Sürdürülebilirlik ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma

Meltem Gürünlü

doi:10.25095/mufad.625803

Research Article

Sürdürülebilirlik ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma

Year 2019, Issue: 84, 177 - 190, 04.10.2019

Meltem Gürünlü

https://doi.org/10.25095/mufad.625803

Cited By: 9

Abstract

Son yıllarda, çevresel, sosyal ve kurumsal yönetim ile ilgili konularda şirketlerin sürdürülebilirlik ilkelerine uyum çabaları bu alandaki çeşitli uluslararası insiyatiflerin önderliğinde ivme kazanmış ve dünya borsalarında sosyal sorumlu yatırımları olan şirketlerden sürdürülebilirlik endeksleri oluşturulmaya başlanmıştır. Bu çalışmada, Borsa İstanbul’da sürdürülebilirlik endeksine dâhil olmanın uzun dönemli etkileri çeşitli panel veri tahmin yöntemleri ile analiz edilerek, sürdürülebilirlik endeksine dâhil olmak için yapılan çabaların şirketlerin itibarını arttırarak finansal başarıyı etkileyip etkilemediğinin araştırılması amaçlanmaktadır. Araştırma sonucunda, sürdürülebilirlik alanındaki yüksek performansla, finansal başarı arasında zayıf bir ilişki bulunmuştur. Bu zayıf ilişki, sürdürülebilirlik endeksine dâhil olmak için katlanılan çabaların yatırımcılar tarafından yeterince değerlendirilmediği anlamına gelebilir.

