Türkiye’de Finansal Gelişmenin İnovasyon Faaliyetine Etkisinin İncelenmesi: ARDL Yaklaşımından Kanıtlar

Year 2024, Issue: 37, 353 - 369, 15.10.2024

Onur Şeyranlıoğlu , Arif Çilek

https://doi.org/10.54600/igdirsosbilder.1496646

Abstract

Bu araştırmanın amacı, Türkiye’de 1984-2021 dönemi yıllık veriler ile finansal gelişmenin inovasyon faaliyetine etkisinin incelenmesidir. Bu amaçla araştırmada, ilgili literatür takip edilerek inovasyon faaliyetini temsilen toplam patent sayısı, bankalar tarafından özel sektöre verilen yurt içi kredi hacmi (GSYH'nin %'si) ise finansal gelişmeyi temsilen kullanılmıştır. İnovasyon faaliyetini etkilediği düşünülen eğitim harcamaları, dış ticaret hacmi ve doğrudan yabancı sermaye yatırımları da kontrol değişkenler olarak kullanılmıştır. Araştırmada değişkenlerin durağanlık dereceleri Augmented Dickey ve Fuller (1979, 1981) ile Lee ve Strazicich (2003) birim kök testleri ile belirlenmiştir. Araştırmanın regresyon modelinin uzun ve kısa dönemli ilişkileri ARDL sınır test yaklaşımıyla ele alınmıştır. Araştırmada kurulan modelde uzun dönemli bir ilişki tespit edilmiştir. Bulgulara göre finansal gelişmedeki %1’lik bir artış, inovasyon faaliyetini yaklaşık %0.75 artırmaktadır. Uzun dönemde finansal gelişmede yaşanan iyileşmeler inovasyon faaliyetine pozitif; kısa dönemde ise negatif yansımaktadır. Ayrıca, uzun dönemde eğitim harcamaları ve dış ticaret hacmindeki artışlar, inovasyon faaliyetini pozitif etkilerken; doğrudan yabancı sermaye yatırımlarının etkisi ise istatistiksel açıdan anlamsızdır.

Keywords

Finansal Gelişme, İnovasyon Faaliyeti, ARDL Sınır Eşbütünleşme Testi

Analysing the Impact of Financial Development on Innovation Activity in Türkiye: Evidence from ARDL Approach

Abstract

The aim of this study is to analyse the effect of financial development on innovation activity with annual data for the period 1984-2021 in Türkiye. For this purpose, the total number of patents representing the innovation activity and the volume of domestic credit extended by banks to the private sector (% of GDP) representing financial development are used in the study by following the relevant literature. Education expenditures, foreign trade volume and foreign direct capital investments, which are thought to affect innovation activity, are also used as control variables. The stationarity of the variables in the study was determined by Augmented Dickey and Fuller (1979, 1981) and Lee and Strazicich (2003) unit root tests. The long-run and short-run relationships of the regression model of the research are handled by ARDL bounds testing approach. A long-run relationship was found in the model established in the research. The findings show that a 1% increase in financial development increases innovation activity by approximately 0.75%. In the long-run, improvements in financial development are positively reflected on innovation activity, while in the short-run they are negatively reflected. Additionally, in the long run, increases in education expenditures and trade volume positively impact innovation activities, while the effect of foreign direct investment is statistically insignificant.

Keywords

Financial Development, Innovation Activity, ARDL Bound Cointegration Test

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