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İÇ ve DIŞ FİNANSMAN KAYNAKLARININ AR-GE HARCAMALARINA ETKİSİ: BIST’E KOTE AR-GE YOĞUN ŞİRKETLER ÜZERİNE DİNAMİK PANEL VERİ ANALİZİ (2006-2015)

Year 2018, Issue: 3, 7 - 30, 28.06.2018

Abstract



Yeni
bilgiler üreterek verimliliğin artmasını sağlayan inovasyon, rekabetin her
geçen gün daha fazla yoğunlaştığı küresel ekonomide işletmeler için oldukça
stratejik bir faaliyet haline gelmiştir. İnovasyon performansının ölçülmesinde en
sık kullanılan göstergelerden biri olan araştırma-geliştirme (AR-GE) harcamaları,
ilgili yatırımların kendine has özellikleri nedeniyle farklı finansman
dinamiklerine sahip olabilmektedir. Bu noktada AR-GE harcamaları ve başlıca finansman
kaynakları arasındaki ilişki önemli hale gelmektedir. Çalışmada, Borsa
İstanbul’a (BIST) kote AR-GE yoğun şirketlerin 2006-2015 dönemi verileri
kullanılarak AR-GE harcamalarının bağımlı değişken olarak yer aldığı dinamik
panel veri analizi
yapılmıştır.
Arellano-Bond fark genelleştirilmiş momentler yöntemi (GMM) tahmincisinin
kullanıldığı analiz sonuçları; AR-GE harcamalarının bir dönem gecikmeli
değerinden, borçlanmadan kaynaklanan nakit akışlarından, şirket yaşından ve
satışlardan pozitif, iç kaynaklardan sağlanan nakit akışlarından ve şirket
büyüklüğünden negatif olarak etkilendiğini ortaya koymaktadır. Çalışmanın
sonuçları, AR-GE yatırımlarının ağırlıkla borç ile finanse edildiğini ve AR-GE
yoğun şirketlere sağlanacak düşük faiz oranlı ve esnek geri ödemeli AR-GE
kredilerinin ilgili harcamaları artırabileceğini göstermektedir.    




