,6716,5716,4916,6412,3618,8516,8916,386,9423,9413,64

    Short Term Trade Credits21,3020,8921,5520,2522,7018,4422,8919,7125,1220,2920,38

    Short Term Other Debt8,357,104,849,2712,994,029,045,9714,074,846,85

    Long Term Debt10,6910,179,1111,196,2517,448,3411,256,7211,5010,98

    Shareholder Equity35,9438,3741,0635,7740,1533,9736,7639,3239,3633,0838,43

    Number of Observations4 3192 2721 1171 155683663242962242962473

    2003

    Current Liabilities52,1449,3347,8550,7551,7445,0953,1447,0949,8452,3549,27

    Short Term Loans14,1216,9817,2216,7414,5317,8717,3216,789,2122,8413,58

    Short Term Bank Loans13,8516,7316,9716,4914,3817,4817,1116,508,9822,6313,30

    Short Term Trade Credits20,3219,6420,0919,2020,9317,0721,6418,4620,7119,2420,24

    Short Term Other Debt8,296,394,508,2911,243,318,135,4112,764,786,07

    Long Term Debt10,039,568,8010,296,3315,228,5410,166,7610,9210,31

    Shareholder Equity37,8441,1143,3538,9641,9339,6938,3342,7543,4036,7240,42

    Number of Observations4 3192 2721 1171 155683663242962242962473

  • Chart3

    11.984062116926.00122599114.71189211286.742950551740.5598692276

    29.228191433720.35815268615.35134569069.980102628535.082207561

    10.522613065326.04020100518.28140703528.241206030236.9145728643

    30.293566520922.2361024365.673537372511.159691859330.6371018114

    8.613786386824.79709988114.51682718327.293582945644.7787036035

    24.779184846221.03330850275.118654889911.929339150837.1395126104

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    EXPORT SHARE

    All firms

    Tm Firmalar1995-20032000200120022003

    ST Bank Loans18.4619.8119.0713.6713.85

    ST Trade Credits22.3622.7523.221.320.32

    ST Other Debt8.999.0111.18.358.29

    LT Debt9.269.0212.8110.6910.03

    Shareholder Equity34.8134.3329.8535.9437.84

    Figure 1: Financial Structure of the Firms: All Firms

    All firms

    18.4622.368.999.2634.81

    19.8122.759.019.0234.33

    19.0723.211.112.8129.85

    13.6721.38.3510.6935.94

    13.8520.328.2910.0337.84

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: All Firms

    Total manf.

    Toplam malat

    1995-20032000200120022003

    ST Bank Loans20.4721.7121.1716.5716.73

    ST Trade Credits21.1121.3722.2320.8919.64

    ST Other Debt7.477.418.887.16.39

    LT Debt8.98.8610.2810.179.56

    Shareholder Equity37.9837.3734.5138.3741.11

    Total manf.

    20.4721.117.478.937.98

    21.7121.377.418.8637.37

    21.1722.238.8810.2834.51

    16.5720.897.110.1738.37

    16.7319.646.399.5641.11

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Total Manufacturing

    Hi-tech

    Manufacturing Hi-Tech

    1995-200319952000200120022003

    ST Bank Loans16.2813.9317.861913.6413.3

    ST Trade Credits20.3620.2120.2720.1120.3820.24

    ST Other Debt7.129.27.18.576.856.07

    LT Debt9.267.179.0710.8810.9810.31

    Shareholder Equity38.7940.3838.4835.738.4340.42

    Hi-tech

    16.2820.367.129.2638.79

    13.9320.219.27.1740.38

    17.8620.277.19.0738.48

    1920.118.5710.8835.7

    13.6420.386.8510.9838.43

    13.320.246.0710.3140.42

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Manufacturing- High-tech

    High-Low growth

    Manufacturing, high-low growth

    1995-20031995-20041995199520002000200120012002200220032003

    High GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow GrowthHigh GrowthLow Growth

    Short Term Bank Loans19.7421.2218.6519.5820.482319.5322.8816.4916.6416.9716,49

    Short Term Trade Credits21.9420.322.6320.9622.1320.6322.8121.6721.5520.2520.0919,20

