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Year 2020, Volume: 4 Issue: Özel Sayı 1, 162 - 181, 13.11.2020

Abstract

References

  • Altan, H.C. (2019). Teknolojiye Dayalı Firmaların Desteklenmesinde Risk Sermayesinin Rolü ve Bir Uygulama, Yayınlanmamış Yüksek Lisans Tezi, Trakya Üniversitesi Sosyal Bilimler Enstitüsü, Edirne.
  • Benjamin, G. A. & Margulis, J. B. (2000). Angel Financing: How to Find and Invest in Private Equity, New York: John Wiley & Sons Inc.
  • Beşkardeşler, H. (2010). Türkiye ve Dünyada Risk Sermayesi, Yayınlanmamış Yüksek Lisans Tezi, Kadir Has Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.
  • Bottazzi, L. (2009). The Role Of Venture Capital in Alleviating Financial Constraints Of Innovative Firms, EIB Papers, 14(2), 30-52.
  • Bouw, B. (2016). Which Type Of Financing Is Right For You? The Pros And Cons Of Venture Capital, Techvibes, https://techvibes.com/2016/09/16/pros-and-cons-of-venture-capital, (Erişim Tarihi: 09.05. 2020).
  • Braunerhjelm, P. (2010). Entrepreneurship, Innovation And Economic Growth: Past Experiences, Curent Knowledge And Policy Implications, Swedish Entrepreneurship Forum, Working Paper No: 2010-02, 1-80.
  • Carter, S. & Jones-Evans, D. (2006). Enterprise and Small Business: Principles, Practice and Policy, Essex: Pearson Education Pbc.
  • Chemmanur, T. J. & Chen, Z. (2014). Venture Capitalists Versus Angels: The Dynamics Of Private Firm Financing Contracts. The Review of Corporate Finance Studies, 3(1-2), 39-86.
  • Christofidis, C. & Debande, O. (2001). Financing Innovative Firms Through Venture Capital, EIB Sector Papers, European Investment Bank, https://www.eib.org/attachments/pj/vencap.pdf (Erişim Tarihi: 12.04.2020), 1-81.
  • Gompers P. (1996). Grandstanding in the Venture Capital Industry, Journal of Financial Economics, 43(1), 133-156.
  • Gompers, P. & Lerner, J. (1999). The Venture Capital Cycle, Cambridge: The MIT Press.
  • Hellmann, T. & Puri, M. (2000), The Interaction Between Product Market And Financing Strategy: The Role Of Venture Capital, The Review of Financial Studies, 13(4), 959-984.
  • Hellmann, T., Lindsey, L. & Puri, M. (2004). Building Relationships Early: Banks In Venture Capital, National Bureau of Economic Research, NBER Working Paper No: 10535, 1-34.
  • İştar, E. (2013). Alternatif Bir Finansman Modeli Olarak Risk Sermayesi. Elektronik Sosyal Bilimler Dergisi, 12(45), 183-198.
  • Keilbach, M. & Engel, D. (2010). Firm Level Implications of Early stage Venture Capital Investment-An Aprical Investigation, Centre For European Economic Research Discussion Paper No: 02-82, 1-25.
  • Kerr, W.R., Lerner, J. ve Schoar, A. (2010). The Consequences Of Entrepreneurial Finance: A Regression Discontinuity Analysis, National Bureau of Economic Research, NBER Working Paper No: 15831, 1-36.
  • Lauterbach, R., Welpe, I. & Fertig, J. (2007). Performance Differentiation: Cutting Losses and Maximizing Profits of Private Equity and Venture Capital Investments, Financial Markets and Portfolio Management, 21(1), 45-67.
  • Leydesdorff, L. & Etzkowitz, H. (2001). The Transformation of University-Industry-Government Relations, Electronic Journal of Sociology, 5(4), 1-17.
  • Metrick, A. &Yasuda, A. (2011). Venture Capital, 2nd ed. New York: Wiley.
  • Mitter, C. & Kraus, S. (2011). Entrepreneurial Finance–Issues And Evidence, Revisited, International Journal of Entrepreneurship and Innovation Management, 14(2-3), 132-150.
  • Myers, S. C. & Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have, Journal of Financial Economics, 13(1), 187-221.
  • OECD, (2011). Financing High-Growth Firms: The Role of Angel Investors, OECD Publishing.
  • Pelly, R. & Krämer-Eis, H. (2011). Creating a Better Business Environment for Financing Business, Innovation and Green Growth, OECD Journal, 11(1), Financial Market Trends, 129-140.
  • Sezgin, F. H. (2017). AR-GE Harcamalarının Büyüme ile İlişkisinin Analizi: Gelişmiş ve Gelişmekte Ülkeler Karşılaştırması, 3rd SCF International Conference on “Economic and Social Impacts of Globalization” Bildiriler Kitabı, 60-72, Antalya.
  • Sezgin, F. H. ve Yazıcı, B. E. (2016). Analysis Of The Relationship Between R&D Expenditure And Economic Growth: A Case of BRIMC Countries, 4(1), 1-16.
  • Smith, R. L., Pedace, R. & Sathe, V. (2010). Venture Capital Fund Performance: The Effects of Exits, Abandonment, Persistence, Experience, and Reputation https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1432858 (Erişim Tarihi:11.04.2020).
  • Teece, D. J. (2000). Managing Intellectual Capital: Organizational, Strategic, And Policy Dimensions. Oxford: OUP Oxford Pbc.
  • Trott, P. (2008). Innovation Management And New Product Development, New York: Prentice Hall.
  • Wang, T. & Zatzick, C. D. (2019). Human Capital Acquisition And Organizational Innovation: A Temporal Perspective, Academy of Management Journal, 62(1), 99-116.
  • Weerawardena, J. (2003). The Role Of Marketing Capability In Innovation-Based Competitive Strategy, Journal of Strategic Marketing, 11(1), 15-35.
  • Westland, J. C. (2008). Global Innovation Management: A Strategic Approach, Plagrave: Macmillan Press.
  • Winton, A. & Yerramilli, V. (2008). Entrepreneurial Finance: Banks Versus Venture Capital, Journal of Financial Economics, 88(1), 51-79.
  • World Economic Forum (2019). Globalization of Alternative Investments. Working Papers, Vol. 3 “The Global Economic Impact of Private Equity” Report 2019, Governments As Venture Capitalists: Striking The Right Balance. http://www.weforum.org/en/media/publications/PrivateEquityReports/index.htm. (Erişim Tarihi: 11.05.2020).
  • Yılmaz, H. (2015). Stratejik İnovasyon Yönetimi, İstanbul: Beta Basım Yayın.
  • Zinecker, M. (2011). Private Equity And Venture Capital : Investment Fund Structures In The Czech Republic, Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis No: 7/2011, 541-552.

