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Ar-Ge Yoğunluğu, Tamamlayıcı Varlıklar ve Firma Değeri: Türkiye için Zaman Serisi Bulguları

Yıl 2020, Cilt: 70 Sayı: 1, 47 - 72, 30.06.2020

Kartal Demirgüneş Yüksel İltaş

https://doi.org/10.26650/ISTJECON2020-0017

Öz

Bu çalışmada; 1992.Q1-2019.Q3 dönemini kapsayan zaman serisi verisi kullanılarak Türkiye’de imalat sanayi sektöründe, ar-ge yoğunluğu ile tamamlayıcı varlıkların firma değeri üzerindeki olası etkilerinin araştırılması amaçlanmaktadır. Serilerin durağanlık düzeyleri ADF (1981), ve Zivot ve Andrews (1992) birim kök testleri kullanılarak tespit edilmektedir. Seriler arasındaki uzun dönemli ilişkiler tek yapısal kırılmaya izin veren Gregory ve Hansen (1996) eşbütünleşme testi ile incelenmektedir. Son olarak, aralarında eşbütünleşme ilişkisi tespit edilen değişkenler arasındaki uzun dönemli ilişkileri gösteren katsayıların tahminlemesinde, yapısal kırılmaların kukla değişken olarak analize dâhil edilebildiği Stock ve Watson (1993) tarafından geliştirilen dinamik en küçük kareler yöntemi kullanılmaktadır. Dinamik en küçük kareler tahmincisi sonuçlarına göre; ar-ge yoğunluğu değişkenlerinden “ar-ge harcamaları/ net satışlar” ile tamamlayıcı varlıklara ilişkin değişkenlerin, firma değerine karşı uzun dönem katsayıları istatistiksel olarak anlamlıdır. Kırılma tarihi (2005.Q1) de dahil olmak üzere, bu tarihe kadar, “ar-ge harcamaları/net satışlar” değişkeninin firma değerini pozitif yönde etkilediği görülürken; söz konusu etkileşim kırılma tarihi sonrasında negatife dönmektedir. Tamamlayıcı varlıklara ilişkin değişken ise kırılma tarihine kadar firma değerini negatif yönde etkilerken, söz konusu etkileşim kırılma tarihi sonrasında tersine dönmektedir. Bir diğer arge yoğunluğu değişkeni olan “ar-ge harcamaları/ toplam aktifler” değişkeninin ise gerek kırılma tarihinden önce gerekse de sonra firma değeri üzerinde anlamlı bir etkisi bulunmamaktadır.

Anahtar Kelimeler

Ar-Ge yoğunluğu Firma değeri Tamamlayıcı varlıklar Zaman serisi analizi Borsa İstanbul

Kaynakça

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  • Ahmed, K. & Falk, H. (2006). The value relevance of management’s policy choice of research and development expenditure reporting: evidence from Australia. Journal of Accounting and Public Policy, 25(4), 231-264.
  • Alessandri, T. M. & Pattit, J. M. (2014). Drivers of R&D investment: the interaction of behavioral theory and managerial incentives. Journal of Business Research, 67(2), 151-158.
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  • Aucote, H. M., & Gold, R. S. (2005). Non-equivalence of direct and indirect measures of unrealistic optimism. Psychology, Health & Medicine, 10(2), 194-201.
  • Bae, S. C. & Kim, D. (2003). The effect of R&D investments on market value of firms: evidence from the U.S., Germany, and Japan. Multinational Business Review, 11(3), 51-76.
  • Bae, S. C., Park, B. J. C. & Wang, X. (2008). Multinationality, R&D intensity, and firm performance: evidence from U.S. manufacturing firms. Multinational Business Review, 16(1), 53-78.
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  • Ben-Zion, U. (1984). The R&D and investment decision and its relationship to the firm’s market value: some preliminary results. In U.
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  • Berrone, P., Surroca, J. & Tribo, J. A. (2007). Corporate ethical identity as a determinant of firm performance: a test of the mediating role of stakeholder satisfaction. Journal of Business Ethics, 76(1), 35-53.
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  • Chang, H. & Su, C. (2010). Is R&D always beneficial?. Review of Pacific Basin Financial Markets and Policies, 13(1), 157-174.
  • Chen, T-c., Guo, D-Q., Chen, H-M. & Wei, T-t. (2019). Effects of R&D intensity on firm performance in Taiwan’s semiconductor industry. Economic Research, 32(1), 2377-2392.
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R&D Intensity, Complementary Assets and Firm Value: Time Series Evidence from Turkey

