İŞLETMELERİN AR-GE VE PAZARLAMA HARCAMALARININ PAY DEĞERİ ÜZERİNDEKİ ETKİSİ

Bilimsel gelişmenin ve buna paralel olarak teknolojideki gelişmelerin hızı, işletmelerin ar-geyatırımlarına daha fazla yönelmesine imkân tanımaktadır. Bununla birlikte yoğun küresel rekabet, işletmeleri başarılı olabilmek için farklı pazarlama anlayışlarına sevk etmektedir. Bu iki araç, firmaların ayırt edici yeteneklerini geliştirmekte ve firmalara yeni rekabet avantajları sağlamaktadır. Böylece işletme performansı da bu avantajlardan olumlu şekilde etkilenmektedir. İşletmelerin pay senedi değerleri de bu avantajlardan etkilenen unsurlardan bir tanesidir. Bu çalışmada işletmelerin yapmış oldukları pazarlama ve ar-ge harcamalarının pay senedi değeri üzerindeki etkisini keşfetmek hedeflenmiştir. Bu doğrultuda Türkiye’de çimento sektöründe faaliyet gösteren ve BİST’de işlem gören üç işletme seçilmiş ve bu işletmelerin finansal tablolarından elde edilen verilerle panel regresyon analizi yapılmıştır. Elde edilen bulguların çoğunluğu, literatürle tutarlı görülmektedir. Literatürle uyumlu olmayan sonuçların araştırma kısıtlarından kaynaklandığı düşünülmektedir.

Anahtar Kelimeler:

