Araştırma Makalesi
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BORSA İSTANBUL'DA İŞLEM GÖREN FİNANSAL OLMAYAN FİRMALARIN AR-GE YATIRIMLARI VE FİRMA DEĞERİ ARASINDAKİ EĞRİSEL İLİŞKİNİN ARAŞTIRILMASI: YÖNETİM KURULU YAPISININ DÜZENLEYİCİ ROLÜ

Yıl 2023, Cilt: 11 Sayı: 2, 455 - 474, 31.12.2023

Gökhan Özer Muhammet Kocaman Ece Nur Değirmenci İlhan Çam

https://doi.org/10.52122/nisantasisbd.1348508

Öz

Bu çalışma, Borsa İstanbul'da işlem gören ve 2012-2021 yılları arasında faaliyet gösteren 283 finansal olmayan firmanın finansal tablo bilgilerinden yararlanarak araştırma ve geliştirme (Ar-Ge) yatırımları ile firma değeri arasındaki doğrusal olmayan ilişkiyi araştırmaktadır. Sabit etkiler panel veri tahmin yönteminin kullanıldığı ve standart hataların Driscoll-Kraay yöntemi ile düzeltildiği bu çalışmada, diğer ülkeler için yapılan benzer çalışmalardan farklı olarak yönetim kurulu yapısının bu ilişki üzerindeki düzenleyici etkisi de incelenmektedir. Çalışmada, Borsa İstanbul’da işlem gören firmaların Ar-Ge yatırımlarının firma değeri ile U şeklinde doğrusal olmayan bir ilişki sergilediği yani Ar-Ge harcamalarının belirli bir eşiğe kadar firma değerini olumsuz, bu eşiğin ötesinde ise firma değerini olumlu etkilediği bulgusuna ulaşılmıştır. Özellikle, bu U-şeklindeki ilişki daha küçük yönetim kurulu büyüklüğüne sahip firmalarda daha belirgindir. Ayrıca yönetim kurulu bağımsızlığı arttıkça, U şeklindeki ilişki ters U şeklindeki bir ilişkiye dönüşmektedir. Sonuç olarak bu bulgular, işletmelerin stratejik kararlarında yönetim kurulu yapısının ve Ar-Ge yatırımlarının etkili bir biçimde dengelenmesinin ve optimize edilmesinin önemini vurgulamaktadır.

Anahtar Kelimeler

Ar-Ge Yatırımları Firma Değeri Yönetim Kurulu Büyüklüğü Yönetim Kurulu Bağımsızlığı U-şekilli ilişki

