The Impact of Selected Macroeconomic Variables on The Balance Sheets of Manufacturing Sector in Turkey
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This study aims to analyse the impact of selected macroeconomic variables on the balance sheets of the firms in the manufacturing sector in Turkey. Within the framework of this study, the impact of macroeconomic variables such as labor force participation rate, real exchange rate and discount rate on Z score value calculated according to the ratios obtained from the Central Bank of the Republic of Turkey’s manufacturing sector balance sheets has been examined for the period of 1996-2015. Z score value has been calculated based on the variables obtained from the manufacturing sector balance sheets prepared by the Central Bank of the Republic of Turkey including working capital to total assets, retained profits to total assets, profit before interest and taxes to total assets, debt-equity ratio. Macroeconomic variables have been obtained from the Electronic Data Delivery System (EVDS) of the Central Bank of the Republic of Turkey.
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