SÜRDÜRÜLEBİLİRLİK YATIRIMLARININ FİNANSAL PERFORMANSA ETKİSİ: TÜRKİYE ÖRNEĞİ

Year 2017, , 140 - 162, 31.05.2017

Damla Durak Uşar , Mehmet Ali Soytaş , Meltem Denizel İris Ersoy

https://doi.org/10.11611/yead.316847

Cited By: 7

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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