Kaynakça

  • Alam, A., Uddin, M., Yazdifar, H., Shafique, S., ve Lartey, T. (2020). R&D investment, firm performance and moderating role of system and safeguard: Evidence from emerging markets. Journal of Business Research, 94-105.
  • Ashwin, A. S., Krishnan, R. T., ve George, R. (2016). Board characteristics, financial slack and R&D investments: an empirical analysis of the Indian pharmaceutical industry. International Studies of Management & Organization, 46(1), 8-23.
  • Aygün, M., Süleyman, İ. Ç., ve Sayın, C. (2010a). Yönetim kurulu büyüklüğünü belirleyen faktörler ve yönetim kurulu büyüklüğü ile firma performansı arasındaki ilişki: Türk sermaye piyasası üzerine bir inceleme. Gaziantep University Journal Of Social Sciences, 10(1), 77-92.
  • Aygün, M., Taşdemir, A., ve Çavdar, E. (2010b). Banka Performansı Üzerinde Yönetim Kurulu Büyüklüğünün Etkisi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 24(3), 67-78.
  • Bae, S. C., Park, B. J., ve Wang., X. (2008). Multinationality, R&D intensity, and firm performance: evidence from US manufacturing firms. Multinational Business Review, 16(1), 53-78.
  • Baltagi, B. H., Bratberg, E., ve Holmås, T. H. (2005 ). A panel data study of physicians' labor supply: the case of Norway. Health Economics, 14(10), 1035-1045. doi:10.1002/hec.991
  • Bonn, I., Yoshikawa, T., ve Phan, P. H. (2004). Effects of board structure on firm performance: A comparison between Japan and Australia. Asian Business ve Management, 3, 105-125.
  • Booltink, L. W., ve Saka-Helmhout, A. (2018). The effects of R&D intensity and internationalization on the performance of non-high-tech SMEs. International Small Business Journal, 36(1), 81-103.
  • Brown, J. R., ve Petersen, B. C. (2011). Cash holdings and R&D smoothing. Journal of Corporate Finance, 17(3), 694-709.
  • Chauvin, K. W., ve Hirschey, M. (1993). Advertising, R&D expenditures and the market value of the firm. Financial management, 128-140.
  • Chen, Y., ve Ibhagui, O. W. (2019). R&D-firm performance nexus: New evidence from NASDAQ listed firms. The North American Journal of Economics and Finance, 101009.
  • Cheng, S. (2008). Board size and the variability of corporate performance. Journal of financial economics, 87(1), 157-176.
  • Chou, T., ve Johennesse, L. (2021). Board characteristics, ownership structures and firm R&D intensity. Accounting, 7(3), 635-644.
  • Chrisman, J. J., Chua, J. H., ve Litz, R. A. (2004). Comparing the agency costs of family and non–family firms: Conceptual issues and exploratory evidence. Entrepreneurship Theory and practice, 28(4), 335-354.
  • Chung, K. H., Wright, P., ve Kedia, B. (2003). Corporate governance and market valuation of capital and R&D investments. Review of Financial Economics, 12(2), 161-172.
  • Ciftci, M., ve Darrough, M. (2015). What Explains the Valuation Difference between Intangible-intensive Profit and Loss Firms? Journal of Business Finance ve Accounting, 138-166. doi:10.1111/jbfa.12108
  • Coles, J.L., Daniel, N.D. and Naveen, L. (2008), ‘‘Boards: Does one size fits all?’’, Journal of Financial Economics, Vol. 8 No. 2, pp. 329-56
  • Connolly, R. A., ve Hirschey, M. (2005). Firm size and the effect of R&D on Tobin Q. R&d Management, 35(2), 217-223.
  • Czarnitzki, D., ve Kraft, K. (2006). R&D and firm performance in a transition economy. Kyklos, 481-496.
  • Dalton, D.R., Daily, C.M., Johnson, J.L. and Ellstrand, A. (1999), ‘‘Number of directors and financial performance: a meta-analysis’’. The Academy of Management Journal, Vol. 42 No. 6, pp. 674-86.
  • Dalziel, T., Gentry, R. J., ve Bowerman, M. (2011). An integrated agency–resource dependence view of the influence of directors' human and relational capital on firms' R&D spending. Journal of Management Studies, 48(6), 1217-1242.
  • Ehie, I. C., ve Olibe, K. (2010). The effect of R&D investment on firm value: An examination of US manufacturing and service industries. International Journal of Production Economics, 128(1), 127-135. Eisenberg, T., Sundgren, S., ve Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of financial economics, 48(1), 35-54.
  • Fulgence, S., Boateng, A., Wang, Y., ve Kwabi, F. O. (2023). Board Effect and the Moderating Role of CEOs/CFOs on Corporate Governance Disclosure: Evidence from East Africa. The International Journal of Accounting, 2350008.
  • Haiyun, R. (2014). Research on the Value Relevance of Advertising Expenditure and R&D Expenditure. Science Research Management, 35(8), 153–160.
  • Hossain, M., Cahan, S. F., ve Adams, M. B. (2000). The investment opportunity set and the voluntary use of outside directors: New Zealand evidence. Accounting and Business Research, 30(4), 263-273.
  • Hsiao, C. (2007). Panel data analysis—advantages and challenges. Test, 16(1), 1-22.
