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EFFECT OF DISCLOSURES ON SUSTAINABILITY PERFORMANCE INDICATORS ON FINANCIAL PERFORMANCE: AN APPLICATION IN BIST

Yıl 2018, Cilt: 11 Sayı: 1, 93 - 117, 01.03.2018
https://doi.org/10.29067/muvu.372882

Öz

The main purpose of this research is to examine the impact of disclosed sustainability information level on the financial performance of companies. For this purpose the period from 2008 to 2014 of 30 publicly traded companies that prepare reports according to GRI reporting principles and are traded on the BIST are included. The level of sustainability information disclosed in the sustainability reports has been investigated as economic, environmental and social performance. Financial performance is measured by financial ratios such as asset profitability, return on equity, MV/BV ratio and P/E ratio. Panel data analysis method was applied in the research and the sector has been added as a control variable. As a result of this research, the level of information disclosed for environmental performance has positive effect on the return on assets and the return on equity, and the level of information disclosed on social performance has positive effect on the return on assets.

Kaynakça

  • Alexander, G. J., Buchholz, R. A. (1978). Corporate social responsibility and stock market performance. Academy of Management Journal, 21(3), 479- 486.
  • Ameer, R., Othman, R. (2012). Sustainability practices and corporate financial performance: A study based on the top global corporations. Journal Business Ethics, 108, 61-79.
  • Arsoy, A.P., Arabacı, Ö., Çiftçioğlu A. (2012). Corporote social responsibility and financial performance relationship: The case of Turkey. Muhasabe ve Finansman Dergisi, 53(1), 159-176.
  • Aupperle, K. E., Carroll, A. B., Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal, 28(2), 446-463.
  • Backström, S.L., Karlsson, J. (2015). Corporate sustainability and financial performance-the influence of board diversity in a Swedish context. Master Tezi. İsveç: Uppsala Üniversitesi.
  • Baltagi, B.H. (2005). Econometric analysis of panel data.(3rd edition). İngiltere: John Wiley & Sons.
  • Belu, C. (2009). Ranking Corporations Based on Sustainable and Socially Responsible Practices. A Data Envelopment Analysis (DEA) Approach. Sustainable Development, 17, 257-268.
  • BIST, (2014). Sürdürülebilirlikle İlgili Özet Bilgiler. Erişim tarihi:10.06.2014. http://borsaistanbul.com/datum/surdurulebilirlik/SURDURULEBILIRLIK_ OZET_BILGILER.pdf
  • Brutland, G.H. (1987). Our common future, report of the world commission on environment and development. Erişim tarihi: 25.08.2013. http:// www.un-documents.net/our-common-future.pdf
  • Choi, J., Wang, H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic Management Journal, 30, 895- 907.
  • Cornell, B., Shapiro, A.C. (1987). Corporate stakeholders and corporate finance. Financial Management, Spring 1987, 5-14.
  • Erdemi, D. B. (2015). AR-GE yatırımları finansal performans ilişkisi: Bir panel veri analizi. Yüksek Lisans Tezi. İstanbul: Yıldız Teknik Üniversitesi.
  • Friedman, M. (1970). The social responsibility of business is to increase its profits”, New York Times Magazine, Eylül 13, 122-126.
  • Greene, W.H. (2002). Econometric analysis. (5th edition). ABD: Prentice Hall.
  • GRI, (2016). About GRI. Erişim tarihi: 13.02.2016. https://www.globalreporting. org/information/about-gri/Pages/default.aspx.
  • Gujarati, D.N., Porter, D.C. (2014). Temel ekonometri. (Çev. Ü. Şenesen ve G. Günlük Şenesen). İstanbul: Literatür Yayınları.
  • Kutlar, A. (2005). Uygulamalı Ekonometri. (2.baskı). Ankara: Nobel Yayın Dağıtım.
