İŞLETMELERİN AR-GE VE PAZARLAMA HARCAMALARININ PAY DEĞERİ ÜZERİNDEKİ ETKİSİ

Scientific and technological developments lead firms to be more RD oriented. Furthermore, intense global competition encourages firms to different marketing approaches for business success. These two instruments develop distinctive capabilities of firms and provide new competitive advantages to the firm. Thus, firm performance is influenced by these advantages in a positive way. Stock value is also affected by these advantages. In this study, we investigated the effects of marketing and RD expenses on stock value. In this direction, we selected three firms which operate in the cement sector and are traded in BIST. After obtaining the data, panel data regression analysis has been used to explore the research problem. According to the findings, marketing and RD expenditures effect stock values positively. Most of the results are consistent with the previous studies. There are some inconsistent results that are thought to stem from the research constraints.