Şirketlerin Çevresel ve Sosyal Yatırımları ile Sahiplik Yapıları, Yönetim Kurulu Çeşitliliği ve Finansal Göstergeleri Arasındaki İlişkinin İncelenmesi

Abstract

Bu çalışmanın amacı şirketlerin sürdürülebilirlik çalışma ve faaliyetleri kapsamında önemli bir yere sahip olan çevresel ve sosyal yatırım harcamalarıyla sahiplik yapıları, yönetim kurulu çeşitlilikleri ve seçilmiş finansal göstergeleri arasında bir ilişkinin olup olmadığını incelemektir. Bu bağlamda Borsa İstanbul’da (BIST) yer alan 17 şirketin 2018-2022 yılları arası yıllık verileri üzerinden panel regresyon analizleri gerçekleştirilmiştir. Çalışma sonuçlarına göre çevresel yatırımlar üzerinde blok hissedarlık, aile hissedarlığı, kurumsal hissedarlık, kadın yönetim kurulu üyeleri, yabancı yönetim kurulu üyeleri, satışlar ve borçlanma değişkenlerinin etkisi bulunduğu, sosyal yatırımlar üzerinde ise satış büyüklüğü değişkeninin etkisi bulunduğu ortaya konulmuştur. Diğer tüm kurum ve kuruluşlar gibi BIST’te yer alan şirketlerin de önümüzdeki yıllarda düzenleyici otoritelerin, yatırımcıların ve sivil toplum kuruluşlarının etki, tercih ve baskıları karşısında çevresel ve sosyal yatırımlarının miktar ve sıklığını artırmaları gerekeceği açıktır. Bu bağlamda, bu çalışmanın bulguları ve bulgulardan hareketle yapılan yorum ve tavsiyeler söz konusu yatırımların artırılması bakımından Türkiye'den ilgili şirketlere ve tüm çıkar gruplarına, düzenleyici kurullara ve yapılacak diğer akademik araştırmalara rehberlik sağlayacaktır.

Keywords

• Sürdürülebilirlik
• Çevresel ve Sosyal Yatırımlar
• Panel Veri Analizi
• Borsa İstanbul

Examining the Relationship between the Environmental and Social Investments of Companies and Their Ownership Structures, Board Diversity and Financial Indicators

Abstract

The objective of this study is to investigate the relationship between environmental and social investment expenditures, which play a significant role in the field of sustainability studies and corporate activities, and their ownership structures, board diversity, and selected financial indicators. In this context, panel regression analyses were conducted on the annual data of 17 companies listed on Borsa Istanbul (BIST) between 2018 and 2022. The study's findings indicate that block ownership, family ownership, institutional ownership, female directors, foreign directors, sales, and leverage variables have a significant impact on environmental investments. On the other hand, the sales size variable has a substantial effect on social investments. It is evident that companies listed on BIST, as with all other institutions and organisations, will be required to augment the magnitude and frequency of their environmental and social investments in forthcoming years, in the face of the influences, preferences, and pressures exerted by regulatory authorities, investors, and non-governmental organisations. In this context, the findings of this study and the comments and recommendations based on these findings will provide guidance to these companies and all interest groups, regulatory boards and other academic research to be conducted in Turkey in terms of increasing these investments.

Keywords

• Sustainability
• Environmental and Social Investments
• Panel Data Analysis
• Borsa Istanbul

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