AR-GE MERKEZLERİNİN KURUMSAL YÖNETİM ERFORMANSINA ETKİSİ

Abstract

The purpose of this study is to examine the effects of Research and Development (R&D) centers on corporate governance performance and stock returns. In this context, in the study, analysis findings covering the period of 2008-2018 are included in the sample consisting of companies that are listed on Borsa Istanbul (BIST) and subject to the corporate governance index. In the study conducted with dynamic panel data analysis, the effects of the corporate governance performance reported within the scope of the Capital Markets Board (CMB) Corporate Governance Principles on the stock returns of companies with and without R&D centers were modeled with the System GMM approach. In the study, the effects of the four sub-dimensions that make up the corporate governance performance in terms of both groups on the stock returns are given comparatively, and the STATA program was used in the analysis. The results obtained reveal that there is no significant relationship between the rating scores announced in four sub-dimensions within the scope of CMB corporate governance principles and stock returns in companies without independent R&D centers for investors. On the other hand, in companies with independent R&D centers, there is a statistically significant difference between the rating scores of shareholders, public disclosure and transparency, stakeholders, and the board of directors' sub-dimensions, which are reported within the scope of CMB corporate governance principles, and stock returns at the level of 1%. It is observed that there is a significant relationship. The results show that while these relations negatively affect stock returns in terms of public disclosure and transparency performance, they have a positive effect in terms of shareholders, stakeholders, and board of directors performance.