{"title":"汇率与公司层面的投资：伊斯坦布尔证券交易所的证据","authors":"Emin Avci, Feride Kilinç","doi":"10.11611/yead.1293442","DOIUrl":null,"url":null,"abstract":"The relationship between exchange rates and firm-level investments of the companies operating in the manufacturing sector listed on Borsa İstanbul (BIST) was investigated over a period of 2008 to 2021 using panel data analysis. A total of 81 companies from 7 industries within the manufacturing sector were examined. Exchange rate and firm-level relationships were identified using the Euro-USD basket standard deviation and real exchange rates index. The findings indicated a negative relationship between firm-level investments and exchange rate volatility for all industries, but a positive relationship between firm-level investments and real exchange rates for most industries. Furthermore, it is found that the effects of exchange rate volatility and real exchange rates on investments are realized with a delay for most industries. Overall, the results suggest that firms are reluctant to invest in times of high exchange rate volatility, but are more willing to invest when the value of Turkish Lira appreciates in real terms.","PeriodicalId":422662,"journal":{"name":"Yönetim ve Ekonomi Araştırmaları Dergisi","volume":"27 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2023-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"EXCHANGE RATE AND FIRM-LEVEL INVESTMENTS: EVIDENCE FROM BORSA ISTANBUL\",\"authors\":\"Emin Avci, Feride Kilinç\",\"doi\":\"10.11611/yead.1293442\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The relationship between exchange rates and firm-level investments of the companies operating in the manufacturing sector listed on Borsa İstanbul (BIST) was investigated over a period of 2008 to 2021 using panel data analysis. A total of 81 companies from 7 industries within the manufacturing sector were examined. Exchange rate and firm-level relationships were identified using the Euro-USD basket standard deviation and real exchange rates index. The findings indicated a negative relationship between firm-level investments and exchange rate volatility for all industries, but a positive relationship between firm-level investments and real exchange rates for most industries. Furthermore, it is found that the effects of exchange rate volatility and real exchange rates on investments are realized with a delay for most industries. Overall, the results suggest that firms are reluctant to invest in times of high exchange rate volatility, but are more willing to invest when the value of Turkish Lira appreciates in real terms.\",\"PeriodicalId\":422662,\"journal\":{\"name\":\"Yönetim ve Ekonomi Araştırmaları Dergisi\",\"volume\":\"27 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-11-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Yönetim ve Ekonomi Araştırmaları Dergisi\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.11611/yead.1293442\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Yönetim ve Ekonomi Araştırmaları Dergisi","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.11611/yead.1293442","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
EXCHANGE RATE AND FIRM-LEVEL INVESTMENTS: EVIDENCE FROM BORSA ISTANBUL
The relationship between exchange rates and firm-level investments of the companies operating in the manufacturing sector listed on Borsa İstanbul (BIST) was investigated over a period of 2008 to 2021 using panel data analysis. A total of 81 companies from 7 industries within the manufacturing sector were examined. Exchange rate and firm-level relationships were identified using the Euro-USD basket standard deviation and real exchange rates index. The findings indicated a negative relationship between firm-level investments and exchange rate volatility for all industries, but a positive relationship between firm-level investments and real exchange rates for most industries. Furthermore, it is found that the effects of exchange rate volatility and real exchange rates on investments are realized with a delay for most industries. Overall, the results suggest that firms are reluctant to invest in times of high exchange rate volatility, but are more willing to invest when the value of Turkish Lira appreciates in real terms.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
