INNOVATION EFFICIENCY AND FINANCIAL CONSTRAINTS: AN EMPIRICAL ANALYSIS IN BORSA ISTANBUL

Yıl 2018, Cilt: 9 Sayı: 22, 101 - 116, 28.10.2018

Elvan Öztürk , Gamze Göçmen Yağcılar

Öz

This
study not only examines the relationship between firms' innovation
effectiveness and financial constraints, but also considers the efficiency
dimension of innovation rather than just measuring the effect of innovation.
The study is far from just referring to firm's obligation to innovate, it is built
on finding out whether the reasons of no innovation by the firms are due to
financial constraints or not. In this way, innovation efficiency criteria are
created by using inputs and outputs used in the measurement of innovation. The
financial constraint is measured by three different techniques: SA index, WW
index and firm size measures. Innovation efficiency measures are created
through the use of R&D expenditures from innovation inputs and patents from
innovation outputs. Findings reveal that the financial constraint of the firm,
which is valid for three techniques, affects the innovation activity
negatively. As a result, the increase in the financial constraint of the firm
negatively affects innovation efficiency, and as the constraint increases,
innovation efficiency decreases.

Anahtar Kelimeler

Innovation, Innovation Efficiency, Financial Constraint, Research and Development (R&D), Panel Data Analysis

İNOVASYON ETKİNLİĞİ VE FİNANSAL KISITLAR: BORSA İSTANBUL’DA AMPİRİK BİR ANALİZ

Öz

Bu çalışma firmaların
inovasyon etkinliği ile finansal kısıtlılığı arasındaki ilişkiyi incelemekle
birlikte sadece inovasyon etkisini ölçmek yerine inovasyonun etkinlik boyutunu
dikkate almaktadır. Çalışma, firmanın sadece inovasyon yapma zorunluluğundan
bahsetmekten ziyade, eğer inovasyon yapılamıyorsa bunun gerekçelerinin finansal
kısıtlılıktan kaynaklı olup olmadığını ortaya çıkarmak üzerine kurgulanmıştır.
Böylelikle inovasyon ölçümünde kullanılan girdi ve çıktılardan yararlanılarak
inovasyon etkinliği ölçütü oluşturulmuştur. Finansal kısıtlılık, SA endeks, WW
endeks ve firma büyüklüğü ölçümleri olmak üzere üç farklı teknik ile
ölçülmüştür. İnovasyon girdilerinden ARGE harcamaları ile inovasyon
çıktılarından patentler aracılığıyla da inovasyon etkinliği ölçütleri
oluşturulmuştur. Bulgular üç teknikte de geçerli olmak üzere firmanın finansal
kısıtlı olma durumunun inovasyon etkinliğini negatif yönde etkilediğini
göstermektedir. Sonuç olarak, firmanın finansal kısıtlılığının artması
inovasyon etkinliğini olumsuz etkilemektedir ve kısıtlılık arttıkça inovasyon
etkinliği azalmaktadır.

Anahtar Kelimeler

İnovasyon, İnovasyon Etkinliği, Finansal Kısıt, Araştırma ve Geliştirme (ARGE), Panel Veri Analizi

