The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul

Cennet Gürbüz

doi:10.16951/trendbusecon.1809074

TR EN

Kurumsal Sosyal Sorumluluğun Kurumsal Finansal Performansa Etkisi: Borsa İstanbul’dan Kanıtlar

Abstract

Günümüzde şirketlerin çevresel sürdürülebilirlik kapsamında gerçekleştirdikleri uygulamalar, Kurumsal Sosyal Sorumluluk (KSS) kapsamında yatırımcıların ve araştırmacıların ilgi odağı haline gelmiştir. Çalışma, KSS'nin Kurumsal Finansal Performans (KFP) üzerine etkilerini belirlemek amacıyla yürütülmüştür. Bu amaçla, çalışmada Borsa İstanbul'da işlem gören ve 2010-2020 yılları arasında ESG puanı açıklayan şirketlere ait veriler kullanılmıştır. Çalışmada bağımlı değişken olarak piyasa tabanlı finansal ölçüt (TOBIN’S Q), ve muhasebe tabanlı ölçüt (ROA) kullanılmıştır. Çalışmada KSS göstergesi olarak ESG puanı kullanılırken, satış büyüme oranı, maddi duran varlık oranı, finansal kaldıraç ve ödenen temettü oranları da kontrol değişkenleri olarak dikkate alınmıştır. Çalışma bulguları KSS uygulamalarının piyasa temelli performans üzerinde negatif düzeyde etkisine muhasebe temelli performansa ilişkin ise herhangi anlamlı bir etkinin olmadığına işaret etmektedir. Gelişmekte olan bir ülke olarak Türkiye örneğinin kullanıldığı çalışmada, şirketlerin KSS çalışmaları konusunda kamuoyunu bilinçlendirmeleri ve politika yapıcıların yasal düzenlemeler yoluyla piyasa katılımcılarını desteklemelerinin önemi vurgulanmaktadır. Bu sonuçlar, bireyler, yatırımcılar, işletme yönetimi, toplumlar ve politika uygulayıcıları için çıkarımlar sunmakta ve gelecekteki araştırmalar için yön çizmektedir.

Keywords

Borsa İstanbul, Kurumsal Sosyal Sorumluluk, Kurumsal Finansal Performans, Panel Veri

Supporting Institution

Bu çalışmada herhangi bir resmi, ticari ya da kâr amacı gütmeyen organizasyondan fon desteği alınmamıştır.

Project Number

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Ethical Statement

Çalışma etik kurul onayı veya bilgilendirilmiş onam gerektirmez.

The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul

Abstract

Today, the practices implemented by companies within the scope of environmental sustainability have become the focus of attention of investors and researchers within the scope of Corporate Social Responsibility (CSR). This study was conducted to determine the impact of CSR on Corporate Financial Performance (CFP). For this purpose, data from companies traded on the Borsa Istanbul (Istanbul Stock Exchange) that have disclosed ESG scores between 2010 and 2020 were used. In the study, market-based financial measure (TOBIN’S Q) and accounting-based measure (ROA) were used as dependent variables. While the ESG score was used as the CSR indicator in the study, sales growth rate, property, plant, and equipment ratio, financial leverage, and dividend paid ratios were also considered control variables. The study findings indicate that CSR practices negatively impact market-based performance and have no significant impact on accounting-based performance. Using Turkey as an example, a developing country, the study emphasizes the importance of companies raising public awareness of their CSR efforts and policymakers supporting market participants through legal regulations. These results offer implications for individuals, investors, business management, societies, and policy practitioners and outline directions for future research.

Keywords

Istanbul Stock Exchange, Corporate Social Responsibility, Corporate Financial Performance, Panel Data

Supporting Institution

This study did not receive funding from any governmental, commercial or non-profit organization.

Project Number

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Ethical Statement

The study does not require ethics committee approval or informed consent.

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Details

Primary Language

English

Subjects

Institutional Governance, Corporate Social Responsibility in Management

Journal Section

Research Article

Authors

Cennet Gürbüz ^*
0000-0002-0279-3214
Türkiye

Publication Date

October 15, 2026

Submission Date

October 22, 2025

Acceptance Date

October 4, 2026

Published in Issue

Year 2026 Volume: 40 Number: 4

DOI

https://doi.org/10.16951/trendbusecon.1809074

IZ

https://izlik.org/JA97UW36ZA

APA

Gürbüz, C. (2026). The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul. Trends in Business and Economics, 40(4), 691-703. https://doi.org/10.16951/trendbusecon.1809074

AMA

1.Gürbüz C. The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul. Trend Bus Econ. 2026;40(4):691-703. doi:10.16951/trendbusecon.1809074

Chicago

Gürbüz, Cennet. 2026. “The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul”. Trends in Business and Economics 40 (4): 691-703. https://doi.org/10.16951/trendbusecon.1809074.

EndNote

Gürbüz C (October 1, 2026) The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul. Trends in Business and Economics 40 4 691–703.

IEEE

[1]C. Gürbüz, “The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul”, Trend Bus Econ, vol. 40, no. 4, pp. 691–703, Oct. 2026, doi: 10.16951/trendbusecon.1809074.

ISNAD

Gürbüz, Cennet. “The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul”. Trends in Business and Economics 40/4 (October 1, 2026): 691-703. https://doi.org/10.16951/trendbusecon.1809074.

JAMA

1.Gürbüz C. The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul. Trend Bus Econ. 2026;40:691–703.

MLA

Gürbüz, Cennet. “The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul”. Trends in Business and Economics, vol. 40, no. 4, Oct. 2026, pp. 691-03, doi:10.16951/trendbusecon.1809074.

Vancouver

1.Cennet Gürbüz. The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul. Trend Bus Econ. 2026 Oct. 1;40(4):691-703. doi:10.16951/trendbusecon.1809074

Content of this journal is licensed under a Creative Commons Attribution 4.0 International License

29928

Kurumsal Sosyal Sorumluluğun Kurumsal Finansal Performansa Etkisi: Borsa İstanbul’dan Kanıtlar

Abstract

Keywords

Supporting Institution

Project Number

Ethical Statement

The Effect of Corporate Social Responsibility on Corporate Financial Performance: The Evidence from Borsa Istanbul

Abstract

Keywords

Supporting Institution

Project Number

Ethical Statement

References

Details

Primary Language

Subjects

Journal Section

Authors

Publication Date

Submission Date

Acceptance Date

Published in Issue

DOI

IZ

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