Publication: Impact of marketıng and research and development expendıtures on fınancıal performance: a research ın manufacturıng ındustry
Abstract
Şirketler arasında artan rekabet sektörde büyümeyi daha fazla zorlaştırmaktadır. Şirketler büyümek, sektör içerisinde rekabet üstünlüğü kazanmak, kar sağlamak, finansal performansı arttırmak ve şirketin değerini arttırmak için büyük yatırımlar yapmakta. Pazarda sürdürülebilir bir rekabet avantajı sağlamak ve markalarına, ürünlerine ve hizmetlerine değer katmak amacıyla şirketler ürün, hizmet ve süreç kalitelerini arttırmak için çaba sarf etmektedirler. Bu uğraşılar bir şirketin iki temel faaliyetine gönderme yapmaktadır: “Pazarlama” ve “Araştırma ve Geliştirme”. Bu tezde, imalat sektöründeki şirketlerin pazarlama ve araştırma ve geliştirme (ARGE) harcamalarının finansal performanslarına etkisinin incelenmesi amaçlanmıştır. Bu çalışmada gelir, brüt kar, faiz ve vergi öncesi kar, net kar, brüt satış karı (GPM) ve satışların karlılığı (ROS) seçilen finansal performans göstergeleridir. Pazarlama ve araştırma ve geliştirme harcamalarının seçilen finansal performans göstergelerine etkisi ayrı ayrı incelenmiştir. Borsa İstanbul (BIST)’da işlem gören 41 imalat şirketinin 2009-2015 dönemine ait verileri kendilerinin finansal tablolarından toplanmıştır. Veri setimiz panel veri olduğundan, panel regresyon analizi yöntemleri uygulanmıştır. Yapılan analizler sonucunda, pazarlama ve ARGE harcamalarının geliri ve brüt karı arttırdığı ve faiz ve vergi öncesi karı azalttığı bulunmuştur. Bunun yanı sıra, pazarlama harcamalarının net karı azalttığı ve ARGE harcamalarının net kara etkisinin olmadığı saptanmıştır. Bunlara ek olarak, pazarlama ve ARGE harcamalarının brüt kar marjı ve satışların karlılığına etkisi olmadığı bulunmuştur. Pazarlama Harcamaları, Araştırma ve Geliştirme Harcamaları, Finansal Performans, İmalat Sektörü
Increasing competition between companies makes it harder to grow in the industry. Companies make huge investments in order to grow, gain competitive advantage in the industry, make profit, increase financial performance and increase business value. To gain a sustainable competitive advantage and add value to their brands, goods and services, they exert effort to improve the quality of their products, services and processes. These efforts address two major activities of an organization: “Marketing” and “Research and Development”. In this thesis it is aimed to investigate the impact of marketing and research and development (R&D) expenditures of companies on their financial performance in manufacturing industry. In this research revenue, gross profit, earnings before interest and tax (EBIT), net income, gross profit margin (GPM) and return on sales (ROS) are selected financial performance indicators. The impact of marketing and research and development expenditures on the selected financial performance indicators were examined separately. Data of 41 manufacturing companies listed on Istanbul Stock Exchange (ISE) was gather for the period of 2009-2015 from their financial statements. Since the data set is a panel data, methods of panel regression analysis have been performed. As result of the analysis, it is found that marketing and R&D increase revenue and gross profit and decrease EBIT. Besides this, it is determined that marketing expenditures decrease net income and R&D expenditures have no impact on net income. In addition to these, it is founded that marketing and R&D expenditures have no impact on gross profit margin and return on sales. Marketing Expenditures, Research and Development Expenditures, Financial Performance, Manufacturing Industry
Increasing competition between companies makes it harder to grow in the industry. Companies make huge investments in order to grow, gain competitive advantage in the industry, make profit, increase financial performance and increase business value. To gain a sustainable competitive advantage and add value to their brands, goods and services, they exert effort to improve the quality of their products, services and processes. These efforts address two major activities of an organization: “Marketing” and “Research and Development”. In this thesis it is aimed to investigate the impact of marketing and research and development (R&D) expenditures of companies on their financial performance in manufacturing industry. In this research revenue, gross profit, earnings before interest and tax (EBIT), net income, gross profit margin (GPM) and return on sales (ROS) are selected financial performance indicators. The impact of marketing and research and development expenditures on the selected financial performance indicators were examined separately. Data of 41 manufacturing companies listed on Istanbul Stock Exchange (ISE) was gather for the period of 2009-2015 from their financial statements. Since the data set is a panel data, methods of panel regression analysis have been performed. As result of the analysis, it is found that marketing and R&D increase revenue and gross profit and decrease EBIT. Besides this, it is determined that marketing expenditures decrease net income and R&D expenditures have no impact on net income. In addition to these, it is founded that marketing and R&D expenditures have no impact on gross profit margin and return on sales. Marketing Expenditures, Research and Development Expenditures, Financial Performance, Manufacturing Industry