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

Year 2025, Volume: 10 Issue: 3, 971 - 993, 30.09.2025

Damla Eker

https://doi.org/10.30784/epfad.1653626

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

References

• Abban, A.R. and Hasan, M.Z. (2021). Revisiting the determinants of renewable energy investment-New evidence from political and government ideology. Energy Policy, 151, 112184. https://doi.org/10.1016/j.enpol.2021.112184
• Adams, M. and Hardwick, P. (1998). An analysis of corporate donations: United Kingdom evidence. Journal of Management Studies, 35(5), 641-654. https://doi.org/10.1111/1467-6486.00113
• Aich, S., Thakur, A., Nanda, D., Tripathy, S. and Kim, H.C. (2021). Factors affecting ESG towards impact on investment: A structural approach. Sustainability, 13(19), https://doi.org/10.3390/su131910868
• Aliedan, M.M., Alyahya, M.A., Elshaer, I.A. and Sobaih, A.E.E. (2023). Who is going green? Determinants of green investment intention in the Saudi food industry. Agriculture, 13(5), 1047. https://doi.org/10.3390/agriculture13051047
• Alsagr, N. and Ozturk, I. (2024). Natural resources rent and green investment: Does institutional quality matter?. Resources Policy, 90, 104709. https://doi.org/10.1016/j.resourpol.2024.104709
• Amato, L.H. and Amato, C.H. (2007). The effects of firm size and ındustry on corporate giving. Journal of Business Ethics, 72, 229-241. doi: 10.1007/s10551-006-9167-5
• Ananzeh, H., Alshurafat, H. and Hussainey, K. (2022). Do firm characteristics and ownership structure affect corporate philanthropic contributions in Jordan?. Journal of Financial Reporting and Accounting, 20(5), 789-808. https://doi.org/10.1108/JFRA-08-2020-0249
• Andreoni, J. and Vesterlund, L. (2001). Which is the fair sex? gender differences in altruism. The Quarterly Journal of Economics, 116(1), 293-312. https://doi.org/10.1162/003355301556419
• Awwad, B.S., Binsaddig, R., Kanan, M. and Al Shirawi, T. (2023). Women on boards: an empirical study on the effects on financial performance and corporate social responsibility. Competitiveness Review: An International Business Journal, 33(1), 147-160. doi: 10.1108/CR-06-2022-0084
• Bagadeem, S., Siddiqui, A., Narula, S.A., Farhan, N.H. and Magry, M.A. (2024). ımpact of firm-specific and macroeconomic determinants on environmental expenditures: Empirical evidence from manufacturing firms. Economies, 12(7), 159. https://doi.org/10.3390/economies12070159
• Baltagi, B.H. (2005). Econometric analysis of panel data (3rd ed.). New York: John Wiley & Sons.
• Baltagi, B.H. (2013). Econometric analysis of panel data (5th ed.). Chichester: John Wiley & Sons.
• Barabanov, S.S., Basnet, A., Walker, T. J., Yuan, W. and Wendt, S. (2021). Firm-and country-level determinants of green investments: An empirical analysis. Managerial Finance, 47(11), 1672-1692. https://doi.org/10.1108/MF-06-2020-0311
• Bayrakcıoğlu, S. and Şenol, O. (2021). Examination of BIST 30 companies' donation amount by panel data analysis method. The Journal of Faculty of Economics and Administrative Sciences, 26(3), 353-368. Retrieved from: https://dergipark.org.tr
• Baysinger, B.D. and Butler, H.N. (1985). Corporate governance and the board of directors: performance effects of changes in board composition. The Journal of Law, Economics, and Organization, 1(1), 101-124. https://doi.org/10.1093/oxfordjournals.jleo.a036883
• Beji, R., Yousfi, O., Loukil, N. and Omri, A. (2021). Board diversity and corporate social responsibility: empirical evidence from France. Journal of Business Ethics, 173, 133-155. doi: 10.1007/s10551-020-04522-4
• Bhuiyan, M.B.U., Huang, H.J. and De Villiers, C. (2021). Determinants of environmental investment: evidence from Europe. Journal of Cleaner Production, 292, 125990. https://doi.org/10.1016/j.jclepro.2021.125990
• Birindelli, G., Dell’Atti, S., Iannuzzi, A.P. and Savioli, M. (2018). Composition and activity of the board of directors: impact on ESG performance in the banking system. Sustainability, 10(12), 4699. https://doi.org/10.3390/su10124699