Pazarlama harcamaları, ar-ge harcamaları, pay değeri, marka değeri, firma değeri

PDF

___

Albez, A. (2017). Üretim İşletmelerinde Araştırma ve Geliştirme (AR-GE) Giderlerinin Muhasebeleştirilmesi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 31(1), 85-100.
Aaker, D. & Jacobson, R. (1994). The financial Information Content of Perceived Quality. Journal of Marketing Research, May, 191-201.
Aaker, D. (2009). Marka Değeri Yönetimi. Çeviren: Ender Orfanlı, İstanbul: MediaCat Kitapları
Aaker, D.A. (1996). Measuring Brand Equity Across Products and Markets. California Management Review, 38/3, 102-120
Andras, T.L. & Srinivasan, S.S. (2003). Advertising Intensity and R&D Intensity: Differences Across Industries and Their Impact on Firm’s Performance. International Journal of Business and Economics, 2/2, 81-90.
Barth, M.E. Clement, M.B. Foster, G. & Kasznik, R. (1998). Brand Values and Capital Market Valuation. Review of Accounting Studies, 3, 41-68.
Bublitz, B. & Ettredge, M. (1989). The Information in Discretionary Outlays: Advertising, Research, and Development. The Accounting Review, 64/1, 108-124.
Buil, I. De Chernatony, L. & Martinez, E. (2011). Examining The Role of Advertising and Sales Promotions in Brand Equity Creation. Journal of Business Research, 66/1, 115-122.
Chauvin, K. W. & Hirschey, M. (1993). Advertising, R&D Expenditures and The Market Value of The Firm. Financial Management, 22, 128–140.
Chan, L. K., Lakonishok, J., & Sougiannis, T. (2001). The Stock Market Valuation of Research and Development Expenditures. The Journal of Finance, 56(6), 2431-2456.
Chu, S. & Keh, H.T. (2006). Brand Value Creation: Analysis of The Interbrand-Business Week Brand Value Rankings. Market Letters, 17, 323–331.
Connolly, R.A. Hirsch, B.T. & Hirschey, M. (1986). Union Rent Seeking, Intangible Capital, and Market Value of The Firm. Review of Economics and Statistics, 68(4), 567–577.
Coşkun, E., Kök, D. & Yücel, A. (2010). Pazarlama Faaliyetlerinin Firma Değerine Kısa Ve Uzun Dönem Etkilerinin İncelenmesi. Finans Politik ve Ekonomik Yorumlar, 47/540, 67-76.
Demir, Ö. (2005). Entelektüel Sermayenin İşletmelerin Piyasa Değerlerine Olan Etkisi. Doğu Anadolu Bölgesi Araştırmaları, 77-82.
Donelson, D.C. & Resutek, R.J. (2012). The Effect of R&D on Future Returns and Earnings Forecasts. Review of Accounting Studies, 17/4, 848-876.
Doyle, P. (2000). Value Based Marketing. Journal of Strategic Marketing, 8, 299-311.
Fan, Y. & Case, F.M. (2010). Evidence Of R&D Effects On Cross Sectional Stock Returns. Academy of Accounting and Financial Studies Journal, 14/3, 31-41.
Fidancı, N. (2017). Araştırma, Geliştirme (Ar-Ge) ve Tasarım Harcamalarının Vergisel Düzenlemeler ve Teşvikler Çerçevesinde İncelenmesi ve Muhasebeleştirilmesi. Muhasebe ve Vergi Uygulamaları Dergisi, 10(1), 69-90.
Frieder, L. & Subrahmanyam, A. (2005). Brand Perceptions and The Market for Common Stock. Journal of Financial and Quantitative Analysis, 40/1, 57-85.
Gardener, E. & Trivedi, M. (1998). A Communications Framework to Evaluate Sales Promotion Strategies. Journal of Advertising Research, 38/3, 67-81.
Graham R. C. & Frankenberger, K. D. (2000). The Contribution of Changes in Advertising Expenditures to Earnings and Market Values. Journal of Business Research, 50, 149–155.
Han, B.H. & Manry, D. (2004). The Value-Relevance of R&D and Advertising Expenditures: Evidence From Korea, The International Journal of Accounting, 39, 155– 173.
Hirschey, M. & Weygandt, J.J. (1985). Amortization Policy for Advertising and Research and Development Expenditures. Journal of Accounting Research, 23/1, 326- 335.
Ho, Y.K. Keh, H.T. & Ong, J.M. (2005). The Effects of R&D and Advertising on Firm Value: An Examination of Manufacturing and Nonmanufacturing Firms. IEEE Transactions On Engineering Management, 52/1, 3-14.
Joshi, A. & Hanssens, D.M. (2008). Advertising Spending, Competition and Stock Return. UCLA Marketing Studies Center Working Paper, 1-55.
Ittner, C. D. & Larcker, D.F. (1998). Are Non-Financial Measures Leading Indicators of Financial Performance? An Analysis of Customer Satisfaction. Journal of Accounting Research, 36 (Supplement), 1–35.
Krasnikov, A. & Jayachandran, S. (2008). The Relative Impact of Marketing, Research-and-Development, and Operations Capabilities on Firm Performance. Journal of Marketing, 72/ 4, 1-11.
