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

Kaynakça

• Akgüç, Ö. (1998), Financial Management. 7. Edition. Istanbul: Avcıol Publishing.
• Akgün, A., & Akgün, Ö. (2016). The Effect of R&D Expenditures on Profitability in Enterprises: The Case of Aselsan. Selçuk University Journal of Social and Technical Researches, 12: 1-12.
• Akpınar, O. (2016). The Impact of Capital Structure on Firm Performance: An Application on Borsa Istanbul. Kastamonu University Journal of the Faculty of Economics and Administrative Sciences, 11, 290-302.
• Amahalu, N.N., & Beatrice, E. (2017). Effect of Cash Holding on Financial Performance of Selected Quoted Insurance Firms in Nigeria, Journal of Marketing Management and Consumer Behavior, 2(1): 90-112.
• Aras, G., Tezcan, N., Kutlu Furtuna, Ö., & Aybars, A. (2014). Strategic Analysis of R&D and Innovation Performance of Companies, Istanbul Chamber of Commerce, Publication No: 2014-10.
• Ayaydın, H., & Karaaslan, İ. (2014). The Effect of Research and Development Investment on Firms’ Financial Performance: Evidence from Manufacturing Firms in Turkey. The Journal of Knowledge Economy & Knowledge Management, IX(II): 43-59.
• Aytekin, S., & Özçalık, S.G. (2018). Relationship between r&d expenditure and financial performance on technology and information technology indices firms in Borsa Istanbul. Anemon Journal of Social Sciences of Mus Alparslan University, 6(ICEESS’18): 67-73.
• Barut, A. (2014), Cash Management in businesses and an application in Kars province. Atatürk University Institute of Social Sciences, Master Thesis, Erzurum.
• Birgili, E., & Düzer, M. (2010). The relationship between the rates which are used in financial analysis and firm value an application in Istanbul stock exchange. The Journal of Accounting and Finance, 46: 74-83.
• Bulut, Ç., Yılmaz, C. & Alpkan, L. (2009). The effects of market orientation dimensions on firm performance. Ege Academic Review, 9(2), 513-538.
• Clark, L.A. & Watson, D. (1995). Constructing validity: basic issues in objective scale development. Psychological Assessment, 7(3), 309-319.
• Cohen, J. (1988). Statistical Power Analysis fort the Behavioral Sciences. Second Edition, Lawrence Erlbaum.
• Demirgüneş, K. (2016). The effect of liquidity on financial performance: evidence from Turkish retail industry. International Journal of Economics and Finance, 8(4): 63-79.
• Dogan, D. (2019). Data Analysis with SmartPLS (2nd edition). Ankara: ZET Publications.
• Ersarı, G. (2018). Strategic Entrepreneurship: The competitive Strategies in the Impact of Entrepreneurial Leadership on Organizational Performance. Unpublished Ph.D. Dissertation, Ataturk University, Erzurum.
• Freihat, A.R.F., & Kanakriyah, R. (2017). Impact of r&d expenditure on financial performance: Jordanian evidence. European Journal of Business and Management, 9(32): 73-83.
• Garson, G. D. (2016). Partial Least Squares: Regression and Structural Equation Models. Asheboro, NC: Statistical Associates Publishers.
• Gold, A.H., Malhotra, A. & Segars, A.H. (2001). Knowledge management: an organizational capabilities perspective. Journal of Management Information Systems, 18(1), 185-214.
• Gürbüz, S. (2019). Mediator, Regulatory and Situational Impact Analysis in Social Sciences, Seçkin, Ankara.
• Gürbüz, S., Maraşlı, F. & Costigan, R. (2018). Between personality and emotional commitment exploring the mechanism: the basic self-evaluation and situational of emotional the role of intermediation. 6th organizational behavior congress, 2-3 Kasım, Isparta.
• Hair, J. F., Hult, G.T.M., Ringle, C. M., & Sarstedt, M.; (2014), A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM), Los Angeles, Second Edition, Sage Publication.
• Hair, J.F., Ringle, C.M. & Sarstedt, M. (2011). PLS-Sem: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139-151.
• Hayes, A.F. (2018). Introduction to mediation, moderation, and conditional process analysis: A regression-based approach (2nd Edition). New York: The Guilford Press.
• Henseler, J., Ringle, C.M. & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43, 115-135.
• Henseler, J., Ringle, C. M., & Sinkovics, R. R. (2009). The use of partial least squares path modeling in international marketing. In Advances in International Marketing, 20, 277-319.
• Işık, N., Engeloğlu, Ö., & Kılınç, E.C. (2016). The effect of research and development expenditures on the profitability and sales: an application on BIST companies. Journal of Erciyes University Faculty of Economics and Administrative Sciences, 47: 27-46.
• Karadeniz, E. & Kaplan, F. (2016). The effect of capital structure decisions on profitability: a research on Borsa Istanbul tourism companies. Journal of Travel and Hospitality Management 13 (3), 38-55.
• Kaya, B. (2007). A Research on Cash Management in Businesses and Industrial and Trade Companies in Bursa. Yıldız Technical University Institute of Social Sciences, Master Thesis, Istanbul.
• Kim, J. & Choi, S.O. (2020). A comparative analysis of corporate r&d capability and innovation: focused on the Korean manufacturing industry. Journal Open Innovation: Technology Market Complexity, 6, 1-20.