• Booth, J.R. (1992). Contract costs, bank loans, and the cross-monitoring hypothesis. Journal of Financial Economics, 31(1), 25-41. https://doi.org/10.1016/0304-405X(92)90010-U
• Bouchmel, I., Ftiti, Z., Louhich, W. and Omri, A. (2024). Financing sources, green investment, and environmental performance: Cross-country evidence. Journal of Environmental Management, 353, 120230. https://doi.org/10.1016/j.jenvman.2024.120230
• Brown, W.O., Helland, E. and Smith, J.K. (2006). Corporate philanthropic practices. Journal of Corporate Finance, 12(5), 855-877. https://doi.org/10.1016/j.jcorpfin.2006.02.001
• Chang, K., Ding, J., Lou, Q., Li, Z. and Yang, J. (2021). The impact of capital leverage on green firms’ investment: New evidence regarding the size and age effects of Chinese green industries. Finance Research Letters, 38, 101529. https://doi.org/10.1016/j.frl.2020.101529
• Chau, G. and Gray, S.J. (2010). Family ownership, board independence and voluntary disclosure: evidence from Hong Kong. Journal of International Accounting, Auditing and Taxation, 19(2), 93-109. https://doi.org/10.1016/j.intaccaudtax.2010.07.002
• Chiebonam, O.G., Nwokeji, M.A. and Anichebe, S.A. (2024). Determinants of corporate donations in nigeria: A covid-19 pandemic analysis. Journal of Accounting, Business and Social Sciences, 8(2), 1-15. Retrieved from: https://jabss.org
• Chourou, L. (2023). Corporate donations and religiosity: Cross-country evidence. Journal of Behavioral and Experimental Finance, 39, 100811. https://doi.org/10.1016/j.jbef.2023.100811
• Chu, L.K. (2022). Determinants of ecological footprint in OCED countries: do environmental-related technologies reduce environmental degradation?. Environmental Science and Pollution Research, 29(16), 23779-23793. https://doi.org/10.1007/s11356-021-17261-4
• Dal Maso, L., Basco, R., Bassetti, T. and Lattanzi, N. (2020). Family ownership and environmental performance: the mediation effect of human resource practices. Business Strategy and the Environment, 29(3), 1548-1562. https://doi.org/10.1002/bse.2452
• Doğan, S. (2024). The importance of environmental, social and governance (ESG) practices from the perspective of businesses. Scientific Journal of Finance and Financial Law Studies, 4(2), 103-113. Retrieved from: https://dergipark.org.tr
• Doğan, S. and Başar, A.B. (2025). The impacts of corporate disclosures regarding sustainable development goals and environmental, social, and governance scores of companies on financial performance: The Case of Türkiye. Eskişehir Osmangazi University Journal of Economics and Administrative Sciences, 20(3), 813 – 838. https://doi.org/10.17153/oguiibf.1571557
• Dougherty, C. (2006). Introduction to econometrics. New York: Oxford Universty Press.
• Dyck, A., Lins, K.V., Roth, L. and Wagner, H.F. (2019). Do institutional investors drive corporate social responsibility? international evidence. Journal of Financial Economics ,131, 693–714. https://doi.org/10.1016/j.jfineco.2018.08.013
• Eagly, A.H. and Crowley, M. (1986). Gender and helping behavior: a meta-analytic review of the social psychological literature. Psychological Bulletin, 100(3), 283-308. doi: 10.1037/0033-2909.100.3.283
• Firmansyah, A. and Kartiko, N.D. (2024). Exploring the association of green banking disclosure and corporate sustainable growth: the moderating role of firm size and firm age. Cogent Business & Management, 11(1), 2312967. https://doi.org/10.1080/23311975.2024.2312967
• Fu, J.Y. (2023). Customer concentration and corporate charitable donations: Evidence from China. Managerial and Decision Economics, 44(1), 545-561. https://doi.org/10.1002/mde.3699
• Goodstein, J., Gautam, K. and Boeker, W. (1994). The effects of board size and diversity on strategic change. Strategic Management Journal, 15(3), 241-250. https://doi.org/10.1002/smj.4250150305
• Greene, W.H. (1993). Econometric analysis. New York: Macmillan.
• Grossman, S.J. and Hart, O.D. (1980). Takeover bids, the free-rider problem, and the theory of the corporation. The Bell Journal of Economics, 42-64. https://doi.org/10.2307/3003400
• Haley, U.C.V. (1991). Corporate contributions as managerial masques: reframing corporate contributions as strategies to ınfluence society. Journal of Management Studies, 28(5), 485-509. doi: 10.1111/j.1467-6486.1991.tb00765.x
• Handoyo, S. and Anas, S. (2024). The effect of environmental, social, and governance (ESG) on firm performance: the moderating role of country regulatory quality and government effectiveness in ASEAN. Cogent Business & Management, 11(1), 2371071. https://doi.org/10.1080/23311975.2024.2371071
• Harjoto, M.A., Laksmana, I. ve Yang, Y.W. (2019). Board nationality and educational background diversity and corporate social performance. Corporate Governance: The International Journal of Business in Society, 19(2), 217-239. https://doi.org/10.1108/CG-04-2018-0138
• Hoi, C.K., Xiong, J. and Zou, H. (2020). Ownership identity and corporate donations: evidence from a natural experiment in China. China Finance Review International, 10(2), 113-142. https://doi.org/10.1108/CFRI-11-2019-0154
• Kaplan, A.E. and Hayes, M.J. (1993). What we know about women as donors. New Directions for Philanthropic Fundraising, 2, 5-20. https://doi.org/10.1002/pf.41219930203
• Karyağdı, N.G., and Şit, A. (2023). The effect of Esg performances of businesses on the cost of capital and financial performance: an application on Bist Sustainability-25 Index. Journal of Bucak Business Administration Faculty, 6(2), 277-292. https://doi.org/10.38057/bifd.1362050
• Khaula, A. and Ali, Z.M. (2012). The board of directors and the corporate tax planning: empirical evidence from Tunisia. International Journal of Accounting and Financial Reporting, 2(2), 142-157. https://doi.org/10.5296/ijafr.v2i2.2525
• Kırbaşoğlu, Z. (2024). Sustainability, ESG reporting and SME awareness: A field study. Master thesis. Marmara University Institute of Social Sciences, Istanbul.
• Ki, E.J. and Oh, J. (2018). Determinants of donation amount in nonprofit membership associations. International Journal of Nonprofit and Voluntary Sector Marketing, 23(3), e1609. doi: 10.1002/nvsm.1609
• Kim, A. and Lee, Y. (2018). Family firms and corporate social performance: evidence from Korean firms. Asia Pacific Business Review, 24(5), 693–713. https://doi.org/10.1080/13602381.2018.1473323
• Kosnik, R.D. (1990). Effects of board demography and directors' incentives on corporate greenmail decisions. Academy of Management Journal, 33(1), 129-150. https://doi.org/10.2307/256355
• Kotkova S.M., Myslivcova, K., Prokop, V. and Zapletalova, L. (2024). Employees' engagement, family ownership, or gender diversity? Searching for determinants of SMEs' green behaviors in CEE countries. Corporate Social Responsibility and Environmental Management, 31(4), 3065-3080. https://doi.org/10.1002/csr.2736
• Krebs, D.L. (1970). Altruism: An examination of the concept and a review of the literature. Psychological Bulletin, 73(4), 258-302. https://doi.org/10.1037/h0028987
• Lavin, J.F. and Montecinos-Pearce, A.A. (2021). ESG disclosure in an emerging market: an empirical analysis of the influence of board characteristics and ownership structure. Sustainability, 13(19), 10498. https://doi.org/10.3390/su131910498
• Maji, S.G. and Lohia, P. (2023). Environmental, social and governance (ESG) performance and firm performance in India. Society and Business Review, 18(1), 175-194. https://doi.org/10.1108/SBR-06-2022-0162
• Mavlutova, I., Fomins, A., Spilbergs, A., Atstaja, D. and Brizga, J. (2021). Opportunities to increase financial well-being by ınvesting in environmental, social and governance with respect to improving financial literacy under covid-19: The case of Latvia. Sustainability, 14(1), 339. https://doi.org/10.3390/su14010339
• Mondal, C., Giri, B.C. and Biswas, S. (2021). Integrating corporate social responsibility in a closed‑loop supply chain under government subsidy and used products collection strategies. Flexible Services and Manufacturing Journal, 34, 65-100. https://doi.org/10.1007/s10696-021-09404-z
