İnovasyon ve sürdürülebilirlik arasındaki etkileşim: Türk firmalarında esg ve ar-ge yoğunluğunun finansal performans üzerindeki etkisi
The interplay between innovation and sustainability: The impact of esg and r&d intensity on financial performance in Turkish firms
- Tez No: 1024309
- Danışmanlar: DOÇ. DR. CEMİL CEYLAN
- Tez Türü: Yüksek Lisans
- Konular: Endüstri ve Endüstri Mühendisliği, Industrial and Industrial Engineering
- Anahtar Kelimeler: Sürdürülebilirlik, Sürdürülebilirlik endeksi, İnovasyon, Sustainability, Sustainability index, Innovation
- Yıl: 2026
- Dil: Türkçe
- Üniversite: İstanbul Teknik Üniversitesi
- Enstitü: Lisansüstü Eğitim Enstitüsü
- Ana Bilim Dalı: Endüstri Mühendisliği Ana Bilim Dalı
- Bilim Dalı: Endüstri Mühendisliği Bilim Dalı
- Sayfa Sayısı: Belirtilmemiş.
Özet
Son dönemde yapılan araştırmalar, bir firmanın rekabette öne çıkmasının temel nedeni olarak; üretim hacmine dayalı model yerine, daha çok bilim temelli inovasyon ve sürdürülebilirliğe dayalı modeli tercih ettiğini göstermektedir. Sürdürülebilirlik gerekliliği, özellikle Avrupa Birliği başta olmak üzere temel ihracat ortakları tarafından dayatılan katı düzenlemelere tabii olan Türkiye gibi gelişmekte olan piyasalardaki firmalar için kritik bir öneme sahiptir. Bu çalışma; Ar-Ge yoğunluğu, sürdürülebilirlik performansı ve firmanın finansal performansı arasındaki karmaşık ilişkileri incelemektedir. Bu konuyu Türkiye bağlamında ele almaktadır. Ayrıca bu stratejik harcamaların finansal getirisini aynı yıl içinde mi yoksa gecikmeli mi sağladığı tartışılmaktadır. Ampirik analiz, Borsa İstanbul'da (BIST) işlem gören şirketlerin 2020-2024 dönemini kapsayan veri setine dayanmaktadır. İlk aşamadaki statik analizler; ESG, Ar-Ge ve kârlılık arasında pozitif bir bağ olduğunu öne sürmektedir. Fakat bu tablo geçmiş performans hesaba katıldığında değişmiştir. İstatistiksel sapmaları düzeltmek amacıyla, geçmiş finansal performansın sürekliliğini dikkate alan dinamik bir panel veri modeli geliştirilmiştir. Modelden elde edilen bulgular, bir firmanın mevcut kârlılığının en güçlü belirtisinin bir önceki yıl elde ettiği kâr olduğunu ortaya koymuştur. Bu momentum etkisi istatistiksel olarak kontrol edildiğinde, sürdürülebilirlik faaliyetlerinin ve Ar-Ge yatırımının kısa zamanda finansal etkisi anlamsız bulunmuştur. Bu bulgular; inovasyon ve sürdürülebilirliğin kısa vadeli kâr maksimizasyonu mekanizmaları değil, pazar erişimi ve varlığını sürdürme için uzun vadeli stratejik gereklilikler olduğunu göstermektedir.
