Determinants of research and development investments of firm and impact on financial performance: Manufacturing industry example of Turkey

R&D investments, which are one of the popular topics in recent years, appear to be an important factor for both firms and countries. Today, it is seen that the companies that invest the most in R&D and the countries have the most developed companies and countries. This indicates that R&D investments are the driving force behind firms and countries' economic growth The study has two main objectives. The first and most important aim of the study is to determine the factors affecting R&D investments of manufacturing industry in The Stock Exchange Istanbul manufacturing industry with its annual data for the period 2008-2016. According to the analysis results; It has been determined that cash holding, leverage, firm size, future investment opportunities, fixed asset investments and ownership in models created by are meaningful in general, that is, they affect R&D investments. The second phase of the study is to examine the impact of R&D investments on the financial performance of companies. According to the analysis results, it was determined that R&D investments had a positive impact on the financial performance except for models where growth was used as a financial performance indicator