Araştırma Makalesi
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A Comparative Analysis Of Socially Responsible Investing For Borsa Istanbul Stock Market

Yıl 2018, Sayı: 110, 199 - 216, 10.11.2018
https://doi.org/10.33203/mfy.431062

Öz

The purpose of
this study is to examine
the stock market performance and accounting
performance of Participation 30 Index (KATLM), Corporate Governance Index
(XKURY) and Sustainability Index (XUSRD), all of which are calculated by Borsa Istanbul
(BIST) stock market. The companies in these indexes are approved as companies
making socially-responsible investments.  
Design/methodology/approach – The
risk-adjusted performance measures, Sharpe Ratio, Treynor Measure, Jensen
Measure, Information Ratio, M2 Performance Measure and  T2 Performance Measure were used
in this article to calculate the stock market performance. The return on assets
(ROA) and return on equity (ROE) were used as accounting based performance
measures. The results show that there is a positive relation between social
responsibility and financial performance for companies in BIST.
Research limitations/implications - BIST Sustainability Index has
started to be computed as of November 2014, and it is one of the limitations of
this study. Practical implications – First, t
he shortage of investment
alternatives of companies covered within the context ethical finance is not a
disadvantage for them. Second, Islamic Finance, which can be investigated
within the context of ethical finance, has become popular in recent years in
Turkey. KATLM Index, which is consisted of stocks of the companies operating
compatible with the principles of participation banking, is an alternative
for risk averse investors. Originality/value - Turkish stock market is an
emerging financial market. The findings of this study has implications for
local and international investors for designing trading strategies, drawing
investment decisions and risk management.

Kaynakça

  • REFERENCESABBOTT, W. F., and MONSEN, R. J. (1979), “On the measurement of corporate social responsibility: Self-report disclosure as a method of measuring social involvement”, Academy of Management Journal, 22, pp. 501-515.ALPASLAN A., and AYGÜN M. (2013), “Kurumsal Sorumluluk ve Firma Performansı”, Süleyman Demirel University, The Journal of Faculty of Economics and Administrative Sciences, Vol.18 No. 1, pp. 435-448.ALEXANDER, G. J., and BUCHHOLZ, R. A. (1978), “Corporate social responsibility and stock market performance”, Academy of Management Journal, Vol. 21, pp. 479-486.ATEŞOĞLU İ., and TÜRKER A. (2010), “Konaklama İşletmelerinin Sosyal Sorumluluk Faaliyetlerine Yaklaşımı:Muğla İli Örneği”, Süleyman Demirel University, The Journal of Faculty of Economics and Administrative Sciences, Vol. 15 No. 3, pp. 207-226.BAŞAR B. (2014), “Kurumsal Sosyal Sorumluluk Raporlaması ve Finansal Performans Arasındaki İlişki:Borsa İstanbul’da İşlem Gören Kimya Petrol Plastik Sektörü Şirketleri Üzerinde Bir Araştırma”, Celal Bayar University İİBF , Vol. 21 No. 2.BAŞAR B., and BAŞAR M. (2006), “Sosyal Sorumluluk Raporlaması ve Türkiye’deki Durumu”, Anadolu University, Journal of Social Sciences, pp. 213-230.BERMAN SL, Wicks AC, KOTHA S, JONES TM. (1999), “Does stakeholder orientation matter? The relationship between stakeholder management models and the firm financial performance”, Academy of Management Journal, Vol. 42 No. 5, pp. 488-506.BODİE Z., Kane, A., MARCUS, A.J. (2005), "Investments", McGraw-Hill.BOWMAN, E. H., and HAIRE, M (1975), “A strategic posture toward corporate social responsibility”, California Management Review, Vol.18 No. 2, pp. 49-58.BRAGDON, J. H., and MARLIN, J. A. T. (1972), “Is pollution profitable?”, Risk Management, Vol. 19 No. 4, pp. 9-18.ÇELIK İ., DINÇER H., YILMAZ R. (2012), “İMKB’de İşlem Gören Bankaların Kurumsal Sosyal Sorumluluk Çalışmalarının Finansal Sonuçları Üzerinde Kurumsal Yönetim İlkeleri Çerçevesinde Bir İnceleme”, Beykent University, Journal of Social Sciences, Vol. 5 No. 2, pp. 37-63.
  • ÇITAK L., and ERSOY E. (2016), “Firmaların BIST Sürdürülebilirlik Endeksine Alınmasına Yatırımcı Tepkisi: Olay Çalışması Ve Ortalama Testleri İle Bir Analiz”, International Journal of Alanya Faculty of Business, Vol. 8 No.1, pp. 43-57.CINGÖZ A., and AKDOĞAN A. (2012), “İşletmelerin Kurumsal Sorumluluk Faaliyetleri”, Atatürk University Journal of Social Sciences, Vol.16 No. 3, pp. 331-349.COFFEY BS, FRYXELL GE. (1991), “Institutional Ownership of Stock and Dimensions of Corporate Social Performance: An Empirical Examination”, Journal of Business Ethics, Vol. 10 No. 6, pp. 437-444.GRIFFIN JJ, MAHON JF. (1997), “The corporate social performance and corporate financial performance debate”, Business & Society, Vol. 36 No. 1.HEINZE, D. C. (1976), “Financial correlates of a social involvement measure”, Akron Business and Economic Review, Vol. 7 No. 1, pp. 48-51.HILLMAN AJ, KEIM GD. (2001), “Shareholder value, stakeholder management, and social issues: What’s the bottom line?” Strategic Management Journal, Vol. 22 No. 2, pp.125-139.MARGOLIS J, WALSH J. (2001), “People and profits?”, Lawrence Erlbaum Associates: New Jersey.MARGOLIS J, WALSH J. (2003), “Misery loves companies: Rethinking social initiatives by business”, Administrative Science Quarterly, Vol. 48, pp. 268-305.MCWILLIAMS, A., and D. SIEGEL (2000), “Corporate social responsibility and financial performance: Correlation or misspecification?”, Strategic Management Journal, Vol. 21 No. 5, pp. 603-609.
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  • NELSON, Daniel B. (1991), “Conditional Heteroskedasticity in Asset Returns: A New Approach”, Econometrica, Vol. 59 No. 2, pp. 347-370.
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  • PELIT E., KELEŞ Y.,ÇAKIR M., (2009), “Otel İşlemelerinde Sosyal Sorumluluk Uygulamalarının Belirlenmesine Yönelik Bir Araştırma”, Celal Bayar University, Vol. 16 No. 2.POST JE, PRESTON LE, SACHS S. (2002), “Managing the extended enterprise: The new stakeholder view”, California Management Review, Vol. 45 No. 1, pp. 6-28.ROMAN R, Hayibor S, AGLE BR (1999), “The relationship between social and financial performance”, Business & Society, Vol. 38 No. 1.SHARPE, W. F. (1966), “Mutual fund performance”, The Journal of Business, Vol. 39 No. 1, pp. 119-138.
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Toplam 8 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Nalan Ece

Yayımlanma Tarihi 10 Kasım 2018
Gönderilme Tarihi 5 Haziran 2018
Yayımlandığı Sayı Yıl 2018 Sayı: 110

Kaynak Göster

APA Ece, N. (2018). A Comparative Analysis Of Socially Responsible Investing For Borsa Istanbul Stock Market. Maliye Ve Finans Yazıları(110), 199-216. https://doi.org/10.33203/mfy.431062

Dergi özellikle maliye, finans ve bankacılık alanlarında faaliyet göstermektedir.