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

M. Başaran Öztürk

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.

Anahtar Kelimeler

Istanbul stock exchange (ISE), Istanbul stock exchange, research and development (r&d), intangible assets, firm value

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

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.

Anahtar Kelimeler

İstanbul menkul kıymetler borsası (İMKB), İstanbul menkul kıymetler borsası, araştırma ve geliştirme (ar-ge), maddi olmayan duran varlıklar, firma değeri

Kaynakça

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