Yıl 2020, Cilt: 70 Sayı: 1, 47 - 72, 30.06.2020

Kartal Demirgüneş Yüksel İltaş

https://doi.org/10.26650/ISTJECON2020-0017

Öz

This paper aims to test the value relevance of R&D intensity and complementary assets on quarterly time-series data regarding the R&D activities of Turkish manufacturing sector (comprising BIST listed manufacturing firms) in the period of 1992.Q1-2019.Q3. The presence of a unit root is tested by Augmented Dickey Fuller (1981) and Zivot and Andrews (1992) tests. Following this, one-break Gregory and Hansen (1996) cointegration test is employed to detect structural break in the cointegrating relationship among series. Finally, the long-run coefficients estimated by Stock and Watson (1993)’s method of DOLS indicate that R&D intensity variable relative to net sales has statistically significant and positive effect on firm value, which then turns negative following the break date. The other R&D intensity variable relative to total assets fails to reveal any significant effect on firm value, both in the pre- and post-break date. Besides, complementary (tangible) assets have statistically significant and negative effect on firm value until the break date and this effect reverses following the break date. The break date of 2005.Q1 can be associated with the time-lag effects of several severe crises that the Turkish economy has experienced between 1999 and 2001.

Anahtar Kelimeler

R&D intensity Firm value Complementary assets Time series analysis Borsa İstanbul

