Kurumsal İtibar ile Finansal Performans Arasındaki İlişkide İnovasyon Kapasitesinin Aracılık Etkisi

Öz

Bu araştırmanın amacı kaynak temelli yaklaşım kapsamında Türkiye’de faaliyet gösteren firmaların kurumsal itibarlarının, finansal performansları üzerindeki direkt etkisinin yanı sıra, inovasyon kapasitesi üzerinden ortaya çıkabilecek endirekt etkisini ortaya koymaktır. Çalışmada aracılık (mediation) analiz modeli kullanılmıştır. Çalışma 2014-2018 yılları arasında Brand Finance tarafından yayınlanan Turkey 100 (Türkiyenin en İtibarlı Markalar Raporu) listesinde yer alan ve Borsa İstanbul’da işlem gören 35 firmaya ait 175 adet gözlemden oluşmaktadır. Panel EKK “Havuzlanmış Regresyon Modeli” kullanılarak yapılan analiz bulguları, kurumsal itibarın finansal performans üzerinde anlamlı ve pozitif yönlü bir etkisinin olduğunu ve inovasyon kapasitesinin ise bu ilişkide önleyici (supression) bir etkiye sahip olduğunu ortaya koymuştur.

Anahtar Kelimeler

• Kurumsal İtibar
• Finansal Performan
• İnovasyon

The Mediating Effect of Innovation Capacity in the Relationship Between Corporate Reputation and Financial Performance

Abstract

The purpose of this research is to determine the direct effect of corporate reputation on financial performance and as well as the indirect effect that can arise out of innovation capacity of firms operating in Turkey within the framework of resource-based approach. To test these relationships, moderator models were used. The sample of the study consists of 175 observations belonging to 35 companies that are listed in the Turkey 100 list (Turkey's Most Respected Brands Report) published by Brand Finance between 2014-2018 and are listed in BIST. Panel EKK "Pooled Regression Model" was used in the study. The findings of the analysis made using the Panel EKK "Pooled Regression Model" show that corporate reputation has a significant and positive effect on financial performance and innovation capacity has a suppression effect on this relationship.

Keywords

• CORPORATE REPUTATION
• FINANCIAL PERFORMANCE
• INNOVATION

References

1. Bala, Y. ve Utluc, N. (2020). İnovasyon ve Kurumsal Sosyal Sorumluluğun Kurumsal İmaj Üzerindeki Etkisi: Bankacılık Sektöründe Bir Uygulama. Yıldız Sosyal Bilimler Enstitüsü Dergisi, 4(8), 162-179.
2. Aslan, Y. ve Aygün, M. (2019). İnovasyonun Firma Performansı Üzerine Etkisi: Bistte İmalat Sektöründe Faaliyet Gösteren Firmalar Üzerine Bir İnceleme. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 7(6), 91-109.
3. Okan, T., Sarı, S., ve Nas, T. İ. (2014). Yönetim Kurulu Papısı İle Finansal Performans Aarasındaki İlişkide Uluslararasılaşma Çeşitlenmenin Aracılık Etkisi. İstanbul Üniversitesi İşletme Fakültesi İşletme İktisadı Enstitüsü Yönetim Dergisi, 25(77), 39-78.
4. Cochran, P. L. ve Robert A. W. (1984). Corporate Social Responsibility and Financial Performance. Academy of Management Journal, 27(1), 42-56.
5. Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17 (1): 99-120.
6. Barney, J. (2002). Gaining and Sustaining Competitive Advantage, Reading, MA: Addison Wesley.
7. Baron, M. R. ve Kenny, A. D. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Conciderations. Journal of Personality and Social Psychology, 51(6), 1173 – 1182.
8. Hitt, M. A., Hoskisson, R. E., ve Kim, H. (1997). International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management journal, 40(4), 767-798.

