BORSA İSTANBUL'DA İŞLEM GÖREN FİNANSAL OLMAYAN FİRMALARIN AR-GE YATIRIMLARI VE FİRMA DEĞERİ ARASINDAKİ EĞRİSEL İLİŞKİNİN ARAŞTIRILMASI: YÖNETİM KURULU YAPISININ DÜZENLEYİCİ ROLÜ

Yıl 2023, Cilt: 11 Sayı: 2, 455 - 474, 31.12.2023

Gökhan Özer , Muhammet Kocaman , Ece Nur Değirmenci , İlhan Çam

https://doi.org/10.52122/nisantasisbd.1348508

Öz

Bu çalışma, Borsa İstanbul'da işlem gören ve 2012-2021 yılları arasında faaliyet gösteren 283 finansal olmayan firmanın finansal tablo bilgilerinden yararlanarak araştırma ve geliştirme (Ar-Ge) yatırımları ile firma değeri arasındaki doğrusal olmayan ilişkiyi araştırmaktadır. Sabit etkiler panel veri tahmin yönteminin kullanıldığı ve standart hataların Driscoll-Kraay yöntemi ile düzeltildiği bu çalışmada, diğer ülkeler için yapılan benzer çalışmalardan farklı olarak yönetim kurulu yapısının bu ilişki üzerindeki düzenleyici etkisi de incelenmektedir. Çalışmada, Borsa İstanbul’da işlem gören firmaların Ar-Ge yatırımlarının firma değeri ile U şeklinde doğrusal olmayan bir ilişki sergilediği yani Ar-Ge harcamalarının belirli bir eşiğe kadar firma değerini olumsuz, bu eşiğin ötesinde ise firma değerini olumlu etkilediği bulgusuna ulaşılmıştır. Özellikle, bu U-şeklindeki ilişki daha küçük yönetim kurulu büyüklüğüne sahip firmalarda daha belirgindir. Ayrıca yönetim kurulu bağımsızlığı arttıkça, U şeklindeki ilişki ters U şeklindeki bir ilişkiye dönüşmektedir. Sonuç olarak bu bulgular, işletmelerin stratejik kararlarında yönetim kurulu yapısının ve Ar-Ge yatırımlarının etkili bir biçimde dengelenmesinin ve optimize edilmesinin önemini vurgulamaktadır.

Anahtar Kelimeler

Ar-Ge Yatırımları, Firma Değeri, Yönetim Kurulu Büyüklüğü, Yönetim Kurulu Bağımsızlığı, U-şekilli ilişki

INVESTIGATING THE U-SHAPE RELATIONSHIP BETWEEN R&D INVESTMENTS AND FIRM VALUE: THE MODERATING ROLE OF BOARD STRUCTURE

Öz

This study investigates the non-linear relationship between research and development (R&D) investments and firm value by utilizing the financial statement information of 283 non-financial firms listed in Borsa Istanbul and operating between 2012 and 2021. In this study, in which fixed effects panel data estimation method is used and standard errors are corrected by Driscoll-Kraay method, the moderating effect of board structure on this relationship is also examined, unlike similar studies for other countries. The study finds that R&D investments of companies traded in Borsa Istanbul exhibit a U-shaped non-linear relationship with firm value, that is, R&D expenditures negatively affect firm value up to a certain threshold and positively affect firm value beyond this threshold. In particular, this U-shaped relationship is more pronounced for firms with smaller board size. Moreover, as board independence increases, the U-shaped relationship turns into an inverted U-shaped relationship. Overall, these findings emphasize the importance of effectively balancing and optimizing board structure and R&D investments in firms' strategic decisions.

Anahtar Kelimeler

R&D Intensity, Firm Value, Board Size, Board Independence, U-shaped relationship

Kaynakça

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