Effects of R&D and Capital Expenditure on Firm Performance: Evidence from Technology Hardware and Equipment Sector

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dc.contributor.authorÖneş, Umut
dc.contributor.departmentSiyasal Bilgiler Fakültesitr_TR
dc.date.accessioned2021-10-05T06:54:36Z
dc.date.available2021-10-05T06:54:36Z
dc.date.issued2019-12-06
dc.description.abstractPast research has shown positive association with accumulated R&D intensity with firm performance; however, the exact channel and magnitude of this influence seems to vary across sectors and depend on characteristics of the sample and the performance criteria chosen. Using observations from 163 firms operating on a global scale, our study focuses on the empirical relationship between R&D expenditure and firm performance in the global technology hardware and equipment sector (ICB Code 9570), in comparison to fixed capital expenditure based on a cross-sectional regression model. We find no significant association between past R&D expenditure from 2012 to 2016 and operating margin or net margin in 2017, while the impact of past capital expenditure is significant and positive. On the other hand, accumulated R&D appears to increase firm’s future Tobin’s Q or stock-price-to-book value; which reveals a strategic function of R&D expenditure in establishing investor optimism about the future revenue stream of the firm.tr_TR
dc.identifier.endpage1421tr_TR
dc.identifier.issn/e-issn1309-1034
dc.identifier.issue4tr_TR
dc.identifier.startpage1401tr_TR
dc.identifier.urihttps://doi.org/10.33630/ausbf.607446tr_TR
dc.identifier.urihttp://hdl.handle.net/20.500.12575/75168
dc.identifier.volume74tr_TR
dc.language.isoentr_TR
dc.publisherAnkara Üniversitesitr_TR
dc.relation.isversionof10.33630/ausbf.607446tr_TR
dc.relation.journalAnkara Üniversitesi SBF Dergisitr_TR
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıtr_TR
dc.subjectResearch and developmenttr_TR
dc.subjectCapital expendituretr_TR
dc.subjectFirm performancetr_TR
dc.titleEffects of R&D and Capital Expenditure on Firm Performance: Evidence from Technology Hardware and Equipment Sectortr_TR
dc.typeArticletr_TR

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