SÜRDÜRÜLEBİLİRLİK YATIRIMLARININ FİNANSAL PERFORMANSA ETKİSİ: TÜRKİYE ÖRNEĞİ

Abstract

Uluslararası literatürde sürdürülebilirlik ve finansal performans ilişkisini inceleyen çalışmalar birbirleri ile çelişen bulgular ortaya koymuşlardır. Her ne kadar sürdürülebilirlik etkisini pozitif bulan çalışma sayısı daha fazla olsa da ciddi miktarda çalışma ilişkiyi negatif bulmuş, yine birçok çalışma da herhangi anlamlı bir ilişki bulamamıştır. Bu durum ilişkinin yönü hakkında ciddi kuşku oluşturmaktadır ve dahası böyle bir ilişkinin var olup olmadığı hala önemli bir araştırma sorusu olarak gündemini korumaktadır. Özellikle, ilişkiyi pozitif bulan çalışmaların kullandıkları veri setleri ve değişkenlerin birbirinden çok farklı olduğu dikkate alındığında, bu çalışmaların oranı ilişkinin pozitif olduğunu bilimsel olarak kanıtlamaya yetecek kadar çok değildir. Türk literatüründe ise bu alanda yapılan çalışmalar kısıtlı örneklem sebebi ile istatistiksel açıdan sağlıklı sonuçlara ulaşamamıştır. Bu çalışmada Türk firmaları için sürdürülebilirliğin finansal performans üzerindeki etkisi ortaya konulmuştur. Analizler CSRHub ve Compustat veri setleri birleştirilerek elde edilen ve 214 firmadan oluşan büyük bir örneklem üzerinden yapılmıştır. Sonuçlar sürdürülebilirliğin finansal performans üzerinde pozitif etkisi olduğunu göstermiştir. Ayrıca yaptığımız analizler sonucu yabancı ortaklı firmaların yerli sermayeli firmalara göre gerek finansal gerek sürdürülebilirlik açısından daha avantajlı konumda olduğu  saptanmıştır.

Keywords

• Sürdürülebilirlik,Kurumsal Finansal Performans,Lineer Regresyon Analizi,CSRHub

CORPORATE SUSTAINABILITY INVESTMENTS AND FINANCIAL PERFORMANCE RELATIONSHIP IN TURKEY

Abstract

The literature presents contradictory results on the relationship between corporate sustainability performance and corporate financial performance. The effect of sustainability on financial performance is mostly estimated as positive, but there are substantial number of studies that find a negative relationship and further, in some studies results are inconclusive. This casts doubt on the direction of this relationship and whether there is such a relationship at all still remains as an open question. The respective proportion of studies with positive outcomes is not distinct enough to reach a convincing scientific consensus, especially given that, these studies differ vastly in the measures and the datasets they use. There are only a few studies that investigate the link between financial performance and sustainability on Turkish firms and those studies suffer from small sample sizes. In this study, the link between corporate financial performance and corporate sustainability is demonstrated using a large dataset constructed by matching CSRHub and Wharton Research Data Services (WRDS) Compustat Global databases. Results suggest that there is positive significant effect of sustainability on financial performance. Further, Turkish firms with foreign corporate partners perform better both in terms of sustainability and financial performance compared to their pure domestic counterparts. 

Keywords

• Sustainability,Corporate Financial Performance,Linear Regression Analysis,CSRHub,BIST Sustainability Index

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