  • Lee, D.D., Faff, R.W., Smith, K.L. (2009). Revisiting the vexing question: Does superior corporate social performance lead to improved finacial performance. Australian Journal of Management, 34(1), 21-49.
  • Lopez, M.V., Garcia, A., Rodriguez, L. (2007). Sustainable development and corporate performance: A study based on the Dow Jones Sustainability Index. Journal of Business Ethics, 75, 285-300.
  • Lozano, R., Huisingh, D. (2011). Inter-linking Issues and Dimensions in Sustainability Reporting. Journal of Cleaner Production, 19 (2011), 99–107.
  • McWilliams, A., Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117-127.
  • Morhardt, J.E., Baird, S., Freeman, K. (2002). Scoring corporate environmental and sustainability reports using GRI 2000, ISO 14031 and other criteria. Corporate Social Responsibility and Environmentol Management, 9, 215-233.
  • Moskowitz, M. R. (1972). Choosing socially responsible stocks. Business and Society, 1, 71-75.
  • Nyit Chiong, P.T.(2010). An Examination of Corporate Sustainability Disclosure Level and Its Impact on Financial Performance. Doktora Tezi. Malezya: Multimedia University.
  • Onay, A. (2015). Sürdürülebilir Kalkınma, Kurumsal Sürdürülebilirlik ve Sürdürülebilirlik Raporlaması. Elektronik Mesleki Gelişim ve Araştırma Dergisi, Aralık 2015, 3(Özel Sayı), 104-118.
  • Önce, S., Onay, A., Yeşilçelebi, G. (2015) Kurumsal Sürdürülebilirlik Raporlaması ve Türkiye’deki Durum. Journal of Economics Finance and Accounting, 2 (2), 230-252.
  • Özçelik, F., Öztürk, B.A., Gürsakal, S. (2014). Investigating the relationship between corporate social responsibility and financial performance in Turkey. Atatürk Üniversitesi İİBF Dergisi, 28(3), 189-202.
  • Pazarlıoğlu, M. V., Gürler, Ö. K. (2007). Telekomünikasyon yatırımları ve ekonomik büyüme: Panel veri yaklaşımı. Finans Politik & Ekonomik Yorumlar, 44(508), 35-43.
  • Peters, R., Mullen, M.R. (2007). Some evidence of the cumulative effects of corporate social responsibility on financial performance. The Journal of Global Business Issues, 3(1), 1-15.
  • Preston, L.E., Q’Bannon D.P. (1997). The Corporate Social-Financial Performance Relationship: A Typology Analysis. Business and Society, 36(4), 419-429.
  • Salzman, O., Somers, A.I., Steger, U. (2005). The business case for corporate sustainability: Literatür review and research options. Europen Management Journal, 23(1), 27-36.
  • Tatoğlu, F.Y. (2013). İleri panel veri analizi stata uygulamalı (2.baskı). İstanbul: Beta Basım Yayım Dağıtım.
  • Tatoğlu, F.Y. (2016). Panel veri ekonometrisi (3.baskı). İstanbul: Beta Basım Yayım Dağıtım.
  • Ullman, A. (1985). Data in search of a theory: A critical examination of the relationships among social performance, social disclosure and economic performance of U.S. firms. Academy of Management Review, 10(3), 540- 557.
  • Vance, S. C. (1975). Are socially responsible corporations good investment risks?. Management Review, 64, 18-24.
  • Waddock, S.A., Graves, S.B.(1997). The Corporate Social Performance-Financial Performance Link. Stratejic Management Journal, 18(4), 303-319.
  • Welter, K.A. (2011). A Study of Publicly-Held U.S. Corporations on the Effects of Sustainability Measures on Financial Performance, Utilizing a Modified Regression Discontinuity Model. Doktora Tezi. Lawrence Technological University.
  • Yıldırtan, D.Ç. (2010). E-Views Uygulamalı Temel Ekonometri Makro Ekonomik Verilerle. (1.Baskı). İstanbul: Türkmen Kitabevi.
  • Yılmaz, İ. (2011). Corporote Social Responsibility Diclosures As An Indicator of Social Performance and Its Relation with Financial Performance. Doktora Tezi. İstanbul: Marmara Üniversitesi.

SÜRDÜRÜLEBİLİRLİK PERFORMANS GÖSTERGELERİNE İLİŞKİN AÇIKLAMALARIN FİNANSAL PERFORMANS ÜZERİNE ETKİSİ: BİST’TE BİR UYGULAMA

Yıl 2018, Cilt: 11 Sayı: 1, 93 - 117, 01.03.2018
https://doi.org/10.29067/muvu.372882

