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AR-GE HARCAMALARININ SATIŞLAR VE KARLILIK ÜZERİNE ETKİSİ: BİST İMALAT SANAYİNDE BİR UYGULAMA

Year 2023, Volume: 8 Issue: 1, 215 - 224, 31.03.2023

Saime Doğan

https://doi.org/10.29106/fesa.1235937

Abstract

Makro düzeyde nitelikli bir ekonominin göstergesi, nitelikli bir üretim sistemidir. Nitelikli bir üretim sistemi ise yürütülen Araştırma-Geliştirme (Ar-Ge) faaliyetleri sonucunda ortaya çıkan nitelikli teknolojik bilgi ve uygulamalar ile sağlanabilmektedir. Ar-Ge’nin ölçümünde yaygın olarak kullanılan Ar-Ge harcamaları, günümüzün teknolojik dünyasında işletmelerin sürekliliği ve rekabet edebilirliği için artık zorunludur. Ar-Ge’ye dayalı bir üretim sistemi, işletmelerde üretkenliği ve kaliteyi arttırmasının yanında maliyet avantajları da sağlamaktadır. Ar-Ge harcamalarının işletme satış ve karlılığı üzerine olan etkilerini araştırmak bu çalışmanın amacını oluşturmaktadır. Bu amaç doğrultusunda, BİST-100 endeksinde işlem gören imalat sanayisine ait 20 şirketin Ar-Ge harcamaları ile satışlar ve karlılık arasındaki ilişki, 2009-2021 dönemi yıllık verileriyle araştırılmıştır. Analizde, Hansen (1999) tarafından önerilen sabit etkilere sahip statik panel veri analizi kullanılmıştır. Sonuç olarak, iki dönem önceki Ar-Ge yatırımlarının satışlar ve karlık üzerinde rejim değişimine neden olduğu belirlenmiştir. Ayrıca, Ar-Ge yatırımlarının satışlar ve karlılığı arttırabilmesi için belirli bir düzeyde tutulması gerektiği sonucuna ulaşılmıştır.

Keywords

Ar-Ge Harcamaları Kârlılık Satışlar Panel Veri Analizi.