    Short Term Other Debt6.138.769.019.835.98.876.8810.834.849.274.58,29

    Long Term Debt8.739.076.646.448.529.199.9410.619.1111.198.810,29

    Shareholder Equity38.9637.0440.0339.9538.9235.8736.8632.2441.0635.7743.3538,96

    1995-200419952000200120022003

    Low GrowthLow GrowthLow GrowthLow GrowthLow GrowthLow Growth

    Short Term Bank Loans21.2219,5823,0022,8816,6416,49

    Short Term Trade Credits20.320,9620,6321,6720,2519,20

    Short Term Other Debt8.769,838,8710,839,278,29

    Long Term Debt9.076,449,1910,6111,1910,29

    Shareholder Equity37.0439,9535,8732,2435,7738,96

    1995-200319952000200120022003

    High GrowthHigh GrowthHigh GrowthHigh GrowthHigh GrowthHigh Growth

    Short Term Bank Loans19.7418,6520,4819,5316,4916,97

    Short Term Trade Credits21.9422,6322,1322,8121,5520,09

    Short Term Other Debt6.139,015,906,884,844,50

    Long Term Debt8.736,648,529,949,118,80

    Shareholder Equity38.9640,0338,9236,8641,0643,35

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003High Growth19.7421.946.138.7338.96

    Low Growth21.2220.38.769.0737.04

    2000High Growth20.4822.135.98.5238.92

    Low Growth2320.638.879.1935.87

    2001High Growth19.5322.816.889.9436.86

    Low Growth22.8821.6710.8310.6132.24

    2002High Growth16.4921.554.849.1141.06

    Low Growth16.6420.259.2711.1935.77

    2003High Growth16.9720.094.58.843.35

    Low Growth16.4919.28.2910.2938.96

    High-Low growth

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms:Manufacturing-Performance

    Small-Large

    manufacturin, smal,large firms

    1995-20031995-20041995199520002000200120012002200220032003

    SmallLargeSmallLargeSmallLargeSmallLargeSmallLargeSmallLarge

    Short Term Bank Loans17.7421.8117.8719.2718.624.116.0825.4912.3618.8514.3817.48

    Short Term Trade Credits24.0517.4624.8118.1224.1317.0125.0218.3822.718.4420.9317.07

    Short Term Other Debt13.873.6616.833.7814.673.8716.764.7312.994.0211.243.31

    Long Term Debt6.0912.985.048.616.0812.646.815.246.2817.446.3315.22

    Shareholder Equity38.4937.3338.1942.4837.9736.4837.7929.7540.1533.9741.9339.69

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003Small17.724.013.86.138.4100.00

    Large23.418.73.913.940.0100.00

    2001Small15.724.416.46.636.9100.00

    Large27.219.65.116.331.8100.00

    2002-2003Small14.123.012.86.743.4100.00

    Large19.619.14.017.639.7100.00

    Small-Large

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    Financial Structure of the Firms: Manufacturing-Size

    Young-old

    Manufactring young old firms

    1995-20031995-20031995199520002000200120012002200220032003

    YoungOldYoungOldYoungOldYoungOldYoungOldYoungOld

    Short Term Bank Loans21.9619.6321.4417.9423.4720.7221.0321.2516.8916.3817.1116.5

    Short Term Trade Credits24.0719.3826.519.0924.1119.8324.7820.7422.8919.7121.6418.46

    Short Term Other Debt10.176.0214.456.769.716.6211.517.489.045.978.135.41

    Long Term Debt7.839.536.086.817.529.658.1611.538.3411.258.5410.16

    Shareholder Equity34.4540.0634.2149.834.3737.533.8934.8836.7639.3238.3342.75

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003Young22.324.410.38.035.0100.0022.3024.4410.337.9534.98100.00

    Old20.720.56.410.142.3100.0020.7520.486.3610.0742.34100.00

    2001Young21.224.911.68.234.1100.0021.1624.9411.588.2134.10100.00

    Old22.221.67.812.036.4100.0022.1621.637.8012.0336.38100.00

    2002Young18.123.79.19.040.0100.0018.1223.739.158.9940.01100.00

    Old17.720.56.111.544.1100.0017.6920.536.1211.5244.15100.00

    Young-old

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    AGE

    High-low export

    manufacturing high low export growth

    1995-20031995-20031995199520002000200120012002200220032003

    Low ExportHigh ExportLow ExportHigh ExportLow ExportHigh ExportLow ExportHigh ExportLow ExportHigh ExportLow ExportHigh Export

