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THE RELATIONSHIP BETWEEN POLITICAL FACTORS AND FINANCING: THEORY AND LITERATURE

Yıl 2015, Cilt: 4 Sayı: 8, 57 - 73, 14.01.2016

Öz

Many empirical studies have found that there is a negative relationship between uncertainty and investment.
The study results indicate that uncertainty reduces the enthusiasm to investment. In addition, deficiency of the
studies in which researching relationship between uncertainty financing has given light to this study. From this
point the aim of this study is to fill this gap in the literature. For this purpose, the studies on the relationship
between political factors – financing in the literature was examined. 

Kaynakça

  • Abel, A. B. ve Blanchard, O., 1986. Investment and Sales: Some Empirical Evidence. NBER Working Paper 2050.
  • Abel, A. B. ve Eberly, J.C. 1996, Optimal Investment with Costly Reversibility, Review of Economic Studies, 63, 581-593.
  • Abel, A.B., 1983. Optimal Investment under Uncertainty. Amerikan Economic Review, 73, 228–233.
  • Alesina, A. ve Rodrik, D. 1994. Distributive Politics and Economic Growth. Quarterly Journal of Economics, 109, 465–90.
  • Althaus, C. 2008, Calculating Political Risk, University of New South Wales Press Ltd, London-UK.
  • Aydeniz, Ş. 2008, İşletmelerde Gelecek (Futures) ve Opsiyon Sözleşmeleri ile Risk Yönetimi, 1. Baskı, Basın Yayım Dağıtım, İstanbul.
  • Badertscher, B., Shroff, N. ve White, H.D. 2013, Externalities of Public Firm Presence: Evidence From Private Firms Investment Decisions”, Journal of Financial Economics, 109, 682-706.
  • Bailey, W. ve Chung, P.Y., 1995. Exchange Rate Fluctuations, Political Risk, and Stock Returns: Some Evidence from an Emerging Market. Journal of Financial and Quantitative Analysis 30 (4), 541–561.
  • Baker, S.R., Bloom, N. ve Davis, S.J., 2013. Measuring Economic Policy Uncertainty. Chicago Booth Paper No. 13-02.
  • Barro, R. J.,1991, Economic Growth in A Cross Section Of Countries, Quarterly Journal of Economics, 106, 407–443.
  • Barro, R. ve Sala-I-Martin, X., 1992, “Public Finance in Models of Economic Growth”. Review of Economic Studies, 59, 645–661.
  • Barth, J., Caprio Jr., G. ve Levine, R., 2001, “The Regulation and Supervision of Banks around the World: A New Database”. World Bank Policy Research Paper, 2588. World Bank.
  • Baum, C.F., Cağlayan, M. ve Talavera, O., 2008. Uncertainty Determinants of Firm Investment. Economics Letters, 98, 282–287.
  • Baxter, M. ve Jermann, U.J., 1997. The International Diversification Puzzle Is Worse Than You Think. American Economic Review 87, 170–180.
  • Bechtel, M. M. ve Fuss, R., 2008. When Investors Enjoy Less Policy Risk: Divided Government, Economic Policy Change, and Stock Market Volatility in Germany, 1970–2005. Swiss Political Science Review, 14 (2), 216–254.
  • Bernanke, B. S., 1983, Irreversibility, Uncertainty, and Cyclical Investment, Quarterly Journal of Economics, 98, 85– 106.
  • Bernhard, W. ve Leblang, D. 2006. Democratic Processes and Financial Markets: Pricing Politics. Cambridge University Press. UK.
  • Bertrand, M., Kramaraz, F., Schoar, A. ve Thesmar, D., 2007. Politicians, Firms And The Political Business Cycle: Evidence from France. Unpublished working paper, University of Chicago.
  • Bialkowski, J., Gottschalk, K. ve Wisniewski, T.P., 2008. Stock Market Volatility around National Elections. Journal of Banking and Finance, 32, 1941–1953.
  • Bianco, M., Bontempi, M.E., Golinelli, R. ve Parigi, G., 2013. Family Firms’ Investments, Uncertainty and Opacity. Small Business Economics, 40, 1035–1058.
  • Bird, R. ve Yeung, D. 2012, How Do Investors React under Uncertainty, Pacific-Basin Finance Journal, 20, 310-327.