Keywords

Sürdürülebilirlik endeksi, finansal performans, panel veri

References

Ararat, M.-Suel, E. - Yurtoglu, B. B. (2014),“Sustainableİnvestment in Turkey: The Case in Context - An Update”, Sabancı University, http://dx.doi.org/10.2139/ssrn.2447937
Aupperle, K.E. - Carroll, A.B. -Hatfield,J.D (1985), “An EmpiricalExamination Of TheRelationshipBetweenCorporateSocialResponsibilityAndProfitability”, Academy of Management Journal 28 (2), pp: 446–463. https://doi.org/10.5465/256210
Bechetti, L. - Giacamo, S. - Pinnachio, D. (2008), “Corporate Social Responsibility And Corporate Performance: EvidenceFrom A Panel Of US ListedCompanies”, Journal of AppliedEconomics, 40(5), pp:541-567. https://doi.org/10.1080/00036840500428112
Canbaş, S. - Doğukanlı, H. - Düzakın, H. (2004),“Tobin Q Oranı Ve Günümüzde İşletme Kararları Açısından Önemi”,Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13 (2), pp: 57-74.
Chung, K.H. - Pruitt, S.W. (1994), “A Simple Approximation Of Tobin’s Q”,Financial Management Journal, 23(3), pp:70-74.
Cunha, F. - Samanez, C.P. (2013), “PerformanceAnalysis Of SustainableInvestmentsInTheBrazilianStock Market: A StudyAboutTheCorporateSustainability Index (ISE)”, JournalOf Ethics, 117, pp:19-36, doi: 10.1007/s10551-012-1484-2
Curran, M. - Moran D. (2007), “ImpactOf TheFTSE4Good Index On FirmPrice: An EventStudy”,Journal of Environmental Management, 82(4), pp:529-537.Doi: 10.1016/j.jenvman.2006.02.010
Demirel, B. - Erdoğan, M. (2016), “CorporateSustainabilityReportingInTheBIST Sustainability Index”,International Journal of Business andSocialResearch, 6(10), pp:21-31. http://dx.doi.org/10.18533/ijbsr.v6i10.999
Derwall, J. - Guenster, N. - Bauer,R. - Koedijk, K.C. (2005), “SociallyResponsibleInvesting: TheEco-efficiency Premium Puzzle”, Financial AnalystsJournal, 61(2), pp: 51–63.Doi:10.2469/faj.v61.n2.2716
Elsayed, K. - Paton, D. (2005), “TheImpact Of EnvironmentalPerformance On FirmPerformance:StaticAndDynamic Panel Data Evidence”,StructuralChangeandEconomic Dynamics, 16, pp:395-412. http://dx.doi.org/10.1016/j.strueco.2004.04.004
Epstein, M.J. (2018), MakingSustainabilityWork: Best Practices in ManagingandMeasuringCorporateSocial, EnvironmentalandEconomicImpacts, Routledgepublications, Londonhttps://doi.org/10.4324/9781351280129
Epstein, M.J. - Roy, M. (2003), “MakingThe Business Case ForSustainability: LinkingSocialAndEnvironmentalActionsTo Financial Performance”,TheJournal of CorporateCitizenship, 9, pp:79-96
Friedman, M. (1970), “The Social Responsibility Of Business Is To IncreaseItsProfits”, The New York Times Magazine, pp:122-126.
Gök, İ.Y. - Özdemir, O. (2017),“Borsa İstanbul Sürdürülebilirlik Endeksinin Performans Karakteristiği”, Sosyoekonomi, 25(34), pp:87-105.Doi:10.17233/sosyoekonomi.290838
Hayward, L. (2018), “DoesTheStock Market Valueİnclusion On A Sustainability Index? An EventStudy Using TheDow JonesSustainabilityNorth America”, College of Holly Cross, Master Thesis,https://crossworks.holycross.edu/econ_stu_scholarship/3, (Erişim Tarihi: 12.04.2019)
Haigh,M. - Hazelton, J. (2004), “Financial Markets: A ToolForSocialResponsibility?”,Journal of Business Ethics, 52(1), pp: 59–71.https://doi.org/10.1023/B:BUSI.0000033107.22587.0b
Heal, G. (2005), “CorporateSocialResponsibility: An EconomicAndﬁnancial Framework”,TheGenevaPapers on Risk andInsurance -IssuesandPractice, 30(3), pp:387–409, https://doi.org/10.1057/palgrave.gpp.2510037
Herremans,I.M. - Akathaporn, P. - McInnes, M. (1993), “An Investigation Of CorporateSocialResponsibilityReputationAndEconomicPerformance”, Accounting, OrganizationsandSociety, 18(7-8), pp:587-604, https://doi.org/10.1016/0361-3682(93)90044-7
Lee, D. - Faff, R.W. (2009), “CorporateSustainabilityPerformanceAndIdiosyncratic Risk: A Global Perspective”,The Financial Review, 44, pp:213-237. https://doi.org/10.1111/j.1540-6288.2009.00216.x
Lindenberg, E.B. - Ross, S.A. (1981), “Tobin’s Q RatioAndIndustrialOrganization”,Journal of Business, 54(1), pp:1-32.
Lopez, M.V - Garcia, A. - Rodriguez, L. (2007), “Sustainable Development AndCorporatePerformance: A StudyBased On TheDow JonesSustainability Index”,Journal of Business Ethics,75(3), pp: 285–300.https://doi.org/10.1007/s10551-006-9253-8
Lourenço, I.C. - Callen, J.L. - Branco, M.C. - Curto, J.C. (2014), “TheValue Relevance Of ReputationForSustainabilityLeadership”,Journal of Business Ethics, 119 (1), pp:17-28, Doi: 10.1007/s10551-012-1617-7
Oberndorfer, U. - Schmidt, P. - Wagner, M. - Ziegler, A. (2013), “DoesTheStock Market Value TheInclusionIn A SustainabilityStock Index? An EventStudy Analysis ForGermanFirms”, Journal of EnvironmentalEconomicsand Management, 66(3), pp:497-509https://doi.org/10.1016/j.jeem.2013.04.005
Orsato,R. - Mendes-Da-Silva, W. - Garcia, A. - Monzoni, M. - Simonetti, R. (2015),“SustainabilityIndexes: WhyJoinIn? A Study Of TheCorporateSustainability Index (ISE) InBrazil”, Journal of CleanerProduction, 96(1),pp: 161-170. https://doi.org/10.1016/j.jclepro.2014.10.071
Özkan, A. - Tanç, Ş.G. - Taşdemir, B. (2018), “SürdürülebilirlikAçıklamaları Kapsamında Sosyal Sorumluluğun Karlılık Üzerine Etkisi: BİST Sürdürülebilirlik Endeksinde Bir Araştırma”, Muhasebe Bilim Dünyası Dergisi, 20(3), ss:560-577.https://doi.org/10.31460/mbdd.390388
Shleifer, A. - Vishny, R.W. (1997), “ASurvey Of CorporateGovernance”,Journalof Finance 52(2), pp:737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Statman, M. (2006), “SociallyResponsibleIndexes: Composition, PerformanceAndTrackingErrors”,Journal of Portfolio Management, 32(3), pp: 100–110.
Sustainable Stock Exchanges Iniative (2016), “Report On Progress: A PaperPreparedForTheSustainableStockExchanges Global Dialague”,https://unctad.org/en/PublicationsLibrary/unctad_sse_2016d1.pdf(Erişim Tarihi: 02.12.2018)
Telle, K. (2006), “ItPaysTo Be Green” - A PrematureConclusion?”, Environmentaland Resource Economics, 35(3), pp:195–220 https://doi.org/10.1007/s10640-006-9013-3
Tirole, J. (2006). TheTheory Of Corporate Finance, Princeton UniversityPress, NewYork
Tobin, J. (1969), “A General EqulibriumApproachToMonetaryTheory”, Journal of Money, CreditandBanking, 1(1), pp:15-29.
Waddock, S.A. - Graves, S.B. (1997), “The CorporateSocialPerformance-Financial Performance Link”, Strategic Management Journal, 18 (4), pp:303–319.
Wagner, M. (2010), “TheRole Of CorporateSustainabilityPerformanceForEconomicPerformance: A Firm-Level Analysis Of ModerationEffects”. EcologicalEconomics, 69(7), pp:1553-1560.https://doi.org/10.1016/j.ecolecon.2010.02.017

