ARAŞTIRMA GELİŞTİRME GİDERLERİNİN İŞLETMELERİN KARLILIĞI ÜZERİNDEKİ ETKİSİNİN İNCELENMESİ: İMKB METAL EŞYA SEKTÖRÜNDE BİR ARAŞTIRMA

Öz

Bu çalışmanın amacı, Araştırma Geliştirme Ar-Ge giderleri ile işletmenin muhasebe temelli performans ölçütleri arasındaki ilişkiyi ortaya çıkarmaktır. Belirlenen amaca ulaşabilmek için Ar-Ge faaliyetlerine önemli yatırımlar yapan ve İMKB’de hisse senetleri işlem gören Metal Eşya ve Makine sektöründeki 25 adet işletme üzerinde 2007-2011 yıllarına yönelik bir araştırma yapılmıştır. Çalışmada, SPSS 16.0 istatistiksel programı yardımıyla işletmelerin Ar-Ge yatırımlarının önemini gösteren Ar-Ge yoğunluğu oranı ile muhasebe temelli performans ölçütleri olan her bir karlılık oranı arasında korelasyon analizi yapılmıştır. Yapılan araştırmada, Ar-Ge yoğunluğu oranı ile faaliyet kar oranı ve özsermaye karlılık oranı arasında istatistiksel olarak anlamlı ve negatifyönlü; Ar-Ge yatırımları ile aktif karlılığı, brüt kar oranı ve net kar oranı arasında ise istatistiki olarak anlamsızsadece negatif yönlü bir ilişkinin varlığı tespit edilmiştir

Anahtar Kelimeler

• Ar-Ge Yatırımları, Ar-Ge Giderleri, Ar-Ge Yoğunluğu, İşletme Performansı, Karlılık Oranları, İMKB

AN EXAMINING OF THE EFFECT OF RESEARCH AND DEVELOPMENT EXPENDITURES ON CORPORATION PROFITABILITY: A RESEARCH IN METAL GOODS INDUSTRY IN ISTANBUL STOCK EXCHANGE ISE

Öz

The purpose of present study is to detect the relations between research and development R&D expendituresand corporation’s performance scales based accounting. To reach this objective, a research has been conducted towards 2007-2011 period covering 25 firms from metal goods industry which have invested in big quantity on R&D operations and quoted in ISE. With the help of SPSS 16.0 statistical program, a correlation analysis between R&D intensity ratio indicating the importance of firms’ R&D investments and each profitabilityratios indicating corporation’s performance scales based accounting has been performed in the study. In this research a statistical significant negative relation has been detected between R&D intensity and operation profitability and equity profitability; however insignificant but a negative relation has been deduced between R&Dinvestments and assets’ profitability and gross profit ratio and net profit ratio

Anahtar Kelimeler

• R&D Investments, R&D Expenditures, R&D Intensity, Corporation Performance, Profitability Ratios, ISE

Kaynakça

1. Anagnostopoulou, S. C. and Levis M., (2008), “R&D and Performance Persistence: Evidence from the United Kingdom”, The International Journal of Accounting, 43, 3, (September), 293–320.
2. Belberdos R., Carree M. and Lokshin B.,(2004), “Cooperative R&D and Firm Performance”, Research Policy, 33, 1477–1492.
3. Blundell, R., Griffith, R. and Van Reenen, J., (1999), “Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms”. Review of Economic Studies, 66, 529– 554.
4. Branch, B., (1974), “Research and Development Activity and Profitability: A Distributed Log Analysis”, Journal of Political Economy, (Sept./Oct.), 999-1011.
5. Brenner, M. S. and Rushton, B. M., (1989), “Sales Growth and R&D in the Chemical Industry”, Research and Technology Management, (March-April), 8-14.
6. Brockhoff, K., (1998), “Technology Management as Part of Strategic Planning – Some Empirical Results”, R&D Management, 28, 129_138.59.
7. Capon, N., Farley, J. U. And Hoenig, S., (1990), “Determinants of Financial Performance: A Meta-Analysis”, Management Science, 36, 1143_11.
8. Ciftci M. and Cready W., (2011), “Scale Effects of R&D as Reflected in Earnings and Returns”, Journal of Accounting and Economics, 52, 62–80.