  • Bloom, N., 2009, The Impact of Uncertainty Shocks, Econometrica, 77, 623-685.
  • Bloom, N., Bond, S. ve Reenen, J.V. 2007, Uncertainty and Investment Dynamics, Review of Economic Studies, 74, 391–415.
  • Bloom, N., Floetotto, M. ve Jaimovich, N. 2009, Really Uncertain Business Cycles, Working paper, Stanford University.
  • Bloomberg, S. ve Hess, G. 2001, Is The Political Business Cycle For Real?, Journal of Public Economics, 87, 1091-1121.
  • Bontempi, M.E., Golinelli, R. ve Parigi, G., 2010. Why Demand Uncertainty Curbs Investment: Evidence from A Panel of Italian Manufacturing Firms. Journal of Macroeconomics, 32, 218–238.
  • Boutchkova, M., Doshi, H., Durnev, A. Molchanov, A. 2012, Precarious politics and return volatility, Review of Financial Studies 25, 1111–1154.
  • Caballero, R. J., 1991, On the Sign of the Investment-Uncertainty Relationship, American Economic Review, 81, 279-288.
  • Chen, Q., Goldstein, I. ve Jiang, W. 2007, Price Informativeness and Investment Sensitivity To Stock Price, Review of Financial Studies, 20, 619-650.
  • Chen, Y.F. ve Funke, M. 2003, Option Value, Policy Uncertainty, and the Foreign Direct Investment Decision, Hamburg Institute of International Economics Discussion Paper.
  • Cherif, M Ve Gazdar, K. 2010, “Macroeconomic and Institutional Determinants of Stock Market Development in Mena Region: New Results from A Panel Data Analysis”, International Journal of Banking and Finance, 7(1), 138-159.
  • Cioffi-Revilla, C.A., (1998), Politics and Uncertainty, Theory, Models and Applications, First Published, Cambridge University Pres, United Kingdom.
  • Clark, E. ve Tunaru, R. 2001, “Emerging Markets: Investing with Political Risk”, Multinational Finance Journal, 5(3), 155-173.
  • Devarajan, S., Swaroop, V. ve Zou, H. 1996, “The Composition of Public Expenditure and Economic Growth”. Journal of Monetary Economics 37, 313–344.
  • Dixit, A. ve Pindyck, R.S., 1994. Investment under Uncertainty. Princeton University Press, Princeton, NJ, USA.
  • Dopke, J. ve Pierdzioch, C. 2006. Politics and the Stock Market: Evidence from Germany. European Journal of Political Economy, 22, 925–43.
  • Driver, C., Imai, K., Temple, P. ve Urga, G., 2004. The Effect Of Uncertainty On UK Investment Authorisation: Homogeneous vs. Heterogeneous Estimators. Empirical Economics, 29, 115–128.
  • Durnev, A., 2012. The Real Effects of Political Uncertainty. Unpublished working paper. University of Iowa.
  • Durnev, A., Morck, R. ve Yeung, B. 2004, Value Enhancing Capital Budgeting and Firmspecific Stock Return Variation, Journal of Finance, 59, 65-105.
  • Ellsberg, D., 1961. Risk, Ambiguity, and the Savage Axioms. Quarterly Journal of Economics, 75, 643–669.
  • Enders, W. ve Sandler, T., 1996. Terrorism and Foreign Direct Investment in Spain and Greece. Kyklos, 49, 331–352.
  • Enders, W., Sachsida, A. ve Sandler, T., 2006. The Impact of Transnational Terrorism on US Foreign Direct Investment. Political Research Quarterly, 59, 517–531.
  • Foerster, S. ve Schmitz, J., 1997. The Transmission of U.S. Election Cycles to International Stock Returns. Journal of International Business Studies, 28, 1 –27.
  • French, K.R. ve Poterba, J.M., 1991. Investor Diversification and International Equity Markets. American Economic Review 81, 222–226.
  • Friedmann, R. ve Kim, J. 1988, “Political Risk and International Marketing”, Columbia Journal of World Business, 23, 63-74.
  • Frijins, B., Rad, A.T. ve Indriawan, I. 2012, Political Crises and The Stock Market Integration of Emerging Markets, Journal of Banking & Finance, 36(3), 644–653.
