@article{Gezici_Orhangazi_Yalçın_2018, title={R&D Activity and Financing Constraints: Evidence From Turkey}, volume={67}, url={http://www.panoeconomicus.org/index.php/jorunal/article/view/498}, DOI={10.2298/PAN170420011G}, abstractNote={<p>We analyze the relationship between financing constraints and firms’ R&D activity using a rich and comprehensive firm-level balance sheet and income statement data set of manufacturing firms in Turkey for the period 1996 to 2013. Using a firm-specific, time-varying financing constraints index, we find that financing constraints have a negative relationship with firms’ R&D activity, after controlling for other determinants of R&D such as firm size, capital intensity and export market participation. <br><br><strong>Key words:</strong> R&D investment, financing constraint, credit constraint, internal funds, cash flow, Turkey. <br><br><strong>JEL:</strong> G30, G32, L20, O31, C33, E22.</p>}, number={4}, journal={Panoeconomicus}, author={Gezici, Armağan and Orhangazi, Özgür and Yalçın, Cihan}, year={2018}, month={May}, pages={557–571} }