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R&D, INNOVATION AND STOCK MARKET PERFORMANCE: A STUDY ON MANUFACTURING FIRMS TRADED IN BORSA ISTANBUL

Burak DNDAROLU, Yekta TAKIM.

Abstract
We investigate the relationship between innovation indicators (R&D and patenting) and stock market performance for a panel of manufacturing firms traded on Borsa stanbul (BIST), formerly known as the stanbul Stock Exchange. Similar to previous results obtained using U.S. and European data, we find that larger R&D stocks are associated with higher market value, higher market-to-book ratio, and higher price-earnings ratio for firms traded on Borsa stanbul, while larger patent stocks are associated with higher market value. We demonstrate that it is possible to use the information on R&D and patent stocks to construct a portfolio that greatly overperforms the market index (BIST100).

Key words: Innovation, R&D, patents, market value, Borsa Istanbul, BIST, portfolio selection. JEL Classification: O31, O33, O34, G11.



Ar-Ge, Yenilik ve Hisse Senedi Piyasas Performans: Borsa stanbul'da lem Gren retim Firmalar zerine Bir alma

Özet
Bu almada Borsa stanbulda ilem gren imalat sektr firmalar iin yenilik belirtileri (Ar-Ge harcamalar ve patentler) ve firma performans arasndaki iliki incelenmektedir. A.B.D. ve Avrupa verisi kullanarak yaplm ok sayda almaya benzer ekilde, Borsa stanbulda ilem gren firmalar iin de Ar-Ge stoklar ile firmann pazar deeri, pazar-defter deeri oran ve fiyat-kazan oran arasnda gl ve pozitif bir iliki bulunduu gzlenmitir. Patent stoklar ile firmann pazar deeri arasnda da pozitif bir iliki bulunmaktadr. Bu sonulardan yola karak, ilem gren firmalara dair Ar-Ge ve patent verisi yardm ile pazar endeksinin zerinde performans gsteren bir portfy oluturulabilecei de gsterilmektedir.

Anahtar Kelimeler: Yenilik, inovasyon, AR-GE, patentler, Pazar deeri, Borsa stanbul, BIST, portfy seimi. JEL Snflamas: O31, O33, O34, G11.


 
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How to Cite this Article
Pubmed Style

DINDAROGLU B, TAKIM Y. R&D, INNOVATION AND STOCK MARKET PERFORMANCE: A STUDY ON MANUFACTURING FIRMS TRADED IN BORSA ISTANBUL. Ekonomik Yaklasim. 2013; 24(89): 25-44. doi:10.5455/ey.35301


Web Style

DINDAROGLU B, TAKIM Y. R&D, INNOVATION AND STOCK MARKET PERFORMANCE: A STUDY ON MANUFACTURING FIRMS TRADED IN BORSA ISTANBUL. http://www.ekonomikyaklasim.org/?mno=168227 [Access: January 21, 2018]. doi:10.5455/ey.35301


AMA (American Medical Association) Style

DINDAROGLU B, TAKIM Y. R&D, INNOVATION AND STOCK MARKET PERFORMANCE: A STUDY ON MANUFACTURING FIRMS TRADED IN BORSA ISTANBUL. Ekonomik Yaklasim. 2013; 24(89): 25-44. doi:10.5455/ey.35301



Vancouver/ICMJE Style

DINDAROGLU B, TAKIM Y. R&D, INNOVATION AND STOCK MARKET PERFORMANCE: A STUDY ON MANUFACTURING FIRMS TRADED IN BORSA ISTANBUL. Ekonomik Yaklasim. (2013), [cited January 21, 2018]; 24(89): 25-44. doi:10.5455/ey.35301



Harvard Style

DINDAROGLU, B. & TAKIM, Y. (2013) R&D, INNOVATION AND STOCK MARKET PERFORMANCE: A STUDY ON MANUFACTURING FIRMS TRADED IN BORSA ISTANBUL. Ekonomik Yaklasim, 24 (89), 25-44. doi:10.5455/ey.35301



Turabian Style

DINDAROGLU, Burak, and Yekta TAKIM. 2013. R&D, INNOVATION AND STOCK MARKET PERFORMANCE: A STUDY ON MANUFACTURING FIRMS TRADED IN BORSA ISTANBUL. Ekonomik Yaklasim, 24 (89), 25-44. doi:10.5455/ey.35301



Chicago Style

DINDAROGLU, Burak, and Yekta TAKIM. "R&D, INNOVATION AND STOCK MARKET PERFORMANCE: A STUDY ON MANUFACTURING FIRMS TRADED IN BORSA ISTANBUL." Ekonomik Yaklasim 24 (2013), 25-44. doi:10.5455/ey.35301



MLA (The Modern Language Association) Style

DINDAROGLU, Burak, and Yekta TAKIM. "R&D, INNOVATION AND STOCK MARKET PERFORMANCE: A STUDY ON MANUFACTURING FIRMS TRADED IN BORSA ISTANBUL." Ekonomik Yaklasim 24.89 (2013), 25-44. Print. doi:10.5455/ey.35301



APA (American Psychological Association) Style

DINDAROGLU, B. & TAKIM, Y. (2013) R&D, INNOVATION AND STOCK MARKET PERFORMANCE: A STUDY ON MANUFACTURING FIRMS TRADED IN BORSA ISTANBUL. Ekonomik Yaklasim, 24 (89), 25-44. doi:10.5455/ey.35301



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