Kaynakça

• Adner, R. (2006). “Match Your Innovation Strategy to your innovation Ecosystem”, Harvard Business Review, 84, 98-107.
• Alfar, M.H. (2016). Integratıon of Innovatıon in Constructıon Management. Qatar University (Qatar), ProQuest Dissertations Publishing, No:10190607, 2016.
• Almeida, H., Campello, M. ve Wiesbach, M. (2004). “The Cash Flow Sensitivity of Cash”, Journal of finance, 59(4), 1777-1804.
• Almeida, H., Hsu, P.H. ve Dongmei, L. (2013). Less is More: Financial Constraints and Innovative Efficiency. Elsevier. (Erişim Tarihi: 12.03.2017: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1831786).
• Baykara, T. (2014). 21. Yüzyılda Teknoloji İnovasyon ve Yönetim, Ankara: Nobel Yayın Dağıtım
• Carreira, C., ve Silva, F. (2010). “No Deep Pockets: Some Stylized Empirical Results on Firms' Financial Constraints”, Journal of Economics Surveys, 24(4), 731-753.
• Chan, L.K.C., Lakonishok, J. ve Sougiannis, T., (2001). “The Stock Market Valuation of Research and Development Expenditure”, the Journal of Finance, 56(6), 2431-2456.
• Cleary, S. (1999). “The Relationship between Firm Investment and Financial Status”, Journal of Finance, 54(2), 673 - 692.
• Depret, M. ve Hamdouch, A. (2008). La dynamique d’émergence et de développement des clusters et réseaux d’innovation dans les nouvelles technologies et les nouveaux services liés à l’environnement. De Boeck Supérieur Innovations, 2009/1 no29, 127-147.’ dan Aktaran Ettahri, Y. ve Laachach, A. (2016). Specific Financial Constraints of Innovative Companies: Theoretical Approach. Journal of Modern Accounting and Auditing, November 2016, Vol: 12(11), 556-566.
• Efthyvoulou, G. ve Vahter, P. (2012). Financial Constraints and Innovation Performance: Are All Firms Similar?. Sheffield Economic Research Paper Series. ISSN 1749-8368, 1-23.
• Fazzari, S., Hubbard, R. ve Petersen, B. (1988). “Financing Constraints and Corporate Investment”, Brooking Papers on Economic Activity, 1, 141-206.
• Gao, W. ve Chou, J. (2015). “Innovation Efficiency, Global Diversification, and Firm Value”, Journal of Corporate Finance, 30(C), 278-298.
• Griliches, Z. (1979). “Issues in Assessing the Contribution of R&D to Productivity Growth”, Bell Journal of Economics, 10(1), 92-116.
• Griliches, Z. (1990). Patent Statistics as Economic Indicators: A Survey. NBER Working Paper No. 3301.
• Guariglia, A. (2008). “Internal Financial Constraints, External Financial Constraints, and Investment Choice: Evidence from a Panel of UK Firms”, Journal of Banking & Finance, 32, 1795-1809.
• Hadlock, C. ve Pierce, J. (2010). “New Evidence on Measuring Financial Constraints: Moving beyond the KZ Index”, Review of Financial Studies, 35(5), 1909-1940.
• Hajivassiliou, V. ve Savignac, F. (2007). Financing Constraints and a Firm's Decision and Ability to Innovate: Establishing Direct and Reverse Effects, LSE Research Online Documents on Economics 4774, London School of Economics and Political Science, LSE Library. Hall, B.H. (1987). “The Relationship between Firm Size and Firm Growth in the US Manufacturing Sector”, Journal of Industrial Economics, 35, 583-909.
• Himmelberg, C.P. ve Petersen, B. (1994). “R&D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries”, The Review of Economics and Statistics, 76(1), 38-51.
• Hong, S. (2018). The Magic of Patent Information, Smes Division, WIPO1 2018 http://www.wipo.int/export/sites/www/sme/en/documents/pdf/patent_information.pdf Hottenrott, H. ve Peters, B. (2012). “Innovative Capability and Financing Constraints for Innovation: More Money, More Innovation?”, Review of Economics and Statistics, 94(4), 1126-1142.
• Jaffe, A.B. (1986). “Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value”, The American Economic Review, 76, 984-1001.
• Johansson B. ve Lööf, H. (2009). Innovation, R&D and Productivity: Assessing Alternative Specifications of CDM-Models, Working Paper, 159, CESIS.
• Kaplan, S. ve Zingales, L. (1997). “Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?”, Quarterly Journal of Economics, 112(1), 169-215.
• Kutty, G. (2010). “The Relatıonshıp between Exchange Rates and Stock Prıces: The Case of Mexıco”, North American Journal of Finance and Banking Research, 4(4).
• Li, H., ve Atuahene-Gima, K. (2001). “Product Innovation Strategy and the Performance of New Technology Ventures in China”, Academy of Management Journal, 44(6), 1123–1134.
• Modigliani, F. ve Miller, M.H. (1958). “The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, 48(3), 261-297.
• Mulkay, B., Hall, B.H. ve Mairesse, J. (2001). Investment and R&D in France and in the United States, NBER Working Paper No. 8038.
• Musso, P. ve Schiavo, S. (2008). “The Impact of Financial Constraints on Firm Survival and Growth”, Journal of Evolutionary Economics, 18(2), 135-149.
• OECD (2006). Glossary of Patent Termınology https://www.oecd.org/sti/sci-tech/37569498.pdf Erişim Tarihi: 01.06.2017).
• Ozorhon, B. (2013). “Analysis of Construction Innovation Process at Project Level”, ASCE Journal of Management in Engineering, 29(4), 455-463.
• Pakes, A. ve Griliches, Z. (1980). “Patents and R&D at the Firm Level: A first Report”, Economics Letters, 5(4), 377-381.
• Pakes, A. , Griliches, Z. (1984). Patents and the R&D at Firm Level: A First Look. Ed: Griliches Z. R&D, Patents And Productivity, University Of Chicago Press, Chicago, 390-409.
• Savignac, F. (2008). “Impact of Financial Constraints on Innovation: What can be learned from a direct measure” Economics of Innovation and New Technology, 17(6), 553-569.
• Schumpeter, J. A. (1934). The Theory of Economic Development. Cambridge, Mass.: Harvard University Press.
• Silva, F., ve Carreira, C. (2012). “Measuring Firms' Financial Constraints: A Rough Guide”, GEMF-Group for Monetary and Financial Studies, 14, 1-33.
• Solow, R. M. (1957). “Technical Change and the Aggregate Production Function”, The Review of Economics and Statistics, 39(3), 312-320.
• Whited, T. ve Wu, G. (2006). “Financial Constraints Risk”, The Review of Financial Studies, 19(2), 531-559.
• Uzkurt, C. (2008). Yenilik Yönetimi ve Yenilikçi Örgüt Kültürü, Birinci Baskı, Yazın Matbaacılık, İstanbul.