Understanding company exports through microeconomic evidence: experience of the most exporting companies from Türkiye

Purpose The objective of this study is to identify the expenses that influence exports based on the financial statements of Türkiye's largest exporters. Design/methodology/approach Using panel regression and causality analyses, the study examines variables such as export volumes, marketing expenses, general administrative expenses and research and development (R&D) expenses derived from the financial statements of eight leading exporting companies in Türkiye for the period 2009–2023. Findings The research findings reveal that marketing and R&D expenses significantly impact the volume of exports. Practical implications The study concludes that exporting companies operating in Türkiye must increase their marketing expenditures and avoid cutting. Originality/value This study is original in three respects. First, it exploits a rare, micro-level panel built from publicly disclosed financial statements of Türkiye's top exporting firms (2009–2023), linking disaggregated expenditures – marketing, R&D and general administration – directly to firms' export volumes. Second, it applies an AMG estimator that explicitly accommodates cross-sectional dependence and slope heterogeneity, and corroborates directionality using Dumitrescu–Hurlin panel causality, a combination scarcely used for this population. Third, it integrates RBV, dynamic capabilities and technology-push/demand-pull perspectives within one empirical framework.