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This study analyses the argument that whether Turkish non-financial firms utilize any informal source of alternative funding during economic uncertainties over the last decade. This study is the first to explore the issue and provide some insights regarding how small and medium-sized enterprises do react to the financial constraint problem in such an economic environment. Both trend analysis and empirical panel model estimations provide supporting evidence that Turkish non-financial firms have some reserves (e.g., owners', relatives' and/or friends’ personal wealth) that are utilized during the times of persistent stress and tightening of macroprudential policies. Most strikingly, this is the case for only small and medium-sized enterprises but not for large firms.

本研究分析了土耳其非金融公司在过去十年经济不确定期间是否利用任何非正式替代资金来源的论点。本研究首次探讨了这个问题，并就中小企业如何在这样的经济环境下应对财务约束问题提供了一些见解。趋势分析和实证面板模型估计都提供了支持证据，表明土耳其非金融公司有一些储备（例如所有者、亲戚和/或朋友的个人财富），可在持续压力和宏观审慎政策收紧期间使用. 最引人注目的是，这仅适用于中小型企业，而不适用于大型企业。