İŞLETMELERİN AR-GE VE PAZARLAMA HARCAMALARININ PAY DEĞERİ ÜZERİNDEKİ ETKİSİ

Year 2019, Volume: 10 Issue: 19, 52 - 73, 30.06.2019

Mehmet Özer İlker Gülençer

Abstract

Bilimsel gelişmenin ve buna paralel olarak teknolojideki gelişmelerin hızı, işletmelerin ar-geyatırımlarına daha fazla yönelmesine imkân tanımaktadır. Bununla birlikte yoğun küresel rekabet, işletmeleri başarılı olabilmek için farklı pazarlama anlayışlarına sevk etmektedir. Bu iki araç, firmaların ayırt edici yeteneklerini geliştirmekte ve firmalara yeni rekabet avantajları sağlamaktadır. Böylece işletme performansı da bu avantajlardan olumlu şekilde etkilenmektedir. İşletmelerin pay senedi değerleri de bu avantajlardan etkilenen unsurlardan bir tanesidir. Bu çalışmada işletmelerin yapmış oldukları pazarlama ve ar-ge harcamalarının pay senedi değeri üzerindeki etkisini keşfetmek hedeflenmiştir. Bu doğrultuda Türkiye’de çimento sektöründe faaliyet gösteren ve BİST’de işlem gören üç işletme seçilmiş ve bu işletmelerin finansal tablolarından elde edilen verilerle panel regresyon analizi yapılmıştır. Elde edilen bulguların çoğunluğu, literatürle tutarlı görülmektedir.  Literatürle uyumlu olmayan sonuçların araştırma kısıtlarından kaynaklandığı düşünülmektedir.

Keywords

Pazarlama harcamaları, ar-ge harcamaları, pay değeri, marka değeri, firma değeri

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