Öz

Bu çalışmanın temel amacı; açıklanan sürdürülebilirlik bilgi düzeyinin şirketlerin finansal performansı üzerindeki etkisini incelemektir. Bu amaçla çalışmaya; GRI raporlama ilkelerine göre rapor hazırlayan ve BİST’te işlem gören halka açık 30 şirketin 2008 yılından 2014 yılına kadar olan dönemleri dahil edilmiştir. Sürdürülebilirlik raporlarında açıklanan sürdürülebilirlik bilgi düzeyi; ekonomik, çevresel ve sosyal performans olarak incelenmiştir. Finansal performans ise; aktif karlılığı, özkaynak karlılığı, PD/DD oranı ve F/K oranı gibi finansal oranlar ile ölçülmüştür. Çalışmada panel veri analizi yöntemi uygulanmış ve ayrıca sektör kontrol değişkeni olarak eklenmiştir. Araştırmanın sonucunda; çevresel performansa ilişkin açıklanan bilgi düzeyinin aktif karlılığı ve özkaynak karlılığı, sosyal performansa ilişkin açıklanan bilgi düzeyinin de aktif karlılığı üzerinde pozitif etkiye sahip olduğu tespit edilmiştir.

Kaynakça

  • Alexander, G. J., Buchholz, R. A. (1978). Corporate social responsibility and stock market performance. Academy of Management Journal, 21(3), 479- 486.
  • Ameer, R., Othman, R. (2012). Sustainability practices and corporate financial performance: A study based on the top global corporations. Journal Business Ethics, 108, 61-79.
  • Arsoy, A.P., Arabacı, Ö., Çiftçioğlu A. (2012). Corporote social responsibility and financial performance relationship: The case of Turkey. Muhasabe ve Finansman Dergisi, 53(1), 159-176.
  • Aupperle, K. E., Carroll, A. B., Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal, 28(2), 446-463.
  • Backström, S.L., Karlsson, J. (2015). Corporate sustainability and financial performance-the influence of board diversity in a Swedish context. Master Tezi. İsveç: Uppsala Üniversitesi.
  • Baltagi, B.H. (2005). Econometric analysis of panel data.(3rd edition). İngiltere: John Wiley & Sons.
  • Belu, C. (2009). Ranking Corporations Based on Sustainable and Socially Responsible Practices. A Data Envelopment Analysis (DEA) Approach. Sustainable Development, 17, 257-268.
  • BIST, (2014). Sürdürülebilirlikle İlgili Özet Bilgiler. Erişim tarihi:10.06.2014. http://borsaistanbul.com/datum/surdurulebilirlik/SURDURULEBILIRLIK_ OZET_BILGILER.pdf
  • Brutland, G.H. (1987). Our common future, report of the world commission on environment and development. Erişim tarihi: 25.08.2013. http:// www.un-documents.net/our-common-future.pdf
  • Choi, J., Wang, H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic Management Journal, 30, 895- 907.
  • Cornell, B., Shapiro, A.C. (1987). Corporate stakeholders and corporate finance. Financial Management, Spring 1987, 5-14.
  • Erdemi, D. B. (2015). AR-GE yatırımları finansal performans ilişkisi: Bir panel veri analizi. Yüksek Lisans Tezi. İstanbul: Yıldız Teknik Üniversitesi.
  • Friedman, M. (1970). The social responsibility of business is to increase its profits”, New York Times Magazine, Eylül 13, 122-126.
  • Greene, W.H. (2002). Econometric analysis. (5th edition). ABD: Prentice Hall.
  • GRI, (2016). About GRI. Erişim tarihi: 13.02.2016. https://www.globalreporting. org/information/about-gri/Pages/default.aspx.
  • Gujarati, D.N., Porter, D.C. (2014). Temel ekonometri. (Çev. Ü. Şenesen ve G. Günlük Şenesen). İstanbul: Literatür Yayınları.
  • Kutlar, A. (2005). Uygulamalı Ekonometri. (2.baskı). Ankara: Nobel Yayın Dağıtım.
  • Lee, D.D., Faff, R.W., Smith, K.L. (2009). Revisiting the vexing question: Does superior corporate social performance lead to improved finacial performance. Australian Journal of Management, 34(1), 21-49.
  • Lopez, M.V., Garcia, A., Rodriguez, L. (2007). Sustainable development and corporate performance: A study based on the Dow Jones Sustainability Index. Journal of Business Ethics, 75, 285-300.