Külter, B. ve Demirgüneş, K. (2006). Değer Temelli Pazarlama-Finansal Boyut ve Müşteri Boyutu. Atatürk Üniversitesi İİBF Dergisi, 20/2, 327-342.
Lin, B.W. Lee, Y. & Hung, S.C. (2006). R&D Intensity and Commercialization Orientation Effects on Financial Performance. Journal of Business Research, 59, 679–685.
Luk, S.T.K. & Yip, L.S.C. (2008). The Moderator Effect of Monetary Sales Promotion on The Relationship Between Brand Trust and Purchase Behaviour. Journal of Brand Management, 15/6, 452-464.
McAlister, L. Sirinivasan, R. & Kim, M. (2007). Advertising, Research and Development, and Systematic Risk of The Firm. Journal of Marketing, 71/1, 35-48.
Mela, C.F. Gupta, S. & Lehmann, D.R. (1997). The Long-Term Impact of Promotion and Advertising on Consumer Brand Choice. Journal of Marketing Research, 34/2, 248–261.
Mela, C.F. Jedidi, K. & Bowman, D. (1998). The Long-Term Impact of Promotions on Consumer Stockpiling Behavior. Journal of Marketing Research, 35, 250-262
Montaner, T. de Chernatony, L. & Buil, I. (2011). Consumer Response to Gift Promotions. Journal of Product & Brand Management, 20/2, 101-110.
Montaner, T. Pina, J.M. (2008). The Effect Of Promotion Type and Benefit Congruency on Brand Image. The Journal of Applied Business Research – Third Quarter, 24/3,15-28.
Narayana, C.L. & Raju, P.S. (1985). Gifts Versus Sweepstakes: Consumer Choices and Profiles. Journal of Advertising, 14/1, 50- 53.
O'Brien, J. P. (2003). The Capital Structure Implications of Pursuing a Strategy of Innovation. Strategic Management Journal, 24(5), 415-431.
Osinga, E. C., Leeflang, P.S.H. Srinivasan, S. & Wieringa, J. E. (2011). Why Do Firms Invest in Consumer Advertising with Limited Sales Response? A shareholder Perspective. Journal of Marketing, 75, 109–124
Özdemir, E., & Kaygusuz, S. Y. (2009). Müşteri Kârlılık Analizi: Faaliyet Tabanlı Maliyetleme ile Ölçümü ve Pazarlama Kararlarında Kullanımı. İŞ, GÜÇ" Endüstri İlişkileri Ve İnsan Kaynakları Dergisi, 11(3), 87-112.
Palazón, M. & Delgado-Ballester, E. (2009). The Moderating Role of Price Consciousness on The Effectiveness of Price Discounts and Premium Promotions. Journal of Product & Brand Management, 18/4, 306 – 312.
Palazón-Vidal, M. & Delgado-Ballester, E. (2005). Sales Promotions Effects on Consumer Based Brand Equity. International Journal of Market Research, 47/2, 179-204.Peterson, R.A. & Jeong, J. (2010). Exploring The Impact of Advertising and R&D Expenditures on Corporate Brand Value and Firm-Level Financial Performance. Journal of The Academy of Marketing Science, 38/6, 677-690.
Raghubir, P. & Corfman, K. (1999). When Do Price Promotions Affect Pretrial Brand Evaluations. Journal of Marketing Research, 36/ 211–222.
Shah, S.Z.A. & Akbar, S. (2008). Value Relevance of Advertising Expenditure: A Review of the Literature. International Journal of Management Reviews, 10/4. 301–325
Srinivasan, S. & Hanssens, D.H. (2009). Marketing and Firm Value: Metrics, Methods, Findings, and Future Directions. Journal of Marketing Research, 46/3, 293-312.
Srinivasan, S. Pauwels, K. Silva-Risso, AJ. & Hanssens, D.M. (2009) Product Innovations, Advertising, and Stock Returns. Journal of Marketing, 73/1, 24-43.
Tobin, J. (1969). A General Equilibrium Approach to Monetary Theory. Journal of Money, Credit and Banking, 1/1, 15-29.
Topuz, Y.V. & Akşit, N. (2013). İşletmelerin Pazarlama Giderlerinin Hisse Senetleri Getirileri Üzerindeki Etkisi: İMKB Gıda Sektörü Örneği, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 13/1,53-60.
Valette-Florence, P., Guizani, H. & Merunka, D. (2011). The Impact of Brand Personality and Sales Promotions on brand equity. Journal of Business Research, 64, 24-28.
Vinod, H.D. & Rao, P.M. (2000). R&D and Promotion in Pharmaceuticals: A Conceptual Framework and Empirical Exploration. Journal of Marketing Theory And Practice, 8/4, 10-20.
Wang, F. Zhang, X.P. & Ouyang, M. (2008). Does Advertising Create Sustained Firm Value? The Capitalization of Brand Intangible. Journal of the Academy of Marketing Science, 37/2, 130-143.
Woolridge, J. R., & Snow, C. C. (1990). Stock Market Reaction to Strategic Investment Decisions. Strategic Management Journal, 11(5), 353-363.