Özet (Çeviri)
Modern competition has fundamentally shifted from traditional volume-based production toward models rooted in science-based innovation and sustainability. This transition is particularly critical for firms in emerging markets like Türkiye, which face stringent environmental regulations from key export partners, notably the European Union. Thisresearchinvestigatesthe complex relationships between Research and Development (R&D) intensity, Environmental, Social, and Governance (ESG) performance, and corporate financial performance as measured by Return on Assets (ROA). Utilizing a dataset of firms listed on Borsa Istanbul (BIST) from 2020 to 2024, the study employs both static and dynamic panel data modelstodeterminewhetherthesestrategicinvestmentsyieldimmediatefinancialreturnsorfunction as long-termsurvivalmechanisms. Industrial success is no longer defined by economies of scale alone, as competitive benchmarks have migrated from tangible assets to intangible capabilities such as scientific competence and technological sophistication. For Turkish firms, this shift is a practical necessity driven by geopolitical realities and the introduction of the European Green Deal. Frameworks such as the Carbon Border Adjustment Mechanism (CBAM), effective in 2026, impose carbon-related costs on high-intensity imports, transforming green investment into a“license to operate”in European markets. Prominenteconomistssuggestthat Türkiye has a narrow 15-to-20-year window to catch up with global technological acceleration before demographicshiftsandtechnologicalgapsbecomeinsurmountable, makingthetransitionfrombasicmanufacturingtohigh-value-addedproduction an urgentpriority. The Turkish industrial environment is uniquely defined by a combination of external regulatory shocks and internal government incentives. While the European Union's climate policies act as an external pressure, the Turkish government has implemented the domestic Law No. 5746 to support R&D and design activities through significant tax deductions and social security support. Since the Turkish economy is dominated by small and medium-sized enterprises (SMEs) that often face severe resource constraints, these public incentives are vital for lowering the financial barriers to innovation. However, managers still face the difficult task of balancing theimmediatecashflowrequirements of theirbusinesseswiththelong-termcapitaldemands of sustainabilityreportingandtechnologicaldevelopment. Theoretically, this study draws on the Resource-Based View, which posits that R&D creates unique and non-imitable assets that drive long-term value, and Stakeholder Theory, which suggests that high ESG performance reduces information asymmetry and lowers the cost of capital. There is a persistent debate regarding whether these two strategies work in synergy or competition. While some argue that environmental pressure spurs efficiency, others contend that in emerging markets, ESG and R&D often compete for the same limited financial resources. This tension suggests that therelationshipbetweenstrategicinvestmentandprofitability is rarelylinearand is oftensubjecttosignificant time lags. To test these relationships, a dataset of approximately 140 firm-year observations was analyzed using financial metrics from Refinitiv and R&D data compiled from the“R&D 250”reports. The methodology employed a two-stage analytical strategy using SPSS. The first stage utilized a static model which initially suggested a positive correlation between ESG, R&D, and current profitability. However, diagnostic tests revealed significant autocorrelation, indicating that the static model likely overestimated the significance of these variables by ignoring the inherent“inertia”of financial data. This ledtothedevelopment of a dynamic model tobetteraccountforthepersistence of profitover time. The findings from the dynamic analysis diverged radically from the initial static results. By including the previous year's profitability as a predictor, the model demonstrated a“profit persistence”coefficient exceeding 0.90, confirming that the strongest predictor of a firm's current financial health is its historical performance. Oncethis momentum was statistically controlled, the immediate impacts of ESG scores and R&D intensity became insignificant. This indicates that while successful and profitable firms have the resources to invest in these areas, theinvestmentsthemselves do not generate a detectablespike in profitswithinthesamefiscalyear. The empirical findings reveals that while ESG performance and R&D intensity do not yield any detectable positive impact on financial performance (ROA) in the short term, they should not be dismissed as value-destructive expenses. Instead, these investments emerge as vital long-term strategic necessities. They function as an essential 'entry fee' to secure market presence, facilitateinternationaltradeandensureinstitutionalsurvivalratherthanserving as immediateprofit-maximizationlevers. The lack of immediate financial returns from ESG and R&D is consistent with the“time lag”theory of investment. Costs associated with R&D and sustainability compliance are recorded as immediate expenses, which naturally reduce net income in the short term. The financial benefits—such as avoiding future carbon taxes, accessing green loans with lower interest rates, or capturing new market segments—typically materialize only in subsequent periods. Furthermore, the results touch upon the“decoupling”phenomenon, where some firms might prioritize symbolic ESG reporting to satisfy regulators without truly integrating sustainable practices into their coreoperations, leadingtohighscoresthat do not reflectoperationalefficiency. In conclusion, this research confirms that for Turkish firms, innovation and sustainability are long-term strategic necessities rather than short-term profit levers. These activities represent an“entry fee”for maintaining future competitiveness in the global arena. Specifically, the study clarifies that the financial returns of innovation and sustainability initiatives are subject to a significant time lag; they act as a contemporary cost driver but a deferred strategic reward. Therefore, thecorefinding highlights that ESG compliance and R&D expenditures in Turkish firms lack immediate financial returns, yet they carry profound long-term strategic importance as mandatory pillars for future global competitiveness. Managersareencouragedto resist the pressure to cut these budgets during economic downturns, recognizing that the benefits are deferred. Simultaneously, for policymakers, the findings underscore the necessity of maintaining and expanding public support systems to bridge the gap betweentheimmediatecosts ofthegreentransitionandthedelayedstrategicrewards, ensuringthelong-termsurvival of theTurkishindustrialsector.
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