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 investments of micro and small businesses whereas, having a negative effect on investments, it is a significant determinant of medium and large scales. On macroeconomic variables, we found that inflation has performed positive and significant impact on large scale firms, however, it had a negative coefficient for micro-scale businesses.

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