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ARAŞTIRMA GELİŞTİRME GİDERLERİNİN İŞLETMELERİN KARLILIĞI ÜZERİNDEKİ ETKİSİNİN İNCELENMESİ: İMKB METAL EŞYA SEKTÖRÜNDE BİR ARAŞTIRMA

Year 2013, Issue: 41, 33 - 48, 01.12.2013

Murat Kiracı M Fatih Arsoy

Abstract

Bu çalışmanın amacı, Araştırma Geliştirme Ar-Ge giderleri ile işletmenin muhasebe temelli performans ölçütleri arasındaki ilişkiyi ortaya çıkarmaktır. Belirlenen amaca ulaşabilmek için Ar-Ge faaliyetlerine önemli yatırımlar yapan ve İMKB’de hisse senetleri işlem gören Metal Eşya ve Makine sektöründeki 25 adet işletme üzerinde 2007-2011 yıllarına yönelik bir araştırma yapılmıştır. Çalışmada, SPSS 16.0 istatistiksel programı yardımıyla işletmelerin Ar-Ge yatırımlarının önemini gösteren Ar-Ge yoğunluğu oranı ile muhasebe temelli performans ölçütleri olan her bir karlılık oranı arasında korelasyon analizi yapılmıştır. Yapılan araştırmada, Ar-Ge yoğunluğu oranı ile faaliyet kar oranı ve özsermaye karlılık oranı arasında istatistiksel olarak anlamlı ve negatifyönlü; Ar-Ge yatırımları ile aktif karlılığı, brüt kar oranı ve net kar oranı arasında ise istatistiki olarak anlamsızsadece negatif yönlü bir ilişkinin varlığı tespit edilmiştir

Keywords

Ar-Ge Yatırımları Ar-Ge Giderleri Ar-Ge Yoğunluğu İşletme Performansı Karlılık Oranları İMKB

