FİNANSAL GEVŞEKLİK İLE AR-GE YATIRIMLARI ARASINDAKİ İLİŞKİNİN BELİRLENMESİ: BİST İMALAT SEKTÖRÜ ÖRNEĞİ

Abstract

Finansal gevşeklik, bir firmanın sahip olduğu likiditesi yüksek varlıklar ile borçlanabilme yeteneğinin toplamından oluşmaktadır. Literatürde, finansal gevşekliği yüksek olan firmaların piyasaya yeni ürünler sunmak, yeni pazarlara girmek gibi yeni stratejiler deneme gücünün yetebileceği iddia edilmektedir. Bu çalışmada, finansal gevşeklik ile Ar-Ge yatırımları arasındaki ilişkiyi belirlemek üzere BİST İmalat Sektöründe yer alan firmaların 2018/Q1- 2023/Q3 dönemleri arasındaki mali verileri analiz edilmiştir. Çalışmada finansal gevşekliği temsil eden mevcut, geri kazanılabilir ve potansiyel gevşeklik türleri bağımsız, Ar-Ge yoğunluğu ise bağımlı değişken olarak ele alınmıştır. Çalışmanın amaçlarına uygun olarak gevşeklik türleri ile Ar-Ge yatırımları arasındaki doğrusal ya da eğrisel ilişkinin varlığı regresyon yöntemi ile incelenmiştir. Analiz sonuçlarına göre, mevcut ve potansiyel gevşeklik ile Ar-Ge yoğunluğu arasında pozitif doğrusal, geri kazanılabilir gevşeklik ile Ar-Ge yoğunluğu arasında ters U şeklinde eğrisel ilişki tespit edilmiştir. Mevcut gevşeklik için elde edilen bu sonuç, davranışsal teorisyenlerin iddialarını kısmen desteklerken, geri kazanılabilir gevşeklik için elde edilen bu sonuç, davranışsal teorisyenlerin iddiaları ile birebir uyumludur. Potansiyel gevşeklik için elde edilen sonuç, davranışsal teorisyenlerin iddialarının aksine pozitif doğrusaldır.

Keywords

• Ar-Ge
• Mevcut Gevşeklik
• Geri Kazanılabilir Gevşeklik
• Potansiyel Gevşeklik
• Finansal Gevşeklik

DETERMINING THE RELATIONSHIP BETWEEN FINANCIAL SLACK AND R&D INVESTMENTS: SAMPLE OF BIST MANUFACTURING SECTOR

Abstract

Financial slack is the sum of a firm's highly liquid assets and its ability to borrow. In the literature, it is claimed that firms with high financial slack can afford to try new strategies such as introducing new products to the market and entering new markets. In this study, in order to determine the effect of financial slack on R&D investments, the financial data of firms in the BIST Manufacturing Sector between 2018/Q1- 2023/Q3 periods are analysed. In the study, current, recoverable and potential slack types representing financial slack are considered as independent variables, while R&D intensity is taken as the dependent variable. In line with the objectives of the study, the existence of a linear or curvilinear relationship between slack types and R&D investments is analysed by regression method. According to the analysis results, a positive linear relationship was determined between available and potential slack and R&D intensity, and an inverted U-shaped curvilinear relationship was determined between recoverable slack and R&D intensity. This result obtained for the available slack partially supports the claims of behavioral theorists, while this result obtained for the recoverable slack is in full compliance with the claims of behavioral theorists. The result obtained for the potential slack is positive linear, contrary to the claims of behavioral theorists.

Keywords

• R&D
• Existing Slack
• Recoverable Slack
• Potential Slack
• Financial Slack

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