REFLECTION OF R&D SPENDING ON FINANCIAL PERFORMANCE: CASE OF AVIATION SECTOR

Year 2022, Volume: 23 Issue: 4, 443 - 463, 31.12.2022

Tolga Ergün

https://doi.org/10.53443/anadoluibfd.1143489

Cited By: 1

Abstract

The aim of this study is to investigate the affect of R&D spending in the Turkish aviation sector on the financial performance of the sector. Three research models were established in the study covering the 2008-2021 period and analyzing annual sector data. The models use dependent variables; return on assets (ROA), return on equity (ROE) and return on sales (ROS), and independent variable; R&D intensity and control variables; financial leverage ratio, liquidity ratio and sector size. 14-year data of the aviation industry were analyzed with multiple linear regression analysis. As a result of the analysis, the R&D spending in the aviation sector had a statistically significant and positive affect on the financial performance of the sector. On the other hand, financial leverage ratio which were the control variables in the model, had a negative affect on the ROS of the aviation sector, while the liquidity ratio and the size of the sector had a positive affect on the financial performance.

Keywords

Aviation Sector, Financial Performance, R&D Spending, Multi-Linear Regression Analysis

AR-GE HARCAMALARININ FİNANSAL PERFORMANSA YANSIMASI: HAVACILIK SEKTÖRÜ ÖRNEĞİ

Abstract

Bu çalışmanın amacı, Türkiye havacılık sektöründe yapılan Ar-Ge harcamalarının, sektörün finansal performansı üzerindeki etkisini araştırmaktır. 2008-2021 dönem aralığını kapsayan ve yıllık sektör verilerinin analiz edildiği çalışmada üç araştırma modeli kurulmuştur. Modellerde bağımlı değişkenler; aktiflerin kârlılığı, özsermaye kârlılığı ve satışların kârlılığı, bağımsız değişken; Ar-Ge yoğunluğu, kontrol değişkenleri ise finansal kaldıraç oranı, likidite oranı ve sektör büyüklüğü kullanılmıştır. Havacılık sektörüne ait 14 yıllık veriler, çoklu doğrusal regresyon analizi ile incelenmiştir. Analiz sonucunda, havacılık sektöründe yapılan Ar-Ge harcamalarının, sektörün finansal performansı üzerinde istatistiksel olarak anlamlı ve pozitif yönlü etkisi belirlenmiştir. Öte yandan, havacılık sektörünün finansal performansı üzerinde kontrol değişkeni olarak kullanılan likidite oranı ve sektör büyüklüğü pozitif yönlü etkiye sahipken, finansal kaldıraç oranı ise satışların kârlılığı üzerinde negatif yönlü etkiye sahiptir.

Keywords

Havacılık Sektörü, Finansal Performans, Ar-Ge Harcamaları, Çoklu Doğrusal Regresyon Analizi

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