THE IMPACT OF RESEARCH AND DEVELOPMENT (R&D) EXPENDITURES ON FINANCIAL PERFORMANCE: A STUDY IN BORSA ISTANBUL (BIST) MANUFACTURING SECTOR

Öz

It is of great importance for business managers, investors and regulatory institutions and organizations to know the impact of Research and Development (R&D) expenditures on financial performance in their decision-making processes. The aim of this study is to examine the effect of R&D expenditures on accounting-based financial performance measures such as return on assets (ROA), return on equity (ROE) and return on sales (ROS), and on the Tobin Q ratio, which is a market-based performance measure. For this purpose, within the scope of the study, a data set consisting of 658 observations obtained from the financial statements covering the years 2010-2023 of 47 companies operating continuously and without missing data out of 226 companies traded in the manufacturing sector of Borsa Istanbul (BIST) was analyzed with the fixed and random effects model using the STATA program. As a result of the analysis, a statistically significant and negative effect of R&D expenditures on asset and sales return ratios was found, but no significant effect was found on return on equity and Tobin Q ratio.

Anahtar Kelimeler

• Research and Development Expenditure
• Return on Assets Ratio, Return on Equity Ratio
• Tobin's Q Ratio
• Panel Data Analysis

Araştırma ve Geliştirme (Ar-Ge) Harcamalarının Finansal Performans Üzerindeki Etkisi: Borsa İstanbul (BIST) İmalat Sektöründe Bir Araştırma

Öz

Şirket yöneticilerinin, yatırımcıların ve düzenleyici kurum ve kuruluşların Araştırma ve Geliştirme (Ar-Ge) harcamalarının finansal performans üzerindeki etkisini bilmeleri, karar alma süreçlerinde büyük önem taşımaktadır. Bu çalışmanın amacı, Ar-Ge harcamalarının muhasebe esaslı finansal performans ölçütleri olan aktif kârlılığı (ROA), özkaynak kârlılığı (ROE) ve satış kârlılığı (ROS) ile piyasa esaslı performans ölçütü olan Tobin Q oranı üzerindeki etkisini ortaya koymaktır. Bu amaçla çalışma kapsamında Borsa İstanbul (BİST) imalat sektöründe işlem gören 226 şirketten kesintisiz faaliyet gösteren ve eksik verisi olmayan 47 şirketin 2010-2023 yıllarını kapsayan mali tablolarından elde edilen 658 adet gözlemden oluşan veri seti STATA programı kullanılarak sabit ve tesadüfi etkiler modeliyle analiz edilmiştir. Analiz sonucunda Ar-Ge harcamalarının aktif ve satış kârlılık oranları üzerinde istatistiki olarak anlamlı ve negatif yönde etkisi tespit edilmiş ancak özkaynak kârlılık ve Tobin Q oranları üzerinde ise anlamlı bir etkisi bulunmamıştır.

Anahtar Kelimeler

• Araştırma ve Geliştirme Harcaması
• Aktif Karlılık Oranı
• Özkaynak Karlılık Oranı
• Tobin Q Oranı
• Panel Veri Analizi

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