References

  • Anagnostopoulou, S. C. and Levis M., (2008), “R&D and Performance Persistence: Evidence from the United Kingdom”, The International Journal of Accounting, 43, 3, (September), 293–320.
  • Belberdos R., Carree M. and Lokshin B.,(2004), “Cooperative R&D and Firm Performance”, Research Policy, 33, 1477–1492.
  • Blundell, R., Griffith, R. and Van Reenen, J., (1999), “Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms”. Review of Economic Studies, 66, 529– 554.
  • Branch, B., (1974), “Research and Development Activity and Profitability: A Distributed Log Analysis”, Journal of Political Economy, (Sept./Oct.), 999-1011.
  • Brenner, M. S. and Rushton, B. M., (1989), “Sales Growth and R&D in the Chemical Industry”, Research and Technology Management, (March-April), 8-14.
  • Brockhoff, K., (1998), “Technology Management as Part of Strategic Planning – Some Empirical Results”, R&D Management, 28, 129_138.59.
  • Capon, N., Farley, J. U. And Hoenig, S., (1990), “Determinants of Financial Performance: A Meta-Analysis”, Management Science, 36, 1143_11.
  • Ciftci M. and Cready W., (2011), “Scale Effects of R&D as Reflected in Earnings and Returns”, Journal of Accounting and Economics, 52, 62–80.
  • Cockburn, I. and Griliches, Z., (1988), “Industry Effects and Appropriability Measures in the Stock Market’s Valuation of R&D and Patents”, American Economic Review, 78, 419– 423.
  • Cook, T. J., and Rizzuto, R. J., (1988), “How R&D Money is Spend”, Research and Technology Management, 31, (l), 34-40.
  • David, F. R., (1995), Strategic Management, Englewood Cliffs, NJ: Prentice Hall.
  • Doukas, J., (1991), “R&D Announcements and the Market Value of the Firm”, Financial Management, 20, (2), 13-14.
  • Erickson, G. and Jacobson, R., (1 992), “Gaining Comparative Advantage Through Discretionary Experience: The Returns to R&D and Advertising”, Management Science, 38, (9), 1264-1279.
  • Ettlie, J. E., (1998), “R&D and Global Manufacturing Performance”, Management Science, 44, 1_11.
  • Falk, M., (2012), “Quantile Estimates of the Impact of R&D Intensity on Firm Performance”, Small Business Economics, July, 39, 1,19-37.
  • Filippou D. and King M., (2011), “R&D Prospects in the Mining and Metals Industry”, Resources Policy, 36, 276–284.
  • Gerpott, T. J. and Walter, A., (1999), “Internationale Diversifikation, F&E- Intensität und Erfolg von großen Industrieunternehmen”, Zeitschrift für betriebswirtschaftliche Forschung, 51, 1100_1121.
  • Grant, R. M., (1995), Contemporary Strategy Analysis: Concepts, Technologies, Applications. Boston, MA: Blackwell Business.
  • Griliches, Z., (1981), “Market Value, R&D and Patents”, Economics Letters, 7, 183– 187.
  • Hall, B.H., (1993a), “Industrial Research During the 1980s: Did the Rate of Return Fall?”, Brookings Papers on Economic Activity, Microeconomics, 289–343.
  • Hall, B.H., (1993b), “The Stock Market’s Valuation of R&D Investment During the 1980’s”, American Economic Review, 83, 259–264.
  • Hall, B. H. and Oriani R., (2006), “Does the Market Value R&D Investment by European Firms? Evidence From a Panel of Manufacturing Firms in France, Germany and Italy”, International Journal of Industrial Organization, 24, 971– 993.
  • Hansen, M.D., Madsen,E.S. and Smith V., (2003), “Efficiency R&D and Ownership – Some Empirical Evidence”, International Journal of Production Economics, 83, 85–94.
  • Hill, C.W. L. and Snell, S. A., (1988), “External Control, Corporate Strategy, and Firm Performance in Research-Intensive Industries”, Strategic Management Journal, 9, 577_590.
  • Hirschey, M., (1982), “Intangible Capital Aspects of Advertising and R&D Expenditures”, Journal of Industrial Economics, 30,375–390.
  • Hitt, M. A., Hoskisson, R. E., Ireland, R. D. and Harrison, J. S., (1991), “Effects of Acquisitions on R&D Inputs and Outputs”, Academy of Management Journal, 34, 693_706.