Kaynakça

  • Aboody, L., & Lev, B. (1998). The value relevance of intangibles: the case of software capitalization. Journal of Accounting Research, 36 (3), 161-191.
  • Afuah, A. (2001). Dynamic boundaries of the firm: are firms better off being vertically integrated in the face of a technological change?. Academy of Management Journal, 44(6), 1211-1228.
  • Ahmed, K. & Falk, H. (2006). The value relevance of management’s policy choice of research and development expenditure reporting: evidence from Australia. Journal of Accounting and Public Policy, 25(4), 231-264.
  • Alessandri, T. M. & Pattit, J. M. (2014). Drivers of R&D investment: the interaction of behavioral theory and managerial incentives. Journal of Business Research, 67(2), 151-158.
  • Ali, A., Hwang, L.S. & Trombley, M. A. (2003). Residual-income-based valuation predicts future stock returns: evidence on mispricing vs. risk explanations. Accounting Review, 78(2), 377-396.
  • Arltova, M. & Fedorova, D. (2016). Selection of unit root test on the basis of length of the time series and value of AR(1) parameter. Statistika, 96(3), 47-64.
  • Asthana, S. C. & Zhang, Y. (2006). Effect of R&D investments on persistence of abnormal earnings. Review of Accounting and Finance, 5(2), 124-139.
  • Aucote, H. M., & Gold, R. S. (2005). Non-equivalence of direct and indirect measures of unrealistic optimism. Psychology, Health & Medicine, 10(2), 194-201.
  • Bae, S. C. & Kim, D. (2003). The effect of R&D investments on market value of firms: evidence from the U.S., Germany, and Japan. Multinational Business Review, 11(3), 51-76.
  • Bae, S. C., Park, B. J. C. & Wang, X. (2008). Multinationality, R&D intensity, and firm performance: evidence from U.S. manufacturing firms. Multinational Business Review, 16(1), 53-78.
  • Bena, J. & Li, K. (2014). Corporate innovations and mergers and acquisitions. Journal of Finance. 69(5), 1923-1960.
  • Ben-Zion, U. (1978). The investment aspect of nonproduction expenditures: an empirical test. Journal of Economics and Business, 30(3), 224-229.
  • Ben-Zion, U. (1984). The R&D and investment decision and its relationship to the firm’s market value: some preliminary results. In U.
  • Ben-Zion (Ed.), R&D, Patents, and Productivity (pp. 299312), Chicago, The University of Chicago Press.
  • Berrone, P., Surroca, J. & Tribo, J. A. (2007). Corporate ethical identity as a determinant of firm performance: a test of the mediating role of stakeholder satisfaction. Journal of Business Ethics, 76(1), 35-53.
  • Bhagat S. & Welch I. (1995). Corporate research and development investments international comparisons. Journal of Accounting and Economics, 19(2-3), 443-470.
  • Box, G. E. P. & Jenkins, G. M. (1970). Time series analysis, forecasting and control. San Francisco: Holden-Day Publications.
  • Brand Finance (2019). Brand Finance Global500 Report. January.
  • Callen, J. L. & Morel, M. (2005). The valuation relevance of R&D expenditures: time series evidence. International Review of Financial Analysis, 14(3): 304-325.
  • Chan, L. K. C., Lakonishok, J. & Sougiannis, T. (2001). The stock market valuation of research and development expenditures. Journal of Finance, 61(6), 2431-2456.
  • Chan, S. H., Martin, J. D. & Kensinger, J. W. (1990). Corporate research and development expenditures and share value. Journal of Financial Economics, 26(2), 255-276.
  • Chang, H. & Su, C. (2010). Is R&D always beneficial?. Review of Pacific Basin Financial Markets and Policies, 13(1), 157-174.
  • Chen, T-c., Guo, D-Q., Chen, H-M. & Wei, T-t. (2019). Effects of R&D intensity on firm performance in Taiwan’s semiconductor industry. Economic Research, 32(1), 2377-2392.
  • Chen, Y. & Ibhagui, O. W. (2019). R&D-firm performance nexus: new evidence from NASDAQ listed firms. North American Journal of Economics and Finance, 50(3), 1-16.
  • Choi, S. B. & Williams, C. (2014). The impact of innovation intensity, scope, and spillovers on sales growth in Chinese firms. Asia Pacific Journal of Management, 31(1), 25-46.
  • Cockburn, I. & Griliches, Z. (1988). Industry effects and appropriability measures in the stock market’s valuation of R&D and patents. American Economic Review, 78(2), 419-423.
  • Connolly R. A. & Hirschey M. (2005). Firm size and the effect of R&D on Tobin’s q. R&D Management, 35(2), 217-223.
  • Connolly, R. A. & Hirschey, M. (1984). R&D, market structure and profits: a value-based approach. Review of Economics and Statistics, 66(4), 682-86.
  • Connolly, R. A. & Hirschey, M. (1990). Firm size and R&D effectiveness: a value-based test. Economics Letters, 32(3), 277-281.
  • Corrado, C. A., Haskel, J., Iommi, M. & Jona-Lasinio, C. (2012). Intangible capital and growth in advanced economies: measurement and comparative results. IZA Discussion Papers, No.6733, Institute for the Study of Labor (IZA).
  • Corrado, C. A., Haskel, J., Jona-Lasinio, C. & Iommi, M. (2016). Intangible investment in the EU and US before and since the Great Recession and its contribution to productivity growth. EIB Working Papers, No.2016/08, European Investment Bank (EIB).
  • Czarnitzki, D., Hall, B. H. & Oriani, R. (2006). The market valuation of knowledge assets in US and European firms. In Derek L. Bosworth & Elizabeth Webster (Eds.), The management of intellectual property (pp. 111-131), Cheltenham, UK: Edward Elgar.