  • Hutchinson, M. Ve Gul, F. A. (2004). Investment opportunity set, corporate governance practices and firm performance. Journal of Corporate Finance, 10(4): 595–614
  • Hwang, J. H., Kim, M.-S., ve Chun, S.-H. (2013). The role of R&D and corporate governance in Korea: IT firms versus non-IT firms. Information Technology and Management, 29-41.
  • Jermias, J. (2007). The effects of corporate governance on the relationship between innovative efforts and performance. European Accounting Review, 16(4), 827-854.
  • Kang, M., Kim, S., ve Cho, M.-K. (2019). The Effect of R&D and the Control–Ownership Wedge on Firm Value: Evidence from Korean Chaebol Firms. Sustainability, 11(10). doi:10.3390/su11102986
  • Kim, W. S., Park, K., Lee, S. H., ve Kim, H. (2018). R&D Investments and Firm Value: Evidence from China. Sustainability, 1-17. doi:10.3390/su10114133
  • Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of accounting and economics, 33(3), 375-400.
  • Kor, Y. Y. (2006). Direct and interaction effects of top management team and board compositions on R&D investment strategy. Strategic Management Journal, 27(11), 1081-1110.
  • Korkmaz, T., Başaran, Ü., ve Gökbulut., R. İ. (2009). İMKB’de işlem gören otomotiv ve otomotiv yan sanayi işletmelerinin sermaye yapısı kararlarını etkileyen faktörler: Panel veri analizi. İktisat İsletme ve Finans, 29-60.
  • Kraft, H., Schwartz, E., ve Weiss, F. (2018). Growth options and firm valuation. European Financial Management, 24(2), 209-238. doi:10.1111/eufm.12141
  • Krasnikov, A., Mishra, S., ve Orozco, D. (2009). Evaluating the financial impact of branding using trademarks: A framework and empirical evidence. Journal of Marketing, 73(6), 154-166.
  • Kumar, N., ve Singh, J. P. (2013). Effect of board size and promoter ownership on firm value: some empirical findings from India. Corporate Governance: The international journal of business in society, 13(1), 88-98.
  • Lantz, J.-S., ve Sahut, J.-M. (2005). R&D investment and the financial performance of technological firms. International Journal of Business, 10(3), 251.
  • Liang, Q., Xu, P., ve Jiraporn, P. (2013). Board characteristics and Chinese bank performance. Journal of Banking ve Finance, 37(8), 2953-2968.
  • Lien, Y. C., ve Li, S. (2013). Does diversification add firm value in emerging economies? Effect of corporate governance. Journal of business research, 66(12), 2425-2430.
  • Liu, F., Kim, B. C., ve Park, K. (2022). Supplier-base concentration as a moderating variable in the non-linear relationship between R&D and firm value. Asian Journal of Technology Innovation, 30(2), 342-363.
  • Malik, M. S., ve Makhdoom, D. D. (2016). Does corporate governance beget firm performance in fortune global 500 companies?. Corporate Governance, 16(4), 747-764.
  • Miller, D., ve Le Breton-Miller, I. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review, 19(1), 73-87.
  • Nakano, M. and Nguyen, P. (2013). Foreign ownership and firm performance: Evidence from Japan's electronics industry. Applied Financial Economics, 23(1), 41-50
  • Nguyen, P., Rahman, N., Tong, A., ve Zhao, R. (2016). Board size and firm value: Evidence from Australia. Journal of Management ve Governance, 20, 851-873.
  • Pantagakis, E., Terzakis, D., ve Arvanitis, S. (2012). R&D investments and firm performance: An Empirical Investigation of the High Technology Sector (Software and Hardware) in the EU. Available at SSRN 2178919.
  • Peng, C. L., Wei, A. P., Chen, M. L., ve Huang, W. T. (2018). Synergy between R&D and advertising on shareholder value: Does firm size matter? Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration, 35(1), 47-64.
  • Peteraf, M. A. (1993). The cornerstones of competitive advantage: A resource-based view. Strategic Management Journal, 14(3), 179-191.
  • Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 17, 218-228.
  • Pindado, J., Queiroz, V. D., ve Torre, C. D. (2010). How do firm characteristics influence the relationship between R&D and firm value? Financial Management, 39(2), 757-782.
  • Rodrigues, R., Samagaio, A., ve Felício, T. (2020). Corporate governance and R&D investment by European listed companies. Journal of Business Research, 115, 289-295.
  • Rosenstein, S., ve Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal Of Financial Economics, 26(2), 175-191.
  • Salehi, M., Zimon, G., Arianpoor, A., ve Gholezoo, F. E. (2022). The impact of investment efficiency on firm value and moderating role of institutional ownership and board independence. Journal of Risk and Financial Management, 15(4), 170.
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INVESTIGATING THE U-SHAPE RELATIONSHIP BETWEEN R&D INVESTMENTS AND FIRM VALUE: THE MODERATING ROLE OF BOARD STRUCTURE

