Araştırma ve Geliştirme (AR-GE) Kapasitesi ile Finansal Performans Arasındaki İlişkide Sermaye Yapısı ve Nakit Tutumunun Aracı Rolü: İstanbul İmalat Sanayi İşletmeleri Örneği

Yıl 2021, Cilt: 9 Sayı: 3, 749 - 761, 28.06.2021

Fahrettin Pala Aylin Erdoğdu

https://doi.org/10.18506/anemon.819548

Öz

Çalışmanın amacı, Araştırma ve Geliştirme (AR-GE) kapasitesi ile finansal performans arasındaki ilişkide sermaye yapısı ve nakit tutumunun aracı rolünün olup olmadığının araştırılmasıdır. Araştırma verileri İstanbul’da faaliyet gösteren orta ve büyük ölçekli aynı zamanda AR-GE merkezi olan işletme yöneticilerinden anket yöntemiyle elde edilmiştir. Elde edilen toplam 139 veriye mediatör (aracı) analizi tekniği uygulanmıştır. Verilerin analizinde Yapısal Eşitlik Modeli (YEM) kullanılmıştır. YEM’in tahmininde de SmartPLS programından yararlanılmıştır. Analiz sonuçları, AR-GE kapasitesi ve nakit tutumunun finansal performans üzerinde direkt etkisi olduğunu, sermaye yapısının ise finansal performans üzerinde direkt etkisi olmadığını ortaya koymuştur. Ayrıca araştırma sonuçları AR-GE kapasitesi ile finansal performans arasındaki ilişkide nakit tutumunun aracı rolünü desteklerken, sermaye yapısının aracı rolünü desteklememiştir.

Anahtar Kelimeler

Nakit Tutumu, Sermaye Yapısı, AR-GE Kapasitesi, Finansal Performans

The Intermediary Role of Capital Structure and Cash Attitude in the Relationship between Research and Development (R&D) Capacity and Financial Performance: The Case of Istanbul Manufacturing Industry Enterprises

Öz

The aim of this study is to investigate whether capital structure and cash attitude play an intermediary role in the relationship between research and development (R&D) capacity and financial performance. The research data are obtained from business managers, who are medium and large scale companies operating in Istanbul and are also an R&D center, by survey method. Mediator analysis technique is applied to 139 data obtained. Structural equation model was used in the analysis of the data. SmartPLS program was used in the estimation of YEM. Analysis results revealed that R&D capacity and cash attitude have a direct effect on financial performance, whereas capital structure has no direct effect on financial performance. In addition, the research results supported the intermediary role of cash attitude in the relationship between R&D capacity and financial performance, while not supporting the intermediary role of capital structure.

Anahtar Kelimeler

Cash Attitude, Capital Structure, R&D Capacity, Financial Performance

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