  • Daniel K. & Titman, S. (2006). Market reactions to tangible and intangible information. Journal of Finance, 61(4), 1605-1643.
  • Daniel, K. & Titman, S. (1997). Evidence on the characteristics of cross-sectional variation in stock returns. Journal of Finance, 52(1), 1-33.
  • Dickey, D. A & Fuller, W. A. (1981). Distribution of the estimators for autoregressive time series with a unit root. Econometrica, 49(4), 1057-1072.
  • Dickey, D. A. & Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366), 427-431.
  • Dickey, D. A. (1976). Estimation and hypothesis testing in nonstationary time series. Iowa State University Ph.D. Thesis.
  • Doukas, J. & Switzer, L. (1992). The stock market’s valuation of R&D spending and market concentration. Journal of Economics and Business, 44(2), 95-114.
  • Duqi, A., Mirti, R. & Torluccio, G. (2011). An analysis of the R&D effect on stock returns for European listed firms. European Journal of Financial Research, 1(4), 482-496.
  • Eberhart, A. C., Maxwell, W. F. & Siddique, A. R. (2004). An examination of long‐term abnormal stock returns and operating performance following R&D increases. Journal of Finance, 59(2), 623-650.
  • Ehie, I. C. & Olibe, K. (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), 127135.
  • Erickson, G. & Jacobson, R. (1992). Gaining comparative advantage through discretionary expenditures: the returns to R&D and advertising. Management Science, 38(9), 1264-1279.
  • Esteve, V. & Requena, F. (2006). A co-integration analysis of car advertising and sales data in the presence of structural change. International Journal of Economics of Business, 13(1), 111-128.
  • Fama, E. F. & French, K. (1992). The cross section of expected stock returns. Journal of Finance, 47(2), 427-465.
  • Fung, M. K. (2003). To what extent are R&D and knowledge spillovers valued by the market?. Pacific Accounting Review, 15(2), 29-50.
  • Grabinska, B. & Grabinski, K. (2017). The impact of R&D expenditures on earnings management. Argumenta Oeconomica Cracoviensia, 17, 53-72.
  • Green, J. P., Stark, A. W. & Thomas, H. M. (1996). UK evidence on the market valuation research and development expenditures. Journal of Business Finance and Accounting, 23(2), 191-216.
  • Gregory, A. W. & Hansen, B. E. (1996). Residual-based tests for cointegration in models with regime shifts. Journal of Econometrics, 70(1), 99-126.
  • Griffin, J. & Lemmon, M. L. (2002). Book‐to‐market equity, distress risk, and stock returns. Journal of Finance, 57(5), 2317-2336.
  • Griliches, Z. (1981). Market value, R&D, and patents. Economic Letters, 7(2), 183-187.
  • Hall, B. H. (1993). The stock market’s valuation of R&D investment during the 1980’s. American Economic Review, 83 (2), 259-264.
  • Hall, B. H. (2000). Innovation and market value. In R. Barrell, G. Mason & M. O’Mahoney (Eds.), Productivity, innovation and economic performance (pp. 177-198), Cambridge, UK: Cambridge University Press.
  • Hall, R. (1992). The strategic analysis of intangible resources. Strategic Management Journal, 13(2), 135-144.
  • Hartmann, G., Myers, M. & Rosenbloom, R. (2006). Planning your firm’s R&D investment. ResearchTechnology Management, 49(2), 25-36.
  • Healy, P. M., Myers, S. C., & Howe, C. D. (2002). R&D accounting and the tradeoff between relevance and objectivity. Journal of Accounting Research, 40 (3), 677-710.
  • Heeley, M. B. & Jacobson, R. (2008). The recency of technological inputs and financial performance. Strategic Management, 29(7), 723-744.
  • Hirsch-Kriensen, H. (2008). Low-technology: a forgotten sector in innovation policy. Journal of Technology Management and Innovation, 3(3), 11-20.
  • Jaffe, A. (1986). Technological opportunity and spillovers of R&D: evidence from firms’ patents, profits, and market value. American Economic Review, 76(5), 984-1001.
  • Jen, W. & Scott, D. (2017). The all-tech portfolio. Fortune, 176(8), 70-80.
  • Johansen, S. (1991). Estimation and hypothesis testing of co-integration vectors in Gaussian vector autoregressive models. Econometrica, 59(6), 1551-1580.
  • Joseph, G. (2001). An incremental and relative analysis of the valuation of R&D intensive firms. Accounting Enquiries, 10(2), 243-274.
  • Kahneman, D. & Lovallo, D. (1993). Timid choices and bold forecasts: a cognitive perspective on risk taking. Management Science, 39(1), 17-31.
  • Katila, R. & Ahuja, G. (2002). Something old, something new: a longitudinal study of research behavior and new product introduction. Academy of Management Journal, 45(8), 1183-1194.
  • Kim, W. S., Park, K., Lee, S. H. & Kim, H. (2018). R&D investments and firm value: evidence from China. Sustainability, 10(11): 1-17.
  • Kothari, S. P., Laguerre, T. E. & Leone, A. J. (2002). Capitalization versus expensing: evidence on the uncertainty of future earnings from capital expenditure versus R&D outlays. Review of Accounting Studies, 7(3), 355-382.
  • Kwiatkowski, D., Phillips, P. C. B., Schmidt, P. & Shin, Y. (1992). Testing the null hypothesis of stationary against the alternative of a unit root: how sure are we that economic time series have a unit root?”, Journal of Econometrics, 54(1-3), 159-178.