  • Lozano, R., Huisingh, D. (2011). Inter-linking Issues and Dimensions in Sustainability Reporting. Journal of Cleaner Production, 19 (2011), 99–107.
  • McWilliams, A., Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117-127.
  • Morhardt, J.E., Baird, S., Freeman, K. (2002). Scoring corporate environmental and sustainability reports using GRI 2000, ISO 14031 and other criteria. Corporate Social Responsibility and Environmentol Management, 9, 215-233.
  • Moskowitz, M. R. (1972). Choosing socially responsible stocks. Business and Society, 1, 71-75.
  • Nyit Chiong, P.T.(2010). An Examination of Corporate Sustainability Disclosure Level and Its Impact on Financial Performance. Doktora Tezi. Malezya: Multimedia University.
  • Onay, A. (2015). Sürdürülebilir Kalkınma, Kurumsal Sürdürülebilirlik ve Sürdürülebilirlik Raporlaması. Elektronik Mesleki Gelişim ve Araştırma Dergisi, Aralık 2015, 3(Özel Sayı), 104-118.
  • Önce, S., Onay, A., Yeşilçelebi, G. (2015) Kurumsal Sürdürülebilirlik Raporlaması ve Türkiye’deki Durum. Journal of Economics Finance and Accounting, 2 (2), 230-252.
  • Özçelik, F., Öztürk, B.A., Gürsakal, S. (2014). Investigating the relationship between corporate social responsibility and financial performance in Turkey. Atatürk Üniversitesi İİBF Dergisi, 28(3), 189-202.
  • Pazarlıoğlu, M. V., Gürler, Ö. K. (2007). Telekomünikasyon yatırımları ve ekonomik büyüme: Panel veri yaklaşımı. Finans Politik & Ekonomik Yorumlar, 44(508), 35-43.
  • Peters, R., Mullen, M.R. (2007). Some evidence of the cumulative effects of corporate social responsibility on financial performance. The Journal of Global Business Issues, 3(1), 1-15.
  • Preston, L.E., Q’Bannon D.P. (1997). The Corporate Social-Financial Performance Relationship: A Typology Analysis. Business and Society, 36(4), 419-429.
  • Salzman, O., Somers, A.I., Steger, U. (2005). The business case for corporate sustainability: Literatür review and research options. Europen Management Journal, 23(1), 27-36.
  • Tatoğlu, F.Y. (2013). İleri panel veri analizi stata uygulamalı (2.baskı). İstanbul: Beta Basım Yayım Dağıtım.
  • Tatoğlu, F.Y. (2016). Panel veri ekonometrisi (3.baskı). İstanbul: Beta Basım Yayım Dağıtım.
  • Ullman, A. (1985). Data in search of a theory: A critical examination of the relationships among social performance, social disclosure and economic performance of U.S. firms. Academy of Management Review, 10(3), 540- 557.
  • Vance, S. C. (1975). Are socially responsible corporations good investment risks?. Management Review, 64, 18-24.
  • Waddock, S.A., Graves, S.B.(1997). The Corporate Social Performance-Financial Performance Link. Stratejic Management Journal, 18(4), 303-319.
  • Welter, K.A. (2011). A Study of Publicly-Held U.S. Corporations on the Effects of Sustainability Measures on Financial Performance, Utilizing a Modified Regression Discontinuity Model. Doktora Tezi. Lawrence Technological University.
  • Yıldırtan, D.Ç. (2010). E-Views Uygulamalı Temel Ekonometri Makro Ekonomik Verilerle. (1.Baskı). İstanbul: Türkmen Kitabevi.
  • Yılmaz, İ. (2011). Corporote Social Responsibility Diclosures As An Indicator of Social Performance and Its Relation with Financial Performance. Doktora Tezi. İstanbul: Marmara Üniversitesi.
Toplam 39 adet kaynakça vardır.

Ayrıntılar

Bölüm Sayı
Yazarlar

Murat Düzer

Saime Önce

Yayımlanma Tarihi 1 Mart 2018
Gönderilme Tarihi 11 Ekim 2017
Kabul Tarihi 15 Ekim 2017
Yayımlandığı Sayı Yıl 2018 Cilt: 11 Sayı: 1

Kaynak Göster

APA Düzer, M., & Önce, S. (2018). EFFECT OF DISCLOSURES ON SUSTAINABILITY PERFORMANCE INDICATORS ON FINANCIAL PERFORMANCE: AN APPLICATION IN BIST. Journal of Accounting and Taxation Studies, 11(1), 93-117. https://doi.org/10.29067/muvu.372882

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