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Does Tax Planning Affect R&D Expenditures? A Study of Borsa Istanbul (BIST) Manufacturing Sector

Yıl 2022, Cilt: 51 Sayı: 2, 563 - 581, 30.12.2022
https://doi.org/10.26650/ibr.2022.51.995585

Öz

Tax planning, which has an important place in financial planning, is the systematic way of avoiding tax in accordance with the laws. In this process, R&D expenditures constitute a tax shield for firms to decrease their tax base. The purpose of this study is to examine whether tax planning affects R&D expenditures. The sample includes 564 firm-year observations over the period 2008-2019 for listed firms operating in the BIST-Manufacturing sector and spending R&D. As the past values of R&D expenditures have an effect on current period expenditures, the dynamic relationship between variables was analyzed by the Generalized Method of Moments (GMM) and System GMM. The findings show that tax planning has a positive effect on R&D expenditures. However, the change in firm size negatively affects R&D expenditures. The study focuses only on certain firms listed in the BIST-Manufacturing sector that made R&D and hence the results might have a limited explanatory capacity for the other sectors. Nevertheless, the findings highlight the need for firms to establish units to carry out tax planning practices that can reduce the tax burden through various means, especially R&D incentives.

Destekleyen Kurum

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Proje Numarası

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Teşekkür

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Kaynakça

  • Amadasun, A. B., & Igbinosa, S. O. (2011). Strategies for effective tax planning. Franklin Business & Law Journal, (2), 51-64. google scholar
  • Anderson, T. W., & Rubin, H. (1950). The asymptotic properties of estimates of the parameters of single equation in a complete system of stochastic equations. Annals of Mathematical Statistics, 21(4), 570-582. https://doi.org/10.1214/aoms/1177729752 google scholar
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi. org/10.2307/2297968 google scholar
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variables estimation of error components models. Journal of Econometrics, (68), 29-51. https://doi.org/10.1016/0304-4076(94)01642-D google scholar
  • Armstrong, C. S., Blouin, J. L., & Larcker, D. F. (2012). The incentives for tax planning. Journal of Accoun-ting and Economics, 53(1-2), 391-411. https://doi.org/10.1016/j.jacceco.2011.04.001 google scholar
  • Baltagi, B. H. (2014). Econometric analysis of panel data. John Wiley. google scholar
  • Blouin, J. (2014). Defining and measuring tax planning aggressiveness. National Tax Journal, 67(4), 875900. https://dx.doi.org/10.17310/ntj.2014.4.06 google scholar
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, (87), 11-143. https://doi.org/10.1016/S0304-4076(98)00009-8 google scholar
  • Chen, M. C., Chang, C. W., & Lee, M. C. (2020). The effect of chief financial officers’ accounting expertise on corporate tax avoidance: The role of compensation design. Review of Quantitative Finance and Acco-unting, 54, 37-296. https://doi.org/10.1007/s11156-019-00789-5 google scholar
  • Cheng, C. S. A., Guo, P., Weng, C. H., & Wu, Q. (2021). Innovation and corporate tax planning: The distinct effect of patents and R&D. Contemporary Accounting Research, 38 (1), 621-653. https://doi. org/10.1111/1911-3846.12613 google scholar
  • Çağlayan Akay, E. (2018). Dinamik panel veri modelleri [Dynamic panel data models]. In S. Güriş (Ed.), Uygulamalı panel veri ekonometrisi [Applied panel data econometrics]. (pp.105-132). İstanbul, Turkey: Der Publishing. google scholar
  • Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long-run corporate tax avoidance. The Accounting Review, 83(1), 61-82. https://doi.org/10.2308/accr.2008.83.1.61 google scholar