  • Fuss, R. ve Bechtel, M. M., 2008. Partisan Politics and Stock Market Performance: The Effect of Expected Government Partisanship on Stock Returns in the 2002 German Federal Election. Public Choice, 135(3–4), 131–150.
  • Gilchrist, S., Sim, J.W. ve Zakrajsek, E., 2010. Uncertainty, Financial Friction and Investment Dynamics. Working Paper. <http://www.princeton.edu/economics/seminar-schedule-by-prog/macro-s10/papers/Gilchrist-Paper.pdf>. (12.08.2013).
  • Girma, S. ve Shorthand, A, 2008, “The Political Economy of Financial Development”, Oxford Economic Papers, 60(4), 567-596.
  • Gitman, L. 2003, Principles of Managerial Finance, Tenth Edition, Addison-Wesley Series, New York.
  • Goodell, J.W. ve Vahamaa, S. 2013, US Presidential Elections and Implied Volatility: The Role of Political Uncertainty, Journal of Banking & Finance, 37(3), 1108–1117.
  • Guiso, L. Parigi, G. 1999, Investment and Demand Uncertainty, Quarterly Journal of Economics, 114, 185-227.
  • Gulen, H. ve Ion, M. 2013. Policy Uncertainty and Corporate Investment. Purdue University Mimeo.
  • Hartman, R., 1972. The Effects of Price and Cost Uncertainty on Investment. Journal of Economic Theory, 5, 258–266.
  • Howell, L.D., 2002, The Handbook of Country and Political Risk Analysis, Third Edition, PRS Group.
  • Howell, L.D.1992, Political Risk and Political Loss for Foreign Investment, the International Executive, 34(6), 485-498.
  • Huang, R.D., 1985. Common Stock Returns and Presidential Elections. Financial Analysts Journal, 41 (March/April), 58–65.
  • Imai, M. ve Shelton, C.A. 2011, Elections and Political Risk: New Evidence from the 2008 Taiwanese Presidential Election, Journal of Public Economics, 95(7–8), 837–849.
  • Jeong, B., 2002. Policy Uncertainty and Long-Run Investment and Output across Countries. International Economic Review, 43, 363–392.
  • Julio, B. ve Yook, Y. 2012, Corporate Financial Policy Under Political Uncertainty: International Evidence from National Elections, Journal of Finance, 67, 45–84.
  • Kang, W., Lee, K. ve Ratti, R. 2014, Economic Policy Uncertainty And Firm-Level İnvestment, Journal of Macroeconomics, 39, 42–53.
  • Kaufmann, D., Kraay, A. ve Mastruzzi, M., 2006, Governance Matters V: Governance Indicators For 1996–2005. World Bank Policy Research Working Paper, 4012.
  • Keown, A. J. ve diğerleri, 2002, Financial Management: Principles and Aplications, Ninth Edition, Printice Hall. New Jersey.
  • Kim, H. ve Kung, H. 2013, How Uncertainty Affects Corporate Investment: The Asset Redeployability Channel, http://www.stanford.edu/group/SITE/SITE_2013/2013_segment_2/2013_segment_2_papers/kim.pdf (12.02.2014).
  • Knight, B., 2006, Are Policy Platforms Capitalized into Equity Prices? Evidence from The- Bush/Gore 2000 Presidential Election, Journal of Public Economics, 90, 751-773.
  • Knight, F.H., 1921. Risk, Uncertainty, and Profit. Hart, Schaffner& Marx; Houghton Mifflin Company, Boston, MA.
  • La Porta, R., Lopez-De-Silane, F., Shleifer, A., ve Vishny, R. W. 1998, “Law and Finance”. Journal of Political Economy, 106, 1113–1155.
  • La Porta, R., Lopez-De-Silane, F., Shleifer, A., ve Vishny, R. W. 1997, “Legal Determinants of External Finance”. Journal of Finance, 52(3), 1131–1150.
  • Law, S.H. ve Habibullah, M.S. 2009, “The Determinants of Financial Development: Institutions, Openness and Financial Liberalization”, South African Journal of Economics, 77(1), 45-58.
