Financing R&D and shaping capital structure in Türkiye

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-03-31 DOI:10.1016/j.bir.2026.100820

Vijdan Uğurluay, Jale Oran

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Abstract

This study explores how financial constraints shape firms’ innovation activities and capital structure choices when financing research and development (R&D). The main objective is to determine whether internal finance helps firms sustain R&D investment when access to external funds becomes limited, especially during periods of high inflation and economic instability. Examining firm-level data from Borsa Istanbul (BIST) covering 2010–2024, this study analyzes the link between internal cash flow and R&D spending. To address potential endogeneity and unobserved firm heterogeneity, several econometric methods are applied, including fixed effects and generalized method of moments (GMM) estimators. The findings indicate that internal finance is a key factor supporting R&D expenditures. In addition, R&D investment is not found to be significantly associated with long-term leverage, likely because R&D projects are risky and lack collateral value. Overall, this study highlights that macroeconomic stability and improved financing conditions are necessary to strengthen innovation in emerging markets.

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企业研发融资与资本结构塑造

本研究探讨了财务约束如何影响企业在研发融资时的创新活动和资本结构选择。主要目标是确定当获得外部资金变得有限时，特别是在高通货膨胀和经济不稳定时期，内部资金是否有助于公司维持研发投资。本研究检视伊斯坦布尔证券交易所（Borsa Istanbul， BIST） 2010-2024年的企业数据，分析内部现金流与研发支出之间的关系。为了解决潜在的内质性和未观察到的企业异质性，应用了几种计量经济学方法，包括固定效应和广义矩量法（GMM）估计器。研究结果表明，内部财务是支持研发支出的关键因素。此外，研发投资并未发现与长期杠杆有显著关联，可能是因为研发项目有风险且缺乏抵押品价值。总体而言，本研究强调宏观经济稳定和融资条件改善是加强新兴市场创新的必要条件。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations