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Araştırma ve Geliştirme (Ar-Ge) Harcamalarının Finansal Performans Üzerindeki Etkisi: Borsa İstanbul (BIST) İmalat Sektöründe Bir Araştırma

Year 2025, Issue: 106, 27 - 46, 15.04.2025

Erol Geçici , Murat Özcan , Mehmet Günlük

https://doi.org/10.25095/mufad.1605583

Abstract

Şirket yöneticilerinin, yatırımcıların ve düzenleyici kurum ve kuruluşların Araştırma ve Geliştirme (Ar-Ge) harcamalarının finansal performans üzerindeki etkisini bilmeleri, karar alma süreçlerinde büyük önem taşımaktadır. Bu çalışmanın amacı, Ar-Ge harcamalarının muhasebe esaslı finansal performans ölçütleri olan aktif kârlılığı (ROA), özkaynak kârlılığı (ROE) ve satış kârlılığı (ROS) ile piyasa esaslı performans ölçütü olan Tobin Q oranı üzerindeki etkisini ortaya koymaktır. Bu amaçla çalışma kapsamında Borsa İstanbul (BİST) imalat sektöründe işlem gören 226 şirketten kesintisiz faaliyet gösteren ve eksik verisi olmayan 47 şirketin 2010-2023 yıllarını kapsayan mali tablolarından elde edilen 658 adet gözlemden oluşan veri seti STATA programı kullanılarak sabit ve tesadüfi etkiler modeliyle analiz edilmiştir. Analiz sonucunda Ar-Ge harcamalarının aktif ve satış kârlılık oranları üzerinde istatistiki olarak anlamlı ve negatif yönde etkisi tespit edilmiş ancak özkaynak kârlılık ve Tobin Q oranları üzerinde ise anlamlı bir etkisi bulunmamıştır.

Keywords

Araştırma ve Geliştirme Harcaması Aktif Karlılık Oranı Özkaynak Karlılık Oranı Tobin Q Oranı Panel Veri Analizi