  • Eicke, R. (2008). Tax planning with holding companies repatriation of US profits from Europe: Concepts, strategies, structures. Eucoteax Wolters Kluwer Law & Business International. google scholar
  • Elschner, C., & Ernst, C. (2008). The impact of R&D tax incentives on R&D costs and income tax burden. ZEW Discussion Papers, (08-124). Retrieved from https://www.econstor.eu/handle/10419/27607 google scholar
  • Ernst & Young (2019). Worldwide R&D incentives reference guide. Retrieved from https://www.ey.com/ en_gl/tax-guides/worldwide-r-and-d-incentives-reference-guide-2020 google scholar
  • Ernst, C., & Spengel, C. (2011). Taxation, R&D tax incentives and patent application in Europe. ZEW Dis-cussion Paper, (11-024). Retrieved from ftp://ftp.zew.de/pub/zew-docs/dp/dp11024.pdf google scholar
  • Fagbemi T.O., Olaniyi T.A., & Ogundipe A.A. (2019). The corporate tax planning and financial performance of systemically important banks in Nigeria. Ekonomski Horizonti, 21(1), 15-28. https://doi.org/10.5937/ ekonhor1901015F google scholar
  • Feige, E. L. (1989). The underground economies: Tax evasion and information distortion. Cambridge Uni-versity Press. https://doi.org/10.1017/CBO9780511571749 google scholar
  • Frank, M.M., Lynch, J.L., & Rego, S.O. (2009). Are financial and tax reporting aggressiveness reflecti-ve of broader corporate policies?. The Accounting Review, 84(2), 467-496. http://dx.doi.org/10.2139/ ssrn.647604 google scholar
  • Ftouhi, K., & Ghardallou, W. (2020). International tax planning techniques: A review of the literature. Jour-nal of Applied Accounting Research, 21(2), 329-343. https://doi.org/10.1108/JAAR-05-2019-0080 google scholar
  • Garbarino, C. (2011). Aggressive tax strategies and corporate tax governance: An institutional approach. European Company and Financial Review, 8(3), 277-304. https://doi.org/10.1515/ecfr.2011.277 google scholar
  • Gayatri, N. S., & Wirasedana, I. W. (2021). The influence of tax planning, company size, and cash holding on earnings management in the infrastructure, utilities and transportation sectors. American Journal of Humanities and Social Sciences Research, 5 (2), 261-267. google scholar
  • Göçer, İ., Kutbay, H., Gerede, C., & Aslan, R. (2014). Vergi teşviklerinin Ar-Ge ve inovasyona etkisi: Panel eşbütünleşme ve nedensellik analizi [Effects of tax incentives on R&D and innovation: Panel cointegrati-on and causality analysis]. Maliye Dergisi, (167), 163-183. google scholar
  • Grabinska, B., & Grabinski, K. (2017). The impact of R&D expenditures on earnings management. Argu-menta Oeconomica Cracoviensia, (17), 53-72. https://doi.org/10.15678/AOC.2017.1704 google scholar
  • Graham, J.R., & Tucker, A. (2006). Tax shelter and corporate debt policy. Journal of Financial Economics, 81(3), 563-594. https://doi.org/10.1016/j.jfineco.2005.09.002 google scholar
  • Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for tax planning and avoidance: Evidence from the field. The Accounting Review, 89(3), 991-1023. https://doi.org/10.2308/accr-50678 google scholar
  • Graham, J.R., Raedy, J., & Shackelford, D. (2012). Research in accounting for income taxes. Journal of Accounting and Economics, 53(1-2), 412-434. https://doi.org/10.1016/j.jacceco.2011.11.006 google scholar
  • Hanlon, M., & Shevlin, T. (2002). The tax benefits of employee stock options: The accounting and implica-tions. Accounting Horizons, 16(1), 1-16. https://doi.org/10.2308/acch.2002.16.1.1 google scholar
  • Hodzic, S. (2013). Tax incentives for research and development in Austria and Croatia: B-index. Economic Thought and Practice, (2), 397-416. google scholar
  • Hoffman, W.H. (1961). The theory of tax planning. The Accounting Review, 36(2), 274-281. http://www.jstor. org/stable/243232. google scholar
  • Huang, W., Ying, T., & Shen, Y. (2018). Executive cash compensation and tax aggressiveness of Chinese firms. Review of Quantitative Finance and Accounting, (51), 1151-1180. https://doi.org/10.1007/s11156-018-0700-2 google scholar
