Analysing the Impact of Financial Development on Innovation Activity in Türkiye: Evidence from ARDL Approach

Onur Şeyranlıoğlu; Arif Çilek

Makale detayları

Analysing the Impact of Financial Development on Innovation Activity in Türkiye: Evidence from ARDL Approach

Yazarlar:

Onur Şeyranlıoğlu | Arif Çilek

Yayıncı:

Igdir University

Ana Başlıklar:

Finans Tarihi

Dergi:

Iğdır Üniversitesi Sosyal Bilimler Dergisi Issue 37, pp.353-369

Belge Tipi:

Makale

Yayın Tarihi:

10/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001329442

pISSN:

2147-5717

Anahtar kelimeler:

Özet:

 The aim of this study is to analyse the effect of financial development on innovation activity with annual data for the period 1984-2021 in Türkiye. For this purpose, the total number of patents representing the innovation activity and the volume of domestic credit extended by banks to the private sector  of GDP representing financial development are used in the study by following the relevant literature. Education expenditures, foreign trade volume and foreign direct capital investments, which are thought to affect innovation activity, are also used as control variables. The stationarity of the variables in the study was determined by Augmented Dickey and Fuller 1979, 1981 and Lee and Strazicich 2003 unit root tests. The long-run and short-run relationships of the regression model of the research are handled by ARDL bounds testing approach. A long-run relationship was found in the model established in the research. The findings show that a 1 increase in financial development increases innovation activity by approximately 0.75. In the long-run, improvements in financial development are positively reflected on innovation activity, while in the short-run they are negatively reflected. Additionally, in the long run, increases in education expenditures and trade volume positively impact innovation activities, while the effect of foreign direct investment is statistically insignificant.

 The aim of this study is to analyse the effect of financial development on innovation activity with annual data for the period 1984-2021 in Türkiye. For this purpose, the total number of patents representing the innovation activity and the volume of domestic credit extended by banks to the private sector  of GDP representing financial development are used in the study by following the relevant literature. Education expenditures, foreign trade volume and foreign direct capital investments, which are thought to affect innovation activity, are also used as control variables. The stationarity of the variables in the study was determined by Augmented Dickey and Fuller 1979, 1981 and Lee and Strazicich 2003 unit root tests. The long-run and short-run relationships of the regression model of the research are handled by ARDL bounds testing approach. A long-run relationship was found in the model established in the research. The findings show that a 1 increase in financial development increases innovation activity by approximately 0.75. In the long-run, improvements in financial development are positively reflected on innovation activity, while in the short-run they are negatively reflected. Additionally, in the long run, increases in education expenditures and trade volume positively impact innovation activities, while the effect of foreign direct investment is statistically insignificant.

 The aim of this study is to analyse the effect of financial development on innovation activity with annual data for the period 1984-2021 in Türkiye. For this purpose, the total number of patents representing the innovation activity and the volume of domestic credit extended by banks to the private sector  of GDP representing financial development are used in the study by following the relevant literature. Education expenditures, foreign trade volume and foreign direct capital investments, which are thought to affect innovation activity, are also used as control variables. The stationarity of the variables in the study was determined by Augmented Dickey and Fuller 1979, 1981 and Lee and Strazicich 2003 unit root tests. The long-run and short-run relationships of the regression model of the research are handled by ARDL bounds testing approach. A long-run relationship was found in the model established in the research. The findings show that a 1 increase in financial development increases innovation activity by approximately 0.75. In the long-run, improvements in financial development are positively reflected on innovation activity, while in the short-run they are negatively reflected. Additionally, in the long run, increases in education expenditures and trade volume positively impact innovation activities, while the effect of foreign direct investment is statistically insignificant.

 Bu araştırmanın amacı, Türkiyede 1984-2021 dönemi yıllık veriler ile finansal gelişmenin inovasyon faaliyetine etkisinin incelenmesidir. Bu amaçla araştırmada, ilgili literatür takip edilerek inovasyon faaliyetini temsilen toplam patent sayısı, bankalar tarafından özel sektöre verilen yurt içi kredi hacmi GSYHnin si ise finansal gelişmeyi temsilen kullanılmıştır. İnovasyon faaliyetini etkilediği düşünülen eğitim harcamaları, dış ticaret hacmi ve doğrudan yabancı sermaye yatırımları da kontrol değişkenler olarak kullanılmıştır. Araştırmada değişkenlerin durağanlık dereceleri Augmented Dickey ve Fuller 1979, 1981 ile Lee ve Strazicich 2003 birim kök testleri ile belirlenmiştir. Araştırmanın regresyon modelinin uzun ve kısa dönemli ilişkileri ARDL sınır test yaklaşımıyla ele alınmıştır. Araştırmada kurulan modelde uzun dönemli bir ilişki tespit edilmiştir. Bulgulara göre finansal gelişmedeki 1lik bir artış, inovasyon faaliyetini yaklaşık 0.75 artırmaktadır. Uzun dönemde finansal gelişmede yaşanan iyileşmeler inovasyon faaliyetine pozitif; kısa dönemde ise negatif yansımaktadır. Ayrıca, uzun dönemde eğitim harcamaları ve dış ticaret hacmindeki artışlar, inovasyon faaliyetini pozitif etkilerken; doğrudan yabancı sermaye yatırımlarının etkisi ise istatistiksel açıdan anlamsızdır.

Makale detayları

Analysing the Impact of Financial Development on Innovation Activity in Türkiye: Evidence from ARDL Approach

Yazarlar:

Onur Şeyranlıoğlu | Arif Çilek

Yayıncı:

Igdir University

Ana Başlıklar:

Finans Tarihi

Dergi:

Iğdır Üniversitesi Sosyal Bilimler Dergisi Issue 37, pp.353-369

Belge Tipi:

Makale

Yayın Tarihi:

10/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001329442

pISSN:

2147-5717

Financial Development

Innovation Activity

ARDL Bound Cointegration TestFinansal Gelişme

İnovasyon Faaliyeti

ARDL Sınır Eşbütünleşme Testi

Sayı

Makale detayları

Analysing the Impact of Financial Development on Innovation Activity in Türkiye: Evidence from ARDL Approach

Yazarlar: Onur Şeyranlıoğlu | Arif Çilek

Yayıncı: Igdir University

Ana Başlıklar: Finans Tarihi

Dergi: Iğdır Üniversitesi Sosyal Bilimler Dergisi Issue 37, pp.353-369

Belge Tipi: Makale

Yayın Tarihi: 10/2024

Belge Dili: Türkçe

Document ID (Org No.): 2001329442

pISSN: 2147-5717

Financial Development

Innovation Activity

ARDL Bound Cointegration TestFinansal Gelişme

İnovasyon Faaliyeti

ARDL Sınır Eşbütünleşme Testi

Sayı

Yazarlar:

Onur Şeyranlıoğlu | Arif Çilek

Yayıncı:

Igdir University

Ana Başlıklar:

Finans Tarihi

Dergi:

Iğdır Üniversitesi Sosyal Bilimler Dergisi Issue 37, pp.353-369

Belge Tipi:

Makale

Yayın Tarihi:

10/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001329442

pISSN:

2147-5717