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The Effects of Research and Development (R&D) Investments on Firm Value: An Empirical Study on ISE Listed Companies

Year 2008, Issue: 1, 25 - 34, 01.02.2008

M. Başaran Öztürk

Abstract

The aim of the study is to determine the effect of research and development investments on firm value via data set of lSE-Listed firms that have R&D investments in the period of 2002-2006. Through this aim, a multiple regression model mostly based on variables of Ben-Zion (1984) Model has been conducted. The findings of the study conclude that there exists a significantly positive relationship between firm value and R&D investments in the mentioned period.

Keywords

Istanbul stock exchange (ISE) Istanbul stock exchange research and development (r&d) intangible assets firm value

References

  • .BEN-ZION U, (1984), The R&D Investment Decision and Its Relationship to the Firm's Market Value: Some Preliminary Results, R&D Patents and Productivity, Chicago, The University of Chicago Press, ss. 299-312
  • .BRIGHAM, E. F. ve GAPENSKI L C, (1996), Intermediate Financial Management, 5th Edition, The Dryden Press, Orlando
  • .CHAN, L K. C, LAKONISHOK J. ve SOUGIANNIS T, (2001), The Stock Market Valuation of Research and Development Expenditures, The Journal of Finance, Vol. LVI, No. 6, ss. 2431-2457
  • .CHAN, S. H., (1990), Corporate Research and Development Expenditures and Share Value, Journal of Financial Economics, 26, Augustus. 255-276
  • .CHIN, C.H., LEE P., CHI H. Y. ve ANANDARAJAN A. (2006), Patent Citation, R&D Spillover, and Tobin's Q: Evidence from Taiwan Semiconductor Industry, Review of Quantitative Finance and Accounting, 26, ss. 67-84
  • .CONNOLY, R. A. ve HIRSCHEY, M., (1984), R&D, Market Structure and Profits: A Value-Based Approach, Review of Economics and Statistics, 66, November, ss. 682-686
  • .ERCAN, M. K., ÖZTÜRK M. B. ve DEMİRGÜNEŞ K., (2003), Değere Dayalı Yönetim ve Entellektüel Sermaye, Gazi Kitabevi, Ankara
  • .FARRELL, G. A., (1985), Institutional Ownership, Tender Offers and Long-Term Investments, Office of the Chief Economist, Securities and Exchange Commission, Washington, DC .GRILICHES, Z., (1981), Market Values, R&D, and Patents, Economics Letters, 7, ss. 183-187
  • .HALL, B. H. ve ORIANIR., (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, ss. 971-993
  • .JAFFE, A. B., (1986), Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value, American Economic Review, 76, ss. 984-1001
  • .JOHNSON, L. D., (1989), Stock Market Forecasting and the Gordon Model, Proceedings of the Conference on Imperfections in Financial Markets and Their Impact on Corporate Financial Decisions
  • .JOHNSON, L D. ve PAZDERKA B., (1993), Firm Value and Investment in R&D, Managerial and Decision Economics, Vol. 14,15-24, ss. 15-24
  • .MULKAY, B., HALL H. B. ve MAIRESSE J., (2000), Firm Level Investment and R&D in France and the United States: A Comparison, National Bureau of Economic Research Working Paper, 8038, Cambridge, MA
  • .SULLIVAN, P. H., (2000), Value-Driven Intellectual Capital: How to Convert Intangible Corporate Assets into Market Value, John Wiley & Sons Press, New York
  • .WOOLRIDGE, J. R., (1988), Competitive Decline and Corporate Restructuring: Is a Myopic Stock Market to Blame?, Journal of Applied Corporate Finance, Spring, ss. 26-36

Araştırma-Geliştirme Yatırımlarının Firma Değeri Üzerindeki Etkisi: İMKB'de Bir Uygulama

Year 2008, Issue: 1, 25 - 34, 01.02.2008

M. Başaran Öztürk

Abstract

Bu çalışmada, 2002-2006 yıllan arasındaki 5 yıllık dönemde İMKB'de işlem gören ve araştırma-geliştirme (Ar-Ge) yatırımı yapan firmaların Ar-Ge yatırımlarının firma değeri üzerindeki etkisinin tespit edilmesi amaçlanmaktadır. Ben-Zion (1984) modeli kapsamındaki değişkenler temel alınarak oluşturulan çoklu regresyon modeli ile ilgili döneme ait veriler kullanılarak, Ar-Ge yatırımlarının, firma değeri üzerinde istatistiksel açıdan anlamlı ve pozitif yönlü etkileri olduğu tespit edilmiştir.

