KÜRESEL FİNANSAL KRİZİN ARAŞTIRMA-GELİŞTİRME HARCAMALARI AYARLAMA HIZI ÜZERİNDEKİ ETKİSİ

Öz

Amaç: Verimlilik artışını uzun vadede etkileyen Araştırma-Geliştirme (Ar-Ge) yatırımları hem şirketler hem de ülkeler düzeyinde son derece önemlidir. Küresel Finansal Kriz gibi ekonomik belirsizliğin arttığı bir dönemde firmaların yatırım kararları da bu belirsizlikten etkilenmektedir. Bu çalışmanın amacı, 2008 2009 Küresel Finansal Krizinin Borsa İstanbul’da listelenen şirketlerin, Ar-Ge harcamalarının ayarlama hızlarını nasıl değiştirdiğini analiz etmektir.

Yöntem: Veri seti Thomson Reuters Datastream veri tabanından yıllık olarak çekilmiştir. Firma düzeyinde oluşturulan panel veri 908 şirket-yılını kapsamaktadır. Geliştirilmiş Momentler Metodu (GMM) yardımıyla içsellik problemi en aza indirgenmeye çalışılmıştır.

Bulgular: 2003-2018 yılları için şirketlerin Ar-Ge harcamaları ayarlama hızlarının nispeten yavaş olduğu görülmüştür. Bununla birlikte, şirketler Küresel Finansal Kriz sonrasında Ar-Ge harcamaları ayarlama hızlarını artırmışlardır. Genel olarak, zaman içinde Ar-Ge harcamalarını optimal bir düzeye getirmek isteyen şirket sahipleri ve yöneticileri ayarlama maliyetlerini ve belirsizliğin arttığı finansal krizleri göz önünde bulundurmalıdırlar.

Özgünlük: Bu çalışma Borsa İstanbul’da listelenen şirketlerin ilk kez Ar-Ge ayarlama hızlarını hesaplayarak kriz dönemi gibi belirsizlik dönemini de kapsayarak literatüre katkıda bulunmaktadır.

Anahtar Kelimeler

• Ar-Ge
• Ayarlama Hızı
• Küresel Finansal Kriz

THE IMPACT OF THE GLOBAL FINANCIAL CRISIS ON ADJUSTMENT SPEED OF RESEARCH-DEVELOPMENT EXPENSES

Öz

Purpose: Research and Development (R&D) investments, which affect productivity growth in the long term, are extremely important for companies and countries. During uncertain periods such as the Global Financial Crisis, the investment decisions of companies are also affected by the uncertainty. This study examines how the 2008-2009 Global Financial Crisis has changed the adjustment speed of R&D expenses of companies listed in Borsa Istanbul.

Methodology: The dataset is retrieved annually from the Thomson Reuters Datastream database. The panel data covers 908 company-years. The endogeneity problem was aimed to minimize with the aid of General Methods of Moments (GMM).

Findings: The results show that companies have a relatively slow adjustment speed of R&D expenses for the period 2003-2018. However, companies have increased their adjustment speed of R&D expenses after the Global Financial Crisis. Overall, business owners and managers who need to optimize their R&D expenses overtime should consider adjustment costs and uncertain periods such as financial crisis.

Originality: This study contributes to the literature by calculating the adjustment speed of R&D of companies listed in Borsa Istanbul for the first time coverig an uncertain period like economic crisis.

Anahtar Kelimeler

• R-D
• Adjustment Speed
• Global Financial Crisis

Kaynakça

1. ALAM, A., UDDIN, M. ve YAZDIFAR, H. (2019), Institutional Determinants of R&D Investment: Evidence from Emerging Markets, Technological Forecasting and Social Change, 138, 34-44.
2. BAH, R. ve DUMONTIER, P. (2001), R&D Intensity and Corporate Financial Policy: Some International Evidence, Journal of Business Finance & Accounting, 28 (5-6), 671-692.
3. BERNSTEIN, J. I., NADIRI, M. I. (1989), Rate of Return on Physical and R&D Capital and Structure of the Production Process: Cross Section and Time Series Evidence, Advances in Econometrics and Modelling. Dordrecht Kluwer Academic Publishing, Dordrecht, The Netherlands.
4. BHAGAT, S. ve WELCH, I. (1995), Corporate Research & Development Investments International Comparisons, Journal of Accounting and Economics, 19 (2-3), 443-470.
5. BHATTACHARYA, S. ve RITTER, J. R. (1983), Innovation and Communication: Signalling with Partial Disclosure, The Review of Economic Studies, 50 (2), 331-346.
6. BİÇEN, Ö. F. (2019), Ar-Ge ve Yüksek Teknolojili Ürün İhracati İlişkisi: Düşük ve Orta Gelir Düzeyinde Yer Alan Ülkelere Yönelik Bir İnceleme, Verimlilik Dergisi, 3, 181-200.
7. BLISS, B. A., CHENG, Y. ve DENIS, D. J. (2015), Corporate Payout, Cash Retention, and the Supply of Credit: Evidence From the 2008–2009 Credit Crisis, Journal of Financial Economics, 115 (3), 521-540.
8. BROWN, J. R. ve PETERSEN, B. C. (2011), Cash Holdings and R&D Smoothing, Journal of Corporate Finance, 17 (3), 694-709.

