BibTex RIS Cite
Year 2016, Volume: 12 Issue: 2, 0 - 0, 25.10.2016

Abstract

References

  • ABOODY, David and LEV, Baruch (2001) “R&D Productivity in the Chemical Industry”, Working Paper, New York University
  • AYAYDIN, Hasan and KARAASLAN, İbrahim (2014), “The Effect of Research and Development Investment on Firms’ Financial Performance: Evidence From Manufacturing Firms in Turkey”, Bilgi Ekonomisi ve Yönetimi Dergisi, C.IX, S.I
  • BALTAGI, Badi H. (2005) Econometric Analysis of Panel Data, Third Edition
  • BELDERBOS, Rene, CARREE, Martin and LOKSHIN, Boris (2004) “Cooperative R&D and Firm Performance”, Industrial Dynamics, Innovation and Development, DRUID Summer Conference
  • BOGLIACINO, Francesco and PIANTA, Marta (2010), ‘’Profits, R&D and Innovation: a Model and a Test’’, IPTS Working Paper on Corporate R&D and Innovation, pp.1-21
  • BROWN, James R., FAZZARI, Steven M. and PETERSEN, Bruce C. (2009) “Financing Innovation and Growth: Cash Flow, External Equity and the 1990s R&D Boom”, Journal of Finance, Vol.64, No.1, pp.151-185
  • CIFTCI, Mustafa and CREADY, William M. (2011), “Scale Effect of R&D as Reflected in Earnings and Returns”, Journal of Accounting and Economics, Vol.52, pp.62-80
  • COAD, Alex and ROA, Rekha (2007), “Firm Growth and R&D Expenditure”, http://www.tandfonline.com/doi/full/10.1080/10438590802472531
  • COHEN, Wesley M. and LEVIN, Richard C. (1989) "Empirical Studies of Innovation and Market Structure" Handbook of Industrial Organization, Chapter 18, Vol. 2
  • CREPON, Bruno, DUGUET, Emmanuel and MAIRESSE, Jacques (1998) “Research, Innovation and Productivity: An Econometric Analysis At The Firm Level”, NBER Working Paper Series, http://www.nber.org/papers/w6696.pdf
  • CZARNITZKI, Dirk and KRAFT, Kornelius (2004) “Capital Control, Debt Financing and Innovative Activity”, Discussion Paper No.04-75, ftp://ftp.zew.de/pub/zew-docs/dp/dp0475.pdf
  • ÇİÇEK, Hüseyin ve ONAT Osman K. (2012) “İnovasyon Odaklı Faaliyetlerin Firma Performansına Etkisinin Veri Zarflama Analizi İle Belirlenmesi; İMKB Üzerine Bir Araştırma”, Mehmet Akif Ersoy Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, C.4, S.7, ss.46-53
  • DAVID, Parthiban, O’BRIEN, Jonathan P. and YOSHIKAWA Toru (2008) “The Implications of Debt Heterogenity for R&D Investment and Firm Performance”, Academy of Management Journal, Vol.51, No.1, pp.165-181
  • DI VITO, Jackie, LAURIN Claude (2010) “Corporate Ownership, R&D Investment and Performance of Canadian Firms”, http://www.jgbm.org/page/6%20Jackie%20Di%20Vito%20.pdf
  • EHIE Ike C. and OLIBE Kingsley (2010) “The Effect of R&D Investment on Firm Value: An Examination of US Manufacturing and Service Industries”, Int. J. Production Economics, 128, pp.127-135
  • FINGER, Stephen R. (2008) “Research and Development Competition in the Chemicals Industry”, Doctoral Dissertation, Department of Economics, Duke University
  • FORTUNE, Annetta and SHELTON, Lois M. (2014), “Age Matters: Disentangling the Effect of R&D Investment in the Global Chemical Products Industry”, Business Management Dynamics, Vol.3, No.11, pp.35-54
  • GRABOWSKI Henry G. and MUELLER Dennis C. (1978) “Industrial Research and Development, Intangible Capital Stocks and Firm Profit Rates”, The Bell Journal of Economics, Vol.9, N.2, pp. 328-343
  • GRILICHES, Zvi (1985) “R&D and Basic Research At The Firm Level ın The 1970s”, NBER Working Paper, No. 1547
  • GUNDAY, Gurhan, ULUSOY, Gunduz, KILIC, Kemal and ALPKAN, Lutfihak (2011), “Effects of Innovation Types on Firm Performance”, Int. J. Production Economics, 133, pp.662-676
  • HALL, Browny H. (2002) “The Financing of Research and Development”, NBER Working Paper Series, http://www.nber.org/papers/w8773
  • HALL, Browny H., MAIRESSE, Jacques and MOHNEN, Pierre (2009) “Measuring The Returns to R&D”, Handbook of the Economics of Innovation
