THE EFFECT OF R&D ACTIVITIES ON FINANCIAL PERFORMANCE IN THE FIRMS OF THE REAL SECTOR: EVIDENCE FROM TURKEY

Hakan Yıldırım

Makale detayları

THE EFFECT OF R&D ACTIVITIES ON FINANCIAL PERFORMANCE IN THE FIRMS OF THE REAL SECTOR: EVIDENCE FROM TURKEY

Yazarlar:

Hakan Yıldırım

Yayıncı:

Kafkas University

Ana Başlıklar:

Finansal Ekonomi

Dergi:

Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.14 Issue 27, pp.83-111

Belge Tipi:

Makale

Yayın Tarihi:

6/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001294868

pISSN:

1309-4289

Anahtar kelimeler:

Özet:

 In recent years, the increasing effect of globalization and its result of high competition environment, constantly the increasing consumer demands and technological developments lead companies to make innovation. In a highly competitive environment, the companies increase their RD activities to respond to consumer demands and to achieve the targets of the companies. The effect of these activities on the financial performance of the firms is generally considered as a positive effect. However, these activities have a cost for the firm which constitutes a risk. Therefore, the effects of RD activities on companies can be different. In this context, the aim of the study is to determine the relationship between financial performance and RD activities in the companies operating in the real sector, taking into account the scale of the firm. For this purpose, the data of the firms of the real sector during the period between 2010 and 2020 has been analyzed with the Two-Step System Generalized Moments Method GMM.According to the obtained findings; There is a negative relationship between RD intensity and financial performance in microsized firms. However, this relationship positively changes in small and medium-sized firms. As far as general analyzes are concerned, without scale effect, RD activities have a positive effect on financial performance in the companies of the real sector.

 In recent years, the increasing effect of globalization and its result of high competition environment, constantly the increasing consumer demands and technological developments lead companies to make innovation. In a highly competitive environment, the companies increase their RD activities to respond to consumer demands and to achieve the targets of the companies. The effect of these activities on the financial performance of the firms is generally considered as a positive effect. However, these activities have a cost for the firm which constitutes a risk. Therefore, the effects of RD activities on companies can be different. In this context, the aim of the study is to determine the relationship between financial performance and RD activities in the companies operating in the real sector, taking into account the scale of the firm. For this purpose, the data of the firms of the real sector during the period between 2010 and 2020 has been analyzed with the Two-Step System Generalized Moments Method GMM.According to the obtained findings; There is a negative relationship between RD intensity and financial performance in microsized firms. However, this relationship positively changes in small and medium-sized firms. As far as general analyzes are concerned, without scale effect, RD activities have a positive effect on financial performance in the companies of the real sector.

 In recent years, the increasing effect of globalization and its result of high competition environment, constantly the increasing consumer demands and technological developments lead companies to make innovation. In a highly competitive environment, the companies increase their RD activities to respond to consumer demands and to achieve the targets of the companies. The effect of these activities on the financial performance of the firms is generally considered as a positive effect. However, these activities have a cost for the firm which constitutes a risk. Therefore, the effects of RD activities on companies can be different. In this context, the aim of the study is to determine the relationship between financial performance and RD activities in the companies operating in the real sector, taking into account the scale of the firm. For this purpose, the data of the firms of the real sector during the period between 2010 and 2020 has been analyzed with the Two-Step System Generalized Moments Method GMM.According to the obtained findings; There is a negative relationship between RD intensity and financial performance in microsized firms. However, this relationship positively changes in small and medium-sized firms. As far as general analyzes are concerned, without scale effect, RD activities have a positive effect on financial performance in the companies of the real sector.

 Son yıllarda küreselleşmenin etkisinin giderek artması ve beraberinde ortaya çıkan yüksek rekabet ortamı, sürekli olarak artan tüketici talepleri, teknolojik gelişmeler vb. firmaları inovatif faaliyetlere yönlendirmektedir. Firmalar, artan rekabet ortamında tüketici taleplerine karşılık verebilmek ve firma hedeflerine ulaşabilmek için Ar-Ge faaliyetlerini her geçen gün artırmaktadır. Bu faaliyetlerin firmanın finansal performansına pozitif yönde etki etme potansiyeli yüksek görülmektedir. Ancak bu faaliyetlerin firmaya yüklediği maliyetler, firma için bir risk oluşturmaktadır. Dolayısıyla Ar-Ge faaliyetlerinin firmalar üzerindeki etkileri farklılaşabilmektedir. Bu bağlamda çalışmanın amacı; reel sektörde faaliyet gösteren firmaların firma ölçeğini dikkate alarak finansal performans ile Ar-Ge faaliyetleri arasındaki ilişkinin belirlenmesidir. Bu amaç doğrultusunda 2010-2020 döneminde reel sektör firmalarına ait veriler İki Aşamalı Sistem Genelleştirilmiş Momentler Metodu GMM ile analiz edilmiştir. Elde edilen bulgulara göre, mikro ölçekli firmalarda Ar-Ge yoğunluğu ile finansal performans arasında negatif bir ilişki bulunmaktadır. Ancak küçük ve orta ölçekteki firmalarda bu ilişki pozitif yönde değişmektedir. Ölçek etkisinin dikkate alınmaması durumunda yapılan analizlere göre ise reel sektör firmalarında Ar-Ge faaliyetleri finansal performans üzerine pozitif bir etki oluşturmaktadır.

Makale detayları

THE EFFECT OF R&D ACTIVITIES ON FINANCIAL PERFORMANCE IN THE FIRMS OF THE REAL SECTOR: EVIDENCE FROM TURKEY

Yazarlar:

Hakan Yıldırım

Yayıncı:

Kafkas University

Ana Başlıklar:

Finansal Ekonomi

Dergi:

Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.14 Issue 27, pp.83-111

Belge Tipi:

Makale

Yayın Tarihi:

6/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001294868

pISSN:

1309-4289

R&D activities

the real sector

financial performanceAr-Ge faaliyetleri

reel sektör

finansal performans

Sayı

Makale detayları

THE EFFECT OF R&D ACTIVITIES ON FINANCIAL PERFORMANCE IN THE FIRMS OF THE REAL SECTOR: EVIDENCE FROM TURKEY

Yazarlar: Hakan Yıldırım

Yayıncı: Kafkas University

Ana Başlıklar: Finansal Ekonomi

Dergi: Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.14 Issue 27, pp.83-111

Belge Tipi: Makale

Yayın Tarihi: 6/2023

Belge Dili: Türkçe

Document ID (Org No.): 2001294868

pISSN: 1309-4289

R&D activities

the real sector

financial performanceAr-Ge faaliyetleri

reel sektör

finansal performans

Sayı

Yazarlar:

Hakan Yıldırım

Yayıncı:

Kafkas University

Ana Başlıklar:

Finansal Ekonomi

Dergi:

Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.14 Issue 27, pp.83-111

Belge Tipi:

Makale

Yayın Tarihi:

6/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001294868

pISSN:

1309-4289