References

  • Ahmadi, Ali - Nakaa, Nejia - Bouri, Abdelfettah (2018). “Chief executive officer attributes, board structures, gender diversity and firm performance among French CAC 40 listed firms”. Research in International Business and Finance, 44, 218–226.
  • Alam, Ashraful - Uddin, Moshfique - Yazdifar, Hassan - Shafique, Sujana - Lartey, Theophilus. (2020). “R&D investment, firm performance and moderating role of system and safeguard: Evidence from emerging markets”. Journal of Business Research, 106, 94–105.
  • Ali, Faizan - Rasoolimanesh, S. Mostofa - Sarstedt, Marko - Ringle, Christian M. - Ryu, Ki Sang. (2018). “An assessment of the use of partial least squares structural equation modeling (PLS-SEM) in hospitality research”. International Journal of Contemporary Hospitality Management, 30(1) 514–538.
  • Avi, Maria Silvia. (2022). “Sales revenues makers of profit monetary cash flow and financial resources”. Journal of Economics & Management Research, 3(3), 1–23.
  • Ayaydın, Hasan - Karaaslan, İbrahim. (2014). “The effect of research and development ınvestment on firms’ financial performance: Evidence from manufacturing firms in Turkey”. Bilgi Ekonomisi ve Yönetimi Dergisi, IX(1), 1–17.
  • Beiner, Stefan - Drobetz, Wolfgang - Schmid, Markus M. - Zimmermann, Heinz. (2006). “An integrated framework of corporate governance and firm valuation”. European Financial Management, 12(2), 249–283.
  • Bhagat, Sanjai - Bolton, Brian. (2008). “Corporate governance and firm performance”. Journal of Corporate Finance, 14, 257–273.
  • Bouaziz, Zied. (2016). “The impact of R&D expenses on firm performance: Empirical witness from the BİST technology index”. Journal of Business Theory and Practice, 4(1), 51–60.
  • Chan, Su Han - Martin, John D. - Kensinger, John W. (1990). “Corporate research and development expenditures and share value”. Journal of Financial Economics, 26(2), 255–276.
  • Chen, Tsung-chun - Guo, Dong-Qiang - Chen, Hsiao-Min - Wei, Tzu-Ti. (2019). “Effects of R&D intensity on firm performance in Taiwan’s semiconductor industry”. Economic Research-Ekonomska Istrazˇivanja, 32(1), 2377–2392.
  • Doğan, Mesut - Yıldız, Feyyaz. (2016). “Araştırma ve Geliştirme harcamalarının (Ar-Ge) firma karlılığı üzerindeki etkisi: BİST’te işlem gören imalat sanayi firmaları üzerine bir araştırma”. Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14, 178-187.
  • Ehie, Ike C. - Olibe, Kingsley. (2010). “The effect of R&D investment on firm value: An examination of US manufacturing and service industries”. International Journal of Production Economics, 128(1), 127–135.
  • Freihat, Abdel Razaq - Kanakriyah, Raed. (2017). “Impact of R&D expenditure on financial performance: Jordanian evidence”. European Journal of Business and Management, 9(32), 73–83.
  • Hair, Joseph Franklin - Ringle, Christian M. - Sarstedt, Marko. (2011). “PLS-SEM: Indeed a silver bullet”. Journal of Marketing Theory and Practice, 19(2), 139–150.
  • Işık, Nihat - Engeloğlu, Özgür - Kılınç, Efe Can. (2016). “Araştırma ve Geliştirme harcamalarının, kârlılık ve satışlar üzerindeki etkisi: Borsa İstanbul firmaları üzerine bir uygulama”. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 47(Ocak-Haziran), 27-46.
  • Johannessen, Jon-Arild. (2008). “Organisational innovation as part of knowledge management”. International Journal of Information Management, 28(5), 403-412.
  • Kalay, Faruk - Oğrak, Abdullah - Arslan, Hacer - Turan, Burcu. (2013). “Firma performansı üzerinde araştırma ve geliştirme giderlerinin etkisi”. 1.Ulusal Yönetim ve Organizasyon Kongresi Bildiriler Kitabı, 29 Mayıs-1 Haziran, Kütahya: Dumlupınar Üniversitesi, 306-310.
  • Karacaer, Semra - Aygün, Mehmet – İç, Süleyman. (2009). “Araştırma ve geliştirme giderlerinin firma performansı üzerindeki etkisi: İstanbul Menkul Kıymetler Borsası üzerine bir inceleme”. World of Accounting Science, 11(2), 65–86.
  • Karamshahi, Behnam - Azami, Zeinab - Salehi, Tabandeh. (2018). “The association between competition power in markets and tax avoidance: Evidence from Tehran stock Exchange”. Eurasian Business Review, 8(3), 323–339.
  • Kim, Woo Sung - Park, Kunsu - Lee, Sang Hoon - Kim, Hongyoung. (2018). “R&D investments and firm value: Evidence from China”. Sustainability, 10(11), 1–17.
  • Kocamış Uzun, Tuğçe - Güngör, Ayşegül. (2014). “Türkiye’de ar-ge harcamaları ve teknoloji sektöründe ar-ge giderlerinin kârlılık üzerine etkisi: Borsa İstanbul uygulaması”. Maliye Dergisi, 166, 127-138.
  • Konak, Fatih - Kendirli, Selçuk. (2016). “Impact of R&D expenses on firm performance: Emprical evidence from the BIST information technology index”. China-USA Business Review, 15(5), 226-231
  • Lee, Chia-Ling -Wu, Hsu-Che. (2015). “How do slack resources affect the relationship between R&D expenditures and firm performance?” R and D Management, 46, 958–978.
  • Lev, Baruch - Gu, Feng. (2016). The end of accounting and the path forward for investors and managers. John Wiley & Sons, Hoboken, New Jersey.
  • Lev, Baruch. (1999). “R&D and capital markets”. Journal of Applied Corporate Finance, 11(4), 21–35.
  • Liu, Yu - Miletkov, Mihail K. - Wei, Zuobao - Yang, Tina. (2015). “Board independence and firm performance in China”. Journal of Corporate Finance, 30, 223–244.
  • Mank, Del A. - Nystrom, Halvard E. (2001). “Decreasing returns to shareholders from R&D spending in the computer industry”. Engineering Management Journal, 13(3), 3–8.
  • Organisation for Economic Co-operation and Development (OECD). (2018). Definitions of research and development: An annotated compilation of official sources.
  • Osinga, Ernst C. - Leeflang, Peter S.H. - Srinivasan, Shuba - Wieringa, Jaap E. (2011). “Why do firms invest in consumer advertising with limited sales response? A shareholder perspective”. Journal of Marketing, 75 (January), 109–124.
  • Özkan, Nasıf. (2021). “R&D spending and financial performance: An investigation in an emerging market”. International Journal of Management Economics and Business, 18(1), 38–58.
  • Parcharidis, Efstathios - Varsakelis, Nikos. (2007). “Investments in R&D and business performance: Evidence from the Greek market”. Working paper, Department of Economics, Aristotle University of Thessaloniki.
  • Porter, Michael Everett. (1996). “What is strategy?”. Harvard Business Review, 74(6), 61–78.
  • Rabiei, Mahnaz - Hamideh, Dadkhah. (2014). “Effects of R&D expenditure on the profitability of Iran industrial firms”. Research Journal of Applied Sciences, Engineering and Technology, 7(14), 2846–2850.
  • Rahman, Musfiqur - Howlader, Shuvo. (2022). “The impact of research and development expenditure on firm performance and firm value: Evidence from a South Asian emerging economy”. Journal of Applied Accounting Research, 23(4), 825–845.
  • Sharma, Chandan. (2012). “R&D and firm performance: Evidence from the Indian pharmaceutical industry”. Journal of the Asia Pacific Economy, 17(2), 332-342.
  • Tubbs, Michael. (2007). “The relationship between R&D and company performance”. Research-Technology Management, 50(6), 23–30.
  • Ullah, Irfan - Fang, Hong Xing - Jebran, Khalil. (2019). “Do gender diversity and CEO gender enhance firm’s value? Evidence from an emerging economy”. Corporate Governance: The International Journal of Business in Society, 20(1), 44–66.
  • Vithessonthi, Chaiporn - Racela, Olimpia C. (2016). “Short- and long-run effects of internationalization and R&D intensity on firm performance”. Journal of Multinational Financial Management, 34, 28–45.
  • Wang, Chao-Hung. (2011). “Clarifying the effects of r&d on performance: Evidence from the high technology industries”. Asia Pacific Management Review, 16(1), 51-64
  • Xu, Jian - Liu, Feng - Chen, You-hua. (2019). “R&D, advertising and firms’ financial performance in South Korea: Does firm size matter?”. Sustainability, 11, 3764(1-16).
  • Yousaf, Muhammad Usman - Khurshid, Muhammad Kashif - Ahmed, Aftab - Zulfiqar, Muhammad. (2019). “Empirical investigation of relationship between research and development intensity and firm performance: The role of ownership structure and board structure”. International Journal of Financial Engineering, 06(02), 1950016(1–27).
  • Yücel, Rahmi - Ahmetoğulları, Kayhan. (2015). “Ar-Ge harcamalarının firmaların net kâr değişimi ve hisse başına kârlılığına inovatif etkisi: BİST teknoloji yazılım ve bilişim sektöründe bir uygulama”. Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 5(4), 87-104.

