@article{ART002192315,
author={Nuri Yildirim},
title={Not Leverage but Change in Leverage Matters for Firms’ Future Growth: Evidence from Turkey's Top 1000},
journal={International Economic Journal},
issn={1016-8737},
year={2015},
volume={29},
number={3},
pages={503-525}
}

TY - JOUR
AU - Nuri Yildirim
TI - Not Leverage but Change in Leverage Matters for Firms’ Future Growth: Evidence from Turkey's Top 1000
T2 - International Economic Journal
JO - International Economic Journal
PY - 2015
VL - 29
IS - 3
PB - 한국국제경제학회
SP - 503
EP - 525
SN - 1016-8737
AB - In the financial literature it is generally assumed that a firm's financial leverage is a good measure (proxy) of the firm's access to financing. In this study, it is argued that it is not the firm's debt (leverage), but the change in leverage that more accurately mirrors the firm's true likelihood to have access to external sources of financing. Applying a firm-type analysis and panel data techniques to data on the top 1000 private industrial companies of Turkey for the period 1997–2012, it is shown that it is the change in leverage ratio, not the level of leverage ratio itself that matters for the future firm growth, controlling for profitability, leverage and firm size.
KW - leverage, firm growth, Turkey
DO -
UR -
ER -

Nuri Yildirim. 2015, "Not Leverage but Change in Leverage Matters for Firms’ Future Growth: Evidence from Turkey's Top 1000", International Economic Journal, vol.29, no.3 pp.503-525.

Nuri Yildirim "Not Leverage but Change in Leverage Matters for Firms’ Future Growth: Evidence from Turkey's Top 1000" International Economic Journal 29.3 pp.503-525 (2015) : 503.

Nuri Yildirim. Not Leverage but Change in Leverage Matters for Firms’ Future Growth: Evidence from Turkey's Top 1000. 2015; 29(3), 503-525.

Nuri Yildirim. "Not Leverage but Change in Leverage Matters for Firms’ Future Growth: Evidence from Turkey's Top 1000" International Economic Journal 29, no.3 (2015) : 503-525.

Nuri Yildirim. Not Leverage but Change in Leverage Matters for Firms’ Future Growth: Evidence from Turkey's Top 1000. International Economic Journal, 29(3), 503-525.

Nuri Yildirim. Not Leverage but Change in Leverage Matters for Firms’ Future Growth: Evidence from Turkey's Top 1000. International Economic Journal. 2015; 29(3) 503-525.

Nuri Yildirim. Not Leverage but Change in Leverage Matters for Firms’ Future Growth: Evidence from Turkey's Top 1000. 2015; 29(3), 503-525.

Nuri Yildirim. "Not Leverage but Change in Leverage Matters for Firms’ Future Growth: Evidence from Turkey's Top 1000" International Economic Journal 29, no.3 (2015) : 503-525.