THE LEVEL OF INVESTMENT IN RESEARCH AND DEVELOPMENT BY FIRMS WITH FOREIGN TRADING CAPITAL AND ITS IMPACT ON STOCK RETURNS: APPLICATION OF THE BIST SUSTAINABILITY INDEX
Author:
Abstract
This study aims to investigate the effect of the R&D intensity of companies included in the sustainability index on stock returns. To this end, R&D intensities were calculated using companies' annual financial statement data for 2010-2020, and an attempt was made to determine the relationship with stock returns using panel data analysis. This study also examined the R&D intensities of the foreign trade capital companies included in the sustainability index according to their values before and after the index and found that R&D investment increased after the index.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Bu çalışmanın amacı, Sürdürülebilirlik Endeksinde yer alan Dış Ticaret Sermaye Şirketlerinin Ar-Ge Yoğunluklarının hisse senedi getiri oranına etkisinin incelenmesidir. Bu amaçla işletmelerin 2010-2020 yıllarına ait Mali Tablo bilgileri kullanılarak Ar-Ge yoğunlukları hesaplanmış ve hisse senedi getiri oranı ile ilişkisi panel veri analizi ile belirlenmeye çalışılmıştır. Bu çalışmada ayrıca Sürdürülebilirlik Endeksinde yer alan Dış Ticaret Sermaye Şirketlerinin Ar-Ge Yoğunlukları endeks öncesi ve endeks sonrası aldıkları değerlere göre incelenmiş ve endeks sonrası Ar-Ge yatırımlarının arttığı gözlenmiştir.
Keywords
Abstract
This study aims to investigate the effect of the R&D intensity of companies included in the sustainability index on stock returns. To this end, R&D intensities were calculated using companies' annual financial statement data for 2010-2020, and an attempt was made to determine the relationship with stock returns using panel data analysis. This study also examined the R&D intensities of the foreign trade capital companies included in the sustainability index according to their values before and after the index and found that R&D investment increased after the index.