资产负债表
土耳其
多元统计
索引(排版)
平衡(能力)
订单(交换)
经济
业务
差速器(机械装置)
会计
财务
统计
工程类
万维网
航空航天工程
哲学
物理医学与康复
医学
语言学
计算机科学
数学
作者
Mehmet Çolak,İbrahim Ethem Güney,Yavuz Selim Hacıhasanoğlu
出处
期刊:IntechOpen eBooks
[IntechOpen]
日期:2020-12-23
标识
DOI:10.5772/intechopen.91860
摘要
This chapter aims to elaborate on the relationship between economic uncertainty and balance sheet strength of nonfinancial firms in Turkish economy. In order to effectively measure the balance sheet strength, we make use of a multivariate indicator, namely, the Multivariate Firm Assessment Score (MFA Score), which is a composite index to gauge the credit risk of nonfinancial firms quoted in Borsa İstanbul. MFA scores are compared with some uncertainty indicators for the period of 2005–2019. Our results suggest that when the uncertainties in global or Turkish economy are high, we observe a significant causal relationship from uncertainty indicators to firms’ balance sheet strength. More specifically, economic uncertainties negatively affect firms’ balance sheet performance in such an environment. Moreover, different types of uncertainties such as trade policy uncertainty and consumer perceptions about the economy are found to have differential impacts on exporter and non-exporter firms.
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