Year 2019, Issue: 84, 177 - 190, 04.10.2019

Meltem Gürünlü

https://doi.org/10.25095/mufad.625803

Cited By: 9

Abstract

References

Ararat, M.-Suel, E. - Yurtoglu, B. B. (2014),“Sustainableİnvestment in Turkey: The Case in Context - An Update”, Sabancı University, http://dx.doi.org/10.2139/ssrn.2447937
Aupperle, K.E. - Carroll, A.B. -Hatfield,J.D (1985), “An EmpiricalExamination Of TheRelationshipBetweenCorporateSocialResponsibilityAndProfitability”, Academy of Management Journal 28 (2), pp: 446–463. https://doi.org/10.5465/256210
Bechetti, L. - Giacamo, S. - Pinnachio, D. (2008), “Corporate Social Responsibility And Corporate Performance: EvidenceFrom A Panel Of US ListedCompanies”, Journal of AppliedEconomics, 40(5), pp:541-567. https://doi.org/10.1080/00036840500428112
Canbaş, S. - Doğukanlı, H. - Düzakın, H. (2004),“Tobin Q Oranı Ve Günümüzde İşletme Kararları Açısından Önemi”,Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13 (2), pp: 57-74.
Chung, K.H. - Pruitt, S.W. (1994), “A Simple Approximation Of Tobin’s Q”,Financial Management Journal, 23(3), pp:70-74.
Cunha, F. - Samanez, C.P. (2013), “PerformanceAnalysis Of SustainableInvestmentsInTheBrazilianStock Market: A StudyAboutTheCorporateSustainability Index (ISE)”, JournalOf Ethics, 117, pp:19-36, doi: 10.1007/s10551-012-1484-2
Curran, M. - Moran D. (2007), “ImpactOf TheFTSE4Good Index On FirmPrice: An EventStudy”,Journal of Environmental Management, 82(4), pp:529-537.Doi: 10.1016/j.jenvman.2006.02.010
Demirel, B. - Erdoğan, M. (2016), “CorporateSustainabilityReportingInTheBIST Sustainability Index”,International Journal of Business andSocialResearch, 6(10), pp:21-31. http://dx.doi.org/10.18533/ijbsr.v6i10.999
Derwall, J. - Guenster, N. - Bauer,R. - Koedijk, K.C. (2005), “SociallyResponsibleInvesting: TheEco-efficiency Premium Puzzle”, Financial AnalystsJournal, 61(2), pp: 51–63.Doi:10.2469/faj.v61.n2.2716
Elsayed, K. - Paton, D. (2005), “TheImpact Of EnvironmentalPerformance On FirmPerformance:StaticAndDynamic Panel Data Evidence”,StructuralChangeandEconomic Dynamics, 16, pp:395-412. http://dx.doi.org/10.1016/j.strueco.2004.04.004
Epstein, M.J. (2018), MakingSustainabilityWork: Best Practices in ManagingandMeasuringCorporateSocial, EnvironmentalandEconomicImpacts, Routledgepublications, Londonhttps://doi.org/10.4324/9781351280129
Epstein, M.J. - Roy, M. (2003), “MakingThe Business Case ForSustainability: LinkingSocialAndEnvironmentalActionsTo Financial Performance”,TheJournal of CorporateCitizenship, 9, pp:79-96
Friedman, M. (1970), “The Social Responsibility Of Business Is To IncreaseItsProfits”, The New York Times Magazine, pp:122-126.
Gök, İ.Y. - Özdemir, O. (2017),“Borsa İstanbul Sürdürülebilirlik Endeksinin Performans Karakteristiği”, Sosyoekonomi, 25(34), pp:87-105.Doi:10.17233/sosyoekonomi.290838
Hayward, L. (2018), “DoesTheStock Market Valueİnclusion On A Sustainability Index? An EventStudy Using TheDow JonesSustainabilityNorth America”, College of Holly Cross, Master Thesis,https://crossworks.holycross.edu/econ_stu_scholarship/3, (Erişim Tarihi: 12.04.2019)
Haigh,M. - Hazelton, J. (2004), “Financial Markets: A ToolForSocialResponsibility?”,Journal of Business Ethics, 52(1), pp: 59–71.https://doi.org/10.1023/B:BUSI.0000033107.22587.0b