References

  • APERGIS, N. and SORROS, J. (2014). The role of R&D expenses for profitability: evidence from U.S. fossil and renewable energy firms. International Journal of Economics and Finance, 6(3), 8-15. http://dx.doi.org/10.5539/ijef.v6n3p8
  • BALTAGI, B. H., FENG, Q., and KAO, C. (2012). A lagrange multiplier test for cross-sectional dependence in a fixed effects panel data model. Journal of the Econometrics, 170, 164-177. https://surface.syr.edu/cpr?utm_source=surface.syr.edu%2Fcpr%2F193&utm_medium=PDF&utm_campaign=PDFCoverPages
  • BAYRAKTAROĞLU, H. (2016). Accounting of R&D expenditures and its effect on net sales and profitability: A research in the industrıal index of Istanbul Stock Market. Financial Analysis, 35, 69-88.
  • BREUSCH, T.S. and PAGAN, A. R. (1980). The lagrange multiplier test and its application to model specification in econometrics. Review of Economic Studies, 47, 239-253. https://doi.org/10.2307/2297111
  • COAD, A. and RAO, R. (2008). Innovation and firm growth in high-tech sectors: A quantile regression approach. Research Policy, 37, 633-648. https://doi.org/10.1016/j.respol.2008.01.003
  • DAĞLI, H. and ERGÜN, T. (2017). Impact of R&D expenditures over firm profitability in Turkey. KTÜ Social Science Institute Journal of Social Sciences, 7(13), 69-83. Retrieved from https://dergipark.org.tr/en/pub/sbed/issue/30354/327826
  • DEL MONTE, A. and PAPAGNI, E. (2003). R&D and the growth of firms: Empirical analysis of a panel of Italian firms. Research Policy, 32(6), 1003-1014. https://doi.org/10.1016/S0048-7333 (02)00107-5
  • DEMIR, C. and GÜLEÇ, Ö. F. (2019). The effect of research and development expenses on firm profitability: BIST manufacturing sector example, Pamukkale University Journal of Social Sciences Institute, 34, 57-72. https://doi.org/10.30794/pausbed.411141
  • DOĞAN, M. and YILDIZ, F. (2016). The effect of research and development (R&D) expenses on firm profitability: An application on manufacturing firms traded in BIST. Kastamonu University Faculty of Economics and Administrative Sciences Journal, 14, 178-187. Retrieved from https://dergipark.org.tr/en/pub/iibfdkastamonu/issue/29650/318435
  • ERBAY, Ç. (2021). The effect of R&D expenditures on the profitability of energy companies: Example of OECD countries (Unpublished master’s thesis). Niğde Ömer Halisdemir University Social Sciences Institute, Niğde.
  • FREIHAT, A. R. F. and KANAKRIYAH, R. (2017). Impact of R&D expenditure on financial performance: Jordanian evidence. European Journal of Business and Management. 9(32), 73-83. http://www.iiste.org/
  • GEROSKI, P. and TOKER, S. (1996). The turnover of market leaders in UK manufacturing industry 1979-86. International Journal of Industrial Organization, 14, 141-158. https://doi.org/10.1016/0167-7187(95)00479-3
  • GÜZEN, H. D. and BAŞAR, B. (2019). The effect of R&D expenditures on profitability: A research on BIST industrial index industry. Journal of Anadolu University Faculty of Economics and Administrative Sciences, 20(2), 1-24. Retrieved from https://dergipark.org.tr/en/pub/anadoluibfd/issue/49099/626792
  • HANEL, P. and ST-PIERRE, A. (2002). Effects of R&D spillovers on the profitability of firms. Review of Industrial Organization, 20 (4), 305-322. https://doi.org/10.1023/A:1015677626496
  • HANSEN, B. E. (1999). Threshold effects in non-dynamic panels: estimation, testing, and inference. Journal of Econometrics, 93(2), 345-368. https://doi.org/10.1016/S0304-4076(99)00025-1
  • INEKWE, J. N. (2015). The contribution of R&D expenditure to economic growth in developing economies. Social Indicator Research. 124, 727–745. https://doi.org/10.1007/s11205-014-0807-3
  • IŞSEVEROĞLU, G. and GENÇOĞLU, Ü. G. (2018). The effect of research development (R&D) expenditures on the operating results and market values: İstanbul Stock Exchange applıcation with panel data analysis. Atatürk Üniversity Journal of Economics and Administrative Sciences, 32(3), 881-896. Retrieved from https://dergipark.org.tr/en/pub/atauniiibd/issue/38242/399582
  • JOHANSSON, B. and LOOF, H. (2008). The impact of firm’s R&D strategy on profit and productivity. CESIS Electronic Working Paper Series, 156, 1-28. http://www.cesis.se/
  • KILIÇ, M. (2020). The effect of R&D expenditures on financial performance of the companies in BIST informatics sector. Erciyes Üniversity Journal of Social Sciences, 19th International Business Congress Special Issue, 219-234. Retrieved from https://dergipark.org.tr/en/pub/erusosbilder/issue/58345/841929
  • ORAL, T. and POLAT, E. (2021). The effect of research and development (R&D) expenses on profitability and sales. Manas Journal of Social Sciences, 10(3), 1878-1888. doi:10.33206/mjss.883792
  • OZER, M. and GÜLENÇER, İ. (2019). The effects of R&D and marketing expenses on stock value. Kafkas University Journal of the Faculty of Economics and Administrative Sciences, 10(19), 52-73. Retrieved from https://dergipark.org.tr/en/pub/kauiibf/issue/45479/570990
  • PANTAGAKIS, E., TERZAKIS, D. and ARVANITIS, S. (2012). R&D investments and firm performance: an empirical investigation of the high technology sector (software and hardware) in the E.U. Technological Educational Institute, https://ssrn.com/abstract=2178919, 1-20.
  • PESARAN, M. H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge Faculty of Economics, Cambridge Working Papers in Economics No. 0435 https://doi.org/10.17863/CAM.5113
  • PESARAN, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
  • ROPER, S. (1997). Product innovation and small business growth: A comparison of the strategies of German, UK and Irish companies. Small Business Economics, 9, 523-537. https://doi.org/10.1023/A:1007963604397 TMMOB (2018). Chamber Report: R&D Activities in the World and Turkey. https://www.mmo.org.tr/sites/default/files/ARGE%20rapor%20web.pdf
  • TÜBITAK (2002). Frascati Manual: Recommended Standard Practice for Research and Experimental Development Screening. https://www.tubitak.gov.tr/tubitak_content_files/BTYPD/kilavuzlar/frascati_tr.pdf
  • ÜNAL, T. and SEÇILMIŞ, N. (2013). Comparison of Turkey with developed countries in terms of R&D indicators. Journal of Business and Economic Studies, 1(1), 12-25. Retrieved from https://dergipark.org.tr/en/pub/iicder/issue/31639/347008?publisher=http-www-cag-edu-tr-ilhan-ozturk
  • UZUN KOCAMIŞ, T. and GÜNGÖR, A. (2014). R&D expenditure in Turkey and effect of R&D expenditure on profitability in technology sector: Borsa Istanbul example. Journal of Finance, 166, 127-138.
  • XIE, P. and HUANG, J. (2022). Financial expansion and economic performance: evaluating the role of research and development expenditures for China. Economic Research, 1-17. https://doi.org/10.1080/1331677X.2022.2137826
  • YÜCEL, R. and AHMETOĞULLARI, K. (2015). The innovative effect of R&D expenses on firms changes in net profit and earnings per share: the case of BIST technology software and informatıon sector. AİBÜ Journal of Social Sciences Institute, 15(4); 87-104. Retrieved from https://dergipark.org.tr/en/pub/basbed/issue/38791/455565
  • ZERENLER, M., TÜRKER, N. and ŞAHIN, E. (2007). Global technology, research & development (R&D) and innovation relationship. Selçuk University Journal of Social Sciences Institute, 1(17): 653-667. Retrieved from https://dergipark.org.tr/en/pub/susbed/issue/61793/924256

