AR-GE GİDERLERİ İLE KÂRLILIK VE BÜYÜME ARASINDA NEDENSELLİK İLİŞKİSİ: BIST ÜZERİNE BİR İNCELEME

Bu çalışmada işletmelerin Ar-Ge giderleri ile kârlılık ve büyüme performansları arasındaki iki yönlü ilişkiler ve karşılıklı etkiler incelenmiştir. Bu amaçla, hisse senetleri Borsa İstanbul’da işlem gören, 2005-2019 yılları arasında aralıksız Ar-Ge giderleri bulunan işletmelerin muhasebe temelli panel verileri kullanılmıştır. Panel vektör otoregresif (PVAR) modeller ile Dumitrescu ve Hurlin Heterojen Nedensellik Testi gerçekleştirilmiştir. Çalışma sonucunda, Ar-Ge yoğunluğundan aktiflerde büyümeye doğru bir Granger nedensellik ilişkisi bulunduğu ve işletme bazlı incelemede beklentiye yakın şekilde çoğunlukla pozitif ilişkinin öne çıktığı görülmüştür. Buna ilaveten, Ar-Ge yoğunluğundan aktif kârlılık oranına doğru Granger nedensellik ilişkisi bulunduğu, ancak işletme bazlı incelemeye göre beklentinin aksine ağırlıklı olarak negatif ilişkinin öne çıktığı tespit edilmiştir. Ayrıca Ar-Ge yoğunluğundan özsermaye kârlılık oranına doğru, satışların kârlılık oranına doğru ve özsermayede büyümeye doğru Granger nedensellik ilişkisi bulunmuştur. Diğer yandan, özsermayede büyümeden ve satışların kârlılık oranından Ar-Ge yoğunluğuna doğru Granger nedensellik ilişkisinin bulunduğu tespit edilmiştir.

Anahtar Kelimeler:

Ar-Ge Giderleri, Kârlılık, Büyüme, PVAR Modeli, Heterojen Nedensellik Testi

CAUSALITY BETWEEN R&D EXPENSES AND PROFITABILITY & GROWTH: AN EXAMINATION ON BIST

In this study, two-way relationships between R&D expenses of enterprises and their business performance in terms of profitability and growth and reciprocal effects are examined. For this purpose, accounting-based panel data of firms quoted on Borsa Istanbul and having incessantly R&D expenses between 2005-2019 are used. Dumitrescu and Hurlin Heterogeneous Causality Test is performed for panel vector autoregressive (PVAR) models. According to the results of the study, Granger causality from R&D Intensity to assets growth is detected, and close to the expectations, the positive relationship usually stands out in the firm-based analysis. Moreover, Granger causality from R&D Intensity to return on assets is identified, but contrary to the expectations, the relationship is predominantly negative according to firm-based examination. In addition, Granger causality from R&D Intensity to return on equity, to return on sales and to equity growth are ascertained. On the other hand, Granger causality from equity growth and return on sales to R&D Intensity are identified.

Keywords:

R&D Expenses, Profitability, Growth, PVAR Model, Heterogeneous Causality Test,

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