THE IMPACT OF RESEARCH AND DEVELOPMENT (R&D) EXPENDITURES ON FINANCIAL PERFORMANCE: A STUDY IN BORSA ISTANBUL (BIST) MANUFACTURING SECTOR

Year 2025, Issue: 106, 27 - 46, 15.04.2025

Erol Geçici , Murat Özcan , Mehmet Günlük

https://doi.org/10.25095/mufad.1605583

Abstract

It is of great importance for business managers, investors and regulatory institutions and organizations to know the impact of Research and Development (R&D) expenditures on financial performance in their decision-making processes. The aim of this study is to examine the effect of R&D expenditures on accounting-based financial performance measures such as return on assets (ROA), return on equity (ROE) and return on sales (ROS), and on the Tobin Q ratio, which is a market-based performance measure. For this purpose, within the scope of the study, a data set consisting of 658 observations obtained from the financial statements covering the years 2010-2023 of 47 companies operating continuously and without missing data out of 226 companies traded in the manufacturing sector of Borsa Istanbul (BIST) was analyzed with the fixed and random effects model using the STATA program. As a result of the analysis, a statistically significant and negative effect of R&D expenditures on asset and sales return ratios was found, but no significant effect was found on return on equity and Tobin Q ratio.

Keywords

Research and Development Expenditure Return on Assets Ratio, Return on Equity Ratio Tobin's Q Ratio Panel Data Analysis

