İŞLETMELERİN SÜRDÜRÜLEBİLİRLİKLERİNİN İŞLETME PERFORMANSI ÜZERİNDEKİ ETKİSİ: BIST ÜZERİNE AMPİRİK BİR ÇALIŞMA

Year 2018, Issue: 56, 115 - 127, 27.04.2018

Şerife Önder

Abstract

Bu çalışmanın amacı, Türkiye’de
işletmelerin sürdürülebilir olmasının işletmenin karlılığına etkisinin olup
olmadığının araştırılmasıdır. Bu nedenle 2015 yılında Global Reporting
Initiative (GRI)’ye göre sürdürülebilirlik raporu bulunan ve Borsa İstanbul’da
(BİST) yer alan işletmelerin 33 işletmenin verileri kullanılarak çoklu doğrusal
regresyon analizi yapılmıştır. İşletme karlılığının Return on Assest (ROA)
tarafından ölçüldüğü çalışmada sürdürülebilirliğin genel puanı ve alt
başlıklarını kullanan iki farklı model kullanılmıştır. Yapılan analiz sonucunda
işletmelerin sürdürülebilirliğinin karlılık üzerinde istatistiksel olarak
anlamlı fakat düşük oranda etkilediği sonucuna ulaşılmıştır. Ayrıca
sürdürülebilirliğin alt başlıklarında karlılık üzerinde çevre skorunun önemli
bir etki yarattığı görülmüştür.

Keywords

Kurumsal Sürdürülebilirlik, Sürdürülebilir Raporlama, İşletme Karlılığı

IMPACT OF SUSTAINABILITY PERFORMANCE OF COMPANY ON ITS FINANCIAL PERFORMANCE: AN EMPIRICAL STUDY ON BORSA ISTANBUL (BIST)

Abstract

The aim of this study is to investigate the effect
of institutional sustainability, the
reflection of cyclical economy concept at the macro level on business
organizations, on profitability through the organizations in Turkey. For this reason, Multiple Linear
Regression Analysis was applied with
the data of 33 business organizations preparing sustainability report according
to Global Reporting Initiative (GRI) and located in Istanbul stock exchange
(BIST). In this study, in which
business organization profitability was measured
by Return on Assets (ROA), sustainability was measured with five different variables
including both Overall Sustainability Rating and Community Employees,
Environmental and Governance Performance Rating which are subtitles. In this study, two
different models were used considering sustainability measurement (from
both main topics and subtopics). After the analysis, it was found out that sustainability applications in Turkey affected profitability
statistically significant and positive way.  It was
found out that this effect of sustainability resulted   from the environmental applications of the
business organization and environmental factors positively affected business
organization profitability.

Keywords

Corporate Sustainability, Sustainability Reporting, Business Profitability

References

• Aggarwal, P., 2013. Impact of sustainability performance of company on its financial performance: a study of listed Indian companies. Global Journal of Management and Business Research Finance, 13(11), pp. 60-70.Allouche, J. and Laroche, P., 2005. A Meta-analytical investigation of the relationship between corporate social and financial performance. Revue de Gestion des Ressources Humaines, 57(1), pp. 18-48.Aupperle, E. K., Carroll, B. A. and Hatfield, D. J., 1984. An empirical examination of the relationship between corporate social responsibility and profitability. Research In Corporate Social Performance And Policy, 6(1), pp. 27-54.Başar, B., 2014. Kurumsal sosyal sorumluluk raporlaması ve finansal performans arasındaki ilişki: Borsa İstanbul’da işlem gören kimya-petrol-plastik sektörü şirketleri üzerine bir araştırma. Yönetim ve Ekonomi Dergisi, 21(2), pp. 59-72.Buys, P., Oberholzer, M. and Andrikopoulos, P., 2011. An investigation of the economic performance of sustainability reporting companies versus non-reporting companies: A South African Perspective. Journal of Social Sciences, 29(2), pp. 151-158.Ebner, D. and Baumgartner, R. J., 2006. The Relation between sustainable development and corporate social responsibility. paper presented at the Corporate Responsibility Research Conference, Trinity College, Dublin, www.crrconference.org [17 September 2007]. pp. 1-17.Fettahoğlu, S., 2013. İşletmelerde sosyal sorumluluk ile finansal performans arasındaki ilişki: İMKB’ye yönelik bir uygulama. Sosyal ve Beşeri Bilimler Dergisi, 5(2), pp. 515-524.García-Castro, R., 2012. A Configurational approach to corporate social responsibility-financial performance empirical research. In: A. Lindgreen, P. Kotler, F. Maon and J. Vanhamme (eds.). A Stakeholder Approach to Corporate Social Responsibility: Pressures, Conflicts, Reconciliation. Farnham: Gower Publishing Ltd., 2012. pp 1 - 1 GRI. 2015. Global Reporting Initiative, G4 Sustainability Reporting Guide. Amsterdam.Hirigoyen, G. and Poulain-Rehm, T., 2015. Relationships between corporate social responsibility and financial performance: What is the causality?. Journal of Business And Management, 4(1), pp. 18-43.Korhonen, J., Honkasalo, A. and Seppälä, J., 2018. Circular economy: The Concept and its Limitations. Ecological Economics, 143(1), pp. 37-46.Liangrong, Z., 2009. Corporate Social Responsibility, Corporate Restructuring and Firm's Performance. Berlin: Springer.Burhan, N. Annisa Hayatun and Rahmanti, W., 2012. The Impact of sustainability reporting on company performance. Journal of Economics, Business, and Accountancy Ventura, 15(2), pp. 257-272.Nishishiba, M., Jones, M., Kraner, M. 2013. Research Methods and Statistics for Public and Nonprofit Administrators: A Practical Guide. USA: Sage Publications.Önce, S., Onay, A. and Yeşilçeleb, 2015. Corporate sustainability reporting and situation in Turkey. Journal of Economics, Finance and Accounting, 2(2), pp. 230-252.Preston, E. L. and O'Bannon, P. D., 1997. The Corporate social-financial performance relationship. Business and Society, 36(4), pp. 419-429.Rizos, V., Tuokko, K. and Behrens, A., 2017. The Circular Economy: A Review of Definitions, Processes and Impacts. CEPS Research Report No 2017/8.Rodriguez-Fernandez, M., 2016. Social responsibility and financial performance: the role of good corporate governance. Q Business Research Quarterly, 19(1), pp. 137-151.Santos, B., Azevedo Garriedo, S. and Matias, C. J., 2017. The Relation Between Corporate Sustainability and a Circular Economy. Newyork: Nova Publishers.Simpson, W. G. and Kohers, T., 2002. The Link between corporate social and financial performance: evidence from the banking industry. Journal of Business Ethics, 35(2), pp. 97-109.Soytaş, M. A., Denizel, M., Uşar, D. D. and Ersoy, İ., 2017. Sürdürülebilirlik yatırımlarının finansal performansa etkisi: Türkiye örneği. Yönetim ve Ekonomi Araştırmaları Dergisi, 15(2), pp. 140-162.TCEA, 2016. Türkiye İşveren Sendikaları Konfederasyonu (TİSK) Herkes İçin Kurumsal Sosyal Sorumluluk Projesi Türkiye Sürdürülebilirlik Raporlaması Ulusal İnceleme Raporu, Ankara: TİSK Proje Ofisi.Vildasen, S. S., Keitsch, M. and Fet, M. A., 2017. Clarifying the epistemology of corporate sustainability. Ecological Economics, 138(1), pp. 40-46.Waddock, S. A. and Grave, S. B., 1997. The Corporate social performance financial performance link. strategic Management Journal, 18(4), pp. 303-319.