  • Hitt, M. A., Ireland, R. D. and Hoskisson, R. E., (1995), Strategic Management: Competitiveness and Globalization, New York: West Publication Inc.
  • Hsieh, P.H., Mishra, C.S. and Gobeli, D.H., (2003), “The Return on R&D Versus Capital Expenditures in Pharmaceutical and Chemical Industries”, IEEE Transactions on Engineering Management, 50, 141–150.
  • Ito, K. and Pucik, V., (1993), “R&D Spending, Domestic Competition, and Export Performance of Japanese Manufacturing Firms”, Strategic Management Journal, 14, 61-75.
  • Jaffe, A.B., (1986), “Technological Opportunity and Spillovers of R&D: Evidence from Firms’ Patents, Profits and Market Value”, American Economic Review, 76, 984–1001.
  • Johnson, L. D. and Pazderka, B., (1993), “Firm Value and Investment in R&D”, Managerial and Decision Economics, 14, 15-24.
  • Karacaer, S., Aygün, M. ve İç, S., (2009), “Araştırma ve Geliştirme Giderlerinin Firma Performansı Üzerindeki Etkisi: İstanbul Menkul Kıymetler Borsası Üzerine Bir İnceleme”, Muhasebe Bilim Dünyası Dergisi, Cilt 11,Sayı 2, Haziran.
  • Krasnikov, A. and Jayachandran S., (2008), “The Relative Impact of Marketing, Research and Development and Operations Capabilities on Firm Performance”, Journal of Marketing, 72, (4), 1-11.
  • Lee, J. and Shim E., (1995), “Moderating Effects of R&D on Corporate Growth in U.S. and Japanese Hi-Tech Industries: An Empirical Study”, The Journal of High Technology Management Research, 6, 2, (Autumn), 179–191.
  • Lev, B. and Sougiannis, T., (1996), “The Capitalization, Amortization and Value–Relevance of R&D”, Journal of Business, Accounting and Economics, 21, 107– 138.
  • Long, W. F. And Ravenscraft, D. J., (1993), “LBO’s Debt and R&D Intensity”, Strategic Management Journal, 14, 119-135.
  • Lu Y. and Karpova E., (2012), “An Investigation of Chinese Textile Firms’ R&D Performance”, Clothing and Textiles Research Journal, 30, (July), 3, 217-231.
  • Morbey, G.K., (1988), “R&D: Its Relationship to Company Performance”, Journal of Product Innovation Management, 5, 191–200.
  • Morbey, G. K. and Reithner, R. M., (1990), “How R&D Affects Sales Growth, Productivity and Profitability”, Research and Technology Management, 33, (May-June), 1 l-15.
  • Örten, R., Kaval, H. ve Karapınar, A., (2010), Türkiye Muhasebe-Finansal Raporlama Standartları Uygulama ve Yorumları, Gazi Kitabevi, 4.Baskı, Ankara.
  • Pegels, C. C. and Thirumurthy, M. V., (1996), “The Impact of Technology Strategy on Firm Performance”, IEEE Transactions on Engineering Management, 43, 246_249.
  • Scherer, F. M. and Ross, D., (1990), Industrial Market Structure and Economic Performance, Boston, MA: Houghton Mifflin Co.
  • Sharma, C., (2012), “R&D and Firm Performance: Evidence From the Indian Pharmaceutical Industry”, Journal of the Asia Pacific Economy,17, 2, 332-342.
  • Sveikauskas, L., (1986), “The Contribution of R&D to Productivity Growth”, Monthly Labor Review, 108, 6- 21.
  • Tassey, G., (1983), “Competitive Strategies and Performance in Technology-Based Industries”, Journal of Economic Business, 35, 21-40.
  • Toivanen, O., Stoneman, P. and Bosworth, D., (2002), “Innovation and Market Value of UK Firms, 1989-1995”.
  • Oxford Bulletin of Economics and Statistics, 64, 39–61.
  • Uzkurt, C., (2008), Yenilik Yönetimi ve Yenilikçi Örgüt Kültürü, Beta Yayınları, 1. Baskı, İstanbul.
  • Wöhrl, R., Hüsig, S. and Dowling M., (2009), “The Interaction of R&D Intensity and Firm Age: Empirical Evidence From Technology-Based Growth Companies in the German ‘Neuer Markt’ ”, Journal of High Technology Management Research, 20, 19–30.
  • Yardımcıoğlu, M., Demirel, N. ve Özer, V., (2008), “Araştırma - Geliştirme Harcamalarının ve Maddi Olmayan Duran Varlıkların TMS-38, Tekdüzen Muhasebe Sistemi ve SPK Tebliği’ne göre Muhasebeleştirilmesi İşlemlerinin Karşılaştırılması”, İSMMMO Mali Çözüm Dergisi, Sayı 85.
  • http://www.vestel.com.tr
  • http://www.arcelik.com.tr
  • http://www.otosan.com.tr
  • http://www.tofas.com.tr
  • http://www.imkb.gov.tr
  • http://www.kap.gov.tr.