  • Lakonishok, J., Shleifer, A. & Vishny, R. W. (1994). Contrarian investment, extrapolation, and risk. Journal of Finance, 49(5), 1541-1578.
  • Lee, M. & Choi, M. (2015). Analysis on time-lag effect of research and development investment in the pharmaceutical industry in Korea. Osong Public Health and Research Perspectives, 6(4), 241248.
  • Lee, S-H. & Makhija, M. (2009). Flexibility in internationalization: is it valuable during an economic crisis?. Strategic Management Journal, 30(5), 537-555.
  • Lev, B., & Sougiannis, T. (1996). The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics, 21(1), 107-138.
  • Li, D. (2011). Financial constraints, R&D investment, and stock returns. The Review of Financial Studies, 24(9), 2974-3007.
  • Lin, B-W., Lee, Y. & Hung, S. C. (2006). R&D intensity and commercialization orientation effects on financial performance. Journal of Business Research, 59(6), 679-685.
  • Lin, Z. J., Yang, H. & Arya, B. (2009). Alliance partners and firm performance: resource complementarity and status association. Strategic Management Journal, 30(9), 921-940.
  • Liu, Q. & Song, F. (2001). The rise and fall of internet stocks: should financial analysts be blamed?. Working Paper, School of Economics, University of Hong Kong.
  • MacKinnon, J. G. (1991). Critical values for cointegration tests. In Engle, R. F. & Granger, C. W. J. (Eds.), Long Run Economic Relationships. Oxford University Press, 267-276.
  • Marr, B. & Chatzkel, J. (2004). Intellectual capital at the crossroads: managing, measuring, and reporting of IC. Journal of Intellectual Capital, 5(2), 224-229.
  • Naik, P. K. (2014). R&D intensity and market valuation of firm: a study of R&D incurring manufacturing firms in India. Journal of Studies in Dynamics and Change, 1(7), 295-308.
  • OECD (2002). Frascati Manual. Proposed Standard for Surveys on Research and Experimental Development, 6th Revision, Paris.
  • Oriani, R. & Sobrero, M. (2003). A meta-analytic study of the relationship between R&D investments and corporate value. In M. Calderini, P. Garrone & M. Sobrero (Eds.), Corporate Governance, Market Structure and Innovation (pp. 177-199), Cheltenham, UK: Edward Elgar.
  • Pantagakis, E., Terzakis, D. & Arvanitis, S. (2012). R&D investments and firm performance: an empirical investigation of the high technology sector (software and hardware) in the E.U. Available at SSRN: https://ssrn.com/abstract=2178919.
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  • Phillips, P. C. B. & Perron, P. (1988). Testing for a unit root in a time series regression. Biometrika, 75(2), 335-346.
  • Shortridge, R. T. (2004). Market valuation of successful versus non-successful R&D efforts in the pharmaceutical industry. Journal of Business Finance & Accounting, 31(9): 1301-1325.
  • Stock, J. H. & Watson, M. W. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica, 61(4), 783-820.
  • Teece, D. J. (1986). Profiting from technological innovation: implications for integration, collaboration, licensing and public policy. Research Policy, 15(6), 285-305.
  • Tubbs, M. (2008). Where are all the high-leverage innovators?. Research Technology Management, 51(4), 3-5.
  • Wang, H., Zhao, Y. & Cao, J. (2011). An empirical study on the relationship between R&D input and profitability of high-tech enterprises in China. Paper presented at the Computer Science and Service System (CSSS), 2011 International Conference, Nanjing, China.
  • Wang, Y. & Fan, W. (2014). R&D reporting methods and firm value: evidence from China. Chinese Management Studies, 8(3), 375-396.
  • Wang, Y. & Thornhill, S. (2010). R&D investment and financing choices: a comprehensive perspective. Research Policy, 39(9), 1148-1159.
  • Wang, Y., Rong, D., Koong, K. S. & Fan, W. (2017). Effects of R&D policy choice on accounting performance and market value. R&D Management, 47(4), 545-556.
  • Warren, G. (2014). Long-term investing: what determines investment horizon?. Center for International Finance and Regulation (CIFR) Research Working Paper, May 2014.
  • Xu, B., Magnan, M. & Andre, P. (2007). The stock market valuation of R&D information in biotech firms. Contemporary Accounting Research, 24(4), 1291-1318.
  • Xu, J. & Jin, Z. (2016). Research on the impact of R&D investment on firm performance in China’s internet of things industry. Journal of Advanced Management Science, 4(2), 112-116.
  • Zhang, M. & Mohnen, P. (2013). Innovation and survival of new firms in Chinese manufacturing, 2002006. Merit Working Papers, 91(6), 33-51.
  • Zhao, Y. H. & Xu, M. (2013). Research of the influence of R&D input on enterprises’ performancebased on the panel data of the Yangtze delta from 2006 to 2010. Science and Technology Management Research, 12(12), 95-98.
  • Zhou, Y. & Zeng, J. (2011). Empirical research on the relationship between R&D investment and firm value-based on the data of listed companies in Shanghai and Shenzhen stock exchange. Science of Science and Management of S.&T., 32(1), 146-151.
  • Zivot, E. & Andrews, D. W. K. (1992). Further evidence of the Great Crash, the Oil-Price Shock and the unit root hypothesis, Journal of Business and Economic Statistics, 10(3), 251-270.
Toplam 98 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Araştırma Makalesi
Yazarlar