9. Cockburn, I. and Griliches, Z., (1988), “Industry Effects and Appropriability Measures in the Stock Market’s Valuation of R&D and Patents”, American Economic Review, 78, 419– 423.
10. Cook, T. J., and Rizzuto, R. J., (1988), “How R&D Money is Spend”, Research and Technology Management, 31, (l), 34-40.
11. David, F. R., (1995), Strategic Management, Englewood Cliffs, NJ: Prentice Hall.
12. Doukas, J., (1991), “R&D Announcements and the Market Value of the Firm”, Financial Management, 20, (2), 13-14.
13. Erickson, G. and Jacobson, R., (1 992), “Gaining Comparative Advantage Through Discretionary Experience: The Returns to R&D and Advertising”, Management Science, 38, (9), 1264-1279.
14. Ettlie, J. E., (1998), “R&D and Global Manufacturing Performance”, Management Science, 44, 1_11.
15. Falk, M., (2012), “Quantile Estimates of the Impact of R&D Intensity on Firm Performance”, Small Business Economics, July, 39, 1,19-37.
16. Filippou D. and King M., (2011), “R&D Prospects in the Mining and Metals Industry”, Resources Policy, 36, 276–284.
17. Gerpott, T. J. and Walter, A., (1999), “Internationale Diversifikation, F&E- Intensität und Erfolg von großen Industrieunternehmen”, Zeitschrift für betriebswirtschaftliche Forschung, 51, 1100_1121.
18. Grant, R. M., (1995), Contemporary Strategy Analysis: Concepts, Technologies, Applications. Boston, MA: Blackwell Business.
19. Griliches, Z., (1981), “Market Value, R&D and Patents”, Economics Letters, 7, 183– 187.
20. Hall, B.H., (1993a), “Industrial Research During the 1980s: Did the Rate of Return Fall?”, Brookings Papers on Economic Activity, Microeconomics, 289–343.
21. Hall, B.H., (1993b), “The Stock Market’s Valuation of R&D Investment During the 1980’s”, American Economic Review, 83, 259–264.
22. Hall, B. H. and 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, 971– 993.
23. Hansen, M.D., Madsen,E.S. and Smith V., (2003), “Efficiency R&D and Ownership – Some Empirical Evidence”, International Journal of Production Economics, 83, 85–94.
24. Hill, C.W. L. and Snell, S. A., (1988), “External Control, Corporate Strategy, and Firm Performance in Research-Intensive Industries”, Strategic Management Journal, 9, 577_590.
25. Hirschey, M., (1982), “Intangible Capital Aspects of Advertising and R&D Expenditures”, Journal of Industrial Economics, 30,375–390.
26. Hitt, M. A., Hoskisson, R. E., Ireland, R. D. and Harrison, J. S., (1991), “Effects of Acquisitions on R&D Inputs and Outputs”, Academy of Management Journal, 34, 693_706.
27. Hitt, M. A., Ireland, R. D. and Hoskisson, R. E., (1995), Strategic Management: Competitiveness and Globalization, New York: West Publication Inc.
28. Hsieh, P.H., Mishra, C.S. and Gobeli, D.H., (2003), “The Return on R&D Versus Capital Expenditures in Pharmaceutical and Chemical Industries”, IEEE Transactions on Engineering Management, 50, 141–150.
29. Ito, K. and Pucik, V., (1993), “R&D Spending, Domestic Competition, and Export Performance of Japanese Manufacturing Firms”, Strategic Management Journal, 14, 61-75.
30. Jaffe, A.B., (1986), “Technological Opportunity and Spillovers of R&D: Evidence from Firms’ Patents, Profits and Market Value”, American Economic Review, 76, 984–1001.
31. Johnson, L. D. and Pazderka, B., (1993), “Firm Value and Investment in R&D”, Managerial and Decision Economics, 14, 15-24.
