ANALYSIS OF THE RELATIONSHIP BETWEEN R&D INVESTMENTS AND FINANCIAL DISTRESS: AN APPLICATION IN THE BORSA STANBUL MANUFACTURING INDUSTRY

Abstract

Although there are numerous studies demonstrating that R&D adds value to firms, there are few studies on the negative effects of R&D. Since innovation activities are inherently risky, they have the potential to disrupt the firm's financial balance and potentially trigger financial distress. This study investigates the relationship between R&D investments and financial distress. It has been specifically examined whether the relationship between R&D intensity and financial failure differs between R&D-intensive and non-R&D-intensive firms. In this regard, it is significant since it is one of the first studies in Turkey to investigate the relationship between R&D and financial distress. The results obtained by using manufacturing industry businesses whose shares are traded on the Borsa Istanbul and investing in R&D between 2007 and 2020 suggest that R&D increases the likelihood of financial distress in R&D-intensive firms. However, it has been found that in firms with low R&D intensity, R&D reduces the risk of financial distress and enables the firm to become financially healthy. As a result, this study is expected to add to the existing body of knowledge regarding the impact of R&D on the financial health of firms in the Turkish manufacturing industry.

Keywords

• R&D Intensity
• Financial Failure
• Financial Distress
• Borsa İstanbul
• Altman's Z-Score

AR-GE YATIRIMLARI İLE FİNANSAL SIKINTI ARASINDAKİ İLİŞKİNİN ANALİZİ: BORSA İSTANBUL İMALAT SANAYİSİNDE BİR UYGULAMA

Öz

AR-GE’nin firma değeri yarattığını gösteren çok sayıda çalışma bulunmasına karşın AR-GE’nin olumsuz etkileri üzerine yapılan araştırmalar görece daha azdır. İnovasyon faaliyetleri doğası gereği riskli olduğu için firmanın finansal dengesini bozabilir ve finansal sıkıntıya neden olabilir. Bu çalışma, AR-GE yatırımları ile finansal sıkıntı arasındaki ilişkiyi araştırmaktadır. Spesifik olarak, AR-GE yoğun firmalar ve AR-GE yoğun olmayan firmalarda AR-GE yoğunluğu ile finansal başarısızlık arasındaki ilişkinin farklılaşıp farklılaşmadığına odaklanılmıştır. Bu yönüyle, Türkiye’de AR-GE ve finansal sıkıntı ilişkisini inceleyen ilk çalışmalardan biri olarak önem arz etmektedir. AR-GE harcaması yapan ve 2007-2020 yılları arasında payları Borsa İstanbul’da işlem gören ve imalat sanayisi firmalarından faydalanılarak elde edilen sonuçlar, AR-GE yoğun firmalarda AR-GE’nin finansal başarısızlık riskini artırdığını göstermektedir. Diğer taraftan, AR-GE yoğunluğu düşük firmalarda AR-GE’nin finansal sıkıntı riskini düşürdüğü ve firmanın finansal açıdan daha sağlıklı hale gelmesini sağladığı sonucuna ulaşılmıştır. Sonuç olarak, bu çalışmanın AR-GE'nin Türk imalat sanayindeki firmaların finansal sıkıntı riski üzerindeki etkisine ilişkin mevcut literatüre katkıda bulunması beklenmektedir.

Anahtar Kelimeler

• Ar-Ge Yoğunluğu
• Finansal Başarısızlık
• Finansal Sıkıntı
• Altman’ın Z-skoru
• Borsa İstanbul

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