  • Hughes, K. (1988). The interpretation and measurement of R&D intensity-a note. Research Policy, (17), 301307. https://doi.org/10.1016/0048-7333(88)90010-8 google scholar
  • Hwang, J., & Sun, Y. (2018). Should we go one step further? An accurate comparison of one-step and two-step procedures in a generalized method of moments framework. Journal of Econometrics, 207(2), 381405. https://doi.org/10.1016/j.jeconom.2018.07.006 google scholar
  • İbiş, C. (2004). İşletmelerde vergi planlaması [Tax planning in businesses]. Mali Çözüm Dergisi, (68), 72-79. google scholar
  • Kahriman, H., Mastar Özcan, P., & Tepekule, U. (2015). İşletmelerde uluslararası vergi planlaması [Interna-tional tax planning in businesses]. I. International Congress on Economics and Business, Gostivar-Ma-cedonia, 164-175. google scholar
  • Kirchler, E., Maciejovsky, B., & Schneider, F. (2003). Everyday representations on tax avoidance, tax evasi-on, and tax flight: Do legal differences matter?. Journal of Economic Psychology, 24(4), 535-553. https:// doi.org/10.1016/S0167-4870(02)00164-2 google scholar
  • Lanis, R., & Richardson, G. (2011). The effect of board of director composition on corporate tax aggressiveness. Journal of Accounting and Public Policy, 30(1), 50-70. https://doi.org/10.1016/j.jaccpubpol.2010.09.003 google scholar
  • Lynch, D. (2014). Investing in the corporate tax function: The effects of remediating material weaknesses in in-ternal control on tax avoidance (Doctoral Dissertation, Michigan State University). Retrieced from https://d. lib.msu.edu/etd/2516. google scholar
  • Nar, M. (2015). Vergi planlaması aracı olarak Ar-Ge harcamaları [R&D expenditures as a tool for tax planning]. Uluslararası Sosyal Araştırmalar Dergisi, 8(37), 925-940. google scholar
  • Neuman, S. S. (2014). Effective tax strategies: It’s not just minimization (Doctoral Dissertation, University of Missouri). Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2496994. google scholar
  • OECD (2020). Main science and technology indicators. 2019(2). OECD Publishing. Retrieved from https:// data.oecd.org/rd/gross-domestic-spending-on-r-d.htm google scholar
  • OECD. (2013). Aggressive tax planning based on after-tax hedging. OECD. 2015, Retrieved from https://www. oecd.org/tax/aggressive/after_tax_hedging_report.pdf. google scholar
  • Olurankinse, F., & Mamidu, A. I. (2021). Corporate tax planning and financial performance of development banks in Nigeria. European Journal of Accounting, Auditing and Finance Research, 9 (5), 53-72. Retrieved from https://ssrn.com/abstract=3896368 google scholar
  • Peker, İ., & Kılıçer, E. (2017). Vergi planlaması ve işletmeleri vergi planlaması yapmaya yöneltebilecek uygulamalar [Tax planning and applications that may lead businesses to tax planning]. Akademik Bakış Uluslararası Sosyal Bilimler E-Dergisi, (61), 900-911. google scholar
  • Rego, S.O. (2003). Tax-avoidance activities of U.S. multinational corporations. Contemporary Accounting Re-search, 20(4), 805-833. https://doi.org/10.1506/VANN-B7UB-GMFA-9E6W google scholar
  • Rezaee, Z. (2005). Causes, consequences, and deterrence of financial statement fraud. Critical Perspectives on Accounting, 16(3), 277-298. https://doi.org/10.1016/S1045-2354(03)00072-8 google scholar
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  • Sterlacchini, A., & Venturini, F. (2019). R&D tax incentives in EU countries: Does the impact vary with firm size?. Small Business Economics, 53(3), 687-708. https://doi.org/10.1007/s11187-018-0074-9 google scholar
  • Stickney, C., & McGee, V. (1982). Effective corporate tax rates: The effect of size, capital intensity, leverage, and other factors. Journal of Accounting and Public Policy, 1(2), 125-152. https://doi.org/10.1016/S0278-4254(82)80004-5 google scholar
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Yıl 2022, Cilt: 51 Sayı: 2, 563 - 581, 30.12.2022
https://doi.org/10.26650/ibr.2022.51.995585