Heal, G. (2005), “CorporateSocialResponsibility: An EconomicAndﬁnancial Framework”,TheGenevaPapers on Risk andInsurance -IssuesandPractice, 30(3), pp:387–409, https://doi.org/10.1057/palgrave.gpp.2510037
Herremans,I.M. - Akathaporn, P. - McInnes, M. (1993), “An Investigation Of CorporateSocialResponsibilityReputationAndEconomicPerformance”, Accounting, OrganizationsandSociety, 18(7-8), pp:587-604, https://doi.org/10.1016/0361-3682(93)90044-7
Lee, D. - Faff, R.W. (2009), “CorporateSustainabilityPerformanceAndIdiosyncratic Risk: A Global Perspective”,The Financial Review, 44, pp:213-237. https://doi.org/10.1111/j.1540-6288.2009.00216.x
Lindenberg, E.B. - Ross, S.A. (1981), “Tobin’s Q RatioAndIndustrialOrganization”,Journal of Business, 54(1), pp:1-32.
Lopez, M.V - Garcia, A. - Rodriguez, L. (2007), “Sustainable Development AndCorporatePerformance: A StudyBased On TheDow JonesSustainability Index”,Journal of Business Ethics,75(3), pp: 285–300.https://doi.org/10.1007/s10551-006-9253-8
Lourenço, I.C. - Callen, J.L. - Branco, M.C. - Curto, J.C. (2014), “TheValue Relevance Of ReputationForSustainabilityLeadership”,Journal of Business Ethics, 119 (1), pp:17-28, Doi: 10.1007/s10551-012-1617-7
Oberndorfer, U. - Schmidt, P. - Wagner, M. - Ziegler, A. (2013), “DoesTheStock Market Value TheInclusionIn A SustainabilityStock Index? An EventStudy Analysis ForGermanFirms”, Journal of EnvironmentalEconomicsand Management, 66(3), pp:497-509https://doi.org/10.1016/j.jeem.2013.04.005
Orsato,R. - Mendes-Da-Silva, W. - Garcia, A. - Monzoni, M. - Simonetti, R. (2015),“SustainabilityIndexes: WhyJoinIn? A Study Of TheCorporateSustainability Index (ISE) InBrazil”, Journal of CleanerProduction, 96(1),pp: 161-170. https://doi.org/10.1016/j.jclepro.2014.10.071
Özkan, A. - Tanç, Ş.G. - Taşdemir, B. (2018), “SürdürülebilirlikAçıklamaları Kapsamında Sosyal Sorumluluğun Karlılık Üzerine Etkisi: BİST Sürdürülebilirlik Endeksinde Bir Araştırma”, Muhasebe Bilim Dünyası Dergisi, 20(3), ss:560-577.https://doi.org/10.31460/mbdd.390388
Shleifer, A. - Vishny, R.W. (1997), “ASurvey Of CorporateGovernance”,Journalof Finance 52(2), pp:737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Statman, M. (2006), “SociallyResponsibleIndexes: Composition, PerformanceAndTrackingErrors”,Journal of Portfolio Management, 32(3), pp: 100–110.
Sustainable Stock Exchanges Iniative (2016), “Report On Progress: A PaperPreparedForTheSustainableStockExchanges Global Dialague”,https://unctad.org/en/PublicationsLibrary/unctad_sse_2016d1.pdf(Erişim Tarihi: 02.12.2018)
Telle, K. (2006), “ItPaysTo Be Green” - A PrematureConclusion?”, Environmentaland Resource Economics, 35(3), pp:195–220 https://doi.org/10.1007/s10640-006-9013-3
Tirole, J. (2006). TheTheory Of Corporate Finance, Princeton UniversityPress, NewYork
Tobin, J. (1969), “A General EqulibriumApproachToMonetaryTheory”, Journal of Money, CreditandBanking, 1(1), pp:15-29.
Waddock, S.A. - Graves, S.B. (1997), “The CorporateSocialPerformance-Financial Performance Link”, Strategic Management Journal, 18 (4), pp:303–319.
Wagner, M. (2010), “TheRole Of CorporateSustainabilityPerformanceForEconomicPerformance: A Firm-Level Analysis Of ModerationEffects”. EcologicalEconomics, 69(7), pp:1553-1560.https://doi.org/10.1016/j.ecolecon.2010.02.017