9. Berens, G. ve Van Riel, C. (2004). Corporate Associations in the Academic Literature: Three Main Streams of Thought in the Reputation Measurement Literature. Corporate Reputation Review, 7 (2), 161–178.
10. Boyd, B. K., Bergh, D. D. ve Ketchen Jr, D. J. (2010). Reconsidering the Reputation Performance Relationship: A Resource-Based View. Journal of Management, 36(3), 588-609.
11. De Castro, G. M., Sáez, P. L. ve López, J. E. N. (2004). The role of corporate reputation in developing relational capital. Journal of Intellectual Capital.
12. De Castro, G. M., López, J. E. N. ve Sáez, P. L. (2006). Business and social reputation: Exploring the concept and main dimensions of corporate reputation. Journal of business ethics, 63(4), 361-370.
13. Deephouse, D. L . (2000). Media Reputation as a Strategic Resource: An İntegration of Mass Communication and Resource-Based Theories. Journal of Management, 26(6), 1091-1112.
14. Del Canto, J. G. ve Gonzalez, I. S. (1999). A Resource-Based Analysis of the Factors Determining a Firm's R&D Activities. Research Policy, 28(8), 891-905.
15. Dutton, J. E. ve Dukerich, J. M. (1991). Keeping an eye on the Mirror: Image and İdentity in Organizational Adaptation. Academy of Management Journal, 34(3), 517-554.
16. Eberl, M. ve Schwaiger, M. (2005). Corporate Reputation: Disentangling the Effects on Financial Performance. European Journal of Marketing, 39(7/8), 838-854.
17. Ersöz, F. (2009). Avrupa İnovasyon Göstergeleri (EIS) Işığında Türkiye'nin Konumu. İtüdergisi/b, 6(1), 3-16 Fang, L. H. (2005). Investment Bank Reputation and the Price and Quality of Underwriting Services. The journal of finance, 60(6), 2729-2761.
18. Flanagan, D. J ve O’Shaughnessy, K. C. (2005). The Effect of Layoffs on Firm Reputation. Journal of Management, 31(3), 445-463.
19. Fombrun, C. J ve Shanley, M. (1990). What's in a name? Reputation Building and Corporate Strategy. Academy of Management Journal, 33(2), 233-258.
20. Friar, J. H. (1995). Competitive advantage through product performance innovation in a competitive market. Journal of Product Innovation Management, 12(1), 33-42.
21. Galende, J. ve De La Fuente, J. M. (2003). Internal factors determining a firm’s innovative behaviour. Research Policy, 32(5), 715-736.
22. Griliches, Z. (1979). Issues in Assessing the Contribution of Research and Development to Productivity Growth. The Bell Journal of Economics, 92-116.
23. Harmancıoğlu, N. (2012). İnovasyon süreci: Yeni ürün geliştirmede inovasyon literatürünün teorik meta analizi. Girişimcilik ve İnovasyon Yönetimi Dergisi, 1(1), 1-23.
24. Hayes, A. F. (2009). Beyond Baron and Kenny: Statistical Mediation Analysis in the new Millennium. Communication monographs, 76(4), 408-420.
25. Henard, D. H ve Dacin, P. A. (2010). Reputation for Product Innovation: Its impact on Consumers. Journal of Product Innovation Management, 27(3), 321-335.
26. Hull, C. E. ve Rothenberg, S. (2008). Firm Performance: The Interactions of Corporate Social Performance with Innovation and Industry Differentiation. Strategic Management Journal, 29(7), 781-789.
27. Hult, G. T. M., Snow, C. C. ve Kandemir, D. (2003). The Role of Entrepreneurship in Building Cultural Competitiveness in Different Organizational Types. Journal of Management, 29(3), 401-426.
28. Judd, C. M ve Kenny, D. A. (1981). Estimating the effects of social intervention, CUP Archive.