References

  • • Acemoğlu, D., Akcigit, U., Bloom, N. ve Kerr, W. R., (2013), Innovation, Reallocation and Growth (NBER Working Paper No. 18993), https://dash.harvard.edu/bitstream/handle/1/10646424/13-088.pdf?sequence=1 (7.2.2017).
  • • Aghion, P. ve Howitt, P., (1992), A Model of Growth Through Creative Destruction, Econometrica, 60 (2), 323-351.
  • • Anderson, T. W. ve Hsiao, C., (1982), Formulation and Estimation of Dynamic Models Using Panel Data, Journal of Econometrics, 18 (1), 47-82.
  • • Arellano, M. ve Bond, S., (1991), Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations, The Review of Economic Studies, 58 (2), 277-297.
  • • Arellano, M. ve Bover, O., (1995), Another Look at the Instrumental Variable Estimation of Error-components Models, Journal of Econometrics, 68 (1), 29-51.
  • • Asteriou, D. ve Hall, S.G., (2007), Applied Econometrics, Palgrave Macmillan, New York.
  • • Atkinson, R. ve Wial, H., (2008), Boosting Productivity, Innovation and Growth Through a National Innovation Foundation, http://www.brookings.edu/~/media/files/rc/reports/2008/04_federal_role_atkinson_wial/nif%20report.pdf (9.2.2017).
  • • Baltagi, B. H., (2005), Econometric Analysis of Panel Data, John Wiley&Sons, Wiltshire.
  • • Binder, M., Hsiao, C. ve Pesaran, M. H., (2005), Estimation and Inference in Short Panel Vector Autoregressions with Unit Roots and Cointegration, Econometric Theory, 21 (4), 795-837.
  • • Bloch, C., (2005), R&D Investment and Internal Finance: The Cash Flow Effect, Economics of Innovation and New Technology, 14 (3), 213-223.
  • • Blundell, R. ve Bond, S., (1998), Initial Conditions and Moment Restrictions in Dynamic Panel Data Model, Journal of Econometrics, 87 (1), 115-143.
  • • Bond, S., (2002), Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice (CEMMAP Working Paper 09/02), http://www.cemmap.ac.uk/wps/cwp0209.pdf (23.2.2017).
  • • Brown, J. R., Fazzari, S. M. ve Petersen, B. C., (2009), Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom, The Journal of Finance, 64 (1), 151-185.
  • • Brown, J. R., Martinsson, G. ve Petersen, B. C., (2012), Do Financing Constraints Matter for R&D?, European Economic Review, 56 (8), 1512-1529.
  • • Chiao, C., (2002), Relationship between Debt, R&D and Physical Investment, Evidence from US Firm-level Data, Applied Financial Economics, 12 (2002), 105-121.
  • • Cincera, M., (2003), Financing Constraints, Fixed Capital and R&D Investment Decisions of Belgian Firms, P. Butzen and C. Fuss (eds), Firms’ Investment and Finance Decisions: Theory and Empirical Methodology, Edward Elgar, Cheltenham, 129-147.
  • • Coad, A. ve Rao, R., (2007), Firm Growth and R&D Expenditure (Papers on Economics and Evolution No. 0710), https://www.econstor.eu/handle/10419/31852 (11.2.2017).
  • • Coldbeck, B., (2012), The Impact of Capital Market Imperfections on Capital and R&D Investment and Financial Decisions (Yayımlanmamış Doktora Tezi), Business School, The University of Hull, https://hydra.hull.ac.uk/resources/hull:6293 (17.2.2017).
  • • Elliott, W., (1971), Funds Flow vs. Expectational Theories of Research and Development Expenditures in the Firm, Southern Economic Journal, 37 (4), 409-422.
  • • Fazzari, S. M., Hubbard R. G. ve Petersen B. C., (1988), Financing Constraints and Corporate Investment, Brookings Paper on Economic Activity, 19 (1), 141-195.
  • • Galende, J. ve De La Fuente, J. M., Internal Factors Determining a Firms’s Innovative Behaviour, Research Policy, 32 (2003), 715-736.
  • • Goh, A. L. S., (2005), Towards an Innovation-driven Economy Through Industrial Policy-making: An Evolutionary Analysis of Singapore, The Innovation Journal, 10 (3), 1-33.
  • • Greene, W. H., (2003), Econometric Analysis, Pearson Education, New Jersey.
  • • Grossman, G. M. ve Helpman, E., (1991), Trade, Knowledge Spillovers, and Growth, European Economic Review, 35 (3), 517-526.
  • • Gujarati, D. N., (2003), Basic Econometrics, McGraw-Hill, New York.
  • • Hall, B. H. ve Lerner, J., (2010), The Financing of R&D and Innovation, B. H. Hall and N. Rosenberg (eds.), Handbook of the Economics of Innovation, Elsevier, Amsterdam, 609-639.
  • • Hall, B. H., (1992), Investment and Research and Development at the Firm Level: Does the Source of Financing Matter? (NBER Working Paper No. 4096), http://www.nber.org/papers/w4096 (13.2.2017).
  • • Hall, B. H., (2002), The Financing of Research and Development, Oxford Review of Economic Policy, 18 (1), 35-51.