9. BROWN, J. R. ve PETERSEN, B. C. (2015), Which Investments Do Firms Protect? Liquidity Management and Real Adjustments When Access To Finance Falls Sharply, Journal of Financial Intermediation, 24 (4), 441-465.
10. CAMPELLO, M., GRAHAM, J. R. ve HARVEY, C. R. (2010), The Real Effects of Financial Constraints: Evidence from a Financial Crisis, Journal of Financial Economics, 97 (3), 470-487.
11. CARPENTER, R. E. ve PETERSEN, B. C. (2002), Is the Growth of Small Firms Constrained By Internal Finance?, Review of Economics and Statistics, 84 (2), 298-309.
12. CHEN, Y. (2018), Partial Adjustment Toward Target R&D Intensity, R&D Management, 48 (5), 591-602.
13. COLDBECK, B. ve OZKAN, A. (2018), Comparison of Adjustment Speeds in Target Research and Development and Capital Investment: What Did the Financial Crisis of 2007 Change, Journal of Business Research, 84, 1-10.
14. COOPER, R. W. ve HALTIWANGER, J. C. (2006), On the Nature of Capital Adjustment Costs, The Review of Economic Studies, 73 (3), 611-633.
15. ÇELİK, A. (2020), Seçilmiş OECD Ülkelerinde Ar-Ge Harcamalarının Makroekonomik Göstergeler Üzerindeki Etkisi, Verimlilik Dergisi, 3, 59-90.
16. DASGUPTA, S., NOE, T. H. ve WANG, Z. (2011), Where Did All the Dollars Go? The Effect of Cash Flows on Capital and Asset Structure, Journal of Financial and Quantitative Analysis, 46 (5), 1259-1294.
17. DUCHIN, R., OZBAS, O. ve SENSOY, B. A. (2010), Costly External Finance, Corporate Investment, and the Subprime Mortgage Credit Crisis, Journal of Financial Economics, 97 (3), 418-435.
18. ERSAHIN, N. (2020), Creditor Rights, Technology Adoption, and Productivity: Plant-Level Evidence, The Review of Financial Studies, 33 (12), 5784-5820.
19. FLANNERY, M. J. ve HANKINS, K. W. (2013), Estimating Dynamic Panel Models in Corporate Finance, Journal of Corporate Finance, 19, 1-19.
20. GUNEY, Y., KARPUZ, A. ve OZKAN, N. (2017), R&D Investments and Credit Lines, Journal of Corporate Finance, 46, 261-283.
21. HALL, B. H. (2002), The Financing of Research and Development, Oxford Review of Economic Policy, 18 (1), 35-51.
22. HALL, B. H., LERNER, J. (2010), The Financing of R&D and Innovation, Handbook of the Economics of Innovation, North-Holland Elsevier Publishers, Amsterdam.
23. HAMERMESH, D. S. ve PFANN, G. A. (1996), Adjustment Costs in Factor Demand, Journal of Economic Literature, 34 (3), 1264-1292.
24. MYERS, S. C. (1977), Determinants of Corporate Borrowing, Journal of Financial Economics, 5 (2), 147-175.
25. OZKAN, A., SANTILLÁN-SALGADO, R. J., YILDIZ, Y. ve DEL ROCÍO VEGA ZAVALA, M. (2020), What Happened to the Willingness of Companies to Invest After the Financial Crisis? Evidence from Latin American Countries, Journal of Financial Research, XLIII (2), 231-262.
26. PINDADO, J., DE QUEIROZ, V. ve DE LA TORRE, C. (2015), How Do Country-Level Governance Characteristics Impact the Relationship between R&D and Firm Value?, R&D Management, 45 (5), 515-526.
27. RAPP, M. S. ve UDOIEVA, I. A. (2017), Corporate Governance and Its Impact on R&D Investment in Emerging Markets, Emerging Markets Finance and Trade, 53 (10), 2159-2178.
28. RODRIGUES, R., SAMAGAIO, A. ve FELÍCIO, T. (2020), Corporate Governance and R&D Investment by European Listed Companies, Journal of Business Research, 115, 289-295.
29. SEIFERT, B. ve GONENC, H. (2012), Creditor Rights and R&D Expenditures, Corporate Governance: An International Review, 20 (1), 3-20.
30. TARI, R. ve ALABAŞ, M. (2017), The Relationship Between R&D Expenditures and Economic Growth: The Case of Turkey (1990-2014), AİBÜ Sosyal Bilimler Enstitüsü Dergisi, 17 (2), 1-17.
31. TEKIN, H. (2020a), Market Differences and Adjustment Speed of Debt, Equity, and Debt Maturity, Australian Journal of Management, 0312896220968266.
32. TEKIN, H. (2020b), How Optimal Cash Changed by the Global Financial Crisis? A Multi-Country Analysis, Economics and Business Letters, 9 (2), 114-123.
33. TEKIN, H. (2020c), Firm Size and Dividend Policy of European Firms: Evidence from Financial Crises, Marmara Üniversitesi Avrupa Topluluğu Enstitüsü Avrupa Araştırmaları Dergisi, 28 (1), 109-121.
34. TEKIN, H. ve POLAT, A. Y. (2020a), Do Market Differences Matter on Dividend Policy?, Borsa Istanbul Review, https://doi.org/10.1016/j.bir.2020.10.009.
35. TEKIN, H. ve POLAT, A. Y. (2020b), Is Saving Vital? Evidence From the Financial Crisis, Economics and Business Letters, 9 (2), 124-134.
36. WORLD BANK (2020), Research and Development Expenditure (% of GDP), Data (worldbank.org), https://datacatalog.worldbank.org/research-and-development-expenditure-gdp, (Erişim tarihi: 26 Ocak 2021).
37. YILDIRIM, H. H., AKKILIÇ, E. M. ve DIKICI, S. M. (2018), Ar-Ge Harcamalarının Ekonomik Büyüme ve Dış Ticaret Dengesi Üzerindeki Etkisi: G-20 Ülkeleri Üzerine Bir Uygulama, International Review of Economics and Management, 6 (2), 43-58.