29. Kadıbeşegil, S. (2006). İtibar Yönetimi, Medicat yayınları, İstanbul
30. Kartalia, J. (2000). The Four Building Blocks of a Reputation Management Program. Strategy & Leadership.
31. Kim, W. C. ve Mauborgne, R. (2005). Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant, Harvard Business Press, Boston.
32. Kowalczyk, S. J ve Pawlish, M. J. (2002). Corporate Branding Through External Perception of Organizational Culture. Corporate Reputation Review, 5(2), 159-174.
33. Lee, J. ve Roh, J. J. (2012). Revisiting Corporate Reputation and Firm Performance Link. Benchmarking: An International Journal, 19(4), 649-664.
34. Li, H. G., Chen, Z. W. ve Ma, G. X. (2016). Corporate Reputation and Performance: A Legitimacy Perspective. Entrepreneurial Business and Economics Review, 4(3), 181.
35. MacAlister, J. (2016). Risky Strategy: Understanding Risk to Improve Strategic Decisions. Bloomsbury Publishing, London.
36. MacKinnon, D. P., Krull, J. L. ve Lockwood, C. M. (2000). Equivalence of the mediation, confounding and suppression effect. Prevention science, 1(4), 173-181.
37. Mansfield, E. (1961). Technical Change and The Rate Of Imitation. Econometrica: Journal of the Econometric Society, 29(4), 741-766.
38. Mansfield, E. (1968). The Economics of Technological Change, Norton, New York.
39. Marr, B. (2005). Management Consulting Practice on Intellectual Capital Editorial and Introduction to Special Issue. Journal of Intellectual Capital, 6 (4), 469–473.
40. Mathieu, J. E. ve Taylor, S. R. (2006). Clarifying Conditions and Decision Points for Mediational Type Inferences in Organizational Behavior. Journal of Organizational Behavior, 27, 1031 – 1056.
41. Mishina, Y., Dykes, B. J., Block, E. S. ve Pollock, T. G. (2010). Why “good” firms do bad things: The effects of high aspirations, high expectations, and prominence on the incidence of corporate illegality. Academy of Management Journal, 53(4), 701-722.
42. Omar, M., Williams, R. L. ve Lingelbach, D. (2009). Global Brand Market-Entry To Manage Corporate Reputation. Journal of Product & Brand Management, 18 (3), 177-187.
43. Öğüt, A., Akgemci, T., Kocabacak, A. ve Şahin, E. (2007). İşletmelerde Düşünce Aşamasındaki Patent Aşamasına Uzanan Süreçte Yenilik Stratejileri ve Buluş Yönetimi. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (17), 413-425.
44. Özbek, H. ve Atik, H. (2014). İnovasyon Göstergeleri Bakımından Türkiye’nin Avrupa Birliği Ülkeleri Arasındaki Yeri: İstatistiksel Bir Analiz. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 42(Temmuz – Aralık), 193-210.
45. Penrose, E. (1959). The Theory Of The Growth Of The Firm, Blackwell Publishing, Oxford.
46. Petkova, A. P., Wadhwa, A., Yao, X. ve Jain, S. (2014). Reputation and decision making under ambiguity: A study of US venture capital firms' investments in the emerging clean energy sector. Academy of Management Journal, 57(2), 422-448.
47. Pfeffer, J. ve Salancik, G. R. (1978). The External Control of Organizations: A Resource Depen dence Approach, Harper and Row Publishers, New York.
48. Porter, E. M, (2011). Rekabet Üzerine: Bir Harvard Business Review Kitabı, Pınar Şiraz (Haz.), İstanbul, Optimist Yayınları.
49. Rhee, M. (2009). Does Reputation Contribute to Reducing Organizational Errors? A Learning Approach. Journal of Management Studies, 46(4), 676-703
