A Research on the Mediating Role of Research and Development (R&D) Capacity in the Relationship between Entrepreneurship Orientation and Financial Performance: Istanbul and Kocaeli Region Example

The aim of this study is to investigate whether the Research and Development (R&D) capacity has a mediator role in the impact of entrepreneurship orientation on financial performance by using the Structural Equation Model (SEM). For this purpose, the Structural Equation Model (SEM) was used in the analysis of 130 data obtained from the business managers through the survey method. In the analysis where R&D capacity is used as a mediator variable, the results of the analysis confirmed that entrepreneurship orientation does not have a direct effect on financial performance, but indirectly through its R&D capacity. In addition, while the R&D capacity and international experience confirmed the direct effect of the financial performance, the firm did not support the effect of its age on financial performance.