    Short Term Bank Loans11.7327.9114.0125.4812.1430.0610.4729.16.9423.948.9822.63

    Short Term Trade Credits25.4519.4425.3619.8326.6219.3825.9121.3625.1220.2920.7119.24

    Short Term Other Debt14.45.1116.136.6215.654.818.195.4514.074.8412.764.78

    Long Term Debt6.69.535.486.417.649.298.210.726.7211.56.7610.92

    Shareholder Equity39.733.540.8737.537.2332.7236.7329.4339.3633.0843.436.72

    ST Bank LoansST Trade CreditsST Other DebtLT DebtShareholder Equity

    1995-2003Low Export12.026.014.76.740.6100.0012.026.014.76.740.6100.0

    High Export29.220.45.410.035.1100.0029.220.45.410.035.1100.0

    2001Low Export10.526.018.38.236.9100.0010.526.018.38.236.9100.0

    High Export30.322.25.711.230.6100.0030.322.25.711.230.6100.0

    2002-2003Low Export8.624.814.57.344.8100.008.624.814.57.344.8100.0

    High Export24.821.05.111.937.1100.0024.821.05.111.937.1100.0

    High-low export

    00000

    00000

    00000

    00000

    00000

    00000

    ST Bank Loans

    ST Trade Credits

    ST Other Debt

    LT Debt

    Shareholder Equity

    EXPORT SHARE

    Sheet6

    malat Sanayii (2)

    1995-2003

    Tm FirmalarTotal Manuf.High GrowthLow GrowthSmallLargeYoungOldLow ExportHigh ExportHi-Tech

    Current Liabilities55.9253.1152.3253.8955.4249.6957.7250.4153.756.9651.95

    Short Term Loans18.7420.7119.9821.4517.9222.1322.1319.911.9828.116.56

    Short Term Bank Loans18.4620.4719.7421.2217.7421.8121.9619.6311.7327.9116.28

    Short Term Trade Credits22.3621.1121.9420.324.0517.4624.0719.3825.4519.4420.36

    Short Term Other Debt8.997.476.138.7613.873.6610.176.0214.45.117.12

    Long Term Debt9.268.98.739.076.0912.987.839.536.69.539.26

    Shareholder Equity34.8137.9838.9637.0438.4937.3334.4540.0639.733.538.79

    Number of Observations38 87120 44810 05310 3956 1475 9677 56912 8792 1788 6584257