Öz

Proje Numarası

-

Kaynakça

  • Amadasun, A. B., & Igbinosa, S. O. (2011). Strategies for effective tax planning. Franklin Business & Law Journal, (2), 51-64. google scholar
  • Anderson, T. W., & Rubin, H. (1950). The asymptotic properties of estimates of the parameters of single equation in a complete system of stochastic equations. Annals of Mathematical Statistics, 21(4), 570-582. https://doi.org/10.1214/aoms/1177729752 google scholar
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi. org/10.2307/2297968 google scholar
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variables estimation of error components models. Journal of Econometrics, (68), 29-51. https://doi.org/10.1016/0304-4076(94)01642-D google scholar
  • Armstrong, C. S., Blouin, J. L., & Larcker, D. F. (2012). The incentives for tax planning. Journal of Accoun-ting and Economics, 53(1-2), 391-411. https://doi.org/10.1016/j.jacceco.2011.04.001 google scholar
  • Baltagi, B. H. (2014). Econometric analysis of panel data. John Wiley. google scholar
  • Blouin, J. (2014). Defining and measuring tax planning aggressiveness. National Tax Journal, 67(4), 875900. https://dx.doi.org/10.17310/ntj.2014.4.06 google scholar
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, (87), 11-143. https://doi.org/10.1016/S0304-4076(98)00009-8 google scholar
  • Chen, M. C., Chang, C. W., & Lee, M. C. (2020). The effect of chief financial officers’ accounting expertise on corporate tax avoidance: The role of compensation design. Review of Quantitative Finance and Acco-unting, 54, 37-296. https://doi.org/10.1007/s11156-019-00789-5 google scholar
  • Cheng, C. S. A., Guo, P., Weng, C. H., & Wu, Q. (2021). Innovation and corporate tax planning: The distinct effect of patents and R&D. Contemporary Accounting Research, 38 (1), 621-653. https://doi. org/10.1111/1911-3846.12613 google scholar
  • Çağlayan Akay, E. (2018). Dinamik panel veri modelleri [Dynamic panel data models]. In S. Güriş (Ed.), Uygulamalı panel veri ekonometrisi [Applied panel data econometrics]. (pp.105-132). İstanbul, Turkey: Der Publishing. google scholar
  • Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long-run corporate tax avoidance. The Accounting Review, 83(1), 61-82. https://doi.org/10.2308/accr.2008.83.1.61 google scholar
  • Eicke, R. (2008). Tax planning with holding companies repatriation of US profits from Europe: Concepts, strategies, structures. Eucoteax Wolters Kluwer Law & Business International. google scholar
  • Elschner, C., & Ernst, C. (2008). The impact of R&D tax incentives on R&D costs and income tax burden. ZEW Discussion Papers, (08-124). Retrieved from https://www.econstor.eu/handle/10419/27607 google scholar
  • Ernst & Young (2019). Worldwide R&D incentives reference guide. Retrieved from https://www.ey.com/ en_gl/tax-guides/worldwide-r-and-d-incentives-reference-guide-2020 google scholar
  • Ernst, C., & Spengel, C. (2011). Taxation, R&D tax incentives and patent application in Europe. ZEW Dis-cussion Paper, (11-024). Retrieved from ftp://ftp.zew.de/pub/zew-docs/dp/dp11024.pdf google scholar
  • Fagbemi T.O., Olaniyi T.A., & Ogundipe A.A. (2019). The corporate tax planning and financial performance of systemically important banks in Nigeria. Ekonomski Horizonti, 21(1), 15-28. https://doi.org/10.5937/ ekonhor1901015F google scholar
  • Feige, E. L. (1989). The underground economies: Tax evasion and information distortion. Cambridge Uni-versity Press. https://doi.org/10.1017/CBO9780511571749 google scholar
  • Frank, M.M., Lynch, J.L., & Rego, S.O. (2009). Are financial and tax reporting aggressiveness reflecti-ve of broader corporate policies?. The Accounting Review, 84(2), 467-496. http://dx.doi.org/10.2139/ ssrn.647604 google scholar
