SERMAYE YAPISI, KSS VE HİSSE SENEDİ PİYASASI: TÜRKİYE ÖRNEĞİ

Abstract

Bu çalışma, kurumsal sosyal sorumluluk (KSS) ile finansal kaldıraç arasındaki yönlü ilişkiyi ve bu iki unsurun firma değeri ve risk üzerindeki etkileşimsel etkilerini incelemektedir. 2002–2023 yılları arasında BIST100 endeksinde yer alan Türk firmalarına ait panel veri kullanılarak sabit etkiler modeli uygulanmıştır. Bulgular, kaldıraç seviyesinin KSS faaliyetlerini marjinal olarak olumsuz etkilediğini, ancak KSS'nin kaldıraç üzerinde anlamlı bir etkisinin bulunmadığını göstermektedir. Ayrıca, KSS ile kaldıraç arasındaki etkileşim teriminin firma değeri üzerinde negatif ve anlamlı bir etkisi varken, fiyat oynaklığı üzerinde anlamlı bir etkisi bulunmamaktadır. Bu sonuçlar, KSS'nin finansal yapı bağlamında değer yaratıcı ya da risk azaltıcı etkilerinin firma koşullarına bağlı olduğunu göstermektedir.

Keywords

• CSR
• panel data analysis
• leverage
• capital structure
• firm value
• value creation
• risk-mitigation

CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE

Abstract

This study analyses the dynamic relationship between corporate social responsibility (CSR) and financial leverage, and how their interaction influence firm value and risk. Using panel data from Turkish BIST100 firms between 2002 and 2023, fixed-effect regressions showed that leverage has a marginally negative impact on CSR, while CSR does not significantly influence leverage. Additionally, the interaction between CSR and leverage has a negative effect on firm value but does not significantly affect price volatility. These findings contribute to the understanding of CSR's role under financial constraints.

Keywords

• CSR
• Panel data analysis
• leverage
• capial structure
• firm value
• valu creation
• risk mitigation

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