The Effect of Alternative Finance Model Risk Capital on Innovation: Panel Regression Analysis

Year 2021, Volume: 2 Issue: 2, 77 - 86, 30.12.2021

Gökçe Tekin Turhan

Abstract

Innovative activities are the most important driving force for companies that aim to increase their market share in a competitive environment. As innovation has become more valuable, the need to provide financing for this area has arisen, and this situation has brought the concept of risk capital to the agenda. Thanks to risk capital, resources are transferred to high-risk initiatives planned to be carried out by businesses. In addition, the capitalist tries to make a profit by contributing to the financing of young companies with the aim of growth and new ventures to be realized. Venture capital provides financial support to people who have the idea of starting a good business, who have sufficient entrepreneurial skills and who do not have the necessary capital, in order to realize their thoughts. Newly established entrepreneurial enterprises are demanding resources for venture capital, and their financing needs become more evident as they are still established, small in scale, and face difficulties arising from uncertainties. Since venture capital provides managerial and technical support to companies that will venture, it is thought that it will contribute to solving financial and managerial problems of businesses, especially in developing countries. Thus, venture capital supports entrepreneurial activities carried out by businesses and is a driving force for innovative actions. The purpose of this research is to explain the effect of venture capital on innovation for the developing country group BRICS-T, covering the period 2010-2020, by means of panel regression. As a result of the analysis, it was determined that venture capital increased innovation by 30.2%.

Keywords

Venture Capital, Innovation, Panel Data Analysis

Alternatif Finansman Modeli Risk Sermayesinin İnovasyona Etkisi: Panel Regresyon Analizi

Abstract

Rekabet ortamında pazar paylarını artırma hedefi olan şirketler için en önemli itici güç inovatif faaliyetler olmaktadır. İnovasyonun değerli bir hale gelmesiyle, bu alana yönelik finansman sağlama ihtiyacı doğmuş, bu durum beraberinde risk sermayesi kavramını gündeme gelmiştir. İşletmeler tarafından gerçekleştirilmesi planlanan yüksek risk içeren girişimlere risk sermayesi sayesinde kaynak aktarımında bulunulmaktadır. Bununla birlikte sermayedar, büyüme amacı taşıyan genç şirketler ve gerçekleştirilecek olan yeni girişimlerin finansmanına katkıda bulunarak kazanç elde etmeye çalışır. Risk sermayesi, iyi bir iş kurma düşüncesine, yeterli girişimcilik becerileri bulunan bunun yanında gerektiği kadar sermayeye sahip olmayan kişilere düşüncelerini gerçekleştirebilmeleri amacıyla finansman desteği sağlamaktadır. Yeni kurulmuş girişimci işletmeler, risk sermayesine yönelik kaynak talebinde bulunmakta ve henüz kurulmuş olmaları, küçük ölçekli olmaları, belirsizliklerden kaynaklı zorluklarla karşı karşıya kalmaları nedeniyle, finansman ihtiyaçları belirgin hale gelmektedir. Risk sermayesinin girişimde bulunacak şirketlere yönetsel ve teknik açılardan da destekte bulunması nedeniyle, özellikle gelişmekte olan ülkelerdeki işletmelerin finansman ve yönetimsel problemlerin çözüme kavuşturulmasına katkıda bulunacağı düşünülmektedir. Böylece, risk sermayesi işletmeler tarafından gerçekleştirilen girişim faaliyetlerini desteklemekte ve inovatif eylemlere itici güç olmaktadır. Bu araştırmanın amacı, gelişmekte olan ülke grubu BRICS-T için 2010-2020 dönemini kapsayan risk sermayesinin inovasyona etkisini panel regresyon aracılığıyla açıklamaktır. Yapılan analiz sonucunda, risk sermayesinin inovasyonu %30.2 oranında yükselttiği belirlenmiştir.

Keywords

Risk Sermayesi, İnovasyon, Panel Veri Analizi

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