Kartal Demirgüneş Bu kişi benim 0000-0002-6305-0967

Yüksel İltaş 0000-0001-8853-838X

Yayımlanma Tarihi 30 Haziran 2020
Gönderilme Tarihi 11 Mayıs 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 70 Sayı: 1

Kaynak Göster

APA Demirgüneş, K., & İltaş, Y. (2020). R&D Intensity, Complementary Assets and Firm Value: Time Series Evidence from Turkey. İstanbul İktisat Dergisi, 70(1), 47-72. https://doi.org/10.26650/ISTJECON2020-0017
AMA Demirgüneş K, İltaş Y. R&D Intensity, Complementary Assets and Firm Value: Time Series Evidence from Turkey. İstanbul İktisat Dergisi. Haziran 2020;70(1):47-72. doi:10.26650/ISTJECON2020-0017
Chicago Demirgüneş, Kartal, ve Yüksel İltaş. “R&D Intensity, Complementary Assets and Firm Value: Time Series Evidence from Turkey”. İstanbul İktisat Dergisi 70, sy. 1 (Haziran 2020): 47-72. https://doi.org/10.26650/ISTJECON2020-0017.
EndNote Demirgüneş K, İltaş Y (01 Haziran 2020) R&D Intensity, Complementary Assets and Firm Value: Time Series Evidence from Turkey. İstanbul İktisat Dergisi 70 1 47–72.
IEEE K. Demirgüneş ve Y. İltaş, “R&D Intensity, Complementary Assets and Firm Value: Time Series Evidence from Turkey”, İstanbul İktisat Dergisi, c. 70, sy. 1, ss. 47–72, 2020, doi: 10.26650/ISTJECON2020-0017.
ISNAD Demirgüneş, Kartal - İltaş, Yüksel. “R&D Intensity, Complementary Assets and Firm Value: Time Series Evidence from Turkey”. İstanbul İktisat Dergisi 70/1 (Haziran 2020), 47-72. https://doi.org/10.26650/ISTJECON2020-0017.
JAMA Demirgüneş K, İltaş Y. R&D Intensity, Complementary Assets and Firm Value: Time Series Evidence from Turkey. İstanbul İktisat Dergisi. 2020;70:47–72.
MLA Demirgüneş, Kartal ve Yüksel İltaş. “R&D Intensity, Complementary Assets and Firm Value: Time Series Evidence from Turkey”. İstanbul İktisat Dergisi, c. 70, sy. 1, 2020, ss. 47-72, doi:10.26650/ISTJECON2020-0017.
Vancouver Demirgüneş K, İltaş Y. R&D Intensity, Complementary Assets and Firm Value: Time Series Evidence from Turkey. İstanbul İktisat Dergisi. 2020;70(1):47-72.
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