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.
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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.
Keywords
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- Ahmet KARACA (b. January 01, 1967) received his BSc in Public Finance (1993), MScin Business-Administration (2010), PhD in Business and Administration (2016) fromIstanbul Halic University. Now he is assistant professor doctor of international trade indepartment of international trade and logistic, Faculty of Applied Sciences, "PamukkaleUniversity, Denizli/TURKEY. His current research interests international trade and international marketing.