References

  • Ahmadi, Ali - Nakaa, Nejia - Bouri, Abdelfettah (2018). “Chief executive officer attributes, board structures, gender diversity and firm performance among French CAC 40 listed firms”. Research in International Business and Finance, 44, 218–226.
  • Alam, Ashraful - Uddin, Moshfique - Yazdifar, Hassan - Shafique, Sujana - Lartey, Theophilus. (2020). “R&D investment, firm performance and moderating role of system and safeguard: Evidence from emerging markets”. Journal of Business Research, 106, 94–105.
  • Ali, Faizan - Rasoolimanesh, S. Mostofa - Sarstedt, Marko - Ringle, Christian M. - Ryu, Ki Sang. (2018). “An assessment of the use of partial least squares structural equation modeling (PLS-SEM) in hospitality research”. International Journal of Contemporary Hospitality Management, 30(1) 514–538.
  • Avi, Maria Silvia. (2022). “Sales revenues makers of profit monetary cash flow and financial resources”. Journal of Economics & Management Research, 3(3), 1–23.
  • Ayaydın, Hasan - Karaaslan, İbrahim. (2014). “The effect of research and development ınvestment on firms’ financial performance: Evidence from manufacturing firms in Turkey”. Bilgi Ekonomisi ve Yönetimi Dergisi, IX(1), 1–17.
  • Beiner, Stefan - Drobetz, Wolfgang - Schmid, Markus M. - Zimmermann, Heinz. (2006). “An integrated framework of corporate governance and firm valuation”. European Financial Management, 12(2), 249–283.
  • Bhagat, Sanjai - Bolton, Brian. (2008). “Corporate governance and firm performance”. Journal of Corporate Finance, 14, 257–273.
  • Bouaziz, Zied. (2016). “The impact of R&D expenses on firm performance: Empirical witness from the BİST technology index”. Journal of Business Theory and Practice, 4(1), 51–60.
  • Chan, Su Han - Martin, John D. - Kensinger, John W. (1990). “Corporate research and development expenditures and share value”. Journal of Financial Economics, 26(2), 255–276.
  • Chen, Tsung-chun - Guo, Dong-Qiang - Chen, Hsiao-Min - Wei, Tzu-Ti. (2019). “Effects of R&D intensity on firm performance in Taiwan’s semiconductor industry”. Economic Research-Ekonomska Istrazˇivanja, 32(1), 2377–2392.
  • Doğan, Mesut - Yıldız, Feyyaz. (2016). “Araştırma ve Geliştirme harcamalarının (Ar-Ge) firma karlılığı üzerindeki etkisi: BİST’te işlem gören imalat sanayi firmaları üzerine bir araştırma”. Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14, 178-187.
  • Ehie, Ike C. - Olibe, Kingsley. (2010). “The effect of R&D investment on firm value: An examination of US manufacturing and service industries”. International Journal of Production Economics, 128(1), 127–135.
  • Freihat, Abdel Razaq - Kanakriyah, Raed. (2017). “Impact of R&D expenditure on financial performance: Jordanian evidence”. European Journal of Business and Management, 9(32), 73–83.
  • Hair, Joseph Franklin - Ringle, Christian M. - Sarstedt, Marko. (2011). “PLS-SEM: Indeed a silver bullet”. Journal of Marketing Theory and Practice, 19(2), 139–150.
  • Işık, Nihat - Engeloğlu, Özgür - Kılınç, Efe Can. (2016). “Araştırma ve Geliştirme harcamalarının, kârlılık ve satışlar üzerindeki etkisi: Borsa İstanbul firmaları üzerine bir uygulama”. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 47(Ocak-Haziran), 27-46.
  • Johannessen, Jon-Arild. (2008). “Organisational innovation as part of knowledge management”. International Journal of Information Management, 28(5), 403-412.
  • Kalay, Faruk - Oğrak, Abdullah - Arslan, Hacer - Turan, Burcu. (2013). “Firma performansı üzerinde araştırma ve geliştirme giderlerinin etkisi”. 1.Ulusal Yönetim ve Organizasyon Kongresi Bildiriler Kitabı, 29 Mayıs-1 Haziran, Kütahya: Dumlupınar Üniversitesi, 306-310.
  • Karacaer, Semra - Aygün, Mehmet – İç, Süleyman. (2009). “Araştırma ve geliştirme giderlerinin firma performansı üzerindeki etkisi: İstanbul Menkul Kıymetler Borsası üzerine bir inceleme”. World of Accounting Science, 11(2), 65–86.
  • Karamshahi, Behnam - Azami, Zeinab - Salehi, Tabandeh. (2018). “The association between competition power in markets and tax avoidance: Evidence from Tehran stock Exchange”. Eurasian Business Review, 8(3), 323–339.
  • Kim, Woo Sung - Park, Kunsu - Lee, Sang Hoon - Kim, Hongyoung. (2018). “R&D investments and firm value: Evidence from China”. Sustainability, 10(11), 1–17.