  • Leahy, J. V. ve Whited, T. V. 1996, The Effect of Uncertainty on Investment: Some Stylized Facts, Journal of Money, Credit and Banking, 28, 64-83.
  • Levy, H. 2002, Fundamentals of Investments, First Edition, Prentice Hall. London.
  • Mauro, P., 1995, Corruption and Growth, Quarterly Journal of Economics, 110, 681–712.
  • McGillivray, F. 2003. Redistributive Policies and Stock Price Dispersion. British Journal of Political Science, 33, 367–96.
  • Mei, J. ve Guo, L. 2004. Political Uncertainty, Financial Crisis, and Market Volatility. European Financial Management, 10, 639–57.
  • Mudambi, R. ve Navara, P. 2003, “Political Tradition, Political Risk and Foreign Direct Investment in Italy”, Management International Review, Third Quarter 43(3), 247-265.
  • Mukherjee, B. ve Leblang, D., 2007. Partisan Politics, Interest Rates and the Stock Market: Evidence from American and British Returns in the Twentieth Century. Economics and Politics, 19(2), 135–167.
  • Nordhaus, W. 1975, The Political Business Cycle, Review of Economic Studies, 42, 169–190.
  • Okka, O. 2009, Finansal Yönetim Teori ve Çözümlü Problemler, Nobel Yayın Dağıtım. Ankara.
  • Pagano, M. 1993, “The Floatation of Companies on the Stock Market: A Coordination Failure”, European Economic Review, 37, 1101–25.
  • Panousi, V. ve Papanikolaou, D., 2012. Investment, Idiosyncratic Risk and Ownership. Journal of Finance 67, 1113–1148.
  • Pastor, L. ve Veronesi, P. 2013, Political Uncertainty and Risk Premia, Journal of Financial Economics, 110, 520-545.
  • Pike, R. ve Neale, B. 2006, Corporate Finance and Investment Decisions & Strategies, Fifth Edition, Prentice Hall. England.
  • Pindyck, R., 1991. Irreversibility, Uncertainty, and Investment, Journal of Economic Literature, 29, 1110–1148.
  • Rajan, R., Zingales, L., 2003. The Great Reversals: The Politics Of Financial Development In The 20th Century. Journal of Financial Economics 69, 5–50.,
  • Rodrik, D., 1991, Policy Uncertainty and Private Investment in Developing Countries, Journal of Development Economics, 36, 229–242.
  • Roe, M. J. ve Siegel, J. I, 2011, “Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality”, Journal of Comparative Economics, 39, 279–309.
  • Rousseau, P., Wachtel, P., 2000, “Equity Markets and Growth: Cross-Country Evidence on Timing and Outcomes 1980–1995”, Journal of Banking & Finance, 24, 1933–1957.
  • Snowberg, E. Wolfers, J. ve Zitzewitz, E. 2007. Partisan Impacts on the Economy: Evidence from Markets and Close Elections. Quarterly Journal of Economics, 122, 807–29.
  • Stein, L. ve Stone, E.C. 2012, The Effect of Uncertainty on Investment, Hiring, and R&D: Causal Evidence from Equity Options, Working paper.
  • Wang, Y., Chen, C.R., Huang, Y.S. 2014, Economic Policy Uncertainty and Corporate Investment: Evidence from China, Pacific-Basin Finance Journal, 26, 227-243.
  • Wolfers, J. ve Zitzewitz, E. 2009, Using Markets to Inform Policy: The Case of The Iraq War, Economica, 76, 225-250.
  • Yadav, M.N. 2012, Effect of Political Uncertainty and Corporate İnvestment Cycles İn Nepal, Elixir Financial management 46, 8436-8444.
  • Yartey, C. A. 2010, “The Institutional And Macroeconomic Determinants of Stock Market Development In Emerging Economies‛, Applied Financial Economics, 20, 1615–1625.