DIŞ KAYNAKLI FİNANSAL DESTEK DÜZEYİNİN AR-GE HARCAMALARI, İNOVASYON VE REKABET ENDEKSİ AÇISINDAN DEĞERLENDİRİLMESİ: RİSK SERMAYESİ

Year 2020, Volume: 4 Issue: Özel Sayı 1, 162 - 181, 13.11.2020

Abstract

Girişimcilerin Ar-Ge faaliyetleri yürüterek hedeflerini inovasyona dönüştürebilmeleri için finansman ihtiyaçları bulunmaktadır. Fakat, inovasyona uygun fikirler ve finansal kaynaklar çoğunlukla aynı kişilerde bulunmamaktadır. Bundan dolayı, gelecek vaat etmekte olan girişimcileri belirleyecek, söz konusu girişimcilere kaynak sağlayacak ve sonrasında girişimcilerin yaptıkları faaliyetleri takip ederek Ar-Ge ve inovasyon finansmanı bulacak bir finans sistemi ihtiyacı oluşmaktadır. Risk sermayesi gelişim potansiyeli bulunan riskli yatırımlar için hisse sahipliği karşılığında finansman fırsatı sağlar. Risk sermayesi sisteminin iyi bir şekilde yönetilmesi durumunda bu ülkelerin teknoloji kapasitesinin ve uluslararası piyasadaki rekabet avantajının artış göstereceği görülmektedir. Teknolojik anlamda kendine yenilik katan, yeni ürünler ve yöntemlerin gelişmesine zemin hazırlayan ülkeler diğer ülkelere nazaran çok daha fazla büyüme göstermektedir. Bundan dolayı, girişimcilik ihtiyacı bulunan bu tarz bir yapı içerisinde girişimciler için finansman en gerekli unsurlardan biri olarak değerlendirilmektedir. Bu analizin amacı, 2019 verileri kullanılarak risk sermayesi düzeylerine göre sınıflandırılmış 140 ülkeyi ar-ge harcamaları, inovatif şirketlerin büyüme düzeyi, inovasyon kapasitesi ve küresel rekabet endeksi açısından değerlendirmek ve dış finansman sağlamanın etkilerini ortaya koymaktır. Kruskal-Wallis grup farklılığı analizi sonucunda, incelenen unsurlarda risk sermaye düzeyi açısından anlamlı farklılık gözlemlenmiştir. Risk sermaye düzeyi orta ve yüksek olan ülkelerin ele alınan değişkenler için daha olumlu sonuçlara sahip olduğu belirlenmiştir.