  • Kocamış Uzun, Tuğçe - Güngör, Ayşegül. (2014). “Türkiye’de ar-ge harcamaları ve teknoloji sektöründe ar-ge giderlerinin kârlılık üzerine etkisi: Borsa İstanbul uygulaması”. Maliye Dergisi, 166, 127-138.
  • Konak, Fatih - Kendirli, Selçuk. (2016). “Impact of R&D expenses on firm performance: Emprical evidence from the BIST information technology index”. China-USA Business Review, 15(5), 226-231
  • Lee, Chia-Ling -Wu, Hsu-Che. (2015). “How do slack resources affect the relationship between R&D expenditures and firm performance?” R and D Management, 46, 958–978.
  • Lev, Baruch - Gu, Feng. (2016). The end of accounting and the path forward for investors and managers. John Wiley & Sons, Hoboken, New Jersey.
  • Lev, Baruch. (1999). “R&D and capital markets”. Journal of Applied Corporate Finance, 11(4), 21–35.
  • Liu, Yu - Miletkov, Mihail K. - Wei, Zuobao - Yang, Tina. (2015). “Board independence and firm performance in China”. Journal of Corporate Finance, 30, 223–244.
  • Mank, Del A. - Nystrom, Halvard E. (2001). “Decreasing returns to shareholders from R&D spending in the computer industry”. Engineering Management Journal, 13(3), 3–8.
  • Organisation for Economic Co-operation and Development (OECD). (2018). Definitions of research and development: An annotated compilation of official sources.
  • Osinga, Ernst C. - Leeflang, Peter S.H. - Srinivasan, Shuba - Wieringa, Jaap E. (2011). “Why do firms invest in consumer advertising with limited sales response? A shareholder perspective”. Journal of Marketing, 75 (January), 109–124.
  • Özkan, Nasıf. (2021). “R&D spending and financial performance: An investigation in an emerging market”. International Journal of Management Economics and Business, 18(1), 38–58.
  • Parcharidis, Efstathios - Varsakelis, Nikos. (2007). “Investments in R&D and business performance: Evidence from the Greek market”. Working paper, Department of Economics, Aristotle University of Thessaloniki.
  • Porter, Michael Everett. (1996). “What is strategy?”. Harvard Business Review, 74(6), 61–78.
  • Rabiei, Mahnaz - Hamideh, Dadkhah. (2014). “Effects of R&D expenditure on the profitability of Iran industrial firms”. Research Journal of Applied Sciences, Engineering and Technology, 7(14), 2846–2850.
  • Rahman, Musfiqur - Howlader, Shuvo. (2022). “The impact of research and development expenditure on firm performance and firm value: Evidence from a South Asian emerging economy”. Journal of Applied Accounting Research, 23(4), 825–845.
  • Sharma, Chandan. (2012). “R&D and firm performance: Evidence from the Indian pharmaceutical industry”. Journal of the Asia Pacific Economy, 17(2), 332-342.
  • Tubbs, Michael. (2007). “The relationship between R&D and company performance”. Research-Technology Management, 50(6), 23–30.
  • Ullah, Irfan - Fang, Hong Xing - Jebran, Khalil. (2019). “Do gender diversity and CEO gender enhance firm’s value? Evidence from an emerging economy”. Corporate Governance: The International Journal of Business in Society, 20(1), 44–66.
  • Vithessonthi, Chaiporn - Racela, Olimpia C. (2016). “Short- and long-run effects of internationalization and R&D intensity on firm performance”. Journal of Multinational Financial Management, 34, 28–45.
  • Wang, Chao-Hung. (2011). “Clarifying the effects of r&d on performance: Evidence from the high technology industries”. Asia Pacific Management Review, 16(1), 51-64
  • Xu, Jian - Liu, Feng - Chen, You-hua. (2019). “R&D, advertising and firms’ financial performance in South Korea: Does firm size matter?”. Sustainability, 11, 3764(1-16).
  • Yousaf, Muhammad Usman - Khurshid, Muhammad Kashif - Ahmed, Aftab - Zulfiqar, Muhammad. (2019). “Empirical investigation of relationship between research and development intensity and firm performance: The role of ownership structure and board structure”. International Journal of Financial Engineering, 06(02), 1950016(1–27).
  • Yücel, Rahmi - Ahmetoğulları, Kayhan. (2015). “Ar-Ge harcamalarının firmaların net kâr değişimi ve hisse başına kârlılığına inovatif etkisi: BİST teknoloji yazılım ve bilişim sektöründe bir uygulama”. Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 5(4), 87-104.
There are 42 citations in total.