Yıl 2023, Cilt: 11 Sayı: 2, 455 - 474, 31.12.2023

Gökhan Özer Muhammet Kocaman Ece Nur Değirmenci İlhan Çam

https://doi.org/10.52122/nisantasisbd.1348508

Öz

This study investigates the non-linear relationship between research and development (R&D) investments and firm value by utilizing the financial statement information of 283 non-financial firms listed in Borsa Istanbul and operating between 2012 and 2021. In this study, in which fixed effects panel data estimation method is used and standard errors are corrected by Driscoll-Kraay method, the moderating effect of board structure on this relationship is also examined, unlike similar studies for other countries. The study finds that R&D investments of companies traded in Borsa Istanbul exhibit a U-shaped non-linear relationship with firm value, that is, R&D expenditures negatively affect firm value up to a certain threshold and positively affect firm value beyond this threshold. In particular, this U-shaped relationship is more pronounced for firms with smaller board size. Moreover, as board independence increases, the U-shaped relationship turns into an inverted U-shaped relationship. Overall, these findings emphasize the importance of effectively balancing and optimizing board structure and R&D investments in firms' strategic decisions.

Anahtar Kelimeler

R&D Intensity Firm Value Board Size Board Independence U-shaped relationship

Kaynakça

  • Alam, A., Uddin, M., Yazdifar, H., Shafique, S., ve Lartey, T. (2020). R&D investment, firm performance and moderating role of system and safeguard: Evidence from emerging markets. Journal of Business Research, 94-105.
  • Ashwin, A. S., Krishnan, R. T., ve George, R. (2016). Board characteristics, financial slack and R&D investments: an empirical analysis of the Indian pharmaceutical industry. International Studies of Management & Organization, 46(1), 8-23.
  • Aygün, M., Süleyman, İ. Ç., ve Sayın, C. (2010a). Yönetim kurulu büyüklüğünü belirleyen faktörler ve yönetim kurulu büyüklüğü ile firma performansı arasındaki ilişki: Türk sermaye piyasası üzerine bir inceleme. Gaziantep University Journal Of Social Sciences, 10(1), 77-92.
  • Aygün, M., Taşdemir, A., ve Çavdar, E. (2010b). Banka Performansı Üzerinde Yönetim Kurulu Büyüklüğünün Etkisi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 24(3), 67-78.
  • Bae, S. C., Park, B. J., ve Wang., X. (2008). Multinationality, R&D intensity, and firm performance: evidence from US manufacturing firms. Multinational Business Review, 16(1), 53-78.
  • Baltagi, B. H., Bratberg, E., ve Holmås, T. H. (2005 ). A panel data study of physicians' labor supply: the case of Norway. Health Economics, 14(10), 1035-1045. doi:10.1002/hec.991
  • Bonn, I., Yoshikawa, T., ve Phan, P. H. (2004). Effects of board structure on firm performance: A comparison between Japan and Australia. Asian Business ve Management, 3, 105-125.
  • Booltink, L. W., ve Saka-Helmhout, A. (2018). The effects of R&D intensity and internationalization on the performance of non-high-tech SMEs. International Small Business Journal, 36(1), 81-103.
  • Brown, J. R., ve Petersen, B. C. (2011). Cash holdings and R&D smoothing. Journal of Corporate Finance, 17(3), 694-709.
  • Chauvin, K. W., ve Hirschey, M. (1993). Advertising, R&D expenditures and the market value of the firm. Financial management, 128-140.
  • Chen, Y., ve Ibhagui, O. W. (2019). R&D-firm performance nexus: New evidence from NASDAQ listed firms. The North American Journal of Economics and Finance, 101009.