• Kutlu Furtuna, Ö. (2017). Cash holding level analysis on industrial basis: evidence from listed non-financial firms on Borsa Istanbul. Int. Journal of Management Economics and Business, 13(3), 615-630.
• Muller, D., Jud, C.M. & Yzerbyt, V.Y. (2005). When mediation is moderated and moderation is mediated. Journal of Personality and Social Psychology, 89, 852-863.
• Mutegi, L.M. (2016). Effects of Capital Structure on the Financial Performance of Firms Listed at the Nairobi Securities Exchange. Unpublished Master's Thesis. University of Nairobi Science in Finance, School of Business, Nairobi.
• MÜSİAD. (2012). Küresel Rekabet İçin AR-GE ve İnovasyon, Stratejik Dönüşüm Önerisi. MÜSİAD Research Reports: 76, Istanbul: Pelikan Printing.
• Nunnally, J.C. (1967). Psychometric theory, New York, NY, US: McGraw-Hill.
• Otluoğlu, E. (2017). What is Capital Structure? http://emirotluoglu.com/page/2/?wordfence_logHuman=1&hid=45EA3E484D0A6B1D790E6450EB3F4723(Date of Access: 18.12.2019).
• Oura, M., Zilber, S.N. & Lopes, E.L. (2016). Innovation capacity, international experience and export performance of SMEs in Brazil. International Business Review, 25, 921-932
• Öztürk, E., & Zeren, F. (2015), The Impact of R&D expenditure on firm performance in manufacturing industry: further evidence from Turkey. Int.J.Eco. Res., 6(2): 32-36.
• Pratheepkanth, P. (2011). Capital structure and financial performance: evidence from selected business companies in Colombo stock exchange Sri Lanka. Journal of Arts, Science & Commerce, 2(2): 171-183.
• Preacher, K.J., Rucker, D.D. & Hayes, A.F. (2007). Addressing moderated mediation hypotheses: theory, methods and prescriptions. Multivariate Behavioral Research, 42(1), 185-227.
• Rocca, M.L., & Cambrea, D.R. (2018). The effect of cash holdings on firm performance in Large Italian Companies. J. Int. Financ Manage Account, 30: 30-59.
• Sarstedt, M., Ringle, C.M., & Hair, J.F.; (2017), Partial least squares structural equation modeling. Handbook of Market research, 1-40. https://link.springer.com/ referenceworkentry/10.1007%2F978-3-319-05542-8_15-1 (Date of Access: 24.12.2019).
• Sözüer, A. (2016). Inter-firm Relationship Quality in International Trade: A Study on the Relationships between Exporters in Turkey and their Customers Abroad. Istanbul University Institute of Social Sciences, PhD Thesis, Istanbul.
• Teo, T.S.H., Srivastava, S.C. & Jiang, L. (2008). Trust and electronic government success: an empirical study. Journal of Management Information Systems, 25(3), 99-132.
• Topaloğlu, E.E., & Nur, T. (2016). Effect of cash conversion cycle on the financial performance: a practice on the corporate governance index. Academic Review, 53: 304-317.
• Topaloğlu, E.E., Coşkun, N., & Özkan, C. (2016). Testing the relationship between the ownership structure and financial performance in the Istanbul Stock Exchange 30 Index. Financial, Political & Economic Commentary, 53(620): 85-107.
• Türko, M. (1998), Financial Management. Erzurum: Alfa Publishing House.
• Uygurtürk, H., & Vargün, H. (2018). The Relationship between cash flow and profitability: a research on vehicles sector. Accounting Science World Journal, 20(3): 705-727.
• Uzun Kocamış, T., & Güngör, A. (2014). R&D expenditure in Turkey and Effect of R&D expenditure on profitability in technology sector: Borsa Istanbul example. Treasury Magazine, 166: 127-138.
• VanderPal, G.A. (2015). Impact of R&D expenses and corporate financial performance. Journal of Accounting and Finance, 15(7): 135-149.
• Venkatraman, N. & Ramanujam, V. (1986). Measurement of business performance in strategy research: A comparison of approaches. Academy of Management Review, 11(4), 801-814.
• Varian, H. (2005). Bootstrap tutorial. The Mathematical Journal, IX(4): 770-771.
• Yam, R.C.M., Guan, J.C., Pun, K.F. & Tang, E.P.Y. (2004). An audit of technological innovation capabilities in chinese firms: some empirical findings in Beijing, China. Research Policy, 33, 1123-1140.
• Yener, E., & Karakuş, R. (2012). Review of relationship between capital structure and firm values in different asset values: an application on Ise 100 firms. Gazi University Journal of Economics and Administrative Sciences, 14(2): 75-98.
• Yener, A.L. (2002). The Factors Effecting the Capital Structures of Turkish Firms: An Analysis for the Biggest 500 Firms the Stocks of Which are Traded in the Istanbul Stock Exchange, Ankara University Institute of Social Sciences, PhD Thesis, Ankara.
• Yılmaz, H. (2017). The Effect of capital structure on firm value and performance: an empirical analysis. The Journal of International Social Research, 10(53): 826-838.
• Zehir, C., Can, E. & Karaboğa, T. (2015). Linking entrepreneurial orientation to firm performance: the role of differentiation strategy and innovation performance. Procedia-Social and Behavioral Sciences, 210, 358-367.
• Zhu, Z., & Huang, F. (2012). The effect of R&D investment on firms’ financial performance: evidence from the Chinese listed IT firms. Modern Economy, 3: 915-919.