Şirketlerin Sürdürülebilirlik ve Sosyal Sorumluluk Anlayışlarının Finansal Performaslarına Etkisi Üzerine Bir İnceleme: Türkiye Uygulaması

Abstract

Birikim ve tasarrufların değerlendirilmesinde finansal araçlara yatırım yapılması anlayışının yatırımcılar tarafından uygun bulunmasından bu yana, yatırımcılar, yatırım seçimlerini yaparken, yatırımların topluma faydalı olup olmadığı kriterlerini de dikkate almaktadırlar. Yatırım seçimleri,   sosyal norm ve değerlerle paralel şekilde gelişmektedir. Bu çalışmada, dünyadaki gelişmiş ekonomilerde sürdürülebilirlik ve sosyal sorumluluk anlayışının geçirdiği değişim ile bu süreçleri uygulayan firmaların finansal performanslarının nasıl etkilendiği konusu üzerinde yapılan araştırmalar ve çalışmalar incelenmiştir. Sosyal sorumluluk ile finansal performans arasında doğru yönlü ilişkilerin saptandığı örneklere yer verilmiş böylece, Türkiye’de sürdürülebilirlik ve sosyal sorumluk faaliyetlerini gerçekleştiren veya bu konuda motivasyonu olan firmaların elde edebilecekleri kazanımların neler olabileceği konusunda tahminler ileri sürülmüştür. Bu durum sürdürülebilirlik ve sosyal sorumluluk anlayışının her geçen gün öneminin artacağı konusunda ekonomik ve finansal kesimler üzerinde bir beklenti oluşturmaktadır. Bu çalışmada, Türkiye’de sürdürülebilirlik ve sosyal sorumluluk uygulamaları bakımından önemli faaliyetleri olan şirketler ile daha az sürdürülebilir ve sosyal sorumluluk taşıyan şirketlerin 5 yıllık ortalama özkaynak karlılığı, aktif karılığı ve yatırım karlılığı verilerinden yola çıkarak bir karşılaştırma yapılması hedeflenmiştir. Yapılan inceleme sonucunda, sosyal sorumluluk ve sürdürülebilirlik faaliyetlerinden dolayı beğenilen şirketlerin, seçilen diğer şirketlere göre aktif karlılığı (ROI) oranları arasında anlamlı bir farklılık olduğu tespit edilmiştir.

Keywords

• Sürdürülebilirlik,Sosyal Sorumluluk,Finansal Performans

An Analysis On The Effects On Financial Performance By The Sustainability And Social Responsibility Comprehensions Of The Companies: Turkey Application

Abstract

Since the investing concept has been conceived for gaining capital, the investors define their investing alternatives whether that investment has benefits for society and they develop their investing choice by considering the social norms and values. In this study, we research the studies about the alternation of the sustainability and social responsibility approach in developed economies and how effected the financial performance of the companies which perform this processes. The illustrations are studied, which include a positive relation between social responsibility and financial performance, In this way, the companies which conduct social responsibility practices and have a motivation about this approach, what can they gain  perceptions are also included in this study. In this instance, the importance of the sustainability and social responsibility approach, will be develop in over time. We aim to compare, the companies which have important applications on sustainability and social responsibility and the companies with less sustainability and social responsibility, by using 5 years average on return on equity, (ROE) Return on assets (ROA) and return on investment. (ROI) According to our study’s conclusion, the appreciated companies because of their sustainability and social responsibility, have significant diversity on return on investment (ROI) compared to other chosen companies.

Keywords

• Sustainability,Social Responsibility,Financial Performance

References

1. Bowen, H. R. (1953). Social responsibilities of the businessman. New York: Harper Inc.
2. Çorakçı, B. (1991). Ortak Geleceğimiz. Ankara: Türkiye Çevre Sorunları Vakfı.
3. Ebner, D. (2006, Eylül 7). The relationship between Sustainable Development and Corporate Responsibility. CRRC 2008: Call for Papers open, 1-17.
4. Eleni Rapti, F. M. (2000). Corporate Social Responsibility and Financial Performance in the Airport Industry. QASER Laboratory University College London: Erişim Adresi (21 Şubat 2017): http://www.ucl.ac.uk/qaser/pdf/publications/csr_airports.pdf
5. Endl, A. (2012). Sustainable investment: Options for a contribution to a more sustainable financial sector. European Sustainable Development Network, 11(1),1-17.
6. European Commision.(2001, 18 July). Green Paper:Promoting a European Framework for Coorparate Social Responsibility. Brussels: Commıssıon of the European Communıtıes.
7. Fernandez, M. R. (2016). Social responsibility and financial performance: The role of good corporate governance. BRQ Business Research Quarterly, 19(2), 137-151.
8. Flammer, C. (2013). Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors. Academy of Management Journal, 56(3), 758-781.

