Özet:

Because of “wait and see” approach in business the general consensus is that uncertainty negatively affects capital investment. But a different result may emerge in R&D investment. Businesses with strategic decision making may increase R&D investment under uncertainty to aim to attain long term competitive position. The aim of this study is to examine the effect of uncertainty in the stock returns of firms on R&D investment of the firm. In this study, the data between the years of 2006-2016 of 74 enterprises operating in the manufacturing sector registered in Borsa Istanbul and whose data have been accessed regularly, were analyzed by Panel GMM method. As uncertainty measure the volatility of firms’ stock market prices is used. In this study the result of panel data analysis conducted on manufacturing industry firms traded in Borsa İstanbul is that R&D investment increases in periods when uncertainty increases.

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