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CAUSALITY BETWEEN R&D EXPENSES AND PROFITABILITY & GROWTH: AN EXAMINATION ON BIST

Year 2021, Volume: 14 Issue: 3, 1193 - 1229, 01.11.2021
https://doi.org/10.29067/muvu.928283

Abstract

In this study, two-way relationships between R&D expenses of enterprises and their business performance in terms of profitability and growth and reciprocal effects are examined. For this purpose, accounting-based panel data of firms quoted on Borsa Istanbul and having incessantly R&D expenses between 2005-2019 are used. Dumitrescu and Hurlin Heterogeneous Causality Test is performed for panel vector autoregressive (PVAR) models.
According to the results of the study, Granger causality from R&D Intensity to assets growth is detected, and close to the expectations, the positive relationship usually stands out in the firm-based analysis. Moreover, Granger causality from R&D Intensity to return on assets is identified, but contrary to the expectations, the relationship is predominantly negative according to firm-based examination. In addition, Granger causality from R&D Intensity to return on equity, to return on sales and to equity growth are ascertained. On the other hand, Granger causality from equity growth and return on sales to R&D Intensity are identified.

References

  • Aggelopoulos, E., Eriotis, N., Georgopoulos, A. ve Tsamis, A. (2016). R&D activity and operating performance of small and medium-sized enterprises (SMEs): The case of a small open economy. Journal of Accounting and Taxation, 8(4), 40–50. doi:10.5897/jat2016.0233
  • Alper, D. ve Aydoğan, E. (2016). Relationships between R&D and corporate performance: An empirical analysis in Istanbul Stock Exchange. Paradoks Ekonomi, Sosyoloji ve Politika Dergisi, 11(2), 96–114.
  • Anagnostopoulou, S. C. ve Levis, M. (2008). R&D and performance persistence: Evidence from the United Kingdom. International Journal of Accounting, 43(3), 293–320. doi:10.1016/j.intacc.2008.06.004
  • Ayaydın, H. ve Karaaslan, İ. (2014). The effect of research and development investment and desorptive capacity on firm performance. Bilgi Ekonomisi ve Yönetimi Dergisi, IX(II), 43–59.
  • Baltacı, N., Ayaydın, H. ve Karakaya, A. (2017). Research, development, and firm growth: Evidence from Turkey. IV. International Balkan and Near Eastern Social Sciences Congress Series içinde (ss. 287–297).
  • Bogliacino, F. ve Pianta, M. (2013). Profits, R&D, and innovation-a model and a test. Industrial and Corporate Change, 22(3), 649–678. doi:10.1093/icc/dts028
  • Borsa İstanbul. (2020). Mali Tablolar Arşiv (2009 ve öncesi). https://www.borsaistanbul.com/tr/sayfa/476/mali-tablolar-arsiv-2009-ve-oncesi adresinden erişildi.
  • Branch, B. (1974). Research and development activity and profitability: A distributed lag analysis. Journal of Political Economy, 82(5), 999–1011.
  • Chen, T. chun, Guo, D. Q., Chen, H. M. ve Wei, T. ti. (2019). Effects of R&D intensity on firm performance in Taiwan’s semiconductor industry. Economic Research-Ekonomska Istraživanja, 32(1), 2377–2392. doi:10.1080/1331677X.2019.1642776
  • Coad, A. ve Grassano, N. (2018). Firm growth and R & D investment: SVAR evidence from the world’s top R&D investors. Industry and Innovation, 26(5), 508–533. doi:10.1080/13662716.2018.1459295
  • Coad, A. ve Rao, R. (2010). Firm growth and R&D expenditure. Economics of Innovation and New Technology, 19(2), 127–145. doi:10.1080/10438590802472531
  • Coad, A., Segarra, A. ve Teruel, M. (2016). Innovation and firm growth: Does firm age play a role? Research Policy, 45(2), 387–400. doi:10.1016/j.respol.2015.10.015
  • Del Monte, A. ve Papagni, E. (2003). R&D and the growth of firms: Empirical analysis of a panel of Italian firms. Research Policy, 32(6), 1003–1014. doi:10.1016/S0048-7333(02)00107-5
  • Demirel, P. ve Mazzucato, M. (2012). Innovation and firm growth: Is R&D worth it? Industry and Innovation, 19(1), 45–62. doi:10.1080/13662716.2012.649057
  • Demirgüneş, K. ve Üçler, G. (2016). Ar-Ge yatırımları ve büyüme: İmalat sektörü üzerine ampirik bir çalışma. İstanbul Üniversitesi İşletme Fakültesi Dergisi, 45(1), 53–64.
  • Deschryvere, M. (2014). R&D, firm growth and the role of innovation persistence: An analysis of Finnish SMEs and large firms. Small Business Economics, 43(4), 767–785. doi:10.1007/s11187-014-9559-3
  • Dumitrescu, E. I. ve Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460. doi:10.1016/j.econmod.2012.02.014
  • Eberhardt, M. (2011). xtmg -- Estimating panel time series models with heterogeneous slopes. Boston College. https://fmwww.bc.edu/RePEc/bocode/x/xtmg.html adresinden erişildi.
  • Elmas, B. ve Polat, M. (2016). BIST kurumsal yönetim endeksine kayıtlı imalat firmaları özelinde Ar-Ge yatırımlarının firma performanına etkisinin araştırılması. Pressacademia Procedia, Global Business Research Congress (GBRC - 2016) içinde (C. 2, ss. 648–663). doi:10.17261/pressacademia.2016118687
  • Falk, M. (2012). Quantile estimates of the impact of R&D intensity on firm performance. Small Business Economics, 39(1), 19–37. doi:10.1007/s11187-010-9290-7
  • García-Manjón, J. V. ve Romero-Merino, M. E. (2012). Research, development, and firm growth. Empirical evidence from European top R&D spending firms. Research Policy, 41(6), 1084–1092. doi:10.1016/j.respol.2012.03.017
  • Grabowski, H. ve Vernon, J. (2000). The determinants of pharmaceutical research and development investments. Journal of Evolutionary Economics, (10), 201–215. doi:10.1515/1538-0645.1511
  • Güriş, B. (2015). Panel Vektör Otoregresif Modeller ve Panel Nedensellik. S. Güriş (Ed.), Stata ile Panel Veri Modelleri içinde (1. bs., ss. 291–304). İstanbul: Der Yayınları.
  • Güzen, H. D. ve Başar, B. (2019). Ar-Ge harcamalarının raporlanması ve kârlılığa etki̇si̇: BİST sınai̇ endeksi işletmeleri̇ üzerine bir araştırma. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20(2), 1–24.
  • Han, I. ve Chuang, C.-M. (2011). The impacts of R&D investment on company performance: US vs. Taiwanese technology-intensive industry. Review of Pacific Basin Financial Markets and Policies, 14(1), 171–194. doi:10.1142/S0219091511002184
  • Işık, N., Engeloğlu, Ö. ve Kılınç, E. C. (2016). Araştırma ve geliştirme harcamalarının, kârlılık ve satışlar üzerindeki etkisi: Borsa İstanbul firmaları üzerine bir uygulama. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (47), 27–46.
  • Jaisinghani, D. (2016). Impact of R&D on profitability in the pharma sector: an empirical study from India. Journal of Asia Business Studies, 10(2), 194–210. doi:10.1108/JABS-03-2015-0031
  • Kamuyu Aydınlatma Platformu. (2020). Finansal Tablolar. www.kap.org.tr adresinden erişildi.
  • Lee, M. ve Choi, M. (2015). Analysis on time-lag effect of research and development investment in the pharmaceutical industry in Korea. Osong Public Health and Research Perspectives, 6(4), 241–248. doi:10.1016/j.phrp.2015.07.001
  • Lee, M. H. ve Hwang, I. J. (2003). Determinants of corporate R&D investment: An empirical study comparing Korea’s IT industry with its non-IT industry. ETRI Journal, 25(4), 258–265. doi:10.4218/etrij.03.0101.0401
  • Lin, Z., Ge, C. ve Goh, K. Y. (2011). R&D investment and firm performance in IT companies: An empirical investigation across IT industry sectors. PACIS 2011 - 15th Pacific Asia Conference on Information Systems: Quality Research in Pacific içinde (ss. 1–15).
  • Lopez, L. ve Weber, S. (2017). Testing for Granger causality in panel data. The Stata Journal, 17(4), 972–984. Morbey, G. K. (1988). R&D: Its relationship to company performance. Journal of Product Innovation Management, (5), 191–200.
  • Morbey, G. K. ve Reithner, R. M. (1990). How R&D affects sales growth, productivity and profitability. Research-Technology Management, 33(3), 11–14. doi:10.1080/08956308.1990.11670656
  • Nunes, P. M., Serrasqueiro, Z. ve Leitão, J. (2012). Is there a linear relationship between R&D intensity and growth? Empirical evidence of non-high-tech vs. high-tech SMEs. Research Policy, 41(1), 36–53. doi:10.1016/j.respol.2011.08.011
  • OECD. (2015). Frascati Manual 2015: Guidelines for Collecting and Reporting Data on Research and Experimental Development (7. bs.). Paris: OECD Publishing. doi:http://dx.doi.org/10.1787/9789264239012-en
  • OECD. (2020). Main Science and Technology Indicators (MSTI) database. 15 Eylül 2020 tarihinde https://stats.oecd.org/Index.aspx?DataSetCode=MSTI_PUB adresinden erişildi.
  • Oliveira, B. ve Fortunato, A. (2017). Firm growth and R&D: Evidence from the Portuguese manufacturing industry. Journal of Evolutionary Economics, 27(3), 613–627. doi:10.1007/s00191-016-0487-z
  • Othman, R. ve Ameer, R. (2009). Determinants and persistence of research and development investments: Evidence from Malaysia. International Journal of Emerging Markets, 4(3), 275–292. doi:10.1108/17468800910968427
  • Pantagakis, E., Terzakis, D. ve Arvanitis, S. (2012). R&D investments and firm performance: An empirical investigation of the high technology sector (software and hardware) in the E.U. SSRN Electronic Journal. doi:10.2139/ssrn.2178919
  • Seçilmiş, N. (2012). Yeni ekonomi çerçevesinde yapılan Ar-Ge faaliyetlerinin büyümeye katkısı: Gaziantep örneği. Gaziantep Üniversitesi. Yayımlanmamış Doktora Tezi.
  • Simanjuntak, D. G. ve Tjandrawinata, R. R. (2011). Impact of profitability, R&D intensity, and cash flow on R&D expenditure in pharmaceutical companies. SSRN Electronic Journal, (April 2011). doi:10.2139/ssrn.1824267
  • Sougiannis, T. (1994). The accounting based valuation of corporate R&D. The Accounting Review, 69(1), 44–68.
  • Tatoğlu, F. Y. (2013). İleri Panel Veri Analizi: Stata Uygulamalı (2. bs.). İstanbul: Beta Yayıncılık.
  • Tatoğlu, F. Y. (2017). Panel Zaman Serileri Analizi: Stata Uygulamalı (1. bs.). İstanbul: Beta Yayıncılık.
  • UNESCO. (2020). Global Investments in R&D. http://uis.unesco.org/sites/default/files/documents/fs59-global-investments-rd-2020-en.pdf adresinden erişildi.
  • Vithessonthi, C. ve Racela, O. C. (2016). Short- and long-run effects of internationalization and R&D intensity on firm performance. Journal of Multinational Financial Management, (34), 28–45. doi:10.1016/j.mulfin.2015.12.001
  • Wang, C. H. (2011). Clarifying the effects of R&D on performance: Evidence from the high technology industries. Asia Pacific Management Review, 16(1), 51–64. doi:10.6126/APMR.2011.16.1.04
  • Yang, K. P., Chiao, Y. C. ve Kuo, C. C. (2010). The relationship between R&D investment and firm profitability under a three-stage sigmoid curve model: Evidence from an emerging economy. IEEE Transactions on Engineering Management, 57(1), 103–117. doi:10.1109/TEM.2009.2023452

AR-GE GİDERLERİ İLE KÂRLILIK VE BÜYÜME ARASINDA NEDENSELLİK İLİŞKİSİ: BIST ÜZERİNE BİR İNCELEME

Year 2021, Volume: 14 Issue: 3, 1193 - 1229, 01.11.2021
https://doi.org/10.29067/muvu.928283

Abstract

Bu çalışmada işletmelerin Ar-Ge giderleri ile kârlılık ve büyüme performansları arasındaki iki yönlü ilişkiler ve karşılıklı etkiler incelenmiştir. Bu amaçla, hisse senetleri Borsa İstanbul’da işlem gören, 2005-2019 yılları arasında aralıksız Ar-Ge giderleri bulunan işletmelerin muhasebe temelli panel verileri kullanılmıştır. Panel vektör otoregresif (PVAR) modeller ile Dumitrescu ve Hurlin Heterojen Nedensellik Testi gerçekleştirilmiştir. Çalışma sonucunda, Ar-Ge yoğunluğundan aktiflerde büyümeye doğru bir Granger nedensellik ilişkisi bulunduğu ve işletme bazlı incelemede beklentiye yakın şekilde çoğunlukla pozitif ilişkinin öne çıktığı görülmüştür. Buna ilaveten, Ar-Ge yoğunluğundan aktif kârlılık oranına doğru Granger nedensellik ilişkisi bulunduğu, ancak işletme bazlı incelemeye göre beklentinin aksine ağırlıklı olarak negatif ilişkinin öne çıktığı tespit edilmiştir. Ayrıca Ar-Ge yoğunluğundan özsermaye kârlılık oranına doğru, satışların kârlılık oranına doğru ve özsermayede büyümeye doğru Granger nedensellik ilişkisi bulunmuştur. Diğer yandan, özsermayede büyümeden ve satışların kârlılık oranından Ar-Ge yoğunluğuna doğru Granger nedensellik ilişkisinin bulunduğu tespit edilmiştir.