• Navarro, P. (1988). Why do corporations give to charity?. Journal of Business, 61(1), 65-93. doi: 10.1086/296420 Oyenike, O., Olayinka, E. and Emeni, F. (2016). Female directors and tax aggressiveness of listed banks in Nigeria. In 3rd International Conference on African Development Issues (CU-ICADI 2016), 293-299. Retrieved from: https://www.researchgate.net
• Ozmehmet, E. (2008). Sustainable development approaches in the world and in Turkey. E–Journal of Yasar University, 3(12), 1853-1876. Retrieved from: https://dergipark.org.tr
• Rees, W. and Rodionova, T. (2015). The influence of family ownership on corporate social responsibility: an international analysis of publicly listed companies. Corporate Governance: An International Review, 23(3), 184-202. https://doi.org/10.1111/corg.12086
• Roberts, R.W. (1992). Determinants of corporate social responsibility disclosure: an application of stakeholder theory. Accounting, Organizations and Society, 17(6), 595-612. https://doi.org/10.1016/0361-3682(92)90015-K
• Sandberg, J., Juravle, C., Hedesström, T.M., and Hamilton, I. (2009). The heterogeneity of socially responsible investment. Journal of Business Ethics, 87(4), 519-533. https://doi.org/10.1007/s10551-008-9956-0
• Starks, L.T. (2009). EFA keynote speech: corporate governance and corporate social responsibility: what do investors care about? what should investors care about?. The Financial Review, 44, 461-468. https://doi.org/10.1111/j.1540-6288.2009.00225.x
• Tiwari, S., Bahuguna, P.C. and Srivastava, R. (2023). Smart manufacturing and sustainability: a bibliometric analysis. Benchmarking: An International Journal, 30(9), 3281-3301. https://doi.org/10.1108/BIJ-04-2022-0238
• Tsang, A., Xie, F. and Xin, X. (2019). Foreign institutional investors and corporate voluntary disclosure around the world. The Accounting Review, 94(5), 319-348. http://dx.doi.org/10.2139/ssrn.2363504
• TUYID (2020). Sustainability 101 (TUYID Reports). Retrieved from: https://www.tuyid.org/files/yayinlar/S%C3%9CRD%C3%9CR%C3%9CLEB%C4%B0L%C4%B0RL%C4%B0K%20101.pdf
• Uludağ, S. (2023). Environmental, social, and governance (ESG) related processes and internal control. PressAcademia Procedia, 17(1), 222-223. http://doi.org/10.17261/Pressacademia.2023.1792
• Umar, U.H., Jibril, A.I. and Musa, S. (2023). Audit committee characteristics and corporate philanthropic donations before and during COVID-19. Corporate Governance, 23(2), 347-366. https://doi.org/10.1108/CG-10-2021-0387
• Wang, A., Luo, X., Zeng, Y. and Zhang, H. (2022). Foreign ownership and corporate philanthropy. Finance Research Letters, 46, 102461. https://doi.org/10.1016/j.frl.2021.102461
• Wong, K.S., Amran, A. and Chu, E.Y. (2023). Institutional antecedents of integrated reporting quality: the moderating role of board independence. Corporate Social Responsibility and Environmental Management, 30(2), 621-640. https://doi.org/10.1002/csr.2378
• Yang, C.H. (2022). Corporate philanthropy and employee wellbeing: Do types of corporate philanthropy matter?. Eurasian Business Review, 12(4), 803-828. https://doi.org/10.1007/s40821-022-00211-6
• Yang, S. (2023). Carbon emission trading policy and firm's environmental investment. Finance Research Letters, 54, 103695. https://doi.org/10.1016/j.frl.2023.103695
• Yavuz, A.E. (2023). The effect of ESG scores on firm profitability: case of Borsa Istanbul. Third Sector Social Economic Review, 58(3), 2686-2701. https://doi.org/10.15659/3.sektor-sosyal-ekonomi.23.09.2253
• Zhang, L. (2012). Board demographic diversity, independence, and corporate social performance. Corporate Governance: The International Journal of Business in Society, 12(5), 686-700. https://doi.org/10.1108/14720701211275604
• Zhang, S., Lai, Y., Li, H., Wang, S. and Ru, X. (2024). Does digital transformation drive enterprise green investment? Evidence from Chinese listed firms. Journal of Environmental Planning and Management, 1-34. https://doi.org/10.1080/09640568.2024.2362267
• Zhao, L., Zhang, Y., Sadiq, M., Hieu, V.M. and Ngo, T.Q. (2023). Testing green fiscal policies for green investment, innovation and green productivity amid the COVID-19 era. Economic Change and Restructuring, 56(5), 2943-2964. https://doi.org/10.1007/s10644-021-09367-z