9. Galbreath J., S. P. (2012). Do customer satisfaction and Reputation mediate the CSR FP link? Evidence from Australia. Australian Journal of Management, 37(2), 211- 229.
10. Galleara David, G. A. (2012). Corporate responsibility, supply chain partnership and performance:An empirical examination. Int. J. Production Economics, 140(1), 83-91.
11. Harford, T. (2008). Görünmeyen Ekonomist. İstanbul: Pegasus Yayıncılık.
12. Helm, S. (2007). The Role of Corporate Reputation in Determining Investor Satisfaction and Loyalty. Corporate Reputation Review, 10(1), 22-37.
13. Joscha Nollet, G. F. (2015). Corporate Social Responsibility and Financial Performance: A Non-Linear and Disaggregated Approach. Economic Modelling Jornual, 52(1), 400-408.
14. Joshua D. & Margolis, H. A. (2009). Does it pay to be good. And does it matter? A meta-Analysis of the relationship between corporate social and financial performance. Erişim Adresi (16 Şubat 2017): https://www.researchgate.net/profile/Hillary_Elfenbein/publication/237455609
15. Kotha, S. R. (2001). Assets and actions: Firm-specific factors in theinternationalization of U.S. internet firms. Journal of International Business, 32(4), 769-791.
16. Lee, M-D. P. (2008). A review of the theories of corporate social responsibility: Its evolutionary path and the road ahead. International Journal of Management Reviews, 10(1), 53-69.
17. Lujie Chen, A. F. (2014). The Relationship Between Disclosures Corporate Social Performance and Financial Performance: Evidences From GRI Reports In Manufacturing Industry. Int. J. Production Economics, 170(1), 1-2.
18. Luo, X. (2006). Corporate social responsibility customer Market satisfaction, and market value. Journal of Marketing, 70(4), 1-18.
19. McGuire, J. W. (1693). Business and Society. New York: McGraw Hill Inc.
20. Pasi Heikkurinen, T. K. (2011). Corporate Responsibility and Identity: from a Stakeholder to an Awareness Approach. Business Strategy and the Environmet, 21(1), 326-337.
21. Philip L. Cochran & Robert A. Wood. (1984). Corporate Social Responsibility and Financial Performance. The Academy of Management Journal, 27(1), 42-56.
22. Preciado, L. V. (2009, April 06). Sustainable Finance and Ethical/Corporate Social Responsibility The new paradigm: Generali Insurance Company case of study, 12-21.
23. Roberts, P. W. (2002). Corporate reputation and sustained Superior financial performance. Strategic Management Journal, 23(12), 1077-1093.
24. Rodrigues, M. C. (1996). Communication of corporate social responsibility by Portuguese banks. A legitimacy theory perspective. Corporate Communications Journal, 11(3), 233- 247.
25. Sayedeh Parastoo Saeidi, S. S. (2013). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341- 350.
26. Sebastian Johansson, A. K. (2015, Mayıs 05). The relationship Between CSR and financial performance, A quantitative study examining Swedish publicly traded companies. Linnaeus University Artcile, 3-6.
27. Shamsie, J. (2003). The context of dominance: An industry Driven framework for rxploiting reputation. Strategic Management Journal, 24(3), 199-215.
28. Shawn L. Berman, A. C. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management Journal, 42(5), 488-506.
29. Siegel, A. M. (2000). Corporate Social Responsibility and Financial Performance: Correlation or Misspecification? Strategic Management Journal, 21(5), 603-609.
30. Smith, R. E. (2011). Defining Corporate Social Responsibility: A Systems Approach for Socially Responsible Capitalism. University of Pennsylvania Scholarly Commons. Erişim Adresi (18 Ocak 2017): http://repository.upenn.edu/cgi/viewcontent.cgi?article=1009&context=od_theses_mp
31. Soppe, A. (2009). Sustainable Finance as a Connection Between Corporate Social Responsibility and Social Responsible Investing. Indian Management Research Journal, 1(3), 13-23.
32. Strandberg, C. (2005). Best Practice in Finance. Strandberg Consulting. Erişim Adresi (24 ocak 2017): https://www.cbd.int/financial/privatesector/severalprivatebestpractices.pdf
33. Tım Rowley, S. B. (2000). A Brand New Brand of Corporate Social Performance. Business & Society Journal, 39(4), 397- 415.
34. UNEP. (2015). Towards A Theory Of Sustaınable Fınance. UNEP Inquiry. Erişim Adresi (16 Şubat 2017): http://unepinquiry.org/wp/content/uploads/2015/10/Towards_a_Theory_of_Sustainable_Finance.pdf
35. UNEP. (2016). Sustainable Finance? A Critical Analysis of the Regulation, Policies, Strategies, Implementation and Reporting on Sustainability in International Finance. UNEP Inquiry. Erişim Adresi (22 Ocak 2017): http://unepinquiry.org/wp/content/uploads/2016/2/Sustainable_Finance.pdf
36. World Commission on Environment and Development. (1987). Our Common Fiture. New York: WCED.