  • • Hall, B. H., (2006), Research and Development (Contribution to the International Ency. of Social Sciences), https://eml.berkeley.edu/~bhhall/papers/BHH06_IESS_R&D.pdf (4.2.2017).
  • • Hall, B. H., Mairesse, J., Branstetter, L. ve Crepon B., (1999), Does Cash Flow Cause Investment and R&D: An Exploration Using Panel Data for French, Japanese and United States Firms in the Scientific Sector, D. Audretsch and A.R. Thurik (eds), Innovation, Industry Evolution and Employment, Cambridge University Press, Cambridge, 129-156.
  • • Hansen, L. P., (1982), Large Sample Properties of Generalized Method of Moments Estimators, Econometrica, 50 (4), 1029-1054.
  • • Herriott, S.R., Levinthal, D. A. ve March, J. G., (1985), Learning from Experience in Organizations, American Economic Review, 75, 298-302.
  • • Himmelberg, C. P. ve Petersen, B., (1994), R&D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries, The Review of Economics and Statistics, 76 (1), 38-51.
  • • Holtz-Eakin, D., Newey, W. ve Rosen, H. S., (1988), Estimating Vector Autoregressions with Panel Data, Econometrica, 56 (6), 1371-1395.
  • • Hsiao, C., (2007), Panel Data Analysis-Advantages and Challenges, TEST, 16 (1), 1-22.
  • • Kerr, W. R. ve Nanda, R., (2015), Financing Innovation, Annual Review of Financial Economics, 7 (1), 445-462.
  • • Levitt, B. ve March, J. G., (1988), Organizational Learning, Annual Review of Sociology, 14 (1988), 319-340.
  • • Lucas, R. E., (1988), On The Mechanics of Economic Development, Journal of Monetary Economics, 22 (1988), 3-42.
  • • National Science Board, (2012), Research&Development, Innovation, and the Science and Engineering Workforce: A Companion to Science and Engineering Indicators, National Science Foundation, Arlington.
  • • OECD, (2004), Innovation in the Knowledge Economy: Implications for Education and Learning, OECD Publications, Paris.
  • • OECD, (2005), Guidelines for Collecting and Interpreting Innovation Data, OECD Publishing, Paris.
  • • OECD, (2015), OECD Innovation Strategy 2015: An Agenda for Policy Action, https://www.oecd.org/innovation/OECD-Innovation-Strategy-2015-CMIN2015-7.pdf (21.2.2017).
  • • Porter, M. E., (1990), The Competitive Advantage of Nations, Harvard Business Review, 68 (2), 73-93.
  • • Porter, M. E., (2004), Building the Microeconomic Foundations of Prosperity: Findings from the Business Competitiveness Index, M. E. Porter, K. Schwab and X. Sala-i-Martin (eds), Global Competitiveness Report 2003-2004, Oxford University Press, 29-56.
  • • Romer, P. M., (1986), Increasing Returns and Long-Run Growth, The Journal of Political Economy, 94 (5), 1002-1037.
  • • Romer, P. M., (1990), Endogenous Technological Change, The Journal of Political Economy, 98 (5), 71-102.
  • • Roodman, D., (2006), How to Do xtabond2: An Introduction to Difference and System GMM in Stata, CGDEV Working Paper No. 103), https://www.cgdev.org/files/11619_file_HowtoDoxtabond6_12_1_06.pdf (18.2.2017).
  • • Sargan, J. D., (1958), The Estimation of Economic Relationships Using Instrumental Variables, Econometrica, 26 (3), 393-415.
  • • Schumpeter, J. A., (1934), The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest and the Business Cycle, Oxford University Press, Oxford.
  • • Schumpeter, J. A., (1942), Capitalism, Socialism and Democracy, Harper&Brothers, New York.
  • • Stock, J. H. ve Watson, M. W., (2011), Introduction to Econometrics, Pearson, Boston.
  • • Succurro, M. ve Costanzo, G. D., (2016), Finance and R&D Investment: A Panel Study of Italian Manufacturing Firms, International Journal of Economics and Finance, 8 (8), 95-110.
  • • Succurro, M., (2014), Intangible Assets Finance: A Complementary or Substitution Effect between External and Internal Channels? Evidence from the Italian Divide, International Journal of Economics and Finance, 6 (12), 1-14.
  • • Tilburg, R. V., (2009), Finance for Innovation: Policy Options for Improving the Financial Component of the Dutch Innovation System, http://sustainablefinancelab.nl/files/2015/09/Finance-for-Innovation.pdf (27.2.2017).
  • • Ughetto, E., (2008), Does Finance Matter for R&D Investment?: New Evidence from a Panel of Italian Firms, Cambridge Journal of Economics, 32 (6), 907-925.
  • • Wang, P., (2009), Financial Econometrics, Routledge, New York.
  • • www.bls.gov
  • • www.borsaistanbul.com
  • • www.globalinnovationindex.org
  • • www.kap.org.tr
  • • www.tuik.gov.tr
  • • www.worldbank.org
Year 2018, Issue: 3, 7 - 30, 28.06.2018

