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R&D SPENDING AND FINANCIAL PERFORMANCE: AN INVESTIGATION IN AN EMERGING MARKET

Year 2022, Volume: 18 Issue: 1, 38 - 58, 31.03.2022

Nasıf Özkan

https://doi.org/10.17130/ijmeb.964849
Cited By: 2

Abstract

The study aims to investigate the relationship between the R&D spending of twenty-five industrial sub-sectors consisting of the largest 500 industrial firms of Turkey and their financial performances between 2013 and 2019. In this context, the effect of current and lagged R&D spending of the sub-sectors on return on assets (ROA), return on equity (ROE), and return on sales (ROS) analyzed with panel data models. As this study is one of the first to explore the relationship between R&D spending at the sectoral level data in a developing country such as Turkey and financial performance, it holds great importance. The findings of the study demonstrate that current year R&D spending of the sub-sectors affect their financial performance negatively and this impact turns positive after a year. However, this positive effect cannot be preserved and turns back to negative in the long term. The robustness test also supports these empirical findings. Therefore, it is suggested that R&D spending should be made steadily and the industrial sector should focus on the long-term returns of R&D spending to sustain the positive impact on financial performance.

Keywords

R&D intensity Profitability Lagged effect ISO 500 Turkey

Supporting Institution

TUBİTAK

Thanks

I acknowledge The Scientific and Technological Research Council of Turkey (TUBITAK) for the financial support of the postdoctoral study in the framework of TUBITAK - 2219 International Postdoctoral Research Scholarship Program.

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AR-GE HARCAMALARI VE FİNANSAL PERFORMANS: GELİŞMEKTE OLAN BİR ÜLKE ÜZERİNE ARAŞTIRMA

Year 2022, Volume: 18 Issue: 1, 38 - 58, 31.03.2022

Nasıf Özkan

https://doi.org/10.17130/ijmeb.964849
Cited By: 2

Abstract

Bu çalışmanın amacı, 2013-2019 yılları arasında Türkiye’nin en büyük 500 sanayi şirketinin oluşturduğu yirmi beş sanayi alt sektörünün ar-ge harcamaları ile finansal performansları arasındaki ilişkiyi incelemektir. Bu bağlamda çalışmada, alt sektörlerin cari ve gecikmeli ar-ge harcamalarının sektörlerin aktif karlılığı (ROA), özsermaye karlılığı (ROE) ve net kar marjı (ROS) üzerindeki etkisi panel veri modelleri ile analiz edilmektedir. Çalışma, Türkiye gibi gelişmekte olan bir ülkede sektörel düzeyde ar-ge harcamaları ile finansal performans arasındaki ilişkileri inceleyen ilk çalışmalardan birisi olması nedeniyle önem arz etmektedir. Çalışmanın bulguları, alt sektörlerin cari yıl ar-ge harcamalarının finansal performanslarını negatif etkilediğini ve bu etkinin bir yıl sonra pozitife döndüğünü göstermektedir. Ancak, bu pozitif etki korunamamakta ve uzun dönemde tekrar negatife dönmektedir. Sağlamlık testi de bu ampirik bulguları desteklemektedir. Bu nedenle, ar-ge harcamalarının finansal performans üzerindeki pozitif etkisinin sürdürülebilmesi için bu harcamaların istikrarlı olarak yapılması ve sanayi sektörünün yapılan ar-ge harcamalarının uzun vadeli getirilerine odaklanması önerilmektedir

Keywords

Ar-ge yoğunluğu Karlılık Gecikme etkisi ISO 500 Türkiye Ar-ge yoğunluğu, Karlılık, Gecikme etkisi, ISO 500, Türkiye