POLİTİK FAKTÖRLER İLE FİNANSMAN ARASINDAKİ İLİŞKİ ÜZERİNE: TEORİ VE LİTERATÜR

Yıl 2015, Cilt: 4 Sayı: 8, 57 - 73, 14.01.2016

Öz

Birçok ampirik çalışma belirsizlik ve yatırım arasında negatif bir ilişki olduğunu tespit etmiştir. Bu
çalışmalarda elde edilen bulgular belirsizliğin yatırım fırsatlarına gösterilen yatırım yapma hevesini azalttığını
göstermektedir. Politik faktörler ile finansman arasındaki ilişkiyi konu edinen çalışmaların yeterli düzeyde
olmayışı bu çalışmanın çıkış noktasını oluşturmaktadır. Bu noktadan hareketle bu çalışmanın amacı
literatürdeki bu boşluğu doldurmaktır. Bu amaçla literatürde politik faktörler-finansman ilişkisi üzerine yapılan
çalışmalar irdelenmiştir. 

Kaynakça

  • Abel, A. B. ve Blanchard, O., 1986. Investment and Sales: Some Empirical Evidence. NBER Working Paper 2050.
  • Abel, A. B. ve Eberly, J.C. 1996, Optimal Investment with Costly Reversibility, Review of Economic Studies, 63, 581-593.
  • Abel, A.B., 1983. Optimal Investment under Uncertainty. Amerikan Economic Review, 73, 228–233.
  • Alesina, A. ve Rodrik, D. 1994. Distributive Politics and Economic Growth. Quarterly Journal of Economics, 109, 465–90.
  • Althaus, C. 2008, Calculating Political Risk, University of New South Wales Press Ltd, London-UK.
  • Aydeniz, Ş. 2008, İşletmelerde Gelecek (Futures) ve Opsiyon Sözleşmeleri ile Risk Yönetimi, 1. Baskı, Basın Yayım Dağıtım, İstanbul.
  • Badertscher, B., Shroff, N. ve White, H.D. 2013, Externalities of Public Firm Presence: Evidence From Private Firms Investment Decisions”, Journal of Financial Economics, 109, 682-706.
  • Bailey, W. ve Chung, P.Y., 1995. Exchange Rate Fluctuations, Political Risk, and Stock Returns: Some Evidence from an Emerging Market. Journal of Financial and Quantitative Analysis 30 (4), 541–561.
  • Baker, S.R., Bloom, N. ve Davis, S.J., 2013. Measuring Economic Policy Uncertainty. Chicago Booth Paper No. 13-02.
  • Barro, R. J.,1991, Economic Growth in A Cross Section Of Countries, Quarterly Journal of Economics, 106, 407–443.
  • Barro, R. ve Sala-I-Martin, X., 1992, “Public Finance in Models of Economic Growth”. Review of Economic Studies, 59, 645–661.
  • Barth, J., Caprio Jr., G. ve Levine, R., 2001, “The Regulation and Supervision of Banks around the World: A New Database”. World Bank Policy Research Paper, 2588. World Bank.
  • Baum, C.F., Cağlayan, M. ve Talavera, O., 2008. Uncertainty Determinants of Firm Investment. Economics Letters, 98, 282–287.
  • Baxter, M. ve Jermann, U.J., 1997. The International Diversification Puzzle Is Worse Than You Think. American Economic Review 87, 170–180.
  • Bechtel, M. M. ve Fuss, R., 2008. When Investors Enjoy Less Policy Risk: Divided Government, Economic Policy Change, and Stock Market Volatility in Germany, 1970–2005. Swiss Political Science Review, 14 (2), 216–254.
  • Bernanke, B. S., 1983, Irreversibility, Uncertainty, and Cyclical Investment, Quarterly Journal of Economics, 98, 85– 106.
  • Bernhard, W. ve Leblang, D. 2006. Democratic Processes and Financial Markets: Pricing Politics. Cambridge University Press. UK.
  • Bertrand, M., Kramaraz, F., Schoar, A. ve Thesmar, D., 2007. Politicians, Firms And The Political Business Cycle: Evidence from France. Unpublished working paper, University of Chicago.
  • Bialkowski, J., Gottschalk, K. ve Wisniewski, T.P., 2008. Stock Market Volatility around National Elections. Journal of Banking and Finance, 32, 1941–1953.
  • Bianco, M., Bontempi, M.E., Golinelli, R. ve Parigi, G., 2013. Family Firms’ Investments, Uncertainty and Opacity. Small Business Economics, 40, 1035–1058.
  • Bird, R. ve Yeung, D. 2012, How Do Investors React under Uncertainty, Pacific-Basin Finance Journal, 20, 310-327.
