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TÜRK İŞLETMELERİ SORUMLU YATIRIM UYGULAMALARININ NERESİNDE?

Year 2018, Volume 39, Issue 39, 160 - 172, 28.09.2018
https://doi.org/10.17498/kdeniz.445884

Abstract

Klasik olarak yatırımlar­da getiri, likidite ve güvence olmak üzere üç parametre dikkate alınmaktadır. Ancak sorumlu yatırımlar para­sal veya finansal amacın yanında klasik yatırım kavramına dördüncü bir parametreyi de -çevresel, sosyal ve kurumsal yönetimi (ÇSKY)- eklemektedir. Bu bilgi ışığında çalışmayla İSO 500’de yer alan Türk işletmelerinin yatırımlarını, klasik yatırım uygulamalarından farklı bir boyuta taşıyıp taşımadıkları sorgulanmak istenmiştir. Bu doğrultuda araştırmaya konu olan işletmelerin, yatırım kararlarında çevresel etkileri minimize etme, sosyal performansı artırma ve kurumsal yönetim ilkelerine duyarlı olma düzeyleri belirlenmeye çalışılmıştır. Ayrıca bu işletmeleri sorumlu yatırım uygulamalarına yönelten itici güçler ve engellerin neler olduğu tespit edilmeye çalışılmıştır.  Bu amaçlarla İSO 500’de yer alan, çoğunluğu büyük ölçekli 333 işletme ile anket uygulaması gerçekleştirilmiştir. Anketlerden elde edilen veriler çalışmanın ana taslağına göre frekans, yüzde, aritmetik ortalama, standart sapma, korelasyon ve regresyon gibi istatistiksel analizlere tabi tutulmuştur. Analizler sonucunda, işletmelerin sorumlu yatırım uygulamalarına olumlu yaklaştıkları ve bu konudaki en önemli engeli maliyet artışı olarak gördükleri belirlenmiştir. İşletmeler kendilerini sorumlu yatırım yapmaya iten güçleri ise müşteri beklentileri, reklam ve medya olarak belirtmişlerdir. Ayrıca, sorumlu yatırım yapmaya iten güçlerin etki düzeyi ile sorumlu yatırım uygulamaları arasında kuvvetli, pozitif yönlü bir ilişki bulunmuştur.  Yapılan regresyon analizi sonucunda politika sahibi olmanın ve itici güçlerin sorumlu yatırım uygulamalarını etkilediği; farklı sektörlerde yer alma ve faaliyet süresininse sorumlu yatırım uygulamaları üzerinde anlamlı bir etkisinin olmadığı sonucuna ulaşılmıştır. 