32. Karacaer, S., Aygün, M. ve İç, S., (2009), “Araştırma ve Geliştirme Giderlerinin Firma Performansı Üzerindeki Etkisi: İstanbul Menkul Kıymetler Borsası Üzerine Bir İnceleme”, Muhasebe Bilim Dünyası Dergisi, Cilt 11,Sayı 2, Haziran.
33. Krasnikov, A. and Jayachandran S., (2008), “The Relative Impact of Marketing, Research and Development and Operations Capabilities on Firm Performance”, Journal of Marketing, 72, (4), 1-11.
34. Lee, J. and Shim E., (1995), “Moderating Effects of R&D on Corporate Growth in U.S. and Japanese Hi-Tech Industries: An Empirical Study”, The Journal of High Technology Management Research, 6, 2, (Autumn), 179–191.
35. Lev, B. and Sougiannis, T., (1996), “The Capitalization, Amortization and Value–Relevance of R&D”, Journal of Business, Accounting and Economics, 21, 107– 138.
36. Long, W. F. And Ravenscraft, D. J., (1993), “LBO’s Debt and R&D Intensity”, Strategic Management Journal, 14, 119-135.
37. Lu Y. and Karpova E., (2012), “An Investigation of Chinese Textile Firms’ R&D Performance”, Clothing and Textiles Research Journal, 30, (July), 3, 217-231.
38. Morbey, G.K., (1988), “R&D: Its Relationship to Company Performance”, Journal of Product Innovation Management, 5, 191–200.
39. Morbey, G. K. and Reithner, R. M., (1990), “How R&D Affects Sales Growth, Productivity and Profitability”, Research and Technology Management, 33, (May-June), 1 l-15.
40. Örten, R., Kaval, H. ve Karapınar, A., (2010), Türkiye Muhasebe-Finansal Raporlama Standartları Uygulama ve Yorumları, Gazi Kitabevi, 4.Baskı, Ankara.
41. Pegels, C. C. and Thirumurthy, M. V., (1996), “The Impact of Technology Strategy on Firm Performance”, IEEE Transactions on Engineering Management, 43, 246_249.
42. Scherer, F. M. and Ross, D., (1990), Industrial Market Structure and Economic Performance, Boston, MA: Houghton Mifflin Co.
43. Sharma, C., (2012), “R&D and Firm Performance: Evidence From the Indian Pharmaceutical Industry”, Journal of the Asia Pacific Economy,17, 2, 332-342.
44. Sveikauskas, L., (1986), “The Contribution of R&D to Productivity Growth”, Monthly Labor Review, 108, 6- 21.
45. Tassey, G., (1983), “Competitive Strategies and Performance in Technology-Based Industries”, Journal of Economic Business, 35, 21-40.
46. Toivanen, O., Stoneman, P. and Bosworth, D., (2002), “Innovation and Market Value of UK Firms, 1989-1995”.
47. Oxford Bulletin of Economics and Statistics, 64, 39–61.
48. Uzkurt, C., (2008), Yenilik Yönetimi ve Yenilikçi Örgüt Kültürü, Beta Yayınları, 1. Baskı, İstanbul.
49. Wöhrl, R., Hüsig, S. and Dowling M., (2009), “The Interaction of R&D Intensity and Firm Age: Empirical Evidence From Technology-Based Growth Companies in the German ‘Neuer Markt’ ”, Journal of High Technology Management Research, 20, 19–30.
50. Yardımcıoğlu, M., Demirel, N. ve Özer, V., (2008), “Araştırma - Geliştirme Harcamalarının ve Maddi Olmayan Duran Varlıkların TMS-38, Tekdüzen Muhasebe Sistemi ve SPK Tebliği’ne göre Muhasebeleştirilmesi İşlemlerinin Karşılaştırılması”, İSMMMO Mali Çözüm Dergisi, Sayı 85.
51. http://www.vestel.com.tr
52. http://www.arcelik.com.tr
53. http://www.otosan.com.tr
54. http://www.tofas.com.tr
55. http://www.imkb.gov.tr
56. http://www.kap.gov.tr.