FİNANSAL GELİŞMENİN İNOVASYON ÜZERİNDEKİ ETKİSİ: BİR PANEL VERİ ANALİZİ

Öz

Finansal gelişme, kaynakların daha etkin tahsisini sağlayarak üretken yatırımları ve inovatif faaliyetleri destekleyen temel kurumsal faktörlerden biridir. Finansal gelişmenin inovasyon üzerindeki etkisi, ülkelerin ekonomik yapılarına, ticari açıklık düzeylerine ve kurumsal ortamlarına göre farklılık gösterebilmektedir. Finansal gelişmenin inovasyon için öneminden yola çıkılarak bu çalışmada, finansal gelişmenin inovasyon düzeyi üzerindeki etkisi OECD ülkeleri özelinde panel veri yöntemleri kullanılarak analiz edilmektedir. Sabit etkiler tahmincisinden elde edilen bulgulara göre finansal gelişme, AR-GE harcamaları, ekonomik özgürlükler ve ticari açıklık inovasyon düzeyi üzerinde pozitif, ekonomik büyüme oranı ise negatif etkilidir. Etkileşimli değişkenlere ait sonuçlara göre, finansal gelişmenin; AR-GE harcamaları, ekonomik özgürlükler ve ticari açıklık ile olan etkileşimi inovasyon düzeyi üzerinde pozitif, ekonomik büyüme ile etkileşimi ise negatif etki yapmaktadır.

Anahtar Kelimeler

• Finansal Gelişme
• İnovasyon
• Panel Veri Analizi

THE EFFECT OF FINANCIAL DEVELOPMENT ON INNOVATION: A PANEL DATA ANALYSIS

Öz

Financial development is one of the main institutional factors that support productive investments and innovative activities by ensuring more efficient allocation of resources. The impact of financial development on innovation may differ according to the economic structures, trade openness levels and institutional environments of countries. Based on the importance of financial development for innovation, this study analyzes the impact of financial development on innovation level by using panel data methods for OECD countries. According to the findings obtained from the fixed effects model, financial development, R&D expenditures, economic freedoms and trade openness have a positive effect on the level of innovation, while economic growth rate has a negative effect. According to the results of interactive variables, the interaction of financial development with R&D expenditures, economic freedoms and trade openness has a positive effect on the level of innovation, while its interaction with economic growth has a negative effect.

Anahtar Kelimeler

• Financial Development
• Innovation
• Panel Data Analysis

Kaynakça

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