AN EXAMINING OF THE EFFECT OF RESEARCH AND DEVELOPMENT EXPENDITURES ON CORPORATION PROFITABILITY: A RESEARCH IN METAL GOODS INDUSTRY IN ISTANBUL STOCK EXCHANGE ISE

Year 2013, Issue: 41, 33 - 48, 01.12.2013

Murat Kiracı M Fatih Arsoy

Abstract

The purpose of present study is to detect the relations between research and development R&D expendituresand corporation’s performance scales based accounting. To reach this objective, a research has been conducted towards 2007-2011 period covering 25 firms from metal goods industry which have invested in big quantity on R&D operations and quoted in ISE. With the help of SPSS 16.0 statistical program, a correlation analysis between R&D intensity ratio indicating the importance of firms’ R&D investments and each profitabilityratios indicating corporation’s performance scales based accounting has been performed in the study. In this research a statistical significant negative relation has been detected between R&D intensity and operation profitability and equity profitability; however insignificant but a negative relation has been deduced between R&Dinvestments and assets’ profitability and gross profit ratio and net profit ratio

Keywords

R&D Investments R&D Expenditures R&D Intensity Corporation Performance Profitability Ratios ISE

References

  • Anagnostopoulou, S. C. and Levis M., (2008), “R&D and Performance Persistence: Evidence from the United Kingdom”, The International Journal of Accounting, 43, 3, (September), 293–320.
  • Belberdos R., Carree M. and Lokshin B.,(2004), “Cooperative R&D and Firm Performance”, Research Policy, 33, 1477–1492.
  • Blundell, R., Griffith, R. and Van Reenen, J., (1999), “Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms”. Review of Economic Studies, 66, 529– 554.
  • Branch, B., (1974), “Research and Development Activity and Profitability: A Distributed Log Analysis”, Journal of Political Economy, (Sept./Oct.), 999-1011.
  • Brenner, M. S. and Rushton, B. M., (1989), “Sales Growth and R&D in the Chemical Industry”, Research and Technology Management, (March-April), 8-14.
  • Brockhoff, K., (1998), “Technology Management as Part of Strategic Planning – Some Empirical Results”, R&D Management, 28, 129_138.59.
  • Capon, N., Farley, J. U. And Hoenig, S., (1990), “Determinants of Financial Performance: A Meta-Analysis”, Management Science, 36, 1143_11.
  • Ciftci M. and Cready W., (2011), “Scale Effects of R&D as Reflected in Earnings and Returns”, Journal of Accounting and Economics, 52, 62–80.
  • Cockburn, I. and Griliches, Z., (1988), “Industry Effects and Appropriability Measures in the Stock Market’s Valuation of R&D and Patents”, American Economic Review, 78, 419– 423.
  • Cook, T. J., and Rizzuto, R. J., (1988), “How R&D Money is Spend”, Research and Technology Management, 31, (l), 34-40.
  • David, F. R., (1995), Strategic Management, Englewood Cliffs, NJ: Prentice Hall.
  • Doukas, J., (1991), “R&D Announcements and the Market Value of the Firm”, Financial Management, 20, (2), 13-14.
  • Erickson, G. and Jacobson, R., (1 992), “Gaining Comparative Advantage Through Discretionary Experience: The Returns to R&D and Advertising”, Management Science, 38, (9), 1264-1279.
  • Ettlie, J. E., (1998), “R&D and Global Manufacturing Performance”, Management Science, 44, 1_11.
  • Falk, M., (2012), “Quantile Estimates of the Impact of R&D Intensity on Firm Performance”, Small Business Economics, July, 39, 1,19-37.
  • Filippou D. and King M., (2011), “R&D Prospects in the Mining and Metals Industry”, Resources Policy, 36, 276–284.
  • Gerpott, T. J. and Walter, A., (1999), “Internationale Diversifikation, F&E- Intensität und Erfolg von großen Industrieunternehmen”, Zeitschrift für betriebswirtschaftliche Forschung, 51, 1100_1121.
  • Grant, R. M., (1995), Contemporary Strategy Analysis: Concepts, Technologies, Applications. Boston, MA: Blackwell Business.
  • Griliches, Z., (1981), “Market Value, R&D and Patents”, Economics Letters, 7, 183– 187.
  • Hall, B.H., (1993a), “Industrial Research During the 1980s: Did the Rate of Return Fall?”, Brookings Papers on Economic Activity, Microeconomics, 289–343.
  • Hall, B.H., (1993b), “The Stock Market’s Valuation of R&D Investment During the 1980’s”, American Economic Review, 83, 259–264.
  • Hall, B. H. and Oriani R., (2006), “Does the Market Value R&D Investment by European Firms? Evidence From a Panel of Manufacturing Firms in France, Germany and Italy”, International Journal of Industrial Organization, 24, 971– 993.
  • Hansen, M.D., Madsen,E.S. and Smith V., (2003), “Efficiency R&D and Ownership – Some Empirical Evidence”, International Journal of Production Economics, 83, 85–94.
  • Hill, C.W. L. and Snell, S. A., (1988), “External Control, Corporate Strategy, and Firm Performance in Research-Intensive Industries”, Strategic Management Journal, 9, 577_590.