THE EFFECT OF R&D EXPENDITURE ON SALES AND PROFITABILITY: AN APPLICATION IN BIST MANUFACTURING INDUSTRY

Year 2023, Volume: 8 Issue: 1, 215 - 224, 31.03.2023

Saime Doğan

https://doi.org/10.29106/fesa.1235937

Abstract

At the macro level, the indicator of a high-quality economy is a high-quality production system. Meanwhile, a qualified production system can be achieved through qualified technological knowledge and applications that emerge as a result of Research and Development (R&D) activities. In today's technological world, R&D expenditures, which are widely used in the assessment of R&D, are now essential for the continuity and competitiveness of business enterprises. A production system based on R&D not only increases productivity and quality but also provides significant advantages in terms of cost. The purpose of this study is to investigate the effects of R&D expenditures on the sales and profitability of business enterprises. In line with this purpose, the relationship between R&D expenditures, sales and profitability of 20 manufacturing companies that are included in the BIST-100 index is investigated using the annual data for the period 2009-2021. In this analysis, the static panel data analysis with fixed effects proposed by Hansen (1999) is used. In conclusion, it is determined that investments made in the field of R&D two periods ago led to a regime shift in sales and profitability. Moreover, it is concluded that R&D investments should be kept at a certain level in order to increase sales and profitability.