  • HENDERSON, Rebecca and COCKBURN, Iain (1993) “Scale, Scope and Spillovers: The Determinants of Research Productivity in Ethical Drug Discovery”, http://econpapers.repec.org/paper/mitsloanp/2499.htm
  • HO,Yew k., XU, Zhenyu and YAP Chee M. (2004)”R&D Investment and Systematic Risk”, Accounting and Finance, Vol. 44, Iss.3, pp.393-418
  • JOHANSSON, Börje and LÖÖF Hans (2008), “The Impact of Firm’s R&D Strategy on Profit and Productivity”, CESIS Electronic Working Paper Series, No.156
  • KARACAER, Semra, AYGÜN, Mehmet ve İÇ Süleyman (2009) ‘’Araştırma ve Geliştirme Giderlerinin Firma Performansı Üzerindeki Etkisi: İstanbul Menkul Kıymetler Borsası Üzerine Bir İnceleme’’, Muhasebe Bilim Dünyası Dergisi, Vol.11
  • KIM, Jinyoung, LEE, Sangjoon J., MARSCHKE, Gerald (2004) ‘’Relation of Firm Size to R&D Productivity’’, International Journal of Business and Economics, Vol.8, No.1, pp.7-19
  • KOCAMIŞ, Uzun Tuğçe ve GÜNGÖR, Ayşegül (2014) “Türkiye’de Ar-Ge Harcamaları ve Teknoloji Sektöründe Ar-Ge Giderlerinin Karlılık Üzerine Etkisi: Borsa İstanbul Uygulaması”, Maliye Dergisi, S.166, pp.127-138
  • KRAMMER, Sorin M. S. (2010) “International R&D Spillovers in Emerging Markets: The Impact of Trade and Foreign Dırect Investment”, Journal of International Trade and Economic Development, http://www.researchgate.net/publication/227620506
  • MARTIN, Marek (2015), ‘’Effectiveness of Business Innovation and R&D in Emerging Economies: The Evidence from Panel Data Analysis’’, Journal of Economics Business and Management, Vol. 3, No. 4, pp.440-446
  • OECD (2005), “Oslo Manual: Guidelines For Collecting and Interpreting Innovation Data”, 3. Edition.
  • PARCHARIDIS, E. and VARSAKELIS, N. C. (2007), “Investments in R&D and business performance. Evidence from the Greek market”, Working paper, Department of Economics, Aristotle University of Thessaloniki, https://www.researchgate.net/publication/265927562
  • ROODMAN, David (2009) “How to do xtabond2: An introduction to difference and system GMM in Stata”, The Stata Journal, Vol.9, No.1, pp.86-136
  • SALİM, Ruhul A. and BLOCH Harry (2007), “Business Expenditures on R&D and Trade Performances in Australia: Is There a Link?”, Applied Economics, 41 (3), pp.351-361
  • Sektörel Dernekler Federasyonu (2012) “Kimya Sanayisi Rekabet Gücü Raporu”, 1. Basım, İstanbul
  • SHER, Peter J. and YANG Phil Y. (2005) “The Effects of Innovative Capabilities and R&D Clustering on Firm Performance: The Evidence of Taiwan’s Semiconductor Industry”, Technovation, Vol.25, Iss.1, pp. 33-43
  • SHIN, Min-Shik and KIM Soo-Eun (2011) “The Effects of R&D Expenditure on the Firm Value: Evidence From Korean Small and Medium Sized Enterprises”, Journal of Finance&Accountancy, Vol.7, pp.1-20
  • SOTO, Marcelo (2009) “System GMM Estimaton With a Small Sample”, Barcelona Economics Working Paper Series
  • STONEBRAKER, Robert J. (1976) “Corporate Profits and the Risk of Entry”, The Review of Economics and Statistics, Vol.58, No.1, pp.33-39
  • TATOĞLU, Ferda Y. (2013) İleri Panel Veri Analizi, Beta Yayıncılık, İstanbul
  • T.C. Kalkınma Bakanlığı, (2015) “Onuncu Kalkınma Planı: Kimya Çalışma Grubu Raporu”, Ankara
  • T.C. Bilim, Sanayi ve Teknoloji Bakanlığı (2015) “Kimya Sektörü Raporu: Sektörel Raporlar ve Analizler Serisi”, Ankara
  • UGHETTO, Elisa and TORINO, Politecnico (2008) “Does finance matter for R&D investment? New evidence from a panel of Italian firms”, Cambridge Journal of Economics, Vol.32, Iss. 6, pp.907-952
  • WESTERBERG, Hans S. (2014) ‘’The Return to R&D and Seller-buyer Interactions: A Quantile Regression Approach’’, Rotio Working Paper, No.231
  • ZHU, Zhaohui and HUANG, Feng (2012) “The Effect of R&D Investment on Firms’ Financial Performance: Evidence from the Chinese Listed IT Firms”, Modern Economy, 3, pp.915-919

