Ar-Ge Yoğunluğu ve Finansal Gevşekliğin Firma Performansına Etkisi: Türkiye’de En Yüksek Ar-Ge Harcaması Yapan Firmaların Analizi

Yıl 2025, Cilt: 10 Sayı: 4, 1366 - 1381, 31.12.2025

Cansu Çilingir Kara

https://doi.org/10.30784/epfad.1666691

Öz

Finansal gevşeklik, şirketlerin beklenmedik fırsatlara yanıt vermek ve kriz zamanlarında kullanmak üzere elinde tuttuğu, kullanılmayan borçlanma kapasitesi, likit varlıklar ve öz sermaye gibi fazla kaynakların varlığını ifade eder. Bu çalışma, finansal gevşekliğin ve araştırma ve geliştirme çalışmalarının yoğunluğunun Türkiye'de faaliyet gösteren şirketlerin karlılığı üzerindeki karşılaştırmalı etkilerinin keşfedici bir analizini yürütmektedir. Bu çalışma, Turkish Time (2023) yayınında belirtildiği gibi 2004-2023 yılları arasında en yüksek araştırma ve geliştirme harcamalarına sahip 26 şirketten elde edilen panel verilerini kullanmaktadır. Panel FGLS analizi, Ar-Ge yoğunluğunun karlılık üzerindeki etkisinin önemli ölçüde negatif kaldığını göstermektedir. Bu sonuç, getirilerin uzun vadeye odaklı olması ve önemli maliyetler içermesiyle açıklanabilmektedir. Aksine, finansal gevşeklik şirketin karlılığını olumlu yönde etkilemektedir ve finansal gevşekliğin, beklenmedik piyasa taleplerine tepki verme esnekliği ve kapasitesi anlamına geldiği görülmektedir. Bununla birlikte, yapılan ek Panel FGLS analizinde finansal gevşeklik ile piyasa değeri (P/B oranı) arasında ters U şeklinde doğrusal olmayan bir ilişki tespit edilmiştir. Optimal bir eşiğe kadar piyasa değerini artıran bu kaynaklar, aşırı biriktiğinde kaynak tahsisinde verimsizlik sinyali vererek firma değerini olumsuz etkileyebilmektedir. Bu nedenle, finansal gevşekliğin stratejik yönetimi kritik önem taşımaktadır.

Anahtar Kelimeler

Ar-Ge Yatırımları , Finansal Gevşeklik , Ar-Ge Yoğunluğu

The Impact of R&D Intensity and Financial Slack on Company Performance: An Analysis of Companies with the Highest R&D Expenditure in Türkiye

Öz

Financial slack refers to the existence of excess resources, such as unused borrowing capacity, liquid assets, and equity, that companies hold to respond to unexpected opportunities and use during times of crisis. This study conducts an exploratory analysis of the comparative effects of financial slack and the intensity of research and development activities on the profitability of companies operating in Turkey. As stated in Turkish Time (2023), this study uses panel data obtained from 26 companies with the highest research and development expenditures between 2004 and 2023. Panel FGLS analysis shows that the effect of R&D intensity on profitability remains significantly negative. This result can be explained by the long-term focus on returns and the high costs involved. Conversely, financial slack positively affects the company's profitability, and financial slack is seen to mean the slack and capacity to respond to unexpected market demands. However, the additional Panel FGLS analysis, a non-linear inverse U-shaped relationship was found between financial slack and market value (P/B ratio). While these resources increase market value up to an optimal threshold, when accumulated excessively, they can signal inefficiency in resource allocation and negatively impact firm value. Therefore, the strategic management of financial slack is of critical importance.

Anahtar Kelimeler

R&D Investments , Financial Slack , R&D Intensity

Kaynakça

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