İNOVASYON ETKİNLİĞİ VE FİNANSAL KISITLAR: BORSA İSTANBUL’DA AMPİRİK BİR ANALİZ

Bu çalışma firmaların inovasyon etkinliği ile finansal kısıtlılığı arasındaki ilişkiyi incelemekle birlikte sadece inovasyon etkisini ölçmek yerine inovasyonun etkinlik boyutunu dikkate almaktadır. Çalışma, firmanın sadece inovasyon yapma zorunluluğundan bahsetmekten ziyade, eğer inovasyon yapılamıyorsa bunun gerekçelerinin finansal kısıtlılıktan kaynaklı olup olmadığını ortaya çıkarmak üzerine kurgulanmıştır. Böylelikle inovasyon ölçümünde kullanılan girdi ve çıktılardan yararlanılarak inovasyon etkinliği ölçütü oluşturulmuştur. Finansal kısıtlılık, SA endeks, WW endeks ve firma büyüklüğü ölçümleri olmak üzere üç farklı teknik ile ölçülmüştür. İnovasyon girdilerinden ARGE harcamaları ile inovasyon çıktılarından patentler aracılığıyla da inovasyon etkinliği ölçütleri oluşturulmuştur. Bulgular üç teknikte de geçerli olmak üzere firmanın finansal kısıtlı olma durumunun inovasyon etkinliğini negatif yönde etkilediğini göstermektedir. Sonuç olarak, firmanın finansal kısıtlılığının artması inovasyon etkinliğini olumsuz etkilemektedir ve kısıtlılık arttıkça inovasyon etkinliği azalmaktadır.

Anahtar Kelimeler:

İnovasyon, İnovasyon Etkinliği, Finansal Kısıt, Araştırma ve Geliştirme (ARGE), Panel Veri Analizi

INNOVATION EFFICIENCY AND FINANCIAL CONSTRAINTS: AN EMPIRICAL ANALYSIS IN BORSA ISTANBUL

This study not only examines the relationship between firms' innovation effectiveness and financial constraints, but also considers the efficiency dimension of innovation rather than just measuring the effect of innovation. The study is far from just referring to firm's obligation to innovate, it is built on finding out whether the reasons of no innovation by the firms are due to financial constraints or not. In this way, innovation efficiency criteria are created by using inputs and outputs used in the measurement of innovation. The financial constraint is measured by three different techniques: SA index, WW index and firm size measures. Innovation efficiency measures are created through the use of R&D expenditures from innovation inputs and patents from innovation outputs. Findings reveal that the financial constraint of the firm, which is valid for three techniques, affects the innovation activity negatively. As a result, the increase in the financial constraint of the firm negatively affects innovation efficiency, and as the constraint increases, innovation efficiency decreases.

Keywords:

Innovation, Innovation Efficiency, Financial Constraint, Research and Development (R&D), Panel Data Analysis,

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