50. Rindova, V. P., Williamson, I. O. ve Petkova, A. P. (2010). Reputation as an intangible asset: Reflections on theory and methods in two empirical studies of business school reputations. Journal of Management, 36(3), 610-619.
51. Roberts, P. W. ve Dowling, G. R. (2002). Corporate Reputation and Sustained Superior Financial Performance. Strategic Management Journal, 23(12), 1077 – 1093.
52. Rose, C. ve Thomsen, S. (2004). The Impact of Corporate Reputation on Performance: Some Danish Evidence. European Management Journal, 22 (2), 201-210.
53. Saylı, H., Veysel, A., Kızıldağ, D., ve Uğurlu, Y. (2009). Etik, Kurumsal İtibar ve Kurumsal Performans İlişkisini Belirlemeye Yönelik İlk 500 İşletme İçinde Yapılmış Bir Araştırma. Süleyman Demirel Üniversitesi iktisadi ve İdari Bilimler Fakültesi Dergisi, 14(2), 171-180.
54. Clark, K. ve Griliches, Z. (1984). Productivity and R&D at the Firm Level in French Manufacturing. In: Zvi. Griliches (Ed.), R&D, Patents, and Productivity, Chicago: University of Chicago Press, 134-156.
55. Gunday, G., Ulusoy, G., Kilic, K. ve Alpkan, L. (2011). Effects of innovation types on firm performance. International Journal of production economics, 133(2), 662-676.
56. Steenvoorden, O. (2017). The Effect of Firm Reputation and CEO Celebrity on the Innovative Behavior of a Firm, Yayımlanmamış Yüksek Lisans Tezi, University of Amsterdam.
57. Stuart, T. E. (2000). Interorganizational Alliances and The Performance Of Firms: A Study Of Growth and Innovation Rates In A High-Technology Industry. Strategic Management Journal, 21(8), 791-811.
58. Teece, D. J., Pisano, G. ve Shuen, A. (1997). Dynamic Capabilities and Strategic Management. Strategic Management Journal, 18(7), 509-533.
59. Vitezić, N. (2011). Corporate Reputation And Social Responsibility: An Analysis Of Large Companies In Croatia. International Journal of Economics and Business Research, 8(10), 85-96.
60. Yener, M. ve Ergun, S. (2014). İtibar Yönetimi: Tanım, Ölçüm ve Teori. Haluk Sümer ve Helmut Pernsteiner (Ed.). İtibar Yönetimi, içinde (3-23), Beta Yayınları, İstanbul.
61. Yeşil, S. ve Sibel P. (2017). Farklılıkların Yönetimi, Kurumsal İitibar ve İşletme Performansı Üzerine Etkileri:Tekstil Sektöründe Bir Alan Araştırması. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 7(2), 173-194.
62. Yeşil, S., Çınar, Ö. ve Uzun, E. (2010). Kahramanmaraş’ta Faaliyet Gösteren İşletmelerin Yenilik Faaliyetleri Üzerine Bir Alan Çalışması. Bilgi Ekonomisi ve Yönetim Dergisi, 5(2), 81-100.
63. MacKinnon, D. P., Krull, J. L. ve Lockwood, C. M. (2000). Equivalence of the Mediation, Confounding and Suppression Effect. Prevention science, 1(4), 173-181.
64. Cole, M. S., Walter, F. ve Bruch, H. (2008). Affective Mechanisms Linking Dysfunctional Behavior to Performance in Work Teams: A Moderated Mediation Study. Journal of Applied Psychology, 93(5), 945.
65. Yücel, N. ve Toprak, C. (2019). Sosyal İnovasyonun Marka İmajına Olan Etkisi. Iğdır Üniversitesi Sosyal Bilimler Dergisi, 20, 435-457.
66. Kuratko, D. F., Ireland, R. D., Covin, J. G. ve Hornsby, J. S. (2005). A Model of Middle–Level Managers’ Entrepreneurial Behavior. Entrepreneurship Theory and Practice, 29(6), 699-716.
67. Hitt, M. A., Ireland, R. D., Camp, S. M. ve Sexton, D. L. (2001). Strategic entrepreneurship: Entrepreneurial strategies for wealth creation. Strategic management journal, 22(6‐7), 479-491.
