R&D SPENDING AND FINANCIAL PERFORMANCE: AN INVESTIGATION IN AN EMERGING MARKET

Yıl 2022, Cilt: 18 Sayı: 1, 38 - 58, 31.03.2022

Nasıf Özkan

https://doi.org/10.17130/ijmeb.964849

Cited By: 2

Öz

The study aims to investigate the relationship between the R&D spending of twenty-five industrial sub-sectors consisting of the largest 500 industrial firms of Turkey and their financial performances between 2013 and 2019. In this context, the effect of current and lagged R&D spending of the sub-sectors on return on assets (ROA), return on equity (ROE), and return on sales (ROS) analyzed with panel data models. As this study is one of the first to explore the relationship between R&D spending at the sectoral level data in a developing country such as Turkey and financial performance, it holds great importance. The findings of the study demonstrate that current year R&D spending of the sub-sectors affect their financial performance negatively and this impact turns positive after a year. However, this positive effect cannot be preserved and turns back to negative in the long term. The robustness test also supports these empirical findings. Therefore, it is suggested that R&D spending should be made steadily and the industrial sector should focus on the long-term returns of R&D spending to sustain the positive impact on financial performance.

Anahtar Kelimeler

R&D intensity, Profitability, Lagged effect, ISO 500, Turkey

Destekleyen Kurum

TUBİTAK

Teşekkür

I acknowledge The Scientific and Technological Research Council of Turkey (TUBITAK) for the financial support of the postdoctoral study in the framework of TUBITAK - 2219 International Postdoctoral Research Scholarship Program.

AR-GE HARCAMALARI VE FİNANSAL PERFORMANS: GELİŞMEKTE OLAN BİR ÜLKE ÜZERİNE ARAŞTIRMA

Öz

Bu çalışmanın amacı, 2013-2019 yılları arasında Türkiye’nin en büyük 500 sanayi şirketinin oluşturduğu yirmi beş sanayi alt sektörünün ar-ge harcamaları ile finansal performansları arasındaki ilişkiyi incelemektir. Bu bağlamda çalışmada, alt sektörlerin cari ve gecikmeli ar-ge harcamalarının sektörlerin aktif karlılığı (ROA), özsermaye karlılığı (ROE) ve net kar marjı (ROS) üzerindeki etkisi panel veri modelleri ile analiz edilmektedir. Çalışma, Türkiye gibi gelişmekte olan bir ülkede sektörel düzeyde ar-ge harcamaları ile finansal performans arasındaki ilişkileri inceleyen ilk çalışmalardan birisi olması nedeniyle önem arz etmektedir. Çalışmanın bulguları, alt sektörlerin cari yıl ar-ge harcamalarının finansal performanslarını negatif etkilediğini ve bu etkinin bir yıl sonra pozitife döndüğünü göstermektedir. Ancak, bu pozitif etki korunamamakta ve uzun dönemde tekrar negatife dönmektedir. Sağlamlık testi de bu ampirik bulguları desteklemektedir. Bu nedenle, ar-ge harcamalarının finansal performans üzerindeki pozitif etkisinin sürdürülebilmesi için bu harcamaların istikrarlı olarak yapılması ve sanayi sektörünün yapılan ar-ge harcamalarının uzun vadeli getirilerine odaklanması önerilmektedir

Anahtar Kelimeler

Ar-ge yoğunluğu, Karlılık, Gecikme etkisi, ISO 500, Türkiye, Ar-ge yoğunluğu, Karlılık, Gecikme etkisi, ISO 500, Türkiye

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