AR-GE HARCAMALARININ ÇEVRESEL İNOVASYON ÜZERİNDEKİ ETKİSİNDE BELİRSİZLİĞİN DÜZENLEYİCİ ROLÜ

Year 2024, Issue: Sustainability and Green Economics Special Issue, 93 - 104, 13.06.2024

Sami Özcan Emine Serap Kurt Ömer Faruk Tan Hakan Cavlak

https://doi.org/10.14780/muiibd.1463248

Abstract

Bu çalışma, firmaların araştırma ve geliştirme (Ar-Ge) harcamaları ile çevresel inovasyon arasındaki ilişkide belirsizliğin düzenleyici etkisini incelemektedir. Avrupa Birliği'nin ilk dört büyük ekonomisi olan Almanya, Fransa, İtalya ve İspanya'daki firmalar analiz edilmiştir. Panel Tobit regresyon modeli, 2006-2019 yılları arasında tüketici döngüselleri, sanayi, enerji ve hammadde sektörlerinde yer alan 102 firmanın verilerini değerlendirmek için kullanılmıştır. Bulgular, belirsizliğin Ar-Ge harcamaları ile çevresel inovasyon arasındaki ilişkide negatif bir düzenleyici rol oynarken, Ar-Ge harcamalarının tek başına çevresel inovasyon üzerinde pozitif bir etkiye sahip olduğunu göstermektedir. Belirsizlik, Ar-Ge ve çevresel inovasyon arasındaki ilişkiye dair araştırma sonuçları, akademisyenler ve politika yapıcılar için değerli çıkarımlar sunmaktadır. Ayrıca bu bulgular, belirsizliğin belirtilen ülkelerde firmaların Ar-Ge yatırımlarının çevresel inovasyon üzerindeki olumlu etkilerini nasıl azaltabileceğini vurgulayarak genişleyen ÇSY literatürüne katkıda bulunmaktadır.

Keywords

AR-GE, Çevresel İnovasyon, Belirslizlik, Panel Tobit Regresyon, Düzenleyici Rol

Ethical Statement

Çalışma, herhangi bir etik kurulu izni gerektirmemektedir.

Supporting Institution

Yok.

THE MODERATING ROLE OF UNCERTAINTY IN THE IMPACT OF R&D EXPENDITURES ON ENVIRONMENTAL INNOVATION

Abstract

This study examines the moderating effect of uncertainty on the relationship between firms' research and development (R&D) expenditures and environmental innovation. Firms in Germany, France, Italy, and Spain, which are the first four largest economies in the European Union, are analyzed. A panel Tobit regression model is used to evaluate data from 102 that are involved in the consumer cyclicals, industry, energy, and raw materials sectors between 2006 and 2019. The findings indicate that while uncertainty plays a negative moderating role in the relationship between R&D spending and environmental innovation, R&D expenditures itself has a positive impact on environmental innovation. The research results on the relationship between uncertainty, R&D, and environmental innovation offer valuable insights for academics and policymakers. Additionally, these findings contribute to the expanding ESG literature by highlighting how uncertainty can diminish the positive effects of firms' R&D investments on environmental innovation in the specified countries.

Keywords

R&D, Environmental Innovation, Uncertainty, Panel Tobit Regression, Moderating Role

