BibTex RIS Kaynak Göster

The Effects of Research and Development (R&D) Investments on Firm Value: An Empirical Study on ISE Listed Companies

Yıl 2008, Sayı: 1, 25 - 34, 01.02.2008

Öz

The aim of the study is to determine the effect of research and development investments on firm value via data set of lSE-Listed firms that have R&D investments in the period of 2002-2006. Through this aim, a multiple regression model mostly based on variables of Ben-Zion (1984) Model has been conducted. The findings of the study conclude that there exists a significantly positive relationship between firm value and R&D investments in the mentioned period.

Kaynakça

  • .BEN-ZION U, (1984), The R&D Investment Decision and Its Relationship to the Firm's Market Value: Some Preliminary Results, R&D Patents and Productivity, Chicago, The University of Chicago Press, ss. 299-312
  • .BRIGHAM, E. F. ve GAPENSKI L C, (1996), Intermediate Financial Management, 5th Edition, The Dryden Press, Orlando
  • .CHAN, L K. C, LAKONISHOK J. ve SOUGIANNIS T, (2001), The Stock Market Valuation of Research and Development Expenditures, The Journal of Finance, Vol. LVI, No. 6, ss. 2431-2457
  • .CHAN, S. H., (1990), Corporate Research and Development Expenditures and Share Value, Journal of Financial Economics, 26, Augustus. 255-276
  • .CHIN, C.H., LEE P., CHI H. Y. ve ANANDARAJAN A. (2006), Patent Citation, R&D Spillover, and Tobin's Q: Evidence from Taiwan Semiconductor Industry, Review of Quantitative Finance and Accounting, 26, ss. 67-84
  • .CONNOLY, R. A. ve HIRSCHEY, M., (1984), R&D, Market Structure and Profits: A Value-Based Approach, Review of Economics and Statistics, 66, November, ss. 682-686
  • .ERCAN, M. K., ÖZTÜRK M. B. ve DEMİRGÜNEŞ K., (2003), Değere Dayalı Yönetim ve Entellektüel Sermaye, Gazi Kitabevi, Ankara
  • .FARRELL, G. A., (1985), Institutional Ownership, Tender Offers and Long-Term Investments, Office of the Chief Economist, Securities and Exchange Commission, Washington, DC .GRILICHES, Z., (1981), Market Values, R&D, and Patents, Economics Letters, 7, ss. 183-187
  • .HALL, B. H. ve ORIANIR., (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, ss. 971-993
  • .JAFFE, A. B., (1986), Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value, American Economic Review, 76, ss. 984-1001
  • .JOHNSON, L. D., (1989), Stock Market Forecasting and the Gordon Model, Proceedings of the Conference on Imperfections in Financial Markets and Their Impact on Corporate Financial Decisions
  • .JOHNSON, L D. ve PAZDERKA B., (1993), Firm Value and Investment in R&D, Managerial and Decision Economics, Vol. 14,15-24, ss. 15-24
  • .MULKAY, B., HALL H. B. ve MAIRESSE J., (2000), Firm Level Investment and R&D in France and the United States: A Comparison, National Bureau of Economic Research Working Paper, 8038, Cambridge, MA
  • .SULLIVAN, P. H., (2000), Value-Driven Intellectual Capital: How to Convert Intangible Corporate Assets into Market Value, John Wiley & Sons Press, New York
  • .WOOLRIDGE, J. R., (1988), Competitive Decline and Corporate Restructuring: Is a Myopic Stock Market to Blame?, Journal of Applied Corporate Finance, Spring, ss. 26-36

Araştırma-Geliştirme Yatırımlarının Firma Değeri Üzerindeki Etkisi: İMKB'de Bir Uygulama

Yıl 2008, Sayı: 1, 25 - 34, 01.02.2008

Öz

Bu çalışmada, 2002-2006 yıllan arasındaki 5 yıllık dönemde İMKB'de işlem gören ve araştırma-geliştirme (Ar-Ge) yatırımı yapan firmaların Ar-Ge yatırımlarının firma değeri üzerindeki etkisinin tespit edilmesi amaçlanmaktadır. Ben-Zion (1984) modeli kapsamındaki değişkenler temel alınarak oluşturulan çoklu regresyon modeli ile ilgili döneme ait veriler kullanılarak, Ar-Ge yatırımlarının, firma değeri üzerinde istatistiksel açıdan anlamlı ve pozitif yönlü etkileri olduğu tespit edilmiştir.

