İmalat Sanayii İşletmelerinde Ar-Ge Harcaması Bilgisinin Değer İlişkisi

Yıl 2020, , 109 - 130, 29.09.2020

Gülşah Kulalı

https://doi.org/10.18037/ausbd.801841

Öz

Bu çalışmanın amacı, Türkiye’deki imalat sanayii işletmeleri için maddi olmayan duran varlık yatırımlarından biri olan Ar-Ge harcamalarının değer ilişkisini araştırmaktır. 2014-2018 yılları arasında aralıksız kar etmiş olan ve BIST’te işlem gören 45 adet işletmenin bu beş yıllık süreçteki verileri ile, Ohlson (1995) değerleme modelini temel alan doğrusal bir panel regresyon modeli tahmin edilmiştir. 2014-2018 dönemine ilişkin iki, dört ve altı ay gecikmeli fiyatlar için kurulan modellerin her birinden elde edilen bulgular göstermektedir ki; Ar-Ge harcaması bilgisi piyasa tarafından pozitif değerlenmiştir. Panelde Ar-Ge harcaması bilgisinin fiyat üzerindeki etkisi 31 Aralık tarihinden sonra ilk iki ay içinde bir noktada ortaya çıkmış; ve Şubat, Nisan, Haziran ayları son günleri arasında, etkinin en fazla olduğu nokta Nisan ayı son günü fiyatı olmuştur. Kurulan modellerde kontrol değişkeni olarak yer alan işletme büyüklüğü değişkeninin katsayısının pozitif olması, işletmeler büyüdükçe büyüklüğün işletmenin piyasa değeri faydasını arttığını göstermektedir.