Keywords

R&D Expenditures Profitability Sales Panel Data Analysis

References

  • APERGIS, N. and SORROS, J. (2014). The role of R&D expenses for profitability: evidence from U.S. fossil and renewable energy firms. International Journal of Economics and Finance, 6(3), 8-15. http://dx.doi.org/10.5539/ijef.v6n3p8
  • BALTAGI, B. H., FENG, Q., and KAO, C. (2012). A lagrange multiplier test for cross-sectional dependence in a fixed effects panel data model. Journal of the Econometrics, 170, 164-177. https://surface.syr.edu/cpr?utm_source=surface.syr.edu%2Fcpr%2F193&utm_medium=PDF&utm_campaign=PDFCoverPages
  • BAYRAKTAROĞLU, H. (2016). Accounting of R&D expenditures and its effect on net sales and profitability: A research in the industrıal index of Istanbul Stock Market. Financial Analysis, 35, 69-88.
  • BREUSCH, T.S. and PAGAN, A. R. (1980). The lagrange multiplier test and its application to model specification in econometrics. Review of Economic Studies, 47, 239-253. https://doi.org/10.2307/2297111
  • COAD, A. and RAO, R. (2008). Innovation and firm growth in high-tech sectors: A quantile regression approach. Research Policy, 37, 633-648. https://doi.org/10.1016/j.respol.2008.01.003
  • DAĞLI, H. and ERGÜN, T. (2017). Impact of R&D expenditures over firm profitability in Turkey. KTÜ Social Science Institute Journal of Social Sciences, 7(13), 69-83. Retrieved from https://dergipark.org.tr/en/pub/sbed/issue/30354/327826
  • DEL MONTE, A. and PAPAGNI, E. (2003). R&D and the growth of firms: Empirical analysis of a panel of Italian firms. Research Policy, 32(6), 1003-1014. https://doi.org/10.1016/S0048-7333 (02)00107-5
  • DEMIR, C. and GÜLEÇ, Ö. F. (2019). The effect of research and development expenses on firm profitability: BIST manufacturing sector example, Pamukkale University Journal of Social Sciences Institute, 34, 57-72. https://doi.org/10.30794/pausbed.411141
  • DOĞAN, M. and YILDIZ, F. (2016). The effect of research and development (R&D) expenses on firm profitability: An application on manufacturing firms traded in BIST. Kastamonu University Faculty of Economics and Administrative Sciences Journal, 14, 178-187. Retrieved from https://dergipark.org.tr/en/pub/iibfdkastamonu/issue/29650/318435
  • ERBAY, Ç. (2021). The effect of R&D expenditures on the profitability of energy companies: Example of OECD countries (Unpublished master’s thesis). Niğde Ömer Halisdemir University Social Sciences Institute, Niğde.
  • FREIHAT, A. R. F. and KANAKRIYAH, R. (2017). Impact of R&D expenditure on financial performance: Jordanian evidence. European Journal of Business and Management. 9(32), 73-83. http://www.iiste.org/
  • GEROSKI, P. and TOKER, S. (1996). The turnover of market leaders in UK manufacturing industry 1979-86. International Journal of Industrial Organization, 14, 141-158. https://doi.org/10.1016/0167-7187(95)00479-3
  • GÜZEN, H. D. and BAŞAR, B. (2019). The effect of R&D expenditures on profitability: A research on BIST industrial index industry. Journal of Anadolu University Faculty of Economics and Administrative Sciences, 20(2), 1-24. Retrieved from https://dergipark.org.tr/en/pub/anadoluibfd/issue/49099/626792
  • HANEL, P. and ST-PIERRE, A. (2002). Effects of R&D spillovers on the profitability of firms. Review of Industrial Organization, 20 (4), 305-322. https://doi.org/10.1023/A:1015677626496
  • HANSEN, B. E. (1999). Threshold effects in non-dynamic panels: estimation, testing, and inference. Journal of Econometrics, 93(2), 345-368. https://doi.org/10.1016/S0304-4076(99)00025-1
  • INEKWE, J. N. (2015). The contribution of R&D expenditure to economic growth in developing economies. Social Indicator Research. 124, 727–745. https://doi.org/10.1007/s11205-014-0807-3
  • IŞSEVEROĞLU, G. and GENÇOĞLU, Ü. G. (2018). The effect of research development (R&D) expenditures on the operating results and market values: İstanbul Stock Exchange applıcation with panel data analysis. Atatürk Üniversity Journal of Economics and Administrative Sciences, 32(3), 881-896. Retrieved from https://dergipark.org.tr/en/pub/atauniiibd/issue/38242/399582