  • Bloom, N., 2009, The Impact of Uncertainty Shocks, Econometrica, 77, 623-685.
  • Bloom, N., Bond, S. ve Reenen, J.V. 2007, Uncertainty and Investment Dynamics, Review of Economic Studies, 74, 391–415.
  • Bloom, N., Floetotto, M. ve Jaimovich, N. 2009, Really Uncertain Business Cycles, Working paper, Stanford University.
  • Bloomberg, S. ve Hess, G. 2001, Is The Political Business Cycle For Real?, Journal of Public Economics, 87, 1091-1121.
  • Bontempi, M.E., Golinelli, R. ve Parigi, G., 2010. Why Demand Uncertainty Curbs Investment: Evidence from A Panel of Italian Manufacturing Firms. Journal of Macroeconomics, 32, 218–238.
  • Boutchkova, M., Doshi, H., Durnev, A. Molchanov, A. 2012, Precarious politics and return volatility, Review of Financial Studies 25, 1111–1154.
  • Caballero, R. J., 1991, On the Sign of the Investment-Uncertainty Relationship, American Economic Review, 81, 279-288.
  • Chen, Q., Goldstein, I. ve Jiang, W. 2007, Price Informativeness and Investment Sensitivity To Stock Price, Review of Financial Studies, 20, 619-650.
  • Chen, Y.F. ve Funke, M. 2003, Option Value, Policy Uncertainty, and the Foreign Direct Investment Decision, Hamburg Institute of International Economics Discussion Paper.
  • Cherif, M Ve Gazdar, K. 2010, “Macroeconomic and Institutional Determinants of Stock Market Development in Mena Region: New Results from A Panel Data Analysis”, International Journal of Banking and Finance, 7(1), 138-159.
  • Cioffi-Revilla, C.A., (1998), Politics and Uncertainty, Theory, Models and Applications, First Published, Cambridge University Pres, United Kingdom.
  • Clark, E. ve Tunaru, R. 2001, “Emerging Markets: Investing with Political Risk”, Multinational Finance Journal, 5(3), 155-173.
  • Devarajan, S., Swaroop, V. ve Zou, H. 1996, “The Composition of Public Expenditure and Economic Growth”. Journal of Monetary Economics 37, 313–344.
  • Dixit, A. ve Pindyck, R.S., 1994. Investment under Uncertainty. Princeton University Press, Princeton, NJ, USA.
  • Dopke, J. ve Pierdzioch, C. 2006. Politics and the Stock Market: Evidence from Germany. European Journal of Political Economy, 22, 925–43.
  • Driver, C., Imai, K., Temple, P. ve Urga, G., 2004. The Effect Of Uncertainty On UK Investment Authorisation: Homogeneous vs. Heterogeneous Estimators. Empirical Economics, 29, 115–128.
  • Durnev, A., 2012. The Real Effects of Political Uncertainty. Unpublished working paper. University of Iowa.
  • Durnev, A., Morck, R. ve Yeung, B. 2004, Value Enhancing Capital Budgeting and Firmspecific Stock Return Variation, Journal of Finance, 59, 65-105.
  • Ellsberg, D., 1961. Risk, Ambiguity, and the Savage Axioms. Quarterly Journal of Economics, 75, 643–669.
  • Enders, W. ve Sandler, T., 1996. Terrorism and Foreign Direct Investment in Spain and Greece. Kyklos, 49, 331–352.
  • Enders, W., Sachsida, A. ve Sandler, T., 2006. The Impact of Transnational Terrorism on US Foreign Direct Investment. Political Research Quarterly, 59, 517–531.
  • Foerster, S. ve Schmitz, J., 1997. The Transmission of U.S. Election Cycles to International Stock Returns. Journal of International Business Studies, 28, 1 –27.
  • French, K.R. ve Poterba, J.M., 1991. Investor Diversification and International Equity Markets. American Economic Review 81, 222–226.
  • Friedmann, R. ve Kim, J. 1988, “Political Risk and International Marketing”, Columbia Journal of World Business, 23, 63-74.
  • Frijins, B., Rad, A.T. ve Indriawan, I. 2012, Political Crises and The Stock Market Integration of Emerging Markets, Journal of Banking & Finance, 36(3), 644–653.