There are 33 citations in total.

Details

Primary Language	Turkish
Journal Section	Articles
Authors	Meltem Gürünlü This is me
Publication Date	October 4, 2019
Submission Date	March 5, 2019
Published in Issue	Year 2019 Issue: 84

Cite

APA	Gürünlü, M. (2019). Sürdürülebilirlik ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma. The Journal of Accounting and Finance(84), 177-190. https://doi.org/10.25095/mufad.625803
AMA	Gürünlü M. Sürdürülebilirlik ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma. The Journal of Accounting and Finance. October 2019;(84):177-190. doi:10.25095/mufad.625803
Chicago	Gürünlü, Meltem. “Sürdürülebilirlik Ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma”. The Journal of Accounting and Finance, no. 84 (October 2019): 177-90. https://doi.org/10.25095/mufad.625803.
EndNote	Gürünlü M (October 1, 2019) Sürdürülebilirlik ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma. The Journal of Accounting and Finance 84 177–190.
IEEE	M. Gürünlü, “Sürdürülebilirlik ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma”, The Journal of Accounting and Finance, no. 84, pp. 177–190, October 2019, doi: 10.25095/mufad.625803.
ISNAD	Gürünlü, Meltem. “Sürdürülebilirlik Ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma”. The Journal of Accounting and Finance 84 (October 2019), 177-190. https://doi.org/10.25095/mufad.625803.
JAMA	Gürünlü M. Sürdürülebilirlik ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma. The Journal of Accounting and Finance. 2019;:177–190.
MLA	Gürünlü, Meltem. “Sürdürülebilirlik Ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma”. The Journal of Accounting and Finance, no. 84, 2019, pp. 177-90, doi:10.25095/mufad.625803.
Vancouver	Gürünlü M. Sürdürülebilirlik ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma. The Journal of Accounting and Finance. 2019(84):177-90.