References

  • Aggelopoulos, E., Eriotis, N., Georgopoulos, A. ve Tsamis, A. (2016). R&D activity and operating performance of small and medium-sized enterprises (SMEs): The case of a small open economy. Journal of Accounting and Taxation, 8(4), 40–50. doi:10.5897/jat2016.0233
  • Alper, D. ve Aydoğan, E. (2016). Relationships between R&D and corporate performance: An empirical analysis in Istanbul Stock Exchange. Paradoks Ekonomi, Sosyoloji ve Politika Dergisi, 11(2), 96–114.
  • Anagnostopoulou, S. C. ve Levis, M. (2008). R&D and performance persistence: Evidence from the United Kingdom. International Journal of Accounting, 43(3), 293–320. doi:10.1016/j.intacc.2008.06.004
  • Ayaydın, H. ve Karaaslan, İ. (2014). The effect of research and development investment and desorptive capacity on firm performance. Bilgi Ekonomisi ve Yönetimi Dergisi, IX(II), 43–59.
  • Baltacı, N., Ayaydın, H. ve Karakaya, A. (2017). Research, development, and firm growth: Evidence from Turkey. IV. International Balkan and Near Eastern Social Sciences Congress Series içinde (ss. 287–297).
  • Bogliacino, F. ve Pianta, M. (2013). Profits, R&D, and innovation-a model and a test. Industrial and Corporate Change, 22(3), 649–678. doi:10.1093/icc/dts028
  • Borsa İstanbul. (2020). Mali Tablolar Arşiv (2009 ve öncesi). https://www.borsaistanbul.com/tr/sayfa/476/mali-tablolar-arsiv-2009-ve-oncesi adresinden erişildi.
  • Branch, B. (1974). Research and development activity and profitability: A distributed lag analysis. Journal of Political Economy, 82(5), 999–1011.
  • Chen, T. chun, Guo, D. Q., Chen, H. M. ve Wei, T. ti. (2019). Effects of R&D intensity on firm performance in Taiwan’s semiconductor industry. Economic Research-Ekonomska Istraživanja, 32(1), 2377–2392. doi:10.1080/1331677X.2019.1642776
  • Coad, A. ve Grassano, N. (2018). Firm growth and R & D investment: SVAR evidence from the world’s top R&D investors. Industry and Innovation, 26(5), 508–533. doi:10.1080/13662716.2018.1459295
  • Coad, A. ve Rao, R. (2010). Firm growth and R&D expenditure. Economics of Innovation and New Technology, 19(2), 127–145. doi:10.1080/10438590802472531
  • Coad, A., Segarra, A. ve Teruel, M. (2016). Innovation and firm growth: Does firm age play a role? Research Policy, 45(2), 387–400. doi:10.1016/j.respol.2015.10.015
  • Del Monte, A. ve Papagni, E. (2003). R&D and the growth of firms: Empirical analysis of a panel of Italian firms. Research Policy, 32(6), 1003–1014. doi:10.1016/S0048-7333(02)00107-5
  • Demirel, P. ve Mazzucato, M. (2012). Innovation and firm growth: Is R&D worth it? Industry and Innovation, 19(1), 45–62. doi:10.1080/13662716.2012.649057
  • Demirgüneş, K. ve Üçler, G. (2016). Ar-Ge yatırımları ve büyüme: İmalat sektörü üzerine ampirik bir çalışma. İstanbul Üniversitesi İşletme Fakültesi Dergisi, 45(1), 53–64.
  • Deschryvere, M. (2014). R&D, firm growth and the role of innovation persistence: An analysis of Finnish SMEs and large firms. Small Business Economics, 43(4), 767–785. doi:10.1007/s11187-014-9559-3
  • Dumitrescu, E. I. ve Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460. doi:10.1016/j.econmod.2012.02.014
  • Eberhardt, M. (2011). xtmg -- Estimating panel time series models with heterogeneous slopes. Boston College. https://fmwww.bc.edu/RePEc/bocode/x/xtmg.html adresinden erişildi.
  • Elmas, B. ve Polat, M. (2016). BIST kurumsal yönetim endeksine kayıtlı imalat firmaları özelinde Ar-Ge yatırımlarının firma performanına etkisinin araştırılması. Pressacademia Procedia, Global Business Research Congress (GBRC - 2016) içinde (C. 2, ss. 648–663). doi:10.17261/pressacademia.2016118687
  • Falk, M. (2012). Quantile estimates of the impact of R&D intensity on firm performance. Small Business Economics, 39(1), 19–37. doi:10.1007/s11187-010-9290-7
  • García-Manjón, J. V. ve Romero-Merino, M. E. (2012). Research, development, and firm growth. Empirical evidence from European top R&D spending firms. Research Policy, 41(6), 1084–1092. doi:10.1016/j.respol.2012.03.017
  • Grabowski, H. ve Vernon, J. (2000). The determinants of pharmaceutical research and development investments. Journal of Evolutionary Economics, (10), 201–215. doi:10.1515/1538-0645.1511
  • Güriş, B. (2015). Panel Vektör Otoregresif Modeller ve Panel Nedensellik. S. Güriş (Ed.), Stata ile Panel Veri Modelleri içinde (1. bs., ss. 291–304). İstanbul: Der Yayınları.
  • Güzen, H. D. ve Başar, B. (2019). Ar-Ge harcamalarının raporlanması ve kârlılığa etki̇si̇: BİST sınai̇ endeksi işletmeleri̇ üzerine bir araştırma. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20(2), 1–24.
  • Han, I. ve Chuang, C.-M. (2011). The impacts of R&D investment on company performance: US vs. Taiwanese technology-intensive industry. Review of Pacific Basin Financial Markets and Policies, 14(1), 171–194. doi:10.1142/S0219091511002184
  • Işık, N., Engeloğlu, Ö. ve Kılınç, E. C. (2016). Araştırma ve geliştirme harcamalarının, kârlılık ve satışlar üzerindeki etkisi: Borsa İstanbul firmaları üzerine bir uygulama. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (47), 27–46.