Abstract

References

  • • Acemoğlu, D., Akcigit, U., Bloom, N. ve Kerr, W. R., (2013), Innovation, Reallocation and Growth (NBER Working Paper No. 18993), https://dash.harvard.edu/bitstream/handle/1/10646424/13-088.pdf?sequence=1 (7.2.2017).
  • • Aghion, P. ve Howitt, P., (1992), A Model of Growth Through Creative Destruction, Econometrica, 60 (2), 323-351.
  • • Anderson, T. W. ve Hsiao, C., (1982), Formulation and Estimation of Dynamic Models Using Panel Data, Journal of Econometrics, 18 (1), 47-82.
  • • Arellano, M. ve Bond, S., (1991), Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations, The Review of Economic Studies, 58 (2), 277-297.
  • • Arellano, M. ve Bover, O., (1995), Another Look at the Instrumental Variable Estimation of Error-components Models, Journal of Econometrics, 68 (1), 29-51.
  • • Asteriou, D. ve Hall, S.G., (2007), Applied Econometrics, Palgrave Macmillan, New York.
  • • Atkinson, R. ve Wial, H., (2008), Boosting Productivity, Innovation and Growth Through a National Innovation Foundation, http://www.brookings.edu/~/media/files/rc/reports/2008/04_federal_role_atkinson_wial/nif%20report.pdf (9.2.2017).
  • • Baltagi, B. H., (2005), Econometric Analysis of Panel Data, John Wiley&Sons, Wiltshire.
  • • Binder, M., Hsiao, C. ve Pesaran, M. H., (2005), Estimation and Inference in Short Panel Vector Autoregressions with Unit Roots and Cointegration, Econometric Theory, 21 (4), 795-837.
  • • Bloch, C., (2005), R&D Investment and Internal Finance: The Cash Flow Effect, Economics of Innovation and New Technology, 14 (3), 213-223.
  • • Blundell, R. ve Bond, S., (1998), Initial Conditions and Moment Restrictions in Dynamic Panel Data Model, Journal of Econometrics, 87 (1), 115-143.
  • • Bond, S., (2002), Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice (CEMMAP Working Paper 09/02), http://www.cemmap.ac.uk/wps/cwp0209.pdf (23.2.2017).
  • • Brown, J. R., Fazzari, S. M. ve Petersen, B. C., (2009), Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom, The Journal of Finance, 64 (1), 151-185.
  • • Brown, J. R., Martinsson, G. ve Petersen, B. C., (2012), Do Financing Constraints Matter for R&D?, European Economic Review, 56 (8), 1512-1529.
  • • Chiao, C., (2002), Relationship between Debt, R&D and Physical Investment, Evidence from US Firm-level Data, Applied Financial Economics, 12 (2002), 105-121.
  • • Cincera, M., (2003), Financing Constraints, Fixed Capital and R&D Investment Decisions of Belgian Firms, P. Butzen and C. Fuss (eds), Firms’ Investment and Finance Decisions: Theory and Empirical Methodology, Edward Elgar, Cheltenham, 129-147.
  • • Coad, A. ve Rao, R., (2007), Firm Growth and R&D Expenditure (Papers on Economics and Evolution No. 0710), https://www.econstor.eu/handle/10419/31852 (11.2.2017).
  • • Coldbeck, B., (2012), The Impact of Capital Market Imperfections on Capital and R&D Investment and Financial Decisions (Yayımlanmamış Doktora Tezi), Business School, The University of Hull, https://hydra.hull.ac.uk/resources/hull:6293 (17.2.2017).
  • • Elliott, W., (1971), Funds Flow vs. Expectational Theories of Research and Development Expenditures in the Firm, Southern Economic Journal, 37 (4), 409-422.