Anahtar Kelimeler

Değer ilişkisi, , Ar-Ge Harcamaları, İmalat Sanayii, Borsa Istanbul

Kaynakça

• Aboody, D., & Lev, B. (1998). The value relevance of intangibles: The case of software capitalization. Journal of Accounting research, 36, 161-191.
• Aharony, J., Barniv, R., & Falk, H. (2010). The impact of mandatory IFRS adoption on equity valuation of accounting numbers for security investors in the EU. European Accounting Review, 19(3), 535-578.
• Akbar, S., Shah, S. Z. A., & Stark, A. W. (2011). The value relevance of cash flows, current accruals, and non-current accruals in the UK. International Review of Financial Analysis, 20(5), 311-319.
• Al-Horani, A., Pope, P. F., & Stark, A. W. (2003). Research and development activity and expected returns in the United Kingdom. Review of Finance, 7(1), 27-46.
• Amir, E., Guan, Y., & Livne, G. (2007). The association of R&D and capital expenditures with subsequent earnings variability. Journal of Business Finance & Accounting, 34(1‐2), 222-246.
• Bae, S. C., & Kim, D. (2003). The effect of R&D investments on market value of firms: Evidence from the US, Germany, and Japan. Multinational Business Review.
• Barron, O. E., Byard, D., Kile, C., & Riedl, E. J. (2002). High‐technology intangibles and analysts’ forecasts. Journal of Accounting Research, 40(2), 289-312.
• Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for financial accounting standard setting: another view. Journal of accounting and economics, 31(1-3), 77-104.
• Beisland, L. A. (2009). A review of the value relevance literature. The Open Business Journal, 2(1).
• Booth, G. G., Junttila, J., Kallunki, J. P., Rahiala, M., & Sahlström, P. (2006). How does the financial environment affect the stock market valuation of R&D spending?. Journal of Financial Intermediation, 15(2), 197-214.
• Brooks, C. (2008). Introductory econometrics for finance. 2008.
• Callen, J. L., & Morel, M. (2005). The valuation relevance of R&D expenditures: Time series evidence. International review of financial analysis, 14(3), 304-325.
• Callen, J. L., & Morel, M. (2005). The valuation relevance of R&D expenditures: Time series evidence. International review of financial analysis, 14(3), 304-325.
• Cañibano, L., Garcia-Ayuso, M., & Sanchez, P. (2000). Accounting for intangibles: a literature review. Journal of Accounting literature, 19, 102-130.
• Cardao‐Pito, T. (2012). Intangible flow theory. American Journal of Economics and Sociology, 71(2), 328-353.
• Cazavan-Jeny, A., & Jeanjean, T. (2006). The negative impact of R&D capitalization: A value relevance approach. European Accounting Review, 15(1), 37-61.
• Chambers, D., Jennings, R., & Thompson, R. B. (2002). Excess returns to R&D-intensive firms. Review of Accounting Studies, 7(2-3), 133-158.
• Chan, K., Chen, H. K., Hong, L. H., & Wang, Y. (2015). Stock market valuation of R&D expenditures—The role of corporate governance. Pacific-Basin Finance Journal, 31, 78-93.
• Chan, L. K., Lakonishok, J., & Sougiannis, T. (2001). The stock market valuation of research and development expenditures. The Journal of Finance, 56(6), 2431-2456.
• Chiao, C., & Hung, W. (2006). Stock Market Valuations of R&D and Electronics Firms during Taiwan's Recent Economic Transition. The Developing Economies, 44(1), 53-78.
• Chiao, C., Hung, W., & Lee, C. F. (2008). Mispricing of research and development investments in a rapidly emerging and electronics-dominated market. Emerging Markets Finance and Trade, 44(1), 95-116.
• Connolly, R. A., & Hirschey, M. (2005). Firm size and the effect of R&D on Tobin's q. R&d Management, 35(2), 217-223.
• Dedman, E., Mouselli, S., Shen, Y. U. N., & Stark, A. W. (2009). Accounting, intangible assets, stock market activity, and measurement and disclosure policy—views from the UK. Abacus, 45(3), 312-341.
• Deng, Z., & Lev, B. (1998). The Valuation of Acquired R&D, Working Paper. New York University.
• Duqi, A., Jaafar, A., & Torluccio, G. (2015). Mispricing and risk of R&D investment in European firms. The European Journal of Finance, 21(5), 444-465.
• Duqi, A., Mirti, R., & Torluccio, G. (2011). An analysis of the R&D effect on stock returns for European listed firms. European Journal of Scientific Research, 58(4), 482-496.
• Easton, P. D., & Harris, T. S. (1991). Earnings as an explanatory variable for returns. Journal of Accounting Research, 29(1), 19-36.
• Ehie, I. C., & Olibe, K. (2010). The effect of R&D investment on firm value: An examination of US manufacturing and service industries. International Journal of Production Economics, 128(1), 127-135.
• Franzen, L., & Radhakrishnan, S. (2009). The value relevance of R&D across profit and loss firms. Journal of Accounting and Public Policy, 28(1), 16-32.
• Greenhalgh, C., & Rogers, M. (2006). The value of innovation: The interaction of competition, R&D and IP. Research Policy, 35(4), 562-580.