    1995

    Current Liabilities56,2753,4753,3353,6156,7648,9159,7249,8053,6556,0952,45

    Short Term Loans18,2819,3318,8619,7918,1019,5821,5818,1914,0325,6014,30

    Short Term Bank Loans17,9619,1218,6519,5817,8719,2721,4417,9414,0125,4813,93

    Short Term Trade Credits23,4521,7822,6320,9624,8118,1226,5019,0925,3619,8320,21

    Short Term Other Debt10,479,439,019,8316,833,7814,456,7616,136,629,20

    Long Term Debt6,946,546,646,445,048,616,086,815,486,417,17

    Shareholder Equity36,7939,9940,0339,9538,1942,4834,2149,8040,8737,5040,38

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2000

    Current Liabilities56,6453,7752,5654,9455,9550,8858,1256,0955,1358,0052,45

    Short Term Loans20,1322,1020,8423,4119,1124,4223,7121,1912,3430,3718,35

    Short Term Bank Loans19,8121,7120,4823,0018,6024,1023,4720,7212,1430,0617,86

    Short Term Trade Credits22,7521,3722,1320,6324,1317,0124,1119,8326,6219,3820,27

    Short Term Other Debt9,017,415,908,8714,673,879,716,6215,654,807,10

    Long Term Debt9,028,868,529,196,0812,647,529,657,649,299,07

    Shareholder Equity34,3337,3738,9235,8737,9736,4834,3737,5037,2332,7238,48

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2001

    Current Liabilities57,3455,2153,2157,1555,4255,0157,9653,6055,0759,8553,42

    Short Term Loans19,3421,3919,7923,0616,1525,8221,1921,5010,5929,2919,24

    Short Term Bank Loans19,0721,1719,5322,8816,0825,4921,0321,2510,4729,1019,00

    Short Term Trade Credits23,2022,2322,8121,6725,0218,3824,7820,7425,9121,3620,11

    Short Term Other Debt11,108,886,8810,8316,764,7311,517,4818,195,458,57

    Long Term Debt12,8110,289,9410,616,8015,248,1611,538,2010,7210,88

    Shareholder Equity29,8534,5136,8632,2437,7929,7533,8934,8836,7329,4335,70

    Number of Observations4 3192 2721 1171 1556836638411 431242962473

    2002

    Current Liabilities53,3751,4649,8253,0453,6048,6054,9049,4453,9255,4250,59

    Short Term Loans13,8616,7316,6916,7612,4219,2016,9816,586,9624,0713,79

    Short Term Bank Loans13,6716,5716,4916,6412,3618,8516,8916,386,9423,9413,64

    Short Term Trade Credits21,3020,8921,5520,2522,7018,4422,8919,7125,1220,2920,38

    Short Term Other Debt8,357,104,849,2712,994,029,045,9714,074,846,85

    Long Term Debt10,6910,179,1111,196,2517,448,3411,256,7211,5010,98

    Shareholder Equity35,9438,3741,0635,7740,1533,9736,7639,3239,3633,0838,43

    Number of Observations4 3192 2721 1171 155683663242962242962473

    2003

    Current Liabilities52,1449,3347,8550,7551,7445,0953,1447,0949,8452,3549,27

    Short Term Loans14,1216,9817,2216,7414,5317,8717,3216,789,2122,8413,58

    Short Term Bank Loans13,8516,7316,9716,4914,3817,4817,1116,508,9822,6313,30

    Short Term Trade Credits20,3219,6420,0919,2020,9317,0721,6418,4620,7119,2420,24

    Short Term Other Debt8,296,394,508,2911,243,318,135,4112,764,786,07

    Long Term Debt10,039,568,8010,296,3315,228,5410,166,7610,9210,31

    Shareholder Equity37,8441,1143,3538,9641,9339,6938,3342,7543,4036,7240,42

    Number of Observations4 3192 2721 1171 155683663242962242962473

  • FINANCIAL STRUCTURE IN TURKEY: STYLIZED FACTS

    Chart1

    15.932183480520.321462832136.8938311243

    17.530312357820.491956853438.94167715

    15.675759334518.343199845238.5018378797

    13.39849729919.525874962635.0152205662

    13.454943265718.542716124831.0995776726

    13.175965733318.989965355631.7591812314

    13.532406289620.864704289934.5777450959

    14.336532168920.067491915536.4577945947

    12.053471835722.25135836835.3305437427

    12.099508196921.788941541233.785943521

    14.413959820223.499168365336.5700228336

    17.763485862425.205952597342.9169170925

    19.715038474427.94590401248.5206982985

    20.192309083436.158153652262.035093024

    20.363416144738.21737633963.5539358684

    21.277131474447.040294914974.2984841673

    14.6029431941.543738572361.1548814119

    14.254183322937.866726156256.3897073152

    17.249019124338.890681188558.4492222492

    Bank Credits/GDP

    Broad Money/GDP

    Banking Sector Balance Sheet/GDP

    Yzde

    Sheet1

    Grafik 1: Firmalarn Mali Yaps

    Tm Firmalar1995-20032000200120022003

    KV Banka Kredileri18.4619.8119.0713.6713.85

    KV Ticari Krediler22.3622.7523.221.320.32

    KV Dier Borlar8.999.0111.18.358.29

    UV Borlar9.269.0212.8110.6910.03

    zkaynak34.8134.3329.8535.9437.84

    Grafik 2: Trkiyede Mali Derinlik Gstergeleri

    Bank Credits/GDPBroad Money/GDPBanking Sector Balance Sheet/GDP