References

• Akcigit, U. (2022). Innovation, public policy and growth: what the data say. In U. Akcigit, C. B. Fasil, G. Impullitti, O. Licandro, & M. Sanchez-Martinez (Eds.), Macroeconomic Modelling of R&D and Innovation Policies (pp. 9–22). Palgrave Macmillan. https://doi.org/10.1007/978-3-030-71457-4_2
• Al‐Thaqeb, S. A., Algharabali, B. G., & Alabdulghafour, K. T. (2022). The pandemic and economic policy uncertainty. International Journal of Finance & Economics, 27(3), 2784–2794. https://doi.org/10.1002/ijfe.2298
• Añón-Higón, D., Manjón-Antolin, M., Mañez, J. A., & Sanchis-Llopis, J. A. (2015). Does R&D protect SMEs from the hardness of the cycle? Evidence from Spanish SMEs (1990-2009). International Entrepreneurship and Management Journal, 11(2), 361–376. https://doi.org/10.1007/s11365-014-0329-0
• Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring Economic Policy Uncertainty. The Quarterly Journal of Economics, 131(4), 1593–1636. https://doi.org/10.1093/qje/qjw024
• Bayoumi, T., Coe, D. T., & Helpman, E. (1999). R&D spillovers and global growth. Journal of International Economics, 47(2), 399–428. https://doi.org/10.1016/S0022-1996(98)00018-X
• Becker, B. (2015). Public R&D policies and private R&D investment: a survey of the empirical evidence. Journal of Economic Surveys, 29(5), 917–942. https://doi.org/10.1111/joes.12074
• Chandra, V., Eröcal, D., Padoan, P. C., & Primo Braga, C. A. (2009). Introduction: why innovation matters. In V. Chandra, D. Eröcal, P. C. Padoan, & C. A. Primo Braga (Eds.), Innovation and Growth (pp. 11–14). OECD. https://doi.org/10.1787/9789264073975-3-en
• Chasiotis, I., Georgakopoulos, G., & Toudas, K. (2023). Does market competition affect environmental innovation? Some international evidence. Theoretical Economics Letters, 13(05), 1121–1130. https://doi.org/10.4236/tel.[phone]
• Di Cintio, M., Ghosh, S., & Grassi, E. (2017). Firm growth, R&D expenditures and exports: an empirical analysis of italian SMEs. Research Policy, 46(4), 836–852. https://doi.org/10.1016/j.respol.2017.02.006
• Dias Angelo, F., Jose Chiappetta Jabbour, C., & Vasconcellos Galina, S. (2012). Environmental innovation: in search of a meaning. World Journal of Entrepreneurship, Management and Sustainable Development, 8(2/3), 113–121. https://doi.org/10.1108/20425961211247734
• Edquist, H., & Henrekson, M. (2017). Swedish lessons: how important are ICT and R&D to economic growth? Structural Change and Economic Dynamics, 42, 1–12. https://doi.org/10.1016/j.strueco.2017.05.004
• Esteve-Pérez, S., & Rodríguez, D. (2013). The dynamics of exports and R&D in SMEs. Small Business Economics, 41(1), 219–240. https://doi.org/10.1007/s11187-012-9421-4
• Falk, M., & de Lemos, F. F. (2019). Complementarity of R&D and productivity in SME export behavior. Journal of Business Research, 96, 157–168. https://doi.org/10.1016/j.jbusres.2018.11.018
• Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
• Forliano, C., Ballerini, J., De Bernardi, P., & Quaglia, R. (2022). The mediating role of R&D investments in the relationship between awarded grants and ESG performance. 2022 IEEE International Conference on Technology Management, Operations and Decisions, ICTMOD 2022, December, 1–5. https://doi.org/10.1109/ICTMOD55867.2022.10041825
• Huang, J., Wang, Z., Jiang, Z., & Zhong, Q. (2023). Environmental policy uncertainty and corporate green innovation: evidence from China. European Journal of Innovation Management, 26(6), 1675–1696. https://doi.org/10.1108/EJIM-12-2021-0591
• Ilyas, M., Mian, R. U., & Suleman, M. T. (2022). Economic policy uncertainty and firm propensity to invest in corporate social responsibility. Management Decision, 60(12), 3232–3254. https://doi.org/10.1108/MD-06-2021-0746
• Julio, B., & Yook, Y. (2012). Political uncertainty and corporate investment cycles. The Journal of Finance, 67(1), 45–83. https://doi.org/10.1111/j.1540-6261.2011.01707.x
• Kyaw, K. (2022). Effect of policy uncertainty on environmental innovation. Journal of Cleaner Production, 363, 132645. https://doi.org/10.1016/j.jclepro.2022.132645
• Lawson, C. P., Longhurst, P. J., & Ivey, P. C. (2006). The application of a new research and development project selection model in SMEs. Technovation, 26(2), 242–250. https://doi.org/10.1016/j.technovation.2004.07.017
• Li, X., Hu, Z., & Zhang, Q. (2021). Environmental regulation, economic policy uncertainty, and green technology innovation. Clean Technologies and Environmental Policy, 23(10), 2975–2988. https://doi.org/10.1007/s10098-021-02219-4
• Liao, Z., & Liu, Y. (2021). What drives environmental innovation? A meta‐analysis. Business Strategy and the Environment, 30(4), 1852–1864. https://doi.org/10.1002/bse.2720
• Nirino, N., Santoro, G., Miglietta, N., & Quaglia, R. (2021). Corporate controversies and company’s financial performance: Exploring the moderating role of ESG practices. Technological Forecasting and Social Change, 162. https://doi.org/10.1016/j.techfore.2020.120341
• Pessoa, A. (2010). R&D and economic growth: how strong is the link? Economics Letters, 107(2), 152–154. https://doi.org/10.1016/j.econlet.2010.01.010
• Raymond, L., & St-Pierre, J. (2010). R&D as a determinant of innovation in manufacturing SMEs: an attempt at empirical clarification. Technovation, 30(1), 48–56. https://doi.org/10.1016/j.technovation.2009.05.005
• Rennings, K., & Rammer, C. (2011). The impact of regulation-driven environmental innovation on innovation success and firm performance. Industry & Innovation, 18(3), 255–283. https://doi.org/10.1080/13662716.2011.561027
• Shankar, N. (2020). Role of global economic policy uncertainty on firms’ participation in innovation and new product introductions: an empirical study in African SMEs. Transnational Corporations Review, 12(4), 360–378. https://doi.org/10.1080/19186444.2020.1832425
• Shefer, D., & Frenkel, A. (2005). R&D, firm size and innovation: an empirical analysis. Technovation, 25(1), 25–32. https://doi.org/10.1016/S0166-4972(03)00152-4
• Tajaddini, R., & Gholipour, H. F. (2020). Economic policy uncertainty, R&D expenditures and innovation outputs. Journal of Economic Studies, 48(2), 413–427. https://doi.org/10.1108/JES-12-2019-0573
• Tang, H. (2022). The effect of politician turnover on firm innovation: The mediating role of financial constraints. Sustainability, 14. https://doi.org/10.1080/09537325.2022.2139236
• Tingvall, P. G., & Videnord, J. (2020). Regional differences in effects of publicly sponsored R&D grants on SME performance. Small Business Economics, 54(4), 951–969. https://doi.org/10.1007/s11187-018-0085-6
• Vural-Yavaş, Ç. (2021). Economic policy uncertainty, stakeholder engagement, and environmental, social, and governance practices: The moderating effect of competition. Corporate Social Responsibility and Environmental Management, 28(1), 82–102. https://doi.org/10.1002/csr.2034
• Xu, J., Liu, F., & Shang, Y. (2021). R&D investment, ESG performance and green innovation performance: Evidence from China. Kybernetes, 50(3), 737–756. https://doi.org/10.1108/K-12-2019-0793
• Zahra, S. A., & George, G. (2002). Absorptive capacity: a review, reconceptualization, and extension. Academy of Management Review, 27(2), 185–203. https://doi.org/10.5465/amr.2002.6587