References

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  • Arjalies D.,(2010). A Social Movement Perspective on Finance: How Socially Responsible Investment Mattered, Journal of Business Ethics, 92: 57–78 DOI 10.1007/s10551-010-0634-7
  • Auer B.R., Schuhmacher F.(2016) Do socially (ir)responsible investments pay? New Evidence Frominternational ESG Data, The Quarterly Review of Economics and Finance,Vol. 59,51–62.
  • Banasik, E., Barut, M. & Kloot, L. (2010). Socially Responsible Investment: Labour Standards and Environmental, Social and Ethical Disclosures within the SRI Industry, Australian Accounting Review, No. 55, Vol. 20, 387-399.
  • Bengtsson, E. (2008). A history of Scandinavian socially responsible investing, Journal of Business Ethics, Vol. 82, 969-983.
  • Brownsey, P. (2017). Responsible investing: Is there a cost?, https://www.goodreturns.co.nz/article/976505820/responsible-investing-is-there-a-cost.html (Erişim tarihi: 08.10.2017)
  • Capelle-Blancard, G., Monjon, S. (2012). Trends in the literature on socially responsible investment: Looking for the keys under the lamppost. Business Ethics: A European Review, 21(3), 239-250.
  • Damlamian, C. (2006). Corporate-NGO Partnerships for Sustainable Development, College of Arts and Sciences, CUREJ - College Undergraduate Research Electronic Journal, University of Pennsylvania.
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  • Ertuna B., Tükel, A (2009). Türkiye’de KSS Uygulamaları: Geleneksel ve Küresel Arasında, Yönetim Araştırmaları Dergisi, Cilt: 9, Sayı: 2, ss. 145-172.
  • European Fund Asset Management Association. (2008). Annual asset management report: Facts and figures (first annual report). Retrieved from http://www.etheorg.gr/files/pdf/9B318B7FD40B4D4F8185E9DFB23564BA.pdf
  • European Sustainable Investment Forum. (2008) European SRI Study 2008. Retrieved from http://www.eurosif.org/research/eurosif-sri-study/2008
  • Garvare, R. & Johansson, P. (2010). Management For Sustainability – A Stakeholder Theory, Total Quality Management & Business Excellence, Vol. 21, No. 7: 737-744.
  • Gupta S., Goldar B. (2005), Do stock markets penalize environment-unfriendly behavior? Evidence from India, Ecological Economics, Vol. 52, pp. 81_95.
  • http://lexicon.ft.com/Term?term=responsible-investment, Definition of Responsible Investment, (Erişim tarihi:22.11.2017)
  • https://www.ussif.org/files/Publications/2013Annual Report.pdf. (Erişim tarihi: 12.11.2017)
  • https://www.ussif.org/sribasics, SRI Basics, The Forum for Sustainable and Responsible Investment, (Erişim tarihi: 12.11.2017)
  • Johannesson, J.N. (2008). Ethical Investments An Analysis of the Performance of Ethical Funds in Europe, the US and Scandinavia, Copenhagen Business School.
  • Keele D. M., DeHart S. (2011). Partners of USEPA Climate Leaders : An Event Study On Stock Performance, Business Strategy and the Environment, Vol. 20, pp. 485_497.
  • Louche, C. (2004). Ethical Investment - Processes and mechanisms of institutionalisation in the Netherlands,1990-2002 PhD Dissertation, Erasmus University Rotterdam.
  • Louche, C., & Lydenberg, S. (2006). Socially responsible investment: Differences between Europe and the United States (Vlerick Leuven Gent Management School Working Paper Series 2006-22). Retrieved from http://public.vlerick.com/Publications/67642c0d-6aa9-e011-8a89-005056a635ed.pdf
  • Nakano M. & Tsuge T. (2018). Are People Interested in Corporate Social Responsibility ? Exploring the Possibility of Socially Responsible Investment in JapanAre People Interested in Corporate Social Responsibility ? Exploring the Possibility of Socially Responsible Investment in Japan, Konan Economic Papers, Vol. 58 (3) , 21-45.
  • Radu, I. & Funaru, M. (2011). Socially Responsıble Investments In Mutual Funds, Bulletin Of The Transilvania University Of Braşov, Vol. 4 (53), No. 1, Series V: Economic Sciences, 157-168.
  • Richardson, B. J. (2009). Keeping Ethical Investment Ethical: Regulatory Issues for Investing for Sustainability, Journal of Business Ethics, Vol. 87: 555–572.
  • Takeda F., Tomozawa T. (2008). A Change İn Market Responses to the Environmental Management Ranking İn Japa,. Ecological Economics, Vol. 67, pp. 465-472.
  • The Forum for Sustainable and Responsible Investment (US-SIF) (2013). The Impact Of Sustainable and Responsible Investing, Washington.
  • Türkiye Sermaye Piyasası Aracı Kuruluşları Birliği (TSPAKB) (2010). Gündem, Eylül, Sayı 97.
  • University of Cambridge Institute for Sustainability Leadership (CISL) (2014). The Value Of Responsıble Investment: The Moral, Financial and Economic Case for Action, www.cisl.cam.ac.uk
  • Yanık, S., İçke, B.T. and Aytürk, Y. (2010). Sosyal Sorumlu Yatırım Fonları ve Performans Özellikleri, I.Ü. Siyasal Bilgiler Fakültesi Dergisi, No: 43.Ekim, pp.109-134.

Year 2018, Volume 39, Issue 39, 160 - 172, 28.09.2018
https://doi.org/10.17498/kdeniz.445884