• Griliches, Z. (1958). The demand for fertilizer: An economic interpretation of a technical change. Journal of Farm Economics, 40(3), 591-606.
• Gu, F., & Wang, W. (2005). Intangible assets, information complexity, and analysts’ earnings forecasts. Journal of Business Finance & Accounting, 32(9‐10), 1673-1702.
• Hall, B. H. (1993). The stock market's valuation of R&D investment during the 1980's. The American Economic Review, 83(2), 259-264.
• Hall, B. H. (2002). The financing of research and development. Oxford Review of Economic Policy, 18(1), 35-51.
• Hall, B. H. (2007). Measuring the returns to R&D: The depreciation problem (No. w13473). National Bureau of Economic Research.
• Hall, B. H., & Oriani, R. (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(5), 971-993.
• Hand, J. R. (2001). The economic versus accounting impacts of R&D on US market-to-book ratios. Available at SSRN 285108.
• Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31(1-3), 3-75.
• Kayalidere, K. (2013). Hisse Senedi Piyasasında Muhasebe Bilgilerinin Rolü: İMKB-Mali Sektör Üzerine Bir Uygulama. İşletme Araştırmaları Dergisi, 5(1), 130-151.
• Lach, S., & Schankerman, M. (1989). Dynamics of R & D and Investment in the Scientific Sector. Journal of Political Economy, 97(4), 880-904.
• Lee, S., Kim, M., & Davidson III, W. N. (2015). Value Relevance of Multinationality: Evidence from Korean Firms. Journal of International Financial Management & Accounting, 26(2), 111-149.
• Lev, B. (2000). Intangibles: Management, measurement, and reporting. Brookings institution press.
• Lev, B., & Sougiannis, T. (1996). The capitalization, amortization, and value-relevance of R&D. Journal of accounting and economics, 21(1), 107-138.
• Li, E. Y., Wang, Y., & Fan, W. (2014). R&D reporting methods and firm value: evidence from China. Chinese Management Studies.
• Lo, K., & Lys, T. (2000). The Ohlson model: contribution to valuation theory, limitations, and empirical applications. Journal of Accounting, Auditing & Finance, 15(3), 337-367.
• Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business, 34(4), 411-433.
• Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297.
• Morel, M. (2003). Endogenous parameter time series estimation of the Ohlson model: Linear and nonlinear analyses. Journal of Business Finance & Accounting, 30(9‐10), 1341-1362.
• Myers, J. N. (2000). Discussion:“The Feltham-Ohlson (1995) Model: Empirical Implications”. Journal of Accounting, Auditing & Finance, 15(3), 332-335.
• Nagaoka, S. (2006). R&D and market value of Japanese firms in the 1990s. Journal of the Japanese and International Economies, 20(2), 155-176.
• Napoli, F. (2015). The value relevance of R&D expenditure after the adoption of the International Accounting Standards by Italian publicly listed companies.
• Nguyen, P., Nivoix, S., & Noma, M. (2010). The valuation of R&D expenditures in Japan. Accounting & Finance, 50(4), 899-920.
• Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661-687.
• Ohlson, J. A. (2001). Earnings, book values, and dividends in equity valuation: An empirical perspective. Contemporary Accounting Research, 18(1), 107-120.
• Özer, M., & Gülençer, İ. (2019). İşletmelerin Ar-Ge ve pazarlama harcamalarının pay değeri üzerindeki etkisi. Kafkas University. Faculty of Economics and Administrative Sciences. Journal, 10(19), 52-73.
• Pindado, J., De Queiroz, V., & De La Torre, C. (2010). How do firm characteristics influence the relationship between R&D and firm value?, Financial Management, 39(2), 757-782.
• Shah, S. Z. A., Liang, S., & Akbar, S. (2013). International Financial Reporting Standards and the value relevance of R&D expenditures: Pre and post IFRS analysis. International Review of Financial Analysis, 30, 158-169.
• Shah, S. Z. A., Stark, A. W., & Akbar, S. (2008). Firm size, sector and market valuation of R&D expenditures. Applied Financial Economics Letters, 4(2), 87-91.
• Shoham, A. (1998). Export performance: a conceptualization and empirical assessment. Journal of International Marketing, 6(3), 59-81.
• Shortridge, R. T. (2004). Market valuation of successful versus non-successful R&D efforts in the pharmaceutical industry. Journal of Business Finance & Accounting, 31(9‐10), 1301-1325.
• Webster, E. (1999). The economics of intangible investment. Books.
• Wyatt, A. (2005). Accounting recognition of intangible assets: theory and evidence on economic determinants. The Accounting Review, 80(3), 967-1003.
• Wyatt, A., & Abernethy, M. (2008). Accounting for intangible investments. Australian Accounting Review, 18(2), 95-107.
• Xu, M., & Zhang, C. (2004). The explanatory power of R&D for the cross-section of stock returns: Japan 1985–2000. Pacific-Basin Finance Journal, 12(3), 245-269.
• Zhao, R. (2002). Relative value relevance of R&D reporting: An international comparison. Journal of International Financial Management & Accounting, 13(2), 153-174.