  • Ftouhi, K., & Ghardallou, W. (2020). International tax planning techniques: A review of the literature. Jour-nal of Applied Accounting Research, 21(2), 329-343. https://doi.org/10.1108/JAAR-05-2019-0080 google scholar
  • Garbarino, C. (2011). Aggressive tax strategies and corporate tax governance: An institutional approach. European Company and Financial Review, 8(3), 277-304. https://doi.org/10.1515/ecfr.2011.277 google scholar
  • Gayatri, N. S., & Wirasedana, I. W. (2021). The influence of tax planning, company size, and cash holding on earnings management in the infrastructure, utilities and transportation sectors. American Journal of Humanities and Social Sciences Research, 5 (2), 261-267. google scholar
  • Göçer, İ., Kutbay, H., Gerede, C., & Aslan, R. (2014). Vergi teşviklerinin Ar-Ge ve inovasyona etkisi: Panel eşbütünleşme ve nedensellik analizi [Effects of tax incentives on R&D and innovation: Panel cointegrati-on and causality analysis]. Maliye Dergisi, (167), 163-183. google scholar
  • Grabinska, B., & Grabinski, K. (2017). The impact of R&D expenditures on earnings management. Argu-menta Oeconomica Cracoviensia, (17), 53-72. https://doi.org/10.15678/AOC.2017.1704 google scholar
  • Graham, J.R., & Tucker, A. (2006). Tax shelter and corporate debt policy. Journal of Financial Economics, 81(3), 563-594. https://doi.org/10.1016/j.jfineco.2005.09.002 google scholar
  • Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for tax planning and avoidance: Evidence from the field. The Accounting Review, 89(3), 991-1023. https://doi.org/10.2308/accr-50678 google scholar
  • Graham, J.R., Raedy, J., & Shackelford, D. (2012). Research in accounting for income taxes. Journal of Accounting and Economics, 53(1-2), 412-434. https://doi.org/10.1016/j.jacceco.2011.11.006 google scholar
  • Hanlon, M., & Shevlin, T. (2002). The tax benefits of employee stock options: The accounting and implica-tions. Accounting Horizons, 16(1), 1-16. https://doi.org/10.2308/acch.2002.16.1.1 google scholar
  • Hodzic, S. (2013). Tax incentives for research and development in Austria and Croatia: B-index. Economic Thought and Practice, (2), 397-416. google scholar
  • Hoffman, W.H. (1961). The theory of tax planning. The Accounting Review, 36(2), 274-281. http://www.jstor. org/stable/243232. google scholar
  • Huang, W., Ying, T., & Shen, Y. (2018). Executive cash compensation and tax aggressiveness of Chinese firms. Review of Quantitative Finance and Accounting, (51), 1151-1180. https://doi.org/10.1007/s11156-018-0700-2 google scholar
  • Hughes, K. (1988). The interpretation and measurement of R&D intensity-a note. Research Policy, (17), 301307. https://doi.org/10.1016/0048-7333(88)90010-8 google scholar
  • Hwang, J., & Sun, Y. (2018). Should we go one step further? An accurate comparison of one-step and two-step procedures in a generalized method of moments framework. Journal of Econometrics, 207(2), 381405. https://doi.org/10.1016/j.jeconom.2018.07.006 google scholar
  • İbiş, C. (2004). İşletmelerde vergi planlaması [Tax planning in businesses]. Mali Çözüm Dergisi, (68), 72-79. google scholar
  • Kahriman, H., Mastar Özcan, P., & Tepekule, U. (2015). İşletmelerde uluslararası vergi planlaması [Interna-tional tax planning in businesses]. I. International Congress on Economics and Business, Gostivar-Ma-cedonia, 164-175. google scholar
  • Kirchler, E., Maciejovsky, B., & Schneider, F. (2003). Everyday representations on tax avoidance, tax evasi-on, and tax flight: Do legal differences matter?. Journal of Economic Psychology, 24(4), 535-553. https:// doi.org/10.1016/S0167-4870(02)00164-2 google scholar