  • JOHANSSON, B. and LOOF, H. (2008). The impact of firm’s R&D strategy on profit and productivity. CESIS Electronic Working Paper Series, 156, 1-28. http://www.cesis.se/
  • KILIÇ, M. (2020). The effect of R&D expenditures on financial performance of the companies in BIST informatics sector. Erciyes Üniversity Journal of Social Sciences, 19th International Business Congress Special Issue, 219-234. Retrieved from https://dergipark.org.tr/en/pub/erusosbilder/issue/58345/841929
  • ORAL, T. and POLAT, E. (2021). The effect of research and development (R&D) expenses on profitability and sales. Manas Journal of Social Sciences, 10(3), 1878-1888. doi:10.33206/mjss.883792
  • OZER, M. and GÜLENÇER, İ. (2019). The effects of R&D and marketing expenses on stock value. Kafkas University Journal of the Faculty of Economics and Administrative Sciences, 10(19), 52-73. Retrieved from https://dergipark.org.tr/en/pub/kauiibf/issue/45479/570990
  • PANTAGAKIS, E., TERZAKIS, D. and ARVANITIS, S. (2012). R&D investments and firm performance: an empirical investigation of the high technology sector (software and hardware) in the E.U. Technological Educational Institute, https://ssrn.com/abstract=2178919, 1-20.
  • PESARAN, M. H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge Faculty of Economics, Cambridge Working Papers in Economics No. 0435 https://doi.org/10.17863/CAM.5113
  • PESARAN, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
  • ROPER, S. (1997). Product innovation and small business growth: A comparison of the strategies of German, UK and Irish companies. Small Business Economics, 9, 523-537. https://doi.org/10.1023/A:1007963604397 TMMOB (2018). Chamber Report: R&D Activities in the World and Turkey. https://www.mmo.org.tr/sites/default/files/ARGE%20rapor%20web.pdf
  • TÜBITAK (2002). Frascati Manual: Recommended Standard Practice for Research and Experimental Development Screening. https://www.tubitak.gov.tr/tubitak_content_files/BTYPD/kilavuzlar/frascati_tr.pdf
  • ÜNAL, T. and SEÇILMIŞ, N. (2013). Comparison of Turkey with developed countries in terms of R&D indicators. Journal of Business and Economic Studies, 1(1), 12-25. Retrieved from https://dergipark.org.tr/en/pub/iicder/issue/31639/347008?publisher=http-www-cag-edu-tr-ilhan-ozturk
  • UZUN KOCAMIŞ, T. and GÜNGÖR, A. (2014). R&D expenditure in Turkey and effect of R&D expenditure on profitability in technology sector: Borsa Istanbul example. Journal of Finance, 166, 127-138.
  • XIE, P. and HUANG, J. (2022). Financial expansion and economic performance: evaluating the role of research and development expenditures for China. Economic Research, 1-17. https://doi.org/10.1080/1331677X.2022.2137826
  • YÜCEL, R. and AHMETOĞULLARI, K. (2015). The innovative effect of R&D expenses on firms changes in net profit and earnings per share: the case of BIST technology software and informatıon sector. AİBÜ Journal of Social Sciences Institute, 15(4); 87-104. Retrieved from https://dergipark.org.tr/en/pub/basbed/issue/38791/455565
  • ZERENLER, M., TÜRKER, N. and ŞAHIN, E. (2007). Global technology, research & development (R&D) and innovation relationship. Selçuk University Journal of Social Sciences Institute, 1(17): 653-667. Retrieved from https://dergipark.org.tr/en/pub/susbed/issue/61793/924256
There are 31 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Araştırma Makaleleri
Authors

Saime Doğan 0000-0003-2638-9694

Early Pub Date March 31, 2023
Publication Date March 31, 2023
Submission Date January 16, 2023
Acceptance Date February 27, 2023
Published in Issue Year 2023 Volume: 8 Issue: 1

Cite

APA Doğan, S. (2023). THE EFFECT OF R&D EXPENDITURE ON SALES AND PROFITABILITY: AN APPLICATION IN BIST MANUFACTURING INDUSTRY. Finans Ekonomi Ve Sosyal Araştırmalar Dergisi, 8(1), 215-224. https://doi.org/10.29106/fesa.1235937
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