  • Hirschey, M., (1982), “Intangible Capital Aspects of Advertising and R&D Expenditures”, Journal of Industrial Economics, 30,375–390.
  • Hitt, M. A., Hoskisson, R. E., Ireland, R. D. and Harrison, J. S., (1991), “Effects of Acquisitions on R&D Inputs and Outputs”, Academy of Management Journal, 34, 693_706.
  • Hitt, M. A., Ireland, R. D. and Hoskisson, R. E., (1995), Strategic Management: Competitiveness and Globalization, New York: West Publication Inc.
  • Hsieh, P.H., Mishra, C.S. and Gobeli, D.H., (2003), “The Return on R&D Versus Capital Expenditures in Pharmaceutical and Chemical Industries”, IEEE Transactions on Engineering Management, 50, 141–150.
  • Ito, K. and Pucik, V., (1993), “R&D Spending, Domestic Competition, and Export Performance of Japanese Manufacturing Firms”, Strategic Management Journal, 14, 61-75.
  • Jaffe, A.B., (1986), “Technological Opportunity and Spillovers of R&D: Evidence from Firms’ Patents, Profits and Market Value”, American Economic Review, 76, 984–1001.
  • Johnson, L. D. and Pazderka, B., (1993), “Firm Value and Investment in R&D”, Managerial and Decision Economics, 14, 15-24.
  • Karacaer, S., Aygün, M. ve İç, S., (2009), “Araştırma ve Geliştirme Giderlerinin Firma Performansı Üzerindeki Etkisi: İstanbul Menkul Kıymetler Borsası Üzerine Bir İnceleme”, Muhasebe Bilim Dünyası Dergisi, Cilt 11,Sayı 2, Haziran.
  • Krasnikov, A. and Jayachandran S., (2008), “The Relative Impact of Marketing, Research and Development and Operations Capabilities on Firm Performance”, Journal of Marketing, 72, (4), 1-11.
  • Lee, J. and Shim E., (1995), “Moderating Effects of R&D on Corporate Growth in U.S. and Japanese Hi-Tech Industries: An Empirical Study”, The Journal of High Technology Management Research, 6, 2, (Autumn), 179–191.
  • Lev, B. and Sougiannis, T., (1996), “The Capitalization, Amortization and Value–Relevance of R&D”, Journal of Business, Accounting and Economics, 21, 107– 138.
  • Long, W. F. And Ravenscraft, D. J., (1993), “LBO’s Debt and R&D Intensity”, Strategic Management Journal, 14, 119-135.
  • Lu Y. and Karpova E., (2012), “An Investigation of Chinese Textile Firms’ R&D Performance”, Clothing and Textiles Research Journal, 30, (July), 3, 217-231.
  • Morbey, G.K., (1988), “R&D: Its Relationship to Company Performance”, Journal of Product Innovation Management, 5, 191–200.
  • Morbey, G. K. and Reithner, R. M., (1990), “How R&D Affects Sales Growth, Productivity and Profitability”, Research and Technology Management, 33, (May-June), 1 l-15.
  • Örten, R., Kaval, H. ve Karapınar, A., (2010), Türkiye Muhasebe-Finansal Raporlama Standartları Uygulama ve Yorumları, Gazi Kitabevi, 4.Baskı, Ankara.
  • Pegels, C. C. and Thirumurthy, M. V., (1996), “The Impact of Technology Strategy on Firm Performance”, IEEE Transactions on Engineering Management, 43, 246_249.
  • Scherer, F. M. and Ross, D., (1990), Industrial Market Structure and Economic Performance, Boston, MA: Houghton Mifflin Co.
  • Sharma, C., (2012), “R&D and Firm Performance: Evidence From the Indian Pharmaceutical Industry”, Journal of the Asia Pacific Economy,17, 2, 332-342.
  • Sveikauskas, L., (1986), “The Contribution of R&D to Productivity Growth”, Monthly Labor Review, 108, 6- 21.
  • Tassey, G., (1983), “Competitive Strategies and Performance in Technology-Based Industries”, Journal of Economic Business, 35, 21-40.
  • Toivanen, O., Stoneman, P. and Bosworth, D., (2002), “Innovation and Market Value of UK Firms, 1989-1995”.
  • Oxford Bulletin of Economics and Statistics, 64, 39–61.
  • Uzkurt, C., (2008), Yenilik Yönetimi ve Yenilikçi Örgüt Kültürü, Beta Yayınları, 1. Baskı, İstanbul.
  • Wöhrl, R., Hüsig, S. and Dowling M., (2009), “The Interaction of R&D Intensity and Firm Age: Empirical Evidence From Technology-Based Growth Companies in the German ‘Neuer Markt’ ”, Journal of High Technology Management Research, 20, 19–30.
  • Yardımcıoğlu, M., Demirel, N. ve Özer, V., (2008), “Araştırma - Geliştirme Harcamalarının ve Maddi Olmayan Duran Varlıkların TMS-38, Tekdüzen Muhasebe Sistemi ve SPK Tebliği’ne göre Muhasebeleştirilmesi İşlemlerinin Karşılaştırılması”, İSMMMO Mali Çözüm Dergisi, Sayı 85.
  • http://www.vestel.com.tr
  • http://www.arcelik.com.tr
  • http://www.otosan.com.tr
  • http://www.tofas.com.tr
  • http://www.imkb.gov.tr
  • http://www.kap.gov.tr.
There are 56 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Murat Kiracı This is me

M Fatih Arsoy This is me

Publication Date December 1, 2013
Published in Issue Year 2013 Issue: 41

Cite

APA Kiracı, M., & Arsoy, M. F. (2013). ARAŞTIRMA GELİŞTİRME GİDERLERİNİN İŞLETMELERİN KARLILIĞI ÜZERİNDEKİ ETKİSİNİN İNCELENMESİ: İMKB METAL EŞYA SEKTÖRÜNDE BİR ARAŞTIRMA. Muhasebe Ve Denetime Bakış(41), 33-48.