  • Fuss, R. ve Bechtel, M. M., 2008. Partisan Politics and Stock Market Performance: The Effect of Expected Government Partisanship on Stock Returns in the 2002 German Federal Election. Public Choice, 135(3–4), 131–150.
  • Gilchrist, S., Sim, J.W. ve Zakrajsek, E., 2010. Uncertainty, Financial Friction and Investment Dynamics. Working Paper. <http://www.princeton.edu/economics/seminar-schedule-by-prog/macro-s10/papers/Gilchrist-Paper.pdf>. (12.08.2013).
  • Girma, S. ve Shorthand, A, 2008, “The Political Economy of Financial Development”, Oxford Economic Papers, 60(4), 567-596.
  • Gitman, L. 2003, Principles of Managerial Finance, Tenth Edition, Addison-Wesley Series, New York.
  • Goodell, J.W. ve Vahamaa, S. 2013, US Presidential Elections and Implied Volatility: The Role of Political Uncertainty, Journal of Banking & Finance, 37(3), 1108–1117.
  • Guiso, L. Parigi, G. 1999, Investment and Demand Uncertainty, Quarterly Journal of Economics, 114, 185-227.
  • Gulen, H. ve Ion, M. 2013. Policy Uncertainty and Corporate Investment. Purdue University Mimeo.
  • Hartman, R., 1972. The Effects of Price and Cost Uncertainty on Investment. Journal of Economic Theory, 5, 258–266.
  • Howell, L.D., 2002, The Handbook of Country and Political Risk Analysis, Third Edition, PRS Group.
  • Howell, L.D.1992, Political Risk and Political Loss for Foreign Investment, the International Executive, 34(6), 485-498.
  • Huang, R.D., 1985. Common Stock Returns and Presidential Elections. Financial Analysts Journal, 41 (March/April), 58–65.
  • Imai, M. ve Shelton, C.A. 2011, Elections and Political Risk: New Evidence from the 2008 Taiwanese Presidential Election, Journal of Public Economics, 95(7–8), 837–849.
  • Jeong, B., 2002. Policy Uncertainty and Long-Run Investment and Output across Countries. International Economic Review, 43, 363–392.
  • Julio, B. ve Yook, Y. 2012, Corporate Financial Policy Under Political Uncertainty: International Evidence from National Elections, Journal of Finance, 67, 45–84.
  • Kang, W., Lee, K. ve Ratti, R. 2014, Economic Policy Uncertainty And Firm-Level İnvestment, Journal of Macroeconomics, 39, 42–53.
  • Kaufmann, D., Kraay, A. ve Mastruzzi, M., 2006, Governance Matters V: Governance Indicators For 1996–2005. World Bank Policy Research Working Paper, 4012.
  • Keown, A. J. ve diğerleri, 2002, Financial Management: Principles and Aplications, Ninth Edition, Printice Hall. New Jersey.
  • Kim, H. ve Kung, H. 2013, How Uncertainty Affects Corporate Investment: The Asset Redeployability Channel, http://www.stanford.edu/group/SITE/SITE_2013/2013_segment_2/2013_segment_2_papers/kim.pdf (12.02.2014).
  • Knight, B., 2006, Are Policy Platforms Capitalized into Equity Prices? Evidence from The- Bush/Gore 2000 Presidential Election, Journal of Public Economics, 90, 751-773.
  • Knight, F.H., 1921. Risk, Uncertainty, and Profit. Hart, Schaffner& Marx; Houghton Mifflin Company, Boston, MA.
  • La Porta, R., Lopez-De-Silane, F., Shleifer, A., ve Vishny, R. W. 1998, “Law and Finance”. Journal of Political Economy, 106, 1113–1155.
  • La Porta, R., Lopez-De-Silane, F., Shleifer, A., ve Vishny, R. W. 1997, “Legal Determinants of External Finance”. Journal of Finance, 52(3), 1131–1150.
  • Law, S.H. ve Habibullah, M.S. 2009, “The Determinants of Financial Development: Institutions, Openness and Financial Liberalization”, South African Journal of Economics, 77(1), 45-58.
  • Leahy, J. V. ve Whited, T. V. 1996, The Effect of Uncertainty on Investment: Some Stylized Facts, Journal of Money, Credit and Banking, 28, 64-83.
