Ar-Ge Yatırımları ve Sürdürülebilirlik Skorunun Firma Büyümesine Etkisi: CCEMG Tahmincisi ile BİST 100 Üzerinde Bir Uygulama
DOI:
https://doi.org/10.63556/tisej.2025.1928Anahtar Kelimeler:
Ar-Ge- BİST Sürdürülebilirlik Endeksi- Firma Büyüklüğü- CCE TahmincisiÖz
Finansal piyasalarda yatırımcıların tercihleri açısından firmaların Ar-Ge yatırımları ve sürdürülebilirlik faaliyetleri her geçen gün daha fazla önem taşımaktadır. Bu çalışmanın amacı, firmaların Ar-Ge harcamaları ve kurumsal sürdürülebilirlik performansının firma büyüme oranlarında etkisi olup olmadığını analiz etmektir. Çalışmanın veri setini BİST100 endeksinde yer alan firmalardan kesintisiz verisine ulaşılan 61 firmanın 2000-2024 yılları arası yıllık frekanstaki finansal verileri oluşturmaktadır. Çalışmada, firma büyüme oranı, Ar-Ge giderleri, ESG skoru ve BİST sürdürülebilirlik endeksi kukla değişken olarak dahil edildiği üç farklı model kurulmuştur. Bu doğrultuda, seriler arasındaki ilişkiyi incelemek amacıyla kurulan modellerin CCEMG tahmincisi ile analiz gerçekleştirilmiştir. Bu tahmincisinin seçilme gerekçesi, yatay kesit bağımlılığı bulunan ve durağan olmayan serilerde kullanılabilmesinin yanında değişkenler arasında eşbütünleşmeyi test etme ihtiyacını ortadan kaldırmasıdır. Analiz sonucunda, firmaların Ar-Ge harcamaları, kurumsal sürdürülebilirlik skorları, işletme sermayesi ve borçlanma düzeyi değişkenlerin ile firma büyüme oranları arasında bir ilişki tespit edilememiştir. Diğer taraftan, firmaların kazanma gücü ve piyasa kapitalizasyonunun firma büyüme oranlarını pozitif yönde etkisi olduğu sonucuna ulaşılmıştır. Tüm modellerde tespit edilen ilişkilerin, uzun dönemde devam etmediği ve firma büyüme oranlarına uzun dönemde etki eden makroekonomik gelişmeler ve sektör özelindeki yaygın şokların sürece etkisi olduğu söylenebilir.
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