This paper investigates investment behavior across public and privately held firms using a novel firm-level dataset. We use coarsened exact matching to construct a control group of firms with which we compare listed firms before and after listing in a difference-in-differences framework. The results reveal that stock market listing spurs growth significantly in terms of sales, employment and assets for manufacturing firms. Furthermore, they indicate that listed manufacturing firms invest more than their non-listed counterparts. In addition, their investment decisions are significantly more sensitive to changes in investment opportunities, and they respond more aggressively. These results constitute evidence rejecting the existence of short-termism for listed manufacturing firms in Turkey, and also highlight the importance of financial development in increasing employment, firm growth and allocating capital efficiently.

本文使用新颖的公司级数据集调查了公共和私营公司的投资行为。我们使用粗化的精确匹配来构建一个控制组公司，我们在差异差异框架中比较上市公司之前和之后的上市公司。结果表明，股票上市极大地刺激了制造企业在销售、就业和资产方面的增长。此外，它们表明上市制造企业的投资比非上市同行多。此外，他们的投资决策对投资机会的变化更加敏感，而且他们的反应也更加积极。这些结果构成了拒绝土耳其上市制造公司存在短期主义的证据，