Relationships Between R&D and Corporate Performance: An Empirical Analysis in Istanbul Stock Exchange

Year 2016, Volume: 12 Issue: 2, 0 - 0, 25.10.2016

Abstract

By making it possible to produce innovative products and services, Research and Development (R&D) investments provide long term growth and competitive advantages and create value for corporations. However, they require significant investment expenditures. The objective of the present study is to analyze the relationship between R&G investments and financial performances of corporations. For this purpose, 20 chemical companies traded in Bourse Istanbul are analyzed with a panel data method, Generalized Method of Moments (GMM). Study findings demonstrated that R&D expenses affected corporate financial performance positively and significantly with one year lag.

References

  • ABOODY, David and LEV, Baruch (2001) “R&D Productivity in the Chemical Industry”, Working Paper, New York University
  • AYAYDIN, Hasan and KARAASLAN, İbrahim (2014), “The Effect of Research and Development Investment on Firms’ Financial Performance: Evidence From Manufacturing Firms in Turkey”, Bilgi Ekonomisi ve Yönetimi Dergisi, C.IX, S.I
  • BALTAGI, Badi H. (2005) Econometric Analysis of Panel Data, Third Edition
  • BELDERBOS, Rene, CARREE, Martin and LOKSHIN, Boris (2004) “Cooperative R&D and Firm Performance”, Industrial Dynamics, Innovation and Development, DRUID Summer Conference
  • BOGLIACINO, Francesco and PIANTA, Marta (2010), ‘’Profits, R&D and Innovation: a Model and a Test’’, IPTS Working Paper on Corporate R&D and Innovation, pp.1-21
  • BROWN, James R., FAZZARI, Steven M. and PETERSEN, Bruce C. (2009) “Financing Innovation and Growth: Cash Flow, External Equity and the 1990s R&D Boom”, Journal of Finance, Vol.64, No.1, pp.151-185
  • CIFTCI, Mustafa and CREADY, William M. (2011), “Scale Effect of R&D as Reflected in Earnings and Returns”, Journal of Accounting and Economics, Vol.52, pp.62-80
  • COAD, Alex and ROA, Rekha (2007), “Firm Growth and R&D Expenditure”, http://www.tandfonline.com/doi/full/10.1080/10438590802472531
  • COHEN, Wesley M. and LEVIN, Richard C. (1989) "Empirical Studies of Innovation and Market Structure" Handbook of Industrial Organization, Chapter 18, Vol. 2
  • CREPON, Bruno, DUGUET, Emmanuel and MAIRESSE, Jacques (1998) “Research, Innovation and Productivity: An Econometric Analysis At The Firm Level”, NBER Working Paper Series, http://www.nber.org/papers/w6696.pdf
  • CZARNITZKI, Dirk and KRAFT, Kornelius (2004) “Capital Control, Debt Financing and Innovative Activity”, Discussion Paper No.04-75, ftp://ftp.zew.de/pub/zew-docs/dp/dp0475.pdf
  • ÇİÇEK, Hüseyin ve ONAT Osman K. (2012) “İnovasyon Odaklı Faaliyetlerin Firma Performansına Etkisinin Veri Zarflama Analizi İle Belirlenmesi; İMKB Üzerine Bir Araştırma”, Mehmet Akif Ersoy Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, C.4, S.7, ss.46-53