  • Jaisinghani, D. (2016). Impact of R&D on profitability in the pharma sector: an empirical study from India. Journal of Asia Business Studies, 10(2), 194–210. doi:10.1108/JABS-03-2015-0031
  • Kamuyu Aydınlatma Platformu. (2020). Finansal Tablolar. www.kap.org.tr adresinden erişildi.
  • Lee, M. ve Choi, M. (2015). Analysis on time-lag effect of research and development investment in the pharmaceutical industry in Korea. Osong Public Health and Research Perspectives, 6(4), 241–248. doi:10.1016/j.phrp.2015.07.001
  • Lee, M. H. ve Hwang, I. J. (2003). Determinants of corporate R&D investment: An empirical study comparing Korea’s IT industry with its non-IT industry. ETRI Journal, 25(4), 258–265. doi:10.4218/etrij.03.0101.0401
  • Lin, Z., Ge, C. ve Goh, K. Y. (2011). R&D investment and firm performance in IT companies: An empirical investigation across IT industry sectors. PACIS 2011 - 15th Pacific Asia Conference on Information Systems: Quality Research in Pacific içinde (ss. 1–15).
  • Lopez, L. ve Weber, S. (2017). Testing for Granger causality in panel data. The Stata Journal, 17(4), 972–984. Morbey, G. K. (1988). R&D: Its relationship to company performance. Journal of Product Innovation Management, (5), 191–200.
  • Morbey, G. K. ve Reithner, R. M. (1990). How R&D affects sales growth, productivity and profitability. Research-Technology Management, 33(3), 11–14. doi:10.1080/08956308.1990.11670656
  • Nunes, P. M., Serrasqueiro, Z. ve Leitão, J. (2012). Is there a linear relationship between R&D intensity and growth? Empirical evidence of non-high-tech vs. high-tech SMEs. Research Policy, 41(1), 36–53. doi:10.1016/j.respol.2011.08.011
  • OECD. (2015). Frascati Manual 2015: Guidelines for Collecting and Reporting Data on Research and Experimental Development (7. bs.). Paris: OECD Publishing. doi:http://dx.doi.org/10.1787/9789264239012-en
  • OECD. (2020). Main Science and Technology Indicators (MSTI) database. 15 Eylül 2020 tarihinde https://stats.oecd.org/Index.aspx?DataSetCode=MSTI_PUB adresinden erişildi.
  • Oliveira, B. ve Fortunato, A. (2017). Firm growth and R&D: Evidence from the Portuguese manufacturing industry. Journal of Evolutionary Economics, 27(3), 613–627. doi:10.1007/s00191-016-0487-z
  • Othman, R. ve Ameer, R. (2009). Determinants and persistence of research and development investments: Evidence from Malaysia. International Journal of Emerging Markets, 4(3), 275–292. doi:10.1108/17468800910968427
  • Pantagakis, E., Terzakis, D. ve Arvanitis, S. (2012). R&D investments and firm performance: An empirical investigation of the high technology sector (software and hardware) in the E.U. SSRN Electronic Journal. doi:10.2139/ssrn.2178919
  • Seçilmiş, N. (2012). Yeni ekonomi çerçevesinde yapılan Ar-Ge faaliyetlerinin büyümeye katkısı: Gaziantep örneği. Gaziantep Üniversitesi. Yayımlanmamış Doktora Tezi.
  • Simanjuntak, D. G. ve Tjandrawinata, R. R. (2011). Impact of profitability, R&D intensity, and cash flow on R&D expenditure in pharmaceutical companies. SSRN Electronic Journal, (April 2011). doi:10.2139/ssrn.1824267
  • Sougiannis, T. (1994). The accounting based valuation of corporate R&D. The Accounting Review, 69(1), 44–68.
  • Tatoğlu, F. Y. (2013). İleri Panel Veri Analizi: Stata Uygulamalı (2. bs.). İstanbul: Beta Yayıncılık.
  • Tatoğlu, F. Y. (2017). Panel Zaman Serileri Analizi: Stata Uygulamalı (1. bs.). İstanbul: Beta Yayıncılık.
  • UNESCO. (2020). Global Investments in R&D. http://uis.unesco.org/sites/default/files/documents/fs59-global-investments-rd-2020-en.pdf adresinden erişildi.
  • Vithessonthi, C. ve Racela, O. C. (2016). Short- and long-run effects of internationalization and R&D intensity on firm performance. Journal of Multinational Financial Management, (34), 28–45. doi:10.1016/j.mulfin.2015.12.001
  • Wang, C. H. (2011). Clarifying the effects of R&D on performance: Evidence from the high technology industries. Asia Pacific Management Review, 16(1), 51–64. doi:10.6126/APMR.2011.16.1.04
  • Yang, K. P., Chiao, Y. C. ve Kuo, C. C. (2010). The relationship between R&D investment and firm profitability under a three-stage sigmoid curve model: Evidence from an emerging economy. IEEE Transactions on Engineering Management, 57(1), 103–117. doi:10.1109/TEM.2009.2023452
There are 48 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Issue
Authors

Mehmet Dikici 0000-0001-9140-6978

Kadir Gürdal 0000-0001-8142-7775

Publication Date November 1, 2021
Submission Date April 26, 2021
Acceptance Date June 7, 2021
Published in Issue Year 2021 Volume: 14 Issue: 3

Cite

APA Dikici, M., & Gürdal, K. (2021). AR-GE GİDERLERİ İLE KÂRLILIK VE BÜYÜME ARASINDA NEDENSELLİK İLİŞKİSİ: BIST ÜZERİNE BİR İNCELEME. Journal of Accounting and Taxation Studies, 14(3), 1193-1229. https://doi.org/10.29067/muvu.928283

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