  • Lanis, R., & Richardson, G. (2011). The effect of board of director composition on corporate tax aggressiveness. Journal of Accounting and Public Policy, 30(1), 50-70. https://doi.org/10.1016/j.jaccpubpol.2010.09.003 google scholar
  • Lynch, D. (2014). Investing in the corporate tax function: The effects of remediating material weaknesses in in-ternal control on tax avoidance (Doctoral Dissertation, Michigan State University). Retrieced from https://d. lib.msu.edu/etd/2516. google scholar
  • Nar, M. (2015). Vergi planlaması aracı olarak Ar-Ge harcamaları [R&D expenditures as a tool for tax planning]. Uluslararası Sosyal Araştırmalar Dergisi, 8(37), 925-940. google scholar
  • Neuman, S. S. (2014). Effective tax strategies: It’s not just minimization (Doctoral Dissertation, University of Missouri). Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2496994. google scholar
  • OECD (2020). Main science and technology indicators. 2019(2). OECD Publishing. Retrieved from https:// data.oecd.org/rd/gross-domestic-spending-on-r-d.htm google scholar
  • OECD. (2013). Aggressive tax planning based on after-tax hedging. OECD. 2015, Retrieved from https://www. oecd.org/tax/aggressive/after_tax_hedging_report.pdf. google scholar
  • Olurankinse, F., & Mamidu, A. I. (2021). Corporate tax planning and financial performance of development banks in Nigeria. European Journal of Accounting, Auditing and Finance Research, 9 (5), 53-72. Retrieved from https://ssrn.com/abstract=3896368 google scholar
  • Peker, İ., & Kılıçer, E. (2017). Vergi planlaması ve işletmeleri vergi planlaması yapmaya yöneltebilecek uygulamalar [Tax planning and applications that may lead businesses to tax planning]. Akademik Bakış Uluslararası Sosyal Bilimler E-Dergisi, (61), 900-911. google scholar
  • Rego, S.O. (2003). Tax-avoidance activities of U.S. multinational corporations. Contemporary Accounting Re-search, 20(4), 805-833. https://doi.org/10.1506/VANN-B7UB-GMFA-9E6W google scholar
  • Rezaee, Z. (2005). Causes, consequences, and deterrence of financial statement fraud. Critical Perspectives on Accounting, 16(3), 277-298. https://doi.org/10.1016/S1045-2354(03)00072-8 google scholar
  • Roodman, D. (2009). A Note on the theme of too many instruments. Oxford Bulletin of Economics and Statistics 71(1), 135-158. https://doi.org/10.1111/j.1468-0084.2008.00542.x google scholar
  • Slemrod, J. (2004). The Economics of corporate tax selfishness. National Tax Journal, 57(4), 877-899. https:// dx.doi.org/10.17310/ntj.2004.4.06 google scholar
  • Sterlacchini, A., & Venturini, F. (2019). R&D tax incentives in EU countries: Does the impact vary with firm size?. Small Business Economics, 53(3), 687-708. https://doi.org/10.1007/s11187-018-0074-9 google scholar
  • Stickney, C., & McGee, V. (1982). Effective corporate tax rates: The effect of size, capital intensity, leverage, and other factors. Journal of Accounting and Public Policy, 1(2), 125-152. https://doi.org/10.1016/S0278-4254(82)80004-5 google scholar
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Toplam 62 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Articles
Yazarlar

Yaşar Bayraktar 0000-0002-6974-5292

Asiye Tütüncü 0000-0001-9473-9401

Proje Numarası -
Yayımlanma Tarihi 30 Aralık 2022
Gönderilme Tarihi 14 Eylül 2021
Yayımlandığı Sayı Yıl 2022 Cilt: 51 Sayı: 2

Kaynak Göster

APA Bayraktar, Y., & Tütüncü, A. (2022). Does Tax Planning Affect R&D Expenditures? A Study of Borsa Istanbul (BIST) Manufacturing Sector. Istanbul Business Research, 51(2), 563-581. https://doi.org/10.26650/ibr.2022.51.995585

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