KÜRESEL FİNANSAL KRİZİN ARAŞTIRMA-GELİŞTİRME HARCAMALARI AYARLAMA HIZI ÜZERİNDEKİ ETKİSİ

Amaç: Verimlilik artışını uzun vadede etkileyen Araştırma-Geliştirme (Ar-Ge) yatırımları hem şirketler hem de ülkeler düzeyinde son derece önemlidir. Küresel Finansal Kriz gibi ekonomik belirsizliğin arttığı bir dönemde firmaların yatırım kararları da bu belirsizlikten etkilenmektedir. Bu çalışmanın amacı, 2008 2009 Küresel Finansal Krizinin Borsa İstanbul’da listelenen şirketlerin, Ar-Ge harcamalarının ayarlama hızlarını nasıl değiştirdiğini analiz etmektir. Yöntem: Veri seti Thomson Reuters Datastream veri tabanından yıllık olarak çekilmiştir. Firma düzeyinde oluşturulan panel veri 908 şirket-yılını kapsamaktadır. Geliştirilmiş Momentler Metodu (GMM) yardımıyla içsellik problemi en aza indirgenmeye çalışılmıştır. Bulgular: 2003-2018 yılları için şirketlerin Ar-Ge harcamaları ayarlama hızlarının nispeten yavaş olduğu görülmüştür. Bununla birlikte, şirketler Küresel Finansal Kriz sonrasında Ar-Ge harcamaları ayarlama hızlarını artırmışlardır. Genel olarak, zaman içinde Ar-Ge harcamalarını optimal bir düzeye getirmek isteyen şirket sahipleri ve yöneticileri ayarlama maliyetlerini ve belirsizliğin arttığı finansal krizleri göz önünde bulundurmalıdırlar. Özgünlük: Bu çalışma Borsa İstanbul’da listelenen şirketlerin ilk kez Ar-Ge ayarlama hızlarını hesaplayarak kriz dönemi gibi belirsizlik dönemini de kapsayarak literatüre katkıda bulunmaktadır.

Anahtar Kelimeler:

Ar-Ge, Ayarlama Hızı, Küresel Finansal Kriz

THE IMPACT OF THE GLOBAL FINANCIAL CRISIS ON ADJUSTMENT SPEED OF RESEARCH-DEVELOPMENT EXPENSES

Purpose: Research and Development (R&D) investments, which affect productivity growth in the long term, are extremely important for companies and countries. During uncertain periods such as the Global Financial Crisis, the investment decisions of companies are also affected by the uncertainty. This study examines how the 2008-2009 Global Financial Crisis has changed the adjustment speed of R&D expenses of companies listed in Borsa Istanbul. Methodology: The dataset is retrieved annually from the Thomson Reuters Datastream database. The panel data covers 908 company-years. The endogeneity problem was aimed to minimize with the aid of General Methods of Moments (GMM). Findings: The results show that companies have a relatively slow adjustment speed of R&D expenses for the period 2003-2018. However, companies have increased their adjustment speed of R&D expenses after the Global Financial Crisis. Overall, business owners and managers who need to optimize their R&D expenses overtime should consider adjustment costs and uncertain periods such as financial crisis. Originality: This study contributes to the literature by calculating the adjustment speed of R&D of companies listed in Borsa Istanbul for the first time coverig an uncertain period like economic crisis.

Keywords:

R-D, Adjustment Speed, Global Financial Crisis,

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