  • DAVID, Parthiban, O’BRIEN, Jonathan P. and YOSHIKAWA Toru (2008) “The Implications of Debt Heterogenity for R&D Investment and Firm Performance”, Academy of Management Journal, Vol.51, No.1, pp.165-181
  • DI VITO, Jackie, LAURIN Claude (2010) “Corporate Ownership, R&D Investment and Performance of Canadian Firms”, http://www.jgbm.org/page/6%20Jackie%20Di%20Vito%20.pdf
  • EHIE Ike C. and OLIBE Kingsley (2010) “The Effect of R&D Investment on Firm Value: An Examination of US Manufacturing and Service Industries”, Int. J. Production Economics, 128, pp.127-135
  • FINGER, Stephen R. (2008) “Research and Development Competition in the Chemicals Industry”, Doctoral Dissertation, Department of Economics, Duke University
  • FORTUNE, Annetta and SHELTON, Lois M. (2014), “Age Matters: Disentangling the Effect of R&D Investment in the Global Chemical Products Industry”, Business Management Dynamics, Vol.3, No.11, pp.35-54
  • GRABOWSKI Henry G. and MUELLER Dennis C. (1978) “Industrial Research and Development, Intangible Capital Stocks and Firm Profit Rates”, The Bell Journal of Economics, Vol.9, N.2, pp. 328-343
  • GRILICHES, Zvi (1985) “R&D and Basic Research At The Firm Level ın The 1970s”, NBER Working Paper, No. 1547
  • GUNDAY, Gurhan, ULUSOY, Gunduz, KILIC, Kemal and ALPKAN, Lutfihak (2011), “Effects of Innovation Types on Firm Performance”, Int. J. Production Economics, 133, pp.662-676
  • HALL, Browny H. (2002) “The Financing of Research and Development”, NBER Working Paper Series, http://www.nber.org/papers/w8773
  • HALL, Browny H., MAIRESSE, Jacques and MOHNEN, Pierre (2009) “Measuring The Returns to R&D”, Handbook of the Economics of Innovation
  • HENDERSON, Rebecca and COCKBURN, Iain (1993) “Scale, Scope and Spillovers: The Determinants of Research Productivity in Ethical Drug Discovery”, http://econpapers.repec.org/paper/mitsloanp/2499.htm
  • HO,Yew k., XU, Zhenyu and YAP Chee M. (2004)”R&D Investment and Systematic Risk”, Accounting and Finance, Vol. 44, Iss.3, pp.393-418
  • JOHANSSON, Börje and LÖÖF Hans (2008), “The Impact of Firm’s R&D Strategy on Profit and Productivity”, CESIS Electronic Working Paper Series, No.156
  • KARACAER, Semra, AYGÜN, Mehmet ve İÇ Süleyman (2009) ‘’Araştırma ve Geliştirme Giderlerinin Firma Performansı Üzerindeki Etkisi: İstanbul Menkul Kıymetler Borsası Üzerine Bir İnceleme’’, Muhasebe Bilim Dünyası Dergisi, Vol.11
  • KIM, Jinyoung, LEE, Sangjoon J., MARSCHKE, Gerald (2004) ‘’Relation of Firm Size to R&D Productivity’’, International Journal of Business and Economics, Vol.8, No.1, pp.7-19
  • KOCAMIŞ, Uzun Tuğçe ve GÜNGÖR, Ayşegül (2014) “Türkiye’de Ar-Ge Harcamaları ve Teknoloji Sektöründe Ar-Ge Giderlerinin Karlılık Üzerine Etkisi: Borsa İstanbul Uygulaması”, Maliye Dergisi, S.166, pp.127-138