  • Cheng, S. (2008). Board size and the variability of corporate performance. Journal of financial economics, 87(1), 157-176.
  • Chou, T., ve Johennesse, L. (2021). Board characteristics, ownership structures and firm R&D intensity. Accounting, 7(3), 635-644.
  • Chrisman, J. J., Chua, J. H., ve Litz, R. A. (2004). Comparing the agency costs of family and non–family firms: Conceptual issues and exploratory evidence. Entrepreneurship Theory and practice, 28(4), 335-354.
  • Chung, K. H., Wright, P., ve Kedia, B. (2003). Corporate governance and market valuation of capital and R&D investments. Review of Financial Economics, 12(2), 161-172.
  • Ciftci, M., ve Darrough, M. (2015). What Explains the Valuation Difference between Intangible-intensive Profit and Loss Firms? Journal of Business Finance ve Accounting, 138-166. doi:10.1111/jbfa.12108
  • Coles, J.L., Daniel, N.D. and Naveen, L. (2008), ‘‘Boards: Does one size fits all?’’, Journal of Financial Economics, Vol. 8 No. 2, pp. 329-56
  • Connolly, R. A., ve Hirschey, M. (2005). Firm size and the effect of R&D on Tobin Q. R&d Management, 35(2), 217-223.
  • Czarnitzki, D., ve Kraft, K. (2006). R&D and firm performance in a transition economy. Kyklos, 481-496.
  • Dalton, D.R., Daily, C.M., Johnson, J.L. and Ellstrand, A. (1999), ‘‘Number of directors and financial performance: a meta-analysis’’. The Academy of Management Journal, Vol. 42 No. 6, pp. 674-86.
  • Dalziel, T., Gentry, R. J., ve Bowerman, M. (2011). An integrated agency–resource dependence view of the influence of directors' human and relational capital on firms' R&D spending. Journal of Management Studies, 48(6), 1217-1242.
  • Ehie, I. C., ve Olibe, K. (2010). The effect of R&D investment on firm value: An examination of US manufacturing and service industries. International Journal of Production Economics, 128(1), 127-135. Eisenberg, T., Sundgren, S., ve Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of financial economics, 48(1), 35-54.
  • Fulgence, S., Boateng, A., Wang, Y., ve Kwabi, F. O. (2023). Board Effect and the Moderating Role of CEOs/CFOs on Corporate Governance Disclosure: Evidence from East Africa. The International Journal of Accounting, 2350008.
  • Haiyun, R. (2014). Research on the Value Relevance of Advertising Expenditure and R&D Expenditure. Science Research Management, 35(8), 153–160.
  • Hossain, M., Cahan, S. F., ve Adams, M. B. (2000). The investment opportunity set and the voluntary use of outside directors: New Zealand evidence. Accounting and Business Research, 30(4), 263-273.
  • Hsiao, C. (2007). Panel data analysis—advantages and challenges. Test, 16(1), 1-22.
  • Hutchinson, M. Ve Gul, F. A. (2004). Investment opportunity set, corporate governance practices and firm performance. Journal of Corporate Finance, 10(4): 595–614
  • Hwang, J. H., Kim, M.-S., ve Chun, S.-H. (2013). The role of R&D and corporate governance in Korea: IT firms versus non-IT firms. Information Technology and Management, 29-41.
  • Jermias, J. (2007). The effects of corporate governance on the relationship between innovative efforts and performance. European Accounting Review, 16(4), 827-854.
  • Kang, M., Kim, S., ve Cho, M.-K. (2019). The Effect of R&D and the Control–Ownership Wedge on Firm Value: Evidence from Korean Chaebol Firms. Sustainability, 11(10). doi:10.3390/su11102986
  • Kim, W. S., Park, K., Lee, S. H., ve Kim, H. (2018). R&D Investments and Firm Value: Evidence from China. Sustainability, 1-17. doi:10.3390/su10114133
  • Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of accounting and economics, 33(3), 375-400.
  • Kor, Y. Y. (2006). Direct and interaction effects of top management team and board compositions on R&D investment strategy. Strategic Management Journal, 27(11), 1081-1110.
  • Korkmaz, T., Başaran, Ü., ve Gökbulut., R. İ. (2009). İMKB’de işlem gören otomotiv ve otomotiv yan sanayi işletmelerinin sermaye yapısı kararlarını etkileyen faktörler: Panel veri analizi. İktisat İsletme ve Finans, 29-60.
  • Kraft, H., Schwartz, E., ve Weiss, F. (2018). Growth options and firm valuation. European Financial Management, 24(2), 209-238. doi:10.1111/eufm.12141
  • Krasnikov, A., Mishra, S., ve Orozco, D. (2009). Evaluating the financial impact of branding using trademarks: A framework and empirical evidence. Journal of Marketing, 73(6), 154-166.
  • Kumar, N., ve Singh, J. P. (2013). Effect of board size and promoter ownership on firm value: some empirical findings from India. Corporate Governance: The international journal of business in society, 13(1), 88-98.
  • Lantz, J.-S., ve Sahut, J.-M. (2005). R&D investment and the financial performance of technological firms. International Journal of Business, 10(3), 251.
  • Liang, Q., Xu, P., ve Jiraporn, P. (2013). Board characteristics and Chinese bank performance. Journal of Banking ve Finance, 37(8), 2953-2968.
  • Lien, Y. C., ve Li, S. (2013). Does diversification add firm value in emerging economies? Effect of corporate governance. Journal of business research, 66(12), 2425-2430.
  • Liu, F., Kim, B. C., ve Park, K. (2022). Supplier-base concentration as a moderating variable in the non-linear relationship between R&D and firm value. Asian Journal of Technology Innovation, 30(2), 342-363.
  • Malik, M. S., ve Makhdoom, D. D. (2016). Does corporate governance beget firm performance in fortune global 500 companies?. Corporate Governance, 16(4), 747-764.
  • Miller, D., ve Le Breton-Miller, I. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review, 19(1), 73-87.
  • Nakano, M. and Nguyen, P. (2013). Foreign ownership and firm performance: Evidence from Japan's electronics industry. Applied Financial Economics, 23(1), 41-50
  • Nguyen, P., Rahman, N., Tong, A., ve Zhao, R. (2016). Board size and firm value: Evidence from Australia. Journal of Management ve Governance, 20, 851-873.
  • Pantagakis, E., Terzakis, D., ve Arvanitis, S. (2012). R&D investments and firm performance: An Empirical Investigation of the High Technology Sector (Software and Hardware) in the EU. Available at SSRN 2178919.
  • Peng, C. L., Wei, A. P., Chen, M. L., ve Huang, W. T. (2018). Synergy between R&D and advertising on shareholder value: Does firm size matter? Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration, 35(1), 47-64.
  • Peteraf, M. A. (1993). The cornerstones of competitive advantage: A resource-based view. Strategic Management Journal, 14(3), 179-191.
  • Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 17, 218-228.
  • Pindado, J., Queiroz, V. D., ve Torre, C. D. (2010). How do firm characteristics influence the relationship between R&D and firm value? Financial Management, 39(2), 757-782.
  • Rodrigues, R., Samagaio, A., ve Felício, T. (2020). Corporate governance and R&D investment by European listed companies. Journal of Business Research, 115, 289-295.
  • Rosenstein, S., ve Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal Of Financial Economics, 26(2), 175-191.
