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Journals / Paradigma / 2019 / Cilt: 8 - Sayı: 16

DO R&D INVESTMENTS INFLUENCE MARKET PERFORMANCE? A RESEARCH ON BORSA ISTANBUL (BIST) TECHNOLOGY INDEX (XUTEK)

AR-GE YATIRIMLARI PİYASA PERFORMANSINI ETKİLER Mİ? BORSA İSTANBUL (BİST) TEKNOLOJİ ENDEKSİ (XUTEK) ÜZERİNE BİR ARAŞTIRMA

Hasan AYAYDIN
Abdulmuttalip PİLATİN
Abdulkadir BARUT
Fahrettin PALA
Journal
Paradigma
Pages
64–75
Publication Date
2020-01-06
DOI
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

It was found that there was a significant and positive relationship between PD / DD ratio and R & D investments and R & D investments increased the PD / DD ratio.

📌 3 Key Takeaways

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Objective & Hypothesis:The aim of this study is to examine the long-term relationship between research and development (R & D) expenditures and market value / book value, earnings per share and price earning ratio for the firms quoted in the BIST Technology Index using data from the period of 2008-2018.
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Key Findings & Data:It was found that there was a significant and positive relationship between PD / DD ratio and R & D investments and R & D investments increased the PD / DD ratio.
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Conclusion & Impact:These results are particularly important in terms of the impact of R & D expenditures on technology companies.
🔬Design:Modeling & Simulation
📍Scope:2008-2018 Verileri
⚙️Variables:BİST · Ar-Ge Harcamaları · Hisse Senedi

Abstract

The aim of this study is to examine the long-term relationship between research and development (R & D) expenditures and market value / book value, earnings per share and price earning ratio for the firms quoted in the BIST Technology Index using data from the period of 2008-2018. For this purpose, panel unit root tests, horizontal section dependency tests and static and dynamic panel data analysis methods were used. It is determined that the models formed in the study are co-operative in the long run. The results of the analysis indicated that there is a positive relationship between R & D investments and price gain ratio and per share. It was found that there was a significant and positive relationship between PD / DD ratio and R & D investments and R & D investments increased the PD / DD ratio. These results are particularly important in terms of the impact of R & D expenditures on technology companies.

Özet

Bu çalışmada, BİST Teknoloji Endeksi’nde işlem gören firmaların 2008-2018 dönemine ait verileri kullanılarak araştırma ve geliştirme (Ar-Ge) harcamaları ile piyasa değeri / defter değeri, hisse başına kâr ve fiyat kazanç oranı arasındaki uzun dönemli ilişki incelenmiştir. Bu amaçla çalışmada, panel birim kök testleri, yatay kesit bağımlılık testleri ve statik ve dinamik panel veri analizi yöntemleri kullanılmıştır. Çalışmada oluşturulan modellerin uzun dönemde eşbütünleşik olduğu tespit edilmiştir. Yapılan analiz sonuçları, Ar-Ge yatırımları ile fiyat kazanç oranı ve hisse başına kâr arasında pozitif bir ilişki olduğunu ortaya çıkarırken PD/DD oranı ile Ar-Ge yatırımları değişkeni arasında anlamlı ve pozitif bir ilişki olduğu ve Ar-Ge yatırımlarının PD/DD oranını arttırdığı tespit edilmiştir. Bu sonuçlar özellikle teknoloji şirketleri açısından Ar-Ge harcamalarının etkisini göstermesi bakımından önemlidir.

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Cite This Article

AYAYDIN, H., PİLATİN, A., BARUT, A., PALA, F. (2020). DO R&D INVESTMENTS INFLUENCE MARKET PERFORMANCE? A RESEARCH ON BORSA ISTANBUL (BIST) TECHNOLOGY INDEX (XUTEK). Paradigma, Cilt: 8 - Sayı: 16, 64–75. https://ajindex.com/articles/761926

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