Abstract

References

  • Arjalie`s, D.L. (2010). A Social Movement Perspective on Finance: How Socially Responsible Investment Mattered, Journal of Business Ethics, Vol. 92:57–78.
  • Arjalies D.,(2010). A Social Movement Perspective on Finance: How Socially Responsible Investment Mattered, Journal of Business Ethics, 92: 57–78 DOI 10.1007/s10551-010-0634-7
  • Auer B.R., Schuhmacher F.(2016) Do socially (ir)responsible investments pay? New Evidence Frominternational ESG Data, The Quarterly Review of Economics and Finance,Vol. 59,51–62.
  • Banasik, E., Barut, M. & Kloot, L. (2010). Socially Responsible Investment: Labour Standards and Environmental, Social and Ethical Disclosures within the SRI Industry, Australian Accounting Review, No. 55, Vol. 20, 387-399.
  • Bengtsson, E. (2008). A history of Scandinavian socially responsible investing, Journal of Business Ethics, Vol. 82, 969-983.
  • Brownsey, P. (2017). Responsible investing: Is there a cost?, https://www.goodreturns.co.nz/article/976505820/responsible-investing-is-there-a-cost.html (Erişim tarihi: 08.10.2017)
  • Capelle-Blancard, G., Monjon, S. (2012). Trends in the literature on socially responsible investment: Looking for the keys under the lamppost. Business Ethics: A European Review, 21(3), 239-250.
  • Damlamian, C. (2006). Corporate-NGO Partnerships for Sustainable Development, College of Arts and Sciences, CUREJ - College Undergraduate Research Electronic Journal, University of Pennsylvania.
  • Dasgupta S., Laplante B., Mamingi N. (2001), Pollution and capital markets in developing countries, Journal of Environmental Economics and Management, Vol. 42, 310-335.
  • Ertuna B., Tükel, A (2009). Türkiye’de KSS Uygulamaları: Geleneksel ve Küresel Arasında, Yönetim Araştırmaları Dergisi, Cilt: 9, Sayı: 2, ss. 145-172.
  • European Fund Asset Management Association. (2008). Annual asset management report: Facts and figures (first annual report). Retrieved from http://www.etheorg.gr/files/pdf/9B318B7FD40B4D4F8185E9DFB23564BA.pdf
  • European Sustainable Investment Forum. (2008) European SRI Study 2008. Retrieved from http://www.eurosif.org/research/eurosif-sri-study/2008
  • Garvare, R. & Johansson, P. (2010). Management For Sustainability – A Stakeholder Theory, Total Quality Management & Business Excellence, Vol. 21, No. 7: 737-744.
  • Gupta S., Goldar B. (2005), Do stock markets penalize environment-unfriendly behavior? Evidence from India, Ecological Economics, Vol. 52, pp. 81_95.
  • http://lexicon.ft.com/Term?term=responsible-investment, Definition of Responsible Investment, (Erişim tarihi:22.11.2017)
  • https://www.ussif.org/files/Publications/2013Annual Report.pdf. (Erişim tarihi: 12.11.2017)
  • https://www.ussif.org/sribasics, SRI Basics, The Forum for Sustainable and Responsible Investment, (Erişim tarihi: 12.11.2017)
  • Johannesson, J.N. (2008). Ethical Investments An Analysis of the Performance of Ethical Funds in Europe, the US and Scandinavia, Copenhagen Business School.
  • Keele D. M., DeHart S. (2011). Partners of USEPA Climate Leaders : An Event Study On Stock Performance, Business Strategy and the Environment, Vol. 20, pp. 485_497.
  • Louche, C. (2004). Ethical Investment - Processes and mechanisms of institutionalisation in the Netherlands,1990-2002 PhD Dissertation, Erasmus University Rotterdam.
  • Louche, C., & Lydenberg, S. (2006). Socially responsible investment: Differences between Europe and the United States (Vlerick Leuven Gent Management School Working Paper Series 2006-22). Retrieved from http://public.vlerick.com/Publications/67642c0d-6aa9-e011-8a89-005056a635ed.pdf
  • Nakano M. & Tsuge T. (2018). Are People Interested in Corporate Social Responsibility ? Exploring the Possibility of Socially Responsible Investment in JapanAre People Interested in Corporate Social Responsibility ? Exploring the Possibility of Socially Responsible Investment in Japan, Konan Economic Papers, Vol. 58 (3) , 21-45.
  • Radu, I. & Funaru, M. (2011). Socially Responsıble Investments In Mutual Funds, Bulletin Of The Transilvania University Of Braşov, Vol. 4 (53), No. 1, Series V: Economic Sciences, 157-168.
  • Richardson, B. J. (2009). Keeping Ethical Investment Ethical: Regulatory Issues for Investing for Sustainability, Journal of Business Ethics, Vol. 87: 555–572.
  • Takeda F., Tomozawa T. (2008). A Change İn Market Responses to the Environmental Management Ranking İn Japa,. Ecological Economics, Vol. 67, pp. 465-472.
  • The Forum for Sustainable and Responsible Investment (US-SIF) (2013). The Impact Of Sustainable and Responsible Investing, Washington.
  • Türkiye Sermaye Piyasası Aracı Kuruluşları Birliği (TSPAKB) (2010). Gündem, Eylül, Sayı 97.
  • University of Cambridge Institute for Sustainability Leadership (CISL) (2014). The Value Of Responsıble Investment: The Moral, Financial and Economic Case for Action, www.cisl.cam.ac.uk
  • Yanık, S., İçke, B.T. and Aytürk, Y. (2010). Sosyal Sorumlu Yatırım Fonları ve Performans Özellikleri, I.Ü. Siyasal Bilgiler Fakültesi Dergisi, No: 43.Ekim, pp.109-134.

Details

Primary Language Turkish
Subjects Social
Journal Section Articles
Authors

Özlem TUNA> (Primary Author)
AFYON KOCATEPE ÜNİVERSİTESİ, AFYON SAĞLIK YÜKSEKOKULU, SAĞLIK YÖNETİMİ BÖLÜMÜ
0000-0002-5842-7889
Türkiye


N. Serap VURUR>
AFYON KOCATEPE ÜNİVERSİTESİ
Türkiye


İbrahim KILIÇ>
AFYON KOCATEPE ÜNİVERSİTESİ
Türkiye

Publication Date September 28, 2018
Application Date July 19, 2018
Acceptance Date September 27, 2018
Published in Issue Year 2018, Volume 39, Issue 39

Cite

APA Tuna, Ö. , Vurur, N. S. & Kılıç, İ. (2018). TÜRK İŞLETMELERİ SORUMLU YATIRIM UYGULAMALARININ NERESİNDE? . Karadeniz Uluslararası Bilimsel Dergi , 39 (39) , 160-172 . DOI: 10.17498/kdeniz.445884