  • Salehi, M., Zimon, G., Arianpoor, A., ve Gholezoo, F. E. (2022). The impact of investment efficiency on firm value and moderating role of institutional ownership and board independence. Journal of Risk and Financial Management, 15(4), 170.
  • Shin, N., Kraemer, K. L., ve Dedrick, J. (2009). R&D, value chain location and firm performance in the global electronics industry. Industry and Innovation, 315-330.
  • Sönmez, A. R. (2022). Kurumsal Yönetim Uygulamalarının Ar-Ge Yoğunluğu Üzerine Etkisi: BİST İmalat Sektörü Üzerine Bir Araştırma. Muhasebe ve Finansman Dergisi, (95), 57-74.
  • Tatoğlu, F. Y. (2016). Panel Veri Ekonometrisi: Stata Uygulamalı. İstanbul: Beta Yayınları.
  • Thenmozhi, M. and Sasidharan, A. (2020), "Does board independence enhance firm value of state-owned enterprises? Evidence from India and China". European Business Review, Vol. 32 No. 5, pp. 785-800.
  • Tuan, K. (2020). Yönetim Kurulu Bağımsızlığının Finansal Raporlama Kalitesi Üzerindeki Rolü. Osmaniye Korkut Ata Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 46-55.
  • Tung, L. (2020). The impact of Research and Development (R&D) spending on firm value: Empirical evidence from SouthEast Asia. Center for Open Science, No. 8c34f.
  • Turan, K. (2019). Yönetim Kurulu Özelliklerinin Sürdürülebilirlik Raporlarına Etkisi: Borsa İstanbul Örneği. Pamukkale Üniversitesi Sosyal Bilimler Enstiütüsü Dergisi, 233-242.
  • Türkoğlu, K., Gürbüz, C., ve Bekci, İ. (2022). Kurumsal Yönetim, Muhafazakâr Muhasebe ve Şirket Büyüklüğünün Kazanç Kalitesi Üzerine Etkisi. Ekonomi Politika ve Finans Araştırmaları Dergisi, 726-740.
  • Tyagi, S., Nauriyal, D. K., ve Gulati, R. (2018). Firm level R&D intensity: evidence from Indian drugs and pharmaceutical industry. Review of Managerial Science, 12, 167-202.
  • Vafeas, N., ve Vlittis, A. (2019). Board executive committees, board decisions, and firm value. Journal of Corporate Finance, 58, 43-63.
  • Vithessonthi, C., ve Racela, O. C. (2016). Short-and long-run effects of internationalization and R&D intensity on firm performance. Journal of Multinational Financial Management, 28-45.
  • Wang, T., ve Hsu, C. (2013). Board composition and operational risk events of financial institutions. Journal of Banking ve Finance, 37(6), 2042-2051.
  • Weifeng, S., ve Zuhui, H. (2013). Advertising expenditure, R&D expenditure, and firm performance. Science Research Management 2, 44.
  • Yeh, M.-L., Chu, H.-P., Sher, P. J., ve Chiu, Y.-C. (2010). R&D intensity, firm performance and the identification of the threshold: fresh evidence from the panel threshold regression model. Applied economics, 42(3), 389-401.
  • Yermack, D. (1996). ‘Higher market valuation of companies with small board of directors’. Journal of Financial Economics, 40, 185-211.
Toplam 68 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Beşeri Coğrafya (Diğer)
Bölüm Araştırma Makalesi
Yazarlar

Gökhan Özer 0000-0002-3255-998X

Muhammet Kocaman 0000-0003-3377-1269

Ece Nur Değirmenci 0000-0002-9904-4577

İlhan Çam 0000-0002-3076-0639

Yayımlanma Tarihi 31 Aralık 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 11 Sayı: 2

Kaynak Göster

APA Özer, G., Kocaman, M., Değirmenci, E. N., Çam, İ. (2023). BORSA İSTANBUL’DA İŞLEM GÖREN FİNANSAL OLMAYAN FİRMALARIN AR-GE YATIRIMLARI VE FİRMA DEĞERİ ARASINDAKİ EĞRİSEL İLİŞKİNİN ARAŞTIRILMASI: YÖNETİM KURULU YAPISININ DÜZENLEYİCİ ROLÜ. Nişantaşı Üniversitesi Sosyal Bilimler Dergisi, 11(2), 455-474. https://doi.org/10.52122/nisantasisbd.1348508
 Kapak Resmi İndir

Nişantaşı Üniversitesi kurumsal yayınıdır.