  • • Fazzari, S. M., Hubbard R. G. ve Petersen B. C., (1988), Financing Constraints and Corporate Investment, Brookings Paper on Economic Activity, 19 (1), 141-195.
  • • Galende, J. ve De La Fuente, J. M., Internal Factors Determining a Firms’s Innovative Behaviour, Research Policy, 32 (2003), 715-736.
  • • Goh, A. L. S., (2005), Towards an Innovation-driven Economy Through Industrial Policy-making: An Evolutionary Analysis of Singapore, The Innovation Journal, 10 (3), 1-33.
  • • Greene, W. H., (2003), Econometric Analysis, Pearson Education, New Jersey.
  • • Grossman, G. M. ve Helpman, E., (1991), Trade, Knowledge Spillovers, and Growth, European Economic Review, 35 (3), 517-526.
  • • Gujarati, D. N., (2003), Basic Econometrics, McGraw-Hill, New York.
  • • Hall, B. H. ve Lerner, J., (2010), The Financing of R&D and Innovation, B. H. Hall and N. Rosenberg (eds.), Handbook of the Economics of Innovation, Elsevier, Amsterdam, 609-639.
  • • Hall, B. H., (1992), Investment and Research and Development at the Firm Level: Does the Source of Financing Matter? (NBER Working Paper No. 4096), http://www.nber.org/papers/w4096 (13.2.2017).
  • • Hall, B. H., (2002), The Financing of Research and Development, Oxford Review of Economic Policy, 18 (1), 35-51.
  • • Hall, B. H., (2006), Research and Development (Contribution to the International Ency. of Social Sciences), https://eml.berkeley.edu/~bhhall/papers/BHH06_IESS_R&D.pdf (4.2.2017).
  • • Hall, B. H., Mairesse, J., Branstetter, L. ve Crepon B., (1999), Does Cash Flow Cause Investment and R&D: An Exploration Using Panel Data for French, Japanese and United States Firms in the Scientific Sector, D. Audretsch and A.R. Thurik (eds), Innovation, Industry Evolution and Employment, Cambridge University Press, Cambridge, 129-156.
  • • Hansen, L. P., (1982), Large Sample Properties of Generalized Method of Moments Estimators, Econometrica, 50 (4), 1029-1054.
  • • Herriott, S.R., Levinthal, D. A. ve March, J. G., (1985), Learning from Experience in Organizations, American Economic Review, 75, 298-302.
  • • Himmelberg, C. P. ve Petersen, B., (1994), R&D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries, The Review of Economics and Statistics, 76 (1), 38-51.
  • • Holtz-Eakin, D., Newey, W. ve Rosen, H. S., (1988), Estimating Vector Autoregressions with Panel Data, Econometrica, 56 (6), 1371-1395.
  • • Hsiao, C., (2007), Panel Data Analysis-Advantages and Challenges, TEST, 16 (1), 1-22.
  • • Kerr, W. R. ve Nanda, R., (2015), Financing Innovation, Annual Review of Financial Economics, 7 (1), 445-462.
  • • Levitt, B. ve March, J. G., (1988), Organizational Learning, Annual Review of Sociology, 14 (1988), 319-340.
  • • Lucas, R. E., (1988), On The Mechanics of Economic Development, Journal of Monetary Economics, 22 (1988), 3-42.
  • • National Science Board, (2012), Research&Development, Innovation, and the Science and Engineering Workforce: A Companion to Science and Engineering Indicators, National Science Foundation, Arlington.