  • KRAMMER, Sorin M. S. (2010) “International R&D Spillovers in Emerging Markets: The Impact of Trade and Foreign Dırect Investment”, Journal of International Trade and Economic Development, http://www.researchgate.net/publication/227620506
  • MARTIN, Marek (2015), ‘’Effectiveness of Business Innovation and R&D in Emerging Economies: The Evidence from Panel Data Analysis’’, Journal of Economics Business and Management, Vol. 3, No. 4, pp.440-446
  • OECD (2005), “Oslo Manual: Guidelines For Collecting and Interpreting Innovation Data”, 3. Edition.
  • PARCHARIDIS, E. and VARSAKELIS, N. C. (2007), “Investments in R&D and business performance. Evidence from the Greek market”, Working paper, Department of Economics, Aristotle University of Thessaloniki, https://www.researchgate.net/publication/265927562
  • ROODMAN, David (2009) “How to do xtabond2: An introduction to difference and system GMM in Stata”, The Stata Journal, Vol.9, No.1, pp.86-136
  • SALİM, Ruhul A. and BLOCH Harry (2007), “Business Expenditures on R&D and Trade Performances in Australia: Is There a Link?”, Applied Economics, 41 (3), pp.351-361
  • Sektörel Dernekler Federasyonu (2012) “Kimya Sanayisi Rekabet Gücü Raporu”, 1. Basım, İstanbul
  • SHER, Peter J. and YANG Phil Y. (2005) “The Effects of Innovative Capabilities and R&D Clustering on Firm Performance: The Evidence of Taiwan’s Semiconductor Industry”, Technovation, Vol.25, Iss.1, pp. 33-43
  • SHIN, Min-Shik and KIM Soo-Eun (2011) “The Effects of R&D Expenditure on the Firm Value: Evidence From Korean Small and Medium Sized Enterprises”, Journal of Finance&Accountancy, Vol.7, pp.1-20
  • SOTO, Marcelo (2009) “System GMM Estimaton With a Small Sample”, Barcelona Economics Working Paper Series
  • STONEBRAKER, Robert J. (1976) “Corporate Profits and the Risk of Entry”, The Review of Economics and Statistics, Vol.58, No.1, pp.33-39
  • TATOĞLU, Ferda Y. (2013) İleri Panel Veri Analizi, Beta Yayıncılık, İstanbul
  • T.C. Kalkınma Bakanlığı, (2015) “Onuncu Kalkınma Planı: Kimya Çalışma Grubu Raporu”, Ankara
  • T.C. Bilim, Sanayi ve Teknoloji Bakanlığı (2015) “Kimya Sektörü Raporu: Sektörel Raporlar ve Analizler Serisi”, Ankara
  • UGHETTO, Elisa and TORINO, Politecnico (2008) “Does finance matter for R&D investment? New evidence from a panel of Italian firms”, Cambridge Journal of Economics, Vol.32, Iss. 6, pp.907-952
  • WESTERBERG, Hans S. (2014) ‘’The Return to R&D and Seller-buyer Interactions: A Quantile Regression Approach’’, Rotio Working Paper, No.231
  • ZHU, Zhaohui and HUANG, Feng (2012) “The Effect of R&D Investment on Firms’ Financial Performance: Evidence from the Chinese Listed IT Firms”, Modern Economy, 3, pp.915-919
There are 45 citations in total.

Details

Journal Section Articles
Authors

Değer Alper

Ebru Aydoğan This is me

Publication Date October 25, 2016
Published in Issue Year 2016 Volume: 12 Issue: 2

Cite

APA 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).