The Effect of R&D Investments on Stock Returns: A Study on Technology and Information Technology Firms in BIST
Özet
Returns of the R&D investments are utilised for taking managerial decisions within the firm and also by the investors who think of making investments in the firm. In this study, the effects of the R&D investments made by the technology and information firms which are traded on BIST on the stock returns are investigated with the data of 2000-2013 period. Panel data analysis method is used in the study. According to the results, it is observed that while there has been no causality from R&D expenditures to stock returns, there has been causality from stock returns to R&D expenditures. Error correction model results show that the short term imbalances emerged have been fixed in the long term.
Anahtar kelimeler
Sürdürülebilir Kalkınma Amaçları
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SKA 8: İnsana Yakışır İş ve Ekonomik Büyüme
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SKA 9: Sanayi, Yenilikçilik ve Altyapı
Atıf için künye
Özcan, M., Ağırman, E., & Yılmaz, Ö. (2014). The Effect of R&D Investments on Stock Returns: A Study on Technology and Information Technology Firms in BIST. MALIYE DERGISI(166), 139–158.
BibTeX
@article{ozcan2014-105678,
author = {Özcan, Muhammet and Ağırman, Ensar and Yılmaz, Ömer},
title = {The Effect of R&D Investments on Stock Returns: A Study on Technology and Information Technology Firms in BIST},
journal = {MALIYE DERGISI},
year = {2014},
number = {166},
pages = {139--158},
issn = {1300-3623},
url = {https://akademik.atauni.edu.tr/yayinlar/105678-the-effect-of-rd-investments-on-stock-returns-a-study-on-technology-and}
}