Belirsizlik ve ARGE Yatırımları

Year 2020, Volume: 7 Issue: 2, 79 - 89, 28.12.2020

Ömer Özçiçek Erkan Alsu

Abstract

Genel olarak işletmelerde “bekle gör” yaklaşımı sebebiyle belirsizliğin sermaye yatırımlarını olumsuz etkilediği sonucuna ulaşılmıştır. Fakat ARGE yatırımlarında farklı bir sonuç ortaya çıkabilmektedir. Stratejik düşünen işletmeler belirsizlik ortamında ARGE yatırımlarını artırarak uzun vadeli rekabetçi pozisyona sahip olmayı hedefleyebilir. Bu çalışmanın amacı işletmelerin hisse senedi getirilerindeki belirsizliğinin, işletmenin ARGE yatırımları üzerindeki etkisini incelemektir. Bu çalışmada Borsa İstanbul’da kayıtlı imalat sektöründe faaliyet gösteren ve verilerine düzenli olarak ulaşılan 74 işletmenin 2006-2016 yılları arasındaki verileri Panel GMM yöntemiyle analiz edilmiştir. Belirsizlik ölçütü olarak şirketlerin hisse fiyatlarındaki oynaklık kullanılmıştır. Bu çalışmada Borsa İstanbul’da işlem gören imalat sanayi şirketleri üzerine yapılan panel veri analizinde belirsizliğin arttığı dönemlerde ARGE yatırımlarının arttığı görülmüştür.

Keywords

Belirsizlik, Şirket Yatırımı, Arge Yatırımları

Uncertainty and R&D Investment

Abstract

Because of “wait and see” approach in business the general consensus is that uncertainty negatively affects capital investment. But a different result may emerge in R&D investment. Businesses with strategic decision making may increase R&D investment under uncertainty to aim to attain long term competitive position. The aim of this study is to examine the effect of uncertainty in the stock returns of firms on R&D investment of the firm. In this study, the data between the years of 2006-2016 of 74 enterprises operating in the manufacturing sector registered in Borsa Istanbul and whose data have been accessed regularly, were analyzed by Panel GMM method. As uncertainty measure the volatility of firms’ stock market prices is used. In this study the result of panel data analysis conducted on manufacturing industry firms traded in Borsa İstanbul is that R&D investment increases in periods when uncertainty increases.

Keywords

Uncertainty, Company Investment, R-D Investment

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