Kaynakça

  • .BEN-ZION U, (1984), The R&D Investment Decision and Its Relationship to the Firm's Market Value: Some Preliminary Results, R&D Patents and Productivity, Chicago, The University of Chicago Press, ss. 299-312
  • .BRIGHAM, E. F. ve GAPENSKI L C, (1996), Intermediate Financial Management, 5th Edition, The Dryden Press, Orlando
  • .CHAN, L K. C, LAKONISHOK J. ve SOUGIANNIS T, (2001), The Stock Market Valuation of Research and Development Expenditures, The Journal of Finance, Vol. LVI, No. 6, ss. 2431-2457
  • .CHAN, S. H., (1990), Corporate Research and Development Expenditures and Share Value, Journal of Financial Economics, 26, Augustus. 255-276
  • .CHIN, C.H., LEE P., CHI H. Y. ve ANANDARAJAN A. (2006), Patent Citation, R&D Spillover, and Tobin's Q: Evidence from Taiwan Semiconductor Industry, Review of Quantitative Finance and Accounting, 26, ss. 67-84
  • .CONNOLY, R. A. ve HIRSCHEY, M., (1984), R&D, Market Structure and Profits: A Value-Based Approach, Review of Economics and Statistics, 66, November, ss. 682-686
  • .ERCAN, M. K., ÖZTÜRK M. B. ve DEMİRGÜNEŞ K., (2003), Değere Dayalı Yönetim ve Entellektüel Sermaye, Gazi Kitabevi, Ankara
  • .FARRELL, G. A., (1985), Institutional Ownership, Tender Offers and Long-Term Investments, Office of the Chief Economist, Securities and Exchange Commission, Washington, DC .GRILICHES, Z., (1981), Market Values, R&D, and Patents, Economics Letters, 7, ss. 183-187
  • .HALL, B. H. ve ORIANIR., (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, ss. 971-993
  • .JAFFE, A. B., (1986), Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value, American Economic Review, 76, ss. 984-1001
  • .JOHNSON, L. D., (1989), Stock Market Forecasting and the Gordon Model, Proceedings of the Conference on Imperfections in Financial Markets and Their Impact on Corporate Financial Decisions
  • .JOHNSON, L D. ve PAZDERKA B., (1993), Firm Value and Investment in R&D, Managerial and Decision Economics, Vol. 14,15-24, ss. 15-24
  • .MULKAY, B., HALL H. B. ve MAIRESSE J., (2000), Firm Level Investment and R&D in France and the United States: A Comparison, National Bureau of Economic Research Working Paper, 8038, Cambridge, MA
  • .SULLIVAN, P. H., (2000), Value-Driven Intellectual Capital: How to Convert Intangible Corporate Assets into Market Value, John Wiley & Sons Press, New York
  • .WOOLRIDGE, J. R., (1988), Competitive Decline and Corporate Restructuring: Is a Myopic Stock Market to Blame?, Journal of Applied Corporate Finance, Spring, ss. 26-36
Toplam 15 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

M. Başaran Öztürk Bu kişi benim

Yayımlanma Tarihi 1 Şubat 2008
Gönderilme Tarihi 16 Ağustos 2014
Yayımlandığı Sayı Yıl 2008 Sayı: 1

Kaynak Göster

APA Öztürk, M. B. (2008). Araştırma-Geliştirme Yatırımlarının Firma Değeri Üzerindeki Etkisi: İMKB’de Bir Uygulama. Verimlilik Dergisi(1), 25-34.

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