    198615.932183480520.321462832136.8938311243

    198717.530312357820.491956853438.94167715

    198815.675759334518.343199845238.5018378797

    198913.39849729919.525874962635.0152205662

    199013.454943265718.542716124831.0995776726

    199113.175965733318.989965355631.7591812314

    199213.532406289620.864704289934.5777450959

    199314.336532168920.067491915536.4577945947

    199412.053471835722.25135836835.3305437427

    199512.099508196921.788941541233.785943521

    199614.413959820223.499168365336.5700228336

    199717.763485862425.205952597342.9169170925

    199819.715038474427.94590401248.5206982985

    199920.192309083436.158153652262.035093024

    200020.363416144738.21737633963.5539358684

    200121.277131474447.040294914974.2984841673

    200214.6029431941.543738572361.1548814119

    200314.254183322937.866726156256.3897073152

    200417.249019124338.890681188558.4492222492

    Sheet1

    18.4622.368.999.2634.81

    19.8122.759.019.0234.33

    19.0723.211.112.8129.85

    13.6721.38.3510.6935.94

    13.8520.328.2910.0337.84

    KV Banka Kredileri

    KV Ticari Krediler

    KV Dier Borlar

    UV Borlar

    zkaynak

    Sheet2

    Bank Credits/GDP

    Broad Money/GDP

    Banking Sector Balance Sheet/GDP

    Yzde

    Sheet3

  • MOTIVATION Turkey has witnessed a long-lived macroeconomic instability which also distract the mechanisms that allocate resources from savers to investors. The unavailability and high cost of financial sources turned out to be obstacles that potentially restrain sustainable economic growth and employment.

    By this study, we try to uncover the implications of the firms finance choice for various firm groups, namely small, large, young, old, high-tech etc. We want to answer the following question: Does the current financial system support small and medium sized, young, high tech firms that are main contributors of employment, innovation and thus economic growth?

  • DATA This study uses the data set of balance sheets, income statement and other information belonging to firms which report information regularly to the Central Bank of Turkey. Around 4 Manufacturing thousand firms

  • MODEL GSALEit = f(LEMPit, EXPSHAit, PROFITAit, LTALABit, EXTFINit, EXTFINit*DUMj, MBLOANt, MBLOANt*DUMj, GDPt, YDUM)

  • DESCRIPTION OF VARIABLES

    GSALEitChange in the logarithm of real sales (growth of firm sales)LEMPit,The logarithm of firm employment to control for the firm size.EXPSHAit,The share of exports in total sales (%) to consider the openness of the firms.PROFITAitThe ratio of retained earnings in total assets (%) to control for profitability LTALABitThe logarithm of the ratio of the real tangible assets to number of employees.BLOSHitThe share of bank loans in total private credits of the banking system (%)RTBLOitThe share of bank loans in total balance sheets of firms (%) RTCREDitThe share of short-term trade credits in balance sheet (%) ROSTDitThe share of short-term other debt in balance sheet (%) MBLOANtIndicator for financial debt and is the ratio of private credit extended by banks to gross domestic product (%) .GDPtGrowth rate of Gross Domestic Product (%) YDUMTime dummies

  • All FirmsSmallMediumLargeMBLOAN0,005**0,010***0,0030,002(2,36)(4,36)(1,42)(0,89)MBLOAN*DUM-0,013***0,0040,014***(5,36)(1,51)(4,62)BLOSH0,142***0,150***0,151***0,043(5,26)(5,52)(5,32)(0,57)BLOSH*DUM-0,132-0,0970,121(0,73)(1,11)(1,50)

  • YoungHi-techQuotedCrisisMBLOAN0,0030,008***0,005**0,005**(1,38)(3,83)(2,36)(2,54)MBLOAN*DUM0,003-0,015***0,001-0,002**(1,46)(5,31)(0,28)(2,33)BLOSH0,083**0,184***0,160***0,127***(2,46)(6,50)(5,55)(4,64)BLOSH*DUM0,163***-0,434***-0,130*0,147***(2,94)(4,80)(1,79)(3,09)

  • All firmsSmallMediumLargeMBLOAN0.0030.008***0.001-0.000(1.35)(3.53)(0.42)(0.05)MBLOAN*DUM-0.013***0.004*0.013***(5.63)(1.72)(4.68)RTCRED0.005***0.005***0.004***0.005***(16.08)(13.04)(11.16)(15.39)RTCRED*DUM-0.001**0.002***-0.000(2.53)(3.12)(0.56)CONSTANT-0.758***-0.758***-0.760***-0.753***(10.91)(10.92)(10.94)(10.84)

  • YoungHi-techQuotedCrisisMBLOAN0.0020.006***0.0030.003(0.67)(2.69)(1.35)(1.57)MBLOAN*DUM0.003-0.013***-0.000-0.003***(1.08)(4.53)(0.06)(2.78)RTCRED0.004***0.004***0.005***0.005***(9.36)(13.13)(16.02)(15.02)RTCRED*DUM0.001**0.002***-0.0000.001**(2.46)(3.08)(0.12)(2.42)

  • CONCLUSIONS We believe that long-lived macroeconomic instability and high public borrowing requirement distracted the functioning of financial sector and prevent the development of well functioning financial institutions.

