Firm-Specific and Macroeconomic Determinants of Fixed Asset Investment Decisions in Turkey

Özet

In this paper, we investigated firm-specific and macroeconomic determinants of fixed-asset investments in Turkey. We conducted our research in terms of four different business scales; micro, small, medium, and large scales. By obtaining financial data from real sector firms the from Central Bank of Turkey, we applied four-panel data regressions. The findings imply that profitability and liquidity have an adverse impact on long-run asset investments at all business scales. We found no significant relationship between capital structures (total debt divided by total assets) and fixed asset…

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