68. Ben-Zion, U. (1978). The İnvestment Aspect of non-Production Expenditures: an Empirical Test. Journal of Economics and Ž. Business Spring , 30 (3) 224–229.
69. Dowling, G. R. (2000). Creating Corporate Reputations: Identity, İmage and Performance: Identity, İmage and Performance, OUP Oxford
70. Henard, D. H. ve Dacin, P. A. (2010). Reputation for Product Innovation: Its impact on Consumers. Journal of Product Innovation Management, 27(3), 321-335.
71. Stuart, Toby E. (2000). Interorganizational Alliances and The Performance Of Firms: A Study Of Growth and Innovation Rates In A High-Technology Industry. Strategic Management Journal, 21(8), 791-811.
72. Galende, J. ve De La Fuente, J. M. (2003). Internal Factors Determining a Firm’s İnnovative Behaviour. Research Policy, 32(5), 715-736.
73. Güleş, H. K. ve Bülbül, H. (2004). Toplam Kalite Yönetiminin İşletmelerde Yenilik Çalışmalarına Katkısı. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(1), 115-129.
74. Gujarati, D. N. (2003). Basic Econometrics, 4. Baskı, New York: McGraw-Hill Companies, https://zalamsyah.staff.unja.ac.id/wp content/uploads/sites/286/2019/11/7-Basic-Econometrics-4th-Ed.-Gujarati.pdf
75. Pesaran, H. M. (2015). Time Series and Panel Data Econometrics. Oxford University Press.
76. Arellano, M. (2003). Panel Data Econometrics Advanced Texts in Econometrics, Great Britain, Oxford University Press.
77. Baltagi, H. B. (2005). Econometric Analysis of Panel Data. 3. Baskı, England: John Wiley & Sons Ltd.
78. Judd, C. M. ve Kenny, D. A. (1981). Estimating the Effects of Social İntervention, CUP Archive.
79. Metcalfe, J. S. (1998). Evolutionary Economics and Creative Destruction. Routledge, London.
80. Yavuz, Ç. (2010). İşletmelerde İnovasyon-Performans İlişkisinin İncelenmesine Dönük Bir Çalışma. Girişimcilik ve Kalkınma Dergisi, 5(2), 143-173.
81. Griliches, Z. (1979). Issues in Assessing the Contribution of Research and Development to Productivity Growth. The Bell Journal of Economics, 92-116.
82. Hoyt, R. E. ve Liebenberg, A. P. (2011). The Value of Enterprise Risk Management. Journal of Risk and Insurance, 78 (4), pp. 795-822.
83. Wernerfelt, B. ve Montgomery, C. A. (1988). Tobin’s Q and the Importance of Focus in Firm Performance. The American Economic Review, 1(78), 246-250.
84. Chung, K. H. ve Pruitt, S. W. (1994). A Simple Approximation of Tobin's q. Financial management, 70-74.
85. Carmeli, A. ve Tishler, A. (2014). The Relationships Between İntangible Organizational Elements and Organizational Performance. Strategic Management Journal, 25 (13), 1257-1278.
86. Buğra, A. (2016). Devlet ve İş Adamları, İletişim Yayınları, İstanbul.
87. Perrin, B. (2002). How To and How Not To Evaluate Innovation. Evaluation, 8(1), 13-28.
88. Padgett, R. C. ve Leite, R. C. M. (2012). The İmpact of R&D İntensity on Corporate Reputation: Interaction Effect of İnnovation with High Social Benefit. Intangible Capital, 8(2), 216-238.
89. Shane, S. (1993). Cultural Influences on National Rates of Innovation. J. Bus. Ventur, 8, 59–73. Mitchell, R. K., Smith, B., Seawright, K. W., & Morse, E. A. (2000). Cross-Cultural Cognitions and the Venture Creation Decision. Academy of management Journal, 43(5), 974-993.
90. Tylecote, A. (1996). Cultural Differences Affecting Technological Innovation in Western Europe. European Journal of Work & Organizational Psychology, 5 (1), 137–174.