Keywords

İstanbul menkul kıymetler borsası (İMKB) İstanbul menkul kıymetler borsası araştırma ve geliştirme (ar-ge) maddi olmayan duran varlıklar firma değeri

References

  • .BEN-ZION U, (1984), The R&D Investment Decision and Its Relationship to the Firm's Market Value: Some Preliminary Results, R&D Patents and Productivity, Chicago, The University of Chicago Press, ss. 299-312
  • .BRIGHAM, E. F. ve GAPENSKI L C, (1996), Intermediate Financial Management, 5th Edition, The Dryden Press, Orlando
  • .CHAN, L K. C, LAKONISHOK J. ve SOUGIANNIS T, (2001), The Stock Market Valuation of Research and Development Expenditures, The Journal of Finance, Vol. LVI, No. 6, ss. 2431-2457
  • .CHAN, S. H., (1990), Corporate Research and Development Expenditures and Share Value, Journal of Financial Economics, 26, Augustus. 255-276
  • .CHIN, C.H., LEE P., CHI H. Y. ve ANANDARAJAN A. (2006), Patent Citation, R&D Spillover, and Tobin's Q: Evidence from Taiwan Semiconductor Industry, Review of Quantitative Finance and Accounting, 26, ss. 67-84
  • .CONNOLY, R. A. ve HIRSCHEY, M., (1984), R&D, Market Structure and Profits: A Value-Based Approach, Review of Economics and Statistics, 66, November, ss. 682-686
  • .ERCAN, M. K., ÖZTÜRK M. B. ve DEMİRGÜNEŞ K., (2003), Değere Dayalı Yönetim ve Entellektüel Sermaye, Gazi Kitabevi, Ankara
  • .FARRELL, G. A., (1985), Institutional Ownership, Tender Offers and Long-Term Investments, Office of the Chief Economist, Securities and Exchange Commission, Washington, DC .GRILICHES, Z., (1981), Market Values, R&D, and Patents, Economics Letters, 7, ss. 183-187
  • .HALL, B. H. ve ORIANIR., (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, ss. 971-993
  • .JAFFE, A. B., (1986), Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value, American Economic Review, 76, ss. 984-1001
  • .JOHNSON, L. D., (1989), Stock Market Forecasting and the Gordon Model, Proceedings of the Conference on Imperfections in Financial Markets and Their Impact on Corporate Financial Decisions
  • .JOHNSON, L D. ve PAZDERKA B., (1993), Firm Value and Investment in R&D, Managerial and Decision Economics, Vol. 14,15-24, ss. 15-24
  • .MULKAY, B., HALL H. B. ve MAIRESSE J., (2000), Firm Level Investment and R&D in France and the United States: A Comparison, National Bureau of Economic Research Working Paper, 8038, Cambridge, MA
  • .SULLIVAN, P. H., (2000), Value-Driven Intellectual Capital: How to Convert Intangible Corporate Assets into Market Value, John Wiley & Sons Press, New York
  • .WOOLRIDGE, J. R., (1988), Competitive Decline and Corporate Restructuring: Is a Myopic Stock Market to Blame?, Journal of Applied Corporate Finance, Spring, ss. 26-36
There are 15 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

M. Başaran Öztürk This is me

Publication Date February 1, 2008
Submission Date August 16, 2014
Published in Issue Year 2008 Issue: 1

Cite

APA Öztürk, M. B. (2008). Araştırma-Geliştirme Yatırımlarının Firma Değeri Üzerindeki Etkisi: İMKB’de Bir Uygulama. Verimlilik Dergisi(1), 25-34.

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