  • Levy, H. 2002, Fundamentals of Investments, First Edition, Prentice Hall. London.
  • Mauro, P., 1995, Corruption and Growth, Quarterly Journal of Economics, 110, 681–712.
  • McGillivray, F. 2003. Redistributive Policies and Stock Price Dispersion. British Journal of Political Science, 33, 367–96.
  • Mei, J. ve Guo, L. 2004. Political Uncertainty, Financial Crisis, and Market Volatility. European Financial Management, 10, 639–57.
  • Mudambi, R. ve Navara, P. 2003, “Political Tradition, Political Risk and Foreign Direct Investment in Italy”, Management International Review, Third Quarter 43(3), 247-265.
  • Mukherjee, B. ve Leblang, D., 2007. Partisan Politics, Interest Rates and the Stock Market: Evidence from American and British Returns in the Twentieth Century. Economics and Politics, 19(2), 135–167.
  • Nordhaus, W. 1975, The Political Business Cycle, Review of Economic Studies, 42, 169–190.
  • Okka, O. 2009, Finansal Yönetim Teori ve Çözümlü Problemler, Nobel Yayın Dağıtım. Ankara.
  • Pagano, M. 1993, “The Floatation of Companies on the Stock Market: A Coordination Failure”, European Economic Review, 37, 1101–25.
  • Panousi, V. ve Papanikolaou, D., 2012. Investment, Idiosyncratic Risk and Ownership. Journal of Finance 67, 1113–1148.
  • Pastor, L. ve Veronesi, P. 2013, Political Uncertainty and Risk Premia, Journal of Financial Economics, 110, 520-545.
  • Pike, R. ve Neale, B. 2006, Corporate Finance and Investment Decisions & Strategies, Fifth Edition, Prentice Hall. England.
  • Pindyck, R., 1991. Irreversibility, Uncertainty, and Investment, Journal of Economic Literature, 29, 1110–1148.
  • Rajan, R., Zingales, L., 2003. The Great Reversals: The Politics Of Financial Development In The 20th Century. Journal of Financial Economics 69, 5–50.,
  • Rodrik, D., 1991, Policy Uncertainty and Private Investment in Developing Countries, Journal of Development Economics, 36, 229–242.
  • Roe, M. J. ve Siegel, J. I, 2011, “Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality”, Journal of Comparative Economics, 39, 279–309.
  • Rousseau, P., Wachtel, P., 2000, “Equity Markets and Growth: Cross-Country Evidence on Timing and Outcomes 1980–1995”, Journal of Banking & Finance, 24, 1933–1957.
  • Snowberg, E. Wolfers, J. ve Zitzewitz, E. 2007. Partisan Impacts on the Economy: Evidence from Markets and Close Elections. Quarterly Journal of Economics, 122, 807–29.
  • Stein, L. ve Stone, E.C. 2012, The Effect of Uncertainty on Investment, Hiring, and R&D: Causal Evidence from Equity Options, Working paper.
  • Wang, Y., Chen, C.R., Huang, Y.S. 2014, Economic Policy Uncertainty and Corporate Investment: Evidence from China, Pacific-Basin Finance Journal, 26, 227-243.
  • Wolfers, J. ve Zitzewitz, E. 2009, Using Markets to Inform Policy: The Case of The Iraq War, Economica, 76, 225-250.
  • Yadav, M.N. 2012, Effect of Political Uncertainty and Corporate İnvestment Cycles İn Nepal, Elixir Financial management 46, 8436-8444.
  • Yartey, C. A. 2010, “The Institutional And Macroeconomic Determinants of Stock Market Development In Emerging Economies‛, Applied Financial Economics, 20, 1615–1625.
Toplam 93 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Hasan Ayaydın

Yayımlanma Tarihi 14 Ocak 2016
Yayımlandığı Sayı Yıl 2015 Cilt: 4 Sayı: 8

Kaynak Göster

APA Ayaydın, H. (2016). POLİTİK FAKTÖRLER İLE FİNANSMAN ARASINDAKİ İLİŞKİ ÜZERİNE: TEORİ VE LİTERATÜR. Global Journal of Economics and Business Studies, 4(8), 57-73.