References

  • Altan, H.C. (2019). Teknolojiye Dayalı Firmaların Desteklenmesinde Risk Sermayesinin Rolü ve Bir Uygulama, Yayınlanmamış Yüksek Lisans Tezi, Trakya Üniversitesi Sosyal Bilimler Enstitüsü, Edirne.
  • Benjamin, G. A. & Margulis, J. B. (2000). Angel Financing: How to Find and Invest in Private Equity, New York: John Wiley & Sons Inc.
  • Beşkardeşler, H. (2010). Türkiye ve Dünyada Risk Sermayesi, Yayınlanmamış Yüksek Lisans Tezi, Kadir Has Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.
  • Bottazzi, L. (2009). The Role Of Venture Capital in Alleviating Financial Constraints Of Innovative Firms, EIB Papers, 14(2), 30-52.
  • Bouw, B. (2016). Which Type Of Financing Is Right For You? The Pros And Cons Of Venture Capital, Techvibes, https://techvibes.com/2016/09/16/pros-and-cons-of-venture-capital, (Erişim Tarihi: 09.05. 2020).
  • Braunerhjelm, P. (2010). Entrepreneurship, Innovation And Economic Growth: Past Experiences, Curent Knowledge And Policy Implications, Swedish Entrepreneurship Forum, Working Paper No: 2010-02, 1-80.
  • Carter, S. & Jones-Evans, D. (2006). Enterprise and Small Business: Principles, Practice and Policy, Essex: Pearson Education Pbc.
  • Chemmanur, T. J. & Chen, Z. (2014). Venture Capitalists Versus Angels: The Dynamics Of Private Firm Financing Contracts. The Review of Corporate Finance Studies, 3(1-2), 39-86.
  • Christofidis, C. & Debande, O. (2001). Financing Innovative Firms Through Venture Capital, EIB Sector Papers, European Investment Bank, https://www.eib.org/attachments/pj/vencap.pdf (Erişim Tarihi: 12.04.2020), 1-81.
  • Gompers P. (1996). Grandstanding in the Venture Capital Industry, Journal of Financial Economics, 43(1), 133-156.
  • Gompers, P. & Lerner, J. (1999). The Venture Capital Cycle, Cambridge: The MIT Press.
  • Hellmann, T. & Puri, M. (2000), The Interaction Between Product Market And Financing Strategy: The Role Of Venture Capital, The Review of Financial Studies, 13(4), 959-984.
  • Hellmann, T., Lindsey, L. & Puri, M. (2004). Building Relationships Early: Banks In Venture Capital, National Bureau of Economic Research, NBER Working Paper No: 10535, 1-34.
  • İştar, E. (2013). Alternatif Bir Finansman Modeli Olarak Risk Sermayesi. Elektronik Sosyal Bilimler Dergisi, 12(45), 183-198.
  • Keilbach, M. & Engel, D. (2010). Firm Level Implications of Early stage Venture Capital Investment-An Aprical Investigation, Centre For European Economic Research Discussion Paper No: 02-82, 1-25.
  • Kerr, W.R., Lerner, J. ve Schoar, A. (2010). The Consequences Of Entrepreneurial Finance: A Regression Discontinuity Analysis, National Bureau of Economic Research, NBER Working Paper No: 15831, 1-36.
  • Lauterbach, R., Welpe, I. & Fertig, J. (2007). Performance Differentiation: Cutting Losses and Maximizing Profits of Private Equity and Venture Capital Investments, Financial Markets and Portfolio Management, 21(1), 45-67.
  • Leydesdorff, L. & Etzkowitz, H. (2001). The Transformation of University-Industry-Government Relations, Electronic Journal of Sociology, 5(4), 1-17.
  • Metrick, A. &Yasuda, A. (2011). Venture Capital, 2nd ed. New York: Wiley.