    Non-financial firms, mainly large ones, behaved as intermediaries, which led to inefficiencies in the economy.

    Inefficiencies in the banking sector and other institutional weaknesses caused the short term trade credits to appear as a widely used financing source for firms that are in need of external finance. This structure is far from supporting long-term investment and thus sustainable growth as specialization is discouraged and non-market relations along with informal financial activities are encouraged.

    Empirical results show that small, high-tech firms that are main sources of the employment and innovation, are not well-supported by this system.

    We believe that this financial structure is one of the main obstacles for creating new jobs and thus achieving sustainable economic growth.

  • CONCLUSIONS As evident in many developed countries, diversification in the finance choices in the forms of issuing bonds and equity and especially venture capital is believed to improve the institutional quality of the financial system. This implies less informality, cheaper resources, competition, more resources for weakly capitalized firms and innovative investment. In this context, improvement of the corporate governance is the key issue in the sense that it may provide right signals to savers and financial intermediaries. Reliable reporting and availability of proper ratings are believed to support institutionalization of small and medium sized firms.

    Firms mostly prefer to provide finance through indirect ways. External finance mainly consists of short-term bank and trade credits. Shareholder equity has a great share among the overall finance. Contrary to the developed economies, firms do not prefer to issue bond and equity in Turkey.

    Export share of small and medium sized firms are limited in Turkey compared to the rest of the world. Overall performance of the SME is not excellent in Turkey. The performance of this group of firms is crucial in terms of employment and innovative capacity. Firms mostly prefer to provide finance through indirect ways. External finance mainly consists of short-term bank and trade credits. Shareholder equity has a great share among the overall finance. Contrary to the developed economies, firms do not prefer to issue bond and equity in Turkey.

    Export share of small and medium sized firms are limited in Turkey compared to the rest of the world. Overall performance of the SME is not excellent in Turkey. The performance of this group of firms is crucial in terms of employment and innovative capacity. Trade credits have the largest share among external finance. It is believed that this share is higher than the one calculated here actually as the short term nature of the economy entails interactions shorter than a year. A dramatic decline in the share of bank finance after the crisis while the share of internal finance and long term credits increased in the same period. Small firms use less bank finance and long term debt, more trade credits and debt from subsidiaries and partners compared to large ones . We observe a dramatic increase in the share of bank credits of large firms during the crisis year. However, in the period following the crisis, the share of bank finance declined for both large and small firms. Large firms had ability to get bank finance while small firms increased the share of subsidiaries and partners. One important result is that banking sector seem not to support small firms during the crisis large firms seem to behave as financial intermediaries by extending funds. Large firms tended to increase the share of long term finance after crisis. This figures show us how firms manage the crisis. Following Turkan (2003), We would not think that trade credits may be cheaper than the banking credits because large firms get bank finance. Increase in the share of the internal finance is believed to be a result of decline in the opportunity cost of it. Contrary to small firms young firms seem to get a larger share of bank credits even though a slight decline in this share during the crises. Again, young firms use more trade credits and funds from partners and less long term debt compared to old ones. However, the distinction between young and old firms are not as clear as that between small and large firms. We observe very diversified patterns of finance for export oriented and inward oriented firms. Export oriented firms are well supported by the banking credits while inward oriented ones use more internal sources, trade credits and funds from partners. The firms in the first group also tend to use more long term debt. Figure shows the indicators of financial depth. When we compare with OECD countries these figures imply an underdeveloped financial system in Turkey. However, one should be cautions on these figures because of potential informalities concerning the financial activities. According to Turkan (2004), the amount of actual private credits are larger more than two folds compared to formally registered credits.