The main purpose of this article is to examine the effect of exchange rate volatility on the corporate capital structure for firms in the Turkish manufacturing sector during the period of 1990–2017. This period is considered the post-financial liberalization period. This article uses a novel dynamic multiplier analysis which is based on the Panel Vector Autoregressive Model which takes into account endogeneity, firm dynamics, and omitted variable bias. The obtained findings show that real exchange rate volatility forces the firms to use their internal finance sources in the Turkish manufacturing sector even though the Turkish economy experienced a much earlier financial liberalization process than other emerging markets. In addition, the exporter, and those firms without special business group affiliates (non-TUSIAD member firms), have more exposure to real exchange volatility than their exporter and TUSIAD member peers.

本文的主要目的是研究 1990-2017 年期间汇率波动对土耳其制造业企业的公司资本结构的影响。这一时期被认为是后金融自由化时期。本文使用一种新颖的动态乘数分析，该分析基于面板向量自回归模型，该模型考虑了内生性、公司动态和遗漏变量偏差。获得的研究结果表明，尽管土耳其经济经历了比其他新兴市场更早的金融自由化进程，但实际汇率波动迫使公司将其内部融资来源用于土耳其制造业。此外，出口商和那些没有特殊业务集团附属公司的公司（非 TUSIAD 成员公司），