  • • OECD, (2004), Innovation in the Knowledge Economy: Implications for Education and Learning, OECD Publications, Paris.
  • • OECD, (2005), Guidelines for Collecting and Interpreting Innovation Data, OECD Publishing, Paris.
  • • OECD, (2015), OECD Innovation Strategy 2015: An Agenda for Policy Action, https://www.oecd.org/innovation/OECD-Innovation-Strategy-2015-CMIN2015-7.pdf (21.2.2017).
  • • Porter, M. E., (1990), The Competitive Advantage of Nations, Harvard Business Review, 68 (2), 73-93.
  • • Porter, M. E., (2004), Building the Microeconomic Foundations of Prosperity: Findings from the Business Competitiveness Index, M. E. Porter, K. Schwab and X. Sala-i-Martin (eds), Global Competitiveness Report 2003-2004, Oxford University Press, 29-56.
  • • Romer, P. M., (1986), Increasing Returns and Long-Run Growth, The Journal of Political Economy, 94 (5), 1002-1037.
  • • Romer, P. M., (1990), Endogenous Technological Change, The Journal of Political Economy, 98 (5), 71-102.
  • • Roodman, D., (2006), How to Do xtabond2: An Introduction to Difference and System GMM in Stata, CGDEV Working Paper No. 103), https://www.cgdev.org/files/11619_file_HowtoDoxtabond6_12_1_06.pdf (18.2.2017).
  • • Sargan, J. D., (1958), The Estimation of Economic Relationships Using Instrumental Variables, Econometrica, 26 (3), 393-415.
  • • Schumpeter, J. A., (1934), The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest and the Business Cycle, Oxford University Press, Oxford.
  • • Schumpeter, J. A., (1942), Capitalism, Socialism and Democracy, Harper&Brothers, New York.
  • • Stock, J. H. ve Watson, M. W., (2011), Introduction to Econometrics, Pearson, Boston.
  • • Succurro, M. ve Costanzo, G. D., (2016), Finance and R&D Investment: A Panel Study of Italian Manufacturing Firms, International Journal of Economics and Finance, 8 (8), 95-110.
  • • Succurro, M., (2014), Intangible Assets Finance: A Complementary or Substitution Effect between External and Internal Channels? Evidence from the Italian Divide, International Journal of Economics and Finance, 6 (12), 1-14.
  • • Tilburg, R. V., (2009), Finance for Innovation: Policy Options for Improving the Financial Component of the Dutch Innovation System, http://sustainablefinancelab.nl/files/2015/09/Finance-for-Innovation.pdf (27.2.2017).
  • • Ughetto, E., (2008), Does Finance Matter for R&D Investment?: New Evidence from a Panel of Italian Firms, Cambridge Journal of Economics, 32 (6), 907-925.
  • • Wang, P., (2009), Financial Econometrics, Routledge, New York.
  • • www.bls.gov
  • • www.borsaistanbul.com
  • • www.globalinnovationindex.org
  • • www.kap.org.tr
  • • www.tuik.gov.tr
  • • www.worldbank.org
There are 62 citations in total.

Details

Journal Section Articles
Authors

N.savaş Demirci

Publication Date June 28, 2018
Submission Date March 9, 2017
Published in Issue Year 2018 Issue: 3

Cite

APA Demirci, N. (2018). İÇ ve DIŞ FİNANSMAN KAYNAKLARININ AR-GE HARCAMALARINA ETKİSİ: BIST’E KOTE AR-GE YOĞUN ŞİRKETLER ÜZERİNE DİNAMİK PANEL VERİ ANALİZİ (2006-2015). Verimlilik Dergisi(3), 7-30.

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