INNOVATION EFFICIENCY AND FINANCIAL CONSTRAINTS: AN EMPIRICAL ANALYSIS IN BORSA ISTANBUL

Yıl 2018, Cilt: 9 Sayı: 22, 101 - 116, 28.10.2018

Elvan Öztürk Gamze Göçmen Yağcılar

Öz

This
study not only examines the relationship between firms' innovation
effectiveness and financial constraints, but also considers the efficiency
dimension of innovation rather than just measuring the effect of innovation.
The study is far from just referring to firm's obligation to innovate, it is built
on finding out whether the reasons of no innovation by the firms are due to
financial constraints or not. In this way, innovation efficiency criteria are
created by using inputs and outputs used in the measurement of innovation. The
financial constraint is measured by three different techniques: SA index, WW
index and firm size measures. Innovation efficiency measures are created
through the use of R&D expenditures from innovation inputs and patents from
innovation outputs. Findings reveal that the financial constraint of the firm,
which is valid for three techniques, affects the innovation activity
negatively. As a result, the increase in the financial constraint of the firm
negatively affects innovation efficiency, and as the constraint increases,
innovation efficiency decreases.

Anahtar Kelimeler

Innovation, Innovation Efficiency, Financial Constraint, Research and Development (R&D), Panel Data Analysis

İNOVASYON ETKİNLİĞİ VE FİNANSAL KISITLAR: BORSA İSTANBUL’DA AMPİRİK BİR ANALİZ

Öz

Bu çalışma firmaların
inovasyon etkinliği ile finansal kısıtlılığı arasındaki ilişkiyi incelemekle
birlikte sadece inovasyon etkisini ölçmek yerine inovasyonun etkinlik boyutunu
dikkate almaktadır. Çalışma, firmanın sadece inovasyon yapma zorunluluğundan
bahsetmekten ziyade, eğer inovasyon yapılamıyorsa bunun gerekçelerinin finansal
kısıtlılıktan kaynaklı olup olmadığını ortaya çıkarmak üzerine kurgulanmıştır.
Böylelikle inovasyon ölçümünde kullanılan girdi ve çıktılardan yararlanılarak
inovasyon etkinliği ölçütü oluşturulmuştur. Finansal kısıtlılık, SA endeks, WW
endeks ve firma büyüklüğü ölçümleri olmak üzere üç farklı teknik ile
ölçülmüştür. İnovasyon girdilerinden ARGE harcamaları ile inovasyon
çıktılarından patentler aracılığıyla da inovasyon etkinliği ölçütleri
oluşturulmuştur. Bulgular üç teknikte de geçerli olmak üzere firmanın finansal
kısıtlı olma durumunun inovasyon etkinliğini negatif yönde etkilediğini
göstermektedir. Sonuç olarak, firmanın finansal kısıtlılığının artması
inovasyon etkinliğini olumsuz etkilemektedir ve kısıtlılık arttıkça inovasyon
etkinliği azalmaktadır.

Anahtar Kelimeler

İnovasyon, İnovasyon Etkinliği, Finansal Kısıt, Araştırma ve Geliştirme (ARGE), Panel Veri Analizi

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