Details

Primary Language Turkish
Subjects Financial Accounting
Journal Section Articles
Authors

Erol Geçici 0000-0002-3511-0176

Murat Özcan 0000-0001-9106-4146

Mehmet Günlük 0000-0001-9665-7557

Publication Date April 15, 2025
Submission Date December 22, 2024
Acceptance Date February 25, 2025
Published in Issue Year 2025 Issue: 106

Cite

APA Geçici, E., Özcan, M., & Günlük, M. (2025). Araştırma ve Geliştirme (Ar-Ge) Harcamalarının Finansal Performans Üzerindeki Etkisi: Borsa İstanbul (BIST) İmalat Sektöründe Bir Araştırma. Muhasebe Ve Finansman Dergisi(106), 27-46. https://doi.org/10.25095/mufad.1605583
AMA Geçici E, Özcan M, Günlük M. Araştırma ve Geliştirme (Ar-Ge) Harcamalarının Finansal Performans Üzerindeki Etkisi: Borsa İstanbul (BIST) İmalat Sektöründe Bir Araştırma. Muhasebe ve Finansman Dergisi. April 2025;(106):27-46. doi:10.25095/mufad.1605583
Chicago Geçici, Erol, Murat Özcan, and Mehmet Günlük. “Araştırma Ve Geliştirme (Ar-Ge) Harcamalarının Finansal Performans Üzerindeki Etkisi: Borsa İstanbul (BIST) İmalat Sektöründe Bir Araştırma”. Muhasebe Ve Finansman Dergisi, no. 106 (April 2025): 27-46. https://doi.org/10.25095/mufad.1605583.
EndNote Geçici E, Özcan M, Günlük M (April 1, 2025) Araştırma ve Geliştirme (Ar-Ge) Harcamalarının Finansal Performans Üzerindeki Etkisi: Borsa İstanbul (BIST) İmalat Sektöründe Bir Araştırma. Muhasebe ve Finansman Dergisi 106 27–46.
IEEE E. Geçici, M. Özcan, and M. Günlük, “Araştırma ve Geliştirme (Ar-Ge) Harcamalarının Finansal Performans Üzerindeki Etkisi: Borsa İstanbul (BIST) İmalat Sektöründe Bir Araştırma”, Muhasebe ve Finansman Dergisi, no. 106, pp. 27–46, April 2025, doi: 10.25095/mufad.1605583.
ISNAD Geçici, Erol et al. “Araştırma Ve Geliştirme (Ar-Ge) Harcamalarının Finansal Performans Üzerindeki Etkisi: Borsa İstanbul (BIST) İmalat Sektöründe Bir Araştırma”. Muhasebe ve Finansman Dergisi 106 (April 2025), 27-46. https://doi.org/10.25095/mufad.1605583.
JAMA Geçici E, Özcan M, Günlük M. Araştırma ve Geliştirme (Ar-Ge) Harcamalarının Finansal Performans Üzerindeki Etkisi: Borsa İstanbul (BIST) İmalat Sektöründe Bir Araştırma. Muhasebe ve Finansman Dergisi. 2025;:27–46.
MLA Geçici, Erol et al. “Araştırma Ve Geliştirme (Ar-Ge) Harcamalarının Finansal Performans Üzerindeki Etkisi: Borsa İstanbul (BIST) İmalat Sektöründe Bir Araştırma”. Muhasebe Ve Finansman Dergisi, no. 106, 2025, pp. 27-46, doi:10.25095/mufad.1605583.
Vancouver Geçici E, Özcan M, Günlük M. Araştırma ve Geliştirme (Ar-Ge) Harcamalarının Finansal Performans Üzerindeki Etkisi: Borsa İstanbul (BIST) İmalat Sektöründe Bir Araştırma. Muhasebe ve Finansman Dergisi. 2025(106):27-46.
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