  • Mitter, C. & Kraus, S. (2011). Entrepreneurial Finance–Issues And Evidence, Revisited, International Journal of Entrepreneurship and Innovation Management, 14(2-3), 132-150.
  • Myers, S. C. & Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have, Journal of Financial Economics, 13(1), 187-221.
  • OECD, (2011). Financing High-Growth Firms: The Role of Angel Investors, OECD Publishing.
  • Pelly, R. & Krämer-Eis, H. (2011). Creating a Better Business Environment for Financing Business, Innovation and Green Growth, OECD Journal, 11(1), Financial Market Trends, 129-140.
  • Sezgin, F. H. (2017). AR-GE Harcamalarının Büyüme ile İlişkisinin Analizi: Gelişmiş ve Gelişmekte Ülkeler Karşılaştırması, 3rd SCF International Conference on “Economic and Social Impacts of Globalization” Bildiriler Kitabı, 60-72, Antalya.
  • Sezgin, F. H. ve Yazıcı, B. E. (2016). Analysis Of The Relationship Between R&D Expenditure And Economic Growth: A Case of BRIMC Countries, 4(1), 1-16.
  • Smith, R. L., Pedace, R. & Sathe, V. (2010). Venture Capital Fund Performance: The Effects of Exits, Abandonment, Persistence, Experience, and Reputation https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1432858 (Erişim Tarihi:11.04.2020).
  • Teece, D. J. (2000). Managing Intellectual Capital: Organizational, Strategic, And Policy Dimensions. Oxford: OUP Oxford Pbc.
  • Trott, P. (2008). Innovation Management And New Product Development, New York: Prentice Hall.
  • Wang, T. & Zatzick, C. D. (2019). Human Capital Acquisition And Organizational Innovation: A Temporal Perspective, Academy of Management Journal, 62(1), 99-116.
  • Weerawardena, J. (2003). The Role Of Marketing Capability In Innovation-Based Competitive Strategy, Journal of Strategic Marketing, 11(1), 15-35.
  • Westland, J. C. (2008). Global Innovation Management: A Strategic Approach, Plagrave: Macmillan Press.
  • Winton, A. & Yerramilli, V. (2008). Entrepreneurial Finance: Banks Versus Venture Capital, Journal of Financial Economics, 88(1), 51-79.
  • World Economic Forum (2019). Globalization of Alternative Investments. Working Papers, Vol. 3 “The Global Economic Impact of Private Equity” Report 2019, Governments As Venture Capitalists: Striking The Right Balance. http://www.weforum.org/en/media/publications/PrivateEquityReports/index.htm. (Erişim Tarihi: 11.05.2020).
  • Yılmaz, H. (2015). Stratejik İnovasyon Yönetimi, İstanbul: Beta Basım Yayın.
  • Zinecker, M. (2011). Private Equity And Venture Capital : Investment Fund Structures In The Czech Republic, Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis No: 7/2011, 541-552.
There are 35 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Gökçe Tekin Turhan

Publication Date November 13, 2020
Submission Date August 4, 2020
Acceptance Date August 13, 2020
Published in Issue Year 2020 Volume: 4 Issue: Özel Sayı 1

Cite

APA Tekin Turhan, G. (2020). DIŞ KAYNAKLI FİNANSAL DESTEK DÜZEYİNİN AR-GE HARCAMALARI, İNOVASYON VE REKABET ENDEKSİ AÇISINDAN DEĞERLENDİRİLMESİ: RİSK SERMAYESİ. International Journal of Entrepreneurship and Management Inquiries, 4(Özel Sayı 1), 162-181.

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