THE ASSOCIATION BETWEEN FINANCIAL STATEMENT BASED INDICATORS AND MARKETING EXPENDITURES

Yıl 2020, Sayı: 35, 154 - 184, 30.08.2020

Melik Ertuğrul , Cem Duran

Öz

The literature has not analysed factors influencing marketing expenditures by considering financial statement items in detail. We employ a sample of listed firms on Borsa Istanbul over 2013-2018 and analyse these factors by considering financial statement items, in addition to capital market data, and document the following outcomes. First, size, financial leverage, gross profit margin, net profit margin, tangible intensity and current ratio do not significantly affect marketing expenditures. R&D expenses are the only financial statement item significantly affecting marketing expenditures. Second, Tobin’s Q, which is calculated based on capital market data, does not have a statistically significant impact on marketing expenditures for the whole sample, as well as the sample comprising manufacturing firms, while a significantly positive association is reported for non-manufacturing firms. All these findings are confirmed by performing several robustness checks.

Anahtar Kelimeler

R&D, Marketing expenditures, Tobin’s Q, Ratio analysis

PAZARLAMA HARCAMALARI İLE TABLO BAZLI FİNANSAL GÖSTERGELER ARASINDAKİ İLİŞKİ

Öz

Pazarlama harcamalarını belirleyen unsurların literatürde genellikle finansal tablo kalemleri perspektifinden detaylı bir şekilde ele alınmadığı görülmektedir. Bu çalışmada, 2013-2018 yılları arasında Borsa İstanbul’a kote şirketlere ilişkin bir veri seti kullanılarak pazarlama harcamalarını belirleyen faktörler hem finansal tablolar temelli hem de piyasa verileri kullanılarak incelenmekte ve şu sonuçlara ulaşılmıştır. Şirket büyüklüğünün, finansal kaldıracın, brüt kâr marjının, net kâr marjının, maddi duran varlık yoğunluğunun ve cari oranın pazarlama harcamaları üzerinde istatistiki olarak anlamlı herhangi bir etkisi bulunmamaktadır. Pazarlama harcamaları üzerinde istatistiki olarak anlamlı olan finansal tablo bazlı tek unsur ARGE harcamalarıdır. Piyasa verileri temelli hesaplanan Tobin’in Q oranı ise bütün örneklem ve imalat sanayi örneklemi için pazarlama harcamaları üzerinde istatistiki olarak anlamlı bir etkiye sahip değilken imalat sanayi harici örneklem için istatistiki olarak anlamlı bir pozitif etkiye sahiptir. Yapılan çeşitli ek sağlamlık analizleriyle de bu sonuçlar teyit edilmektedir.

Anahtar Kelimeler

Pazarlama harcamaları, Tobin'in Q oranı, ARGE, Oran Analizi

Kaynakça

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