References

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  • Akgün, A. & Akgün, V. Ö. (2016). İşletmelerde ar-ge harcamalarının karlılığa etkisi: Aselsan örneği. Selçuk Üniversitesi Sosyal ve Teknik Araştırmalar Dergisi, 12, 1–12.
  • Alam, A., Uddin, M., Yazdifar, H., Shafique, S., & Lartey T. (2020). R&D investment, firm performance and moderating role of system and safeguard: Evidence from emerging markets. Journal of Business Research, 106, 94–105.
  • Alper, D. & Aydoğan, E. (2016). Relationships between R&D and corporate performance: An empirical analysis in Istanbul Stock Exchange. PARADOKS Ekonomi, Sosyoloji ve Politika Dergisi, 12(2), 96–114.
  • Altınbay, A., Altunal, I., & Karaş, G. (2017). BIST sürdürülebilirlik endeksindeki firmaların ar-ge harcamaları ve ar-ge harcamalarının karlılık üzerindeki etkisi. Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi (ASEAD), 4(12), 37–46.
  • Ameer, R. & Othman, R. (2020). Industry structure, R&D intensity, and performance in New Zealand: New insight on the Porter hypothesis. Journal of Economic Studies, 47(1), 91–110.
  • Andras, T. L.& Srinivasan, S. S. (2003). Advertising intensity and R&D intensity: Differences across industries and their impact on firm’s performance. International Journal of Business and Economics, 2(2), 81–90.
  • Artz, K. W., Norman, P. M., Hatfield, D. E., & Cardinal, L. B. (2010). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance. Journal of Product Innovation Management, 27(5), 725-740.
  • Ayaydın, H. & Karaaslan, İ. (2014). The effect of research and development investment on firms’ financial performance: Evidence from manufacturing firms in Turkey. Bilgi Ekonomisi ve Yönetimi Dergisi, 9(2), 43–59.
  • Aytekin, S. & Özçalık, S. G. (2018). Borsa İstanbul teknoloji ve bilişim endeksi firmalarında ar-ge harcamaları ve finansal performans ilişkisi. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 6(ICEESS’ 18), 67–73.
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  • Ballester, M., Garcia-Ayuso, M., & Livnat, J. (2003). The economic value of the R&D intangible asset. European Accounting Review, 12(4), 605-633.
  • Block, J. H. (2012). R&D Investments in family and founder firms: An agency perspective. Journal of Business Venturing, 27(2), 248-265.
  • Bond, S. R. & Guceri, I. (2017). R&D and productivity: Evidence from large UK establishments with substantial R&D activities. Economics of Innovation and New Technology, 26(1–2), 108–120.
  • Chan, L. K. C., Lakonishok, J., & Sougiannis, T. (2001). The stock market valuation of research and development expenditures. Journal of Finance, 56(6), 2431–2456.
  • Chauvin, K. W. & Hirschey, M. (1993). Advertising, R&D expenditures and the market value of the firm. Financial Management, 22(4), 128-140.
  • Chen, T. C. & Wu, Y. J. (2020). The influence of r&d intensity on financial performance: The mediating role of human capital in the semiconductor industry in Taiwan’, Sustainability (Switzerland), 12, 1–19.
  • Chen, T., Guo, D., Chen, H., & Wei, T. (2019). Effects of R&D Intensity on firm performance in Taiwan’s semiconductor industry. Economic Research-Ekonomska Istrazivanja. Routledge, 32(1), 2377–2392.
  • Chen, Y. & Ibhagui, O. W. (2019). R&D-firm performance nexus: New evidence from NASDAQ listed firms. North American Journal of Economics and Finance, 50, 1–16.
  • Chircop, J., Collins, D. W., Hass, L. H., & Nguyen, N. Q. (2019). Accounting comparability and corporate innovative efficiency. The Accounting Review, 95(4), 127-151.
  • Connolly, R. A. & Hirschey, M. (1984). R&D, market structure and profits: A value-based approach. The Review of Economics and Statistics, 66(4), 682–686.
  • Dağlı, H. & Ergün, T. (2017). Türkiye’de ar-ge harcamalarının firma karlılığına etkisi. Karadeniz Teknik Üniversitesi Sosyal Bilimler Enstitüsü Sosyal Bilimler Dergisi, 7(13), 69–83.
  • Demir, C. & Güleç, Ö. F. (2019). Araştırma ve geli̇şti̇rme gi̇derleri̇ni̇n fi̇rma kârlılığı üzeri̇ne etki̇si̇: BİST imalat sektörü örneği. Pamukkale Sosyal Bilimler Enstitüsü Dergisi, (34), 57–72.
  • Demirgüneş, K. & İltaş, Y. (2020). Ar-Ge yoğunluğu, tamamlayıcı varlıklar ve firma değeri: Türkiye için zaman serisi bulguları. İstanbul İktisat Dergisi - Istanbul Journal of Economics, 70(1), 47–72.
  • Doğan, M. & Yıldız, F. (2016). Araştırma ve geli̇şti̇rme harcamalarının (ar-ge) firma karlılığı üzerindeki etkisi: BIST’te i̇şlem gören i̇malat sanayi̇ fi̇rmaları üzeri̇ne bir araştırma. Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (14), 178–187.
  • Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An examination of long-term abnormal stock returns and operating performance following R&D increases. The Journal of Finance, 59(2), 623–650.
  • Ehie, I. C. & Olibe, K. (2010). The effect of R&D investment on firm value: An examination of US manufacturing and service industries. International Journal of Production Economics, 128(1), 127–135.
  • Esin, F. (2015). Accounting for research and development expenditures in Turkey: The effects on the financial statements of the selected accounting practices. International Journal of Multidisciplinary Thought, 05(02), 253-258.
  • Goto, M. & Sueyoshi, T. (2008). R&D intensity and financial performance. IEMC-Europe 2008 - 2008 IEEE International Engineering Management Conference, Europe: Managing Engineering, Technology and Innovation for Growth, 1–5.
  • Griliches, Z. (1981). Market value, R&D, and patents. Economics Letters, 7(2), 183–187.
  • Grossman, G. M. & Helpman, E. (2001). Innovation and growth in the global economy, London: The MIT Press.
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There are 74 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Research Articles
Authors

Nasıf Özkan 0000-0003-2612-6368

Early Pub Date March 25, 2022
Publication Date March 31, 2022
Submission Date July 8, 2021
Acceptance Date August 17, 2021
Published in Issue Year 2022 Volume: 18 Issue: 1

Cite

APA Özkan, N. (2022). R&D SPENDING AND FINANCIAL PERFORMANCE: AN INVESTIGATION IN AN EMERGING MARKET. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 18(1), 38-58. https://doi.org/10.17130/ijmeb.964849

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