Sürdürülebilir İnsan Kaynakları Yönetimi Uygulamalarının Finansal Performans Üzerine Etkisi: BIST Sürdürülebilirlik Endeksi Uygulaması

Öz

Bu çalışmanın amacı, firmaların sürdürülebilir İKY uygulamalarının finansal performans üzerine etkisini belirlemektir. Bu amaç kapsamında, (Borsa İstanbul) BIST Sürdürülebilirlik Endeksi’nde listelenen 37 firmanın 2019-2023 yılları verisi panel veri analizi yöntemi kullanılarak analiz edilmiştir. Bu çalışmada, sürdürülebilir İKY uygulamaları; çalışan refahı, nitelikli eğitim, toplumsal cinsiyet eşitliği ve kapsayıcılık, insana yakışır iş ve yeşil İKY olmak üzere İKY’nin sürdürülebilir kalkınma amaçlarına katkı yaptığı beş alanda sınıflandırılmıştır. Yapılan analizler sonucunda sürdürülebilir İKY uygulamalarının firmaların finansal performansları üzerinde anlamlı bir etkisinin olmadığı ortaya çıkmıştır. Bu çalışma, sürdürülebilir İKY uygulamalarının bütüncül olarak finansal performansa etkisiyle ilgili literatürü genişletmesi bakımından önemlidir. Çalışmanın sonuçları, firmalar, yatırımcılar ve araştırmacılar için önemli teorik ve pratik çıkarımlar sunmaktadır.

Anahtar Kelimeler

• Finansal Performans
• Sürdürülebilir İnsan Kaynakları Yönetimi Uygulamaları
• Sürdürülebilir Kalkınma Amaçları
• Panel Veri Analizi Yöntemi

The Impact of Sustainable Human Resources Management Practices on Financial Performance: BIST Sustainability Index

Öz

This study aims to determine the impact of sustainable human resources management (SHRM) practices on corporate financial performance. To this end, the study analyzes data from 37 companies listed on the BIST Sustainability Index for the period 2019-2023, using panel data analysis. In this study, SHRM practices were categorized into five key areas aligned with sustainable development goals: green HRM, decent work, employee welfare, quality education, and gender equality and inclusiveness. The analyses reveal that SHRM practices do not have a statistically significant impact on the financial performance of the companies. This study contributes to the literature by providing a holistic investigation of the relationship between SHRM practices and financial performance. The results of the study offer important theoretical and practical implications for companies, investors, and researchers.

Anahtar Kelimeler

• Financial Performance
• Sustainable Human Resources Practices
• Sustainable Development Goals
• Panel Data Analysis Method

Kaynakça

1. Agyabeng-Mensah, Y., ve Tang, L. (2021). The relationship among green human capital, green logistics practices, green competitiveness, social performance, and financial performance. Journal of Manufacturing Technology Management, 32(7), 1377–1398. https://doi.org/10.1108/JMTM-11-2020-0441
2. Al-Romeedy, B. S. (2019). Green human resource management in Egyptian travel agencies: constraints of implementation and requirements for success. Journal of Human Resources in Hospitality & Tourism, 18(4), 529–548. https://doi.org/10.1080/15332845.2019.1626969
3. Alves, J., Lima, T. M., ve Gaspar, P. D. (2023). Is industry 5.0 a human-centred approach? A systematic review. Processes, 11(1), 193. https://doi.org/10.3390/pr11010193
4. Baltagi, B., ve Wu, P. (1999). Unequally spaced panel data regressions with AR( 1 ) disturbances. Econometric Theory, 15(6), 814–823.
5. Baltagi, B. H. (2005). Econometric Analysis of Panel Data, John Wiley&Sons Ltd. West Sussex, England.
6. Berg J, Furrer M. ve Harmon E. (2018) Digital labour platforms and the future of work towards decent work in the online world. Geneva: ILO.
7. Bombiak, E., ve Marciniuk-Kluska, A. (2018). Green human resource management as a tool for the sustainable development of enterprises: polish young company experience. Sustainability, 10(6), 1739. https://doi.org/10.3390/su10061739
8. Box, G. E. P., ve Pierce, D. A. (1970). Distribution of residual autocorrelations in autoregressive-ıntegrated moving average time series models. Journal of American Statistical Association, 65(332), 1509–1526.

9. Breusch, A. T. S., ve Pagan, A. R. (1979). A simple test for heteroscedasticity and random coefficient variation. Econometrica, 47(5), 1287–1294.
10. Breque, M., De Nul, L., ve Petridis, A. (2021). Industry 5.0: towards a sustainable, human-centric and resilient european industry, directorate-general for research and innovation, European Commission.
11. Brieger, S. A., Francoeur, C., Welzel, C., ve Ben-Amar, W. (2019). Empowering women: The role of emancipative forces in board gender diversity. Journal of Business Ethics, 155(2), 495–511. https://doi.org/10.1007/s10551-017-3489-3
12. Browers, C.S. ve Ho, H.W.L. (2022). Seeing through their eyes: the diversity and inclusion lessons learned from rural university students. Higher Education Evaluation and Development, 16(1), 2-15. https://doi.org/10.1108/HEED-12-2020-0053
13. Chalermchaikit, V., Kozak, M., ve Preudhikulpradab, S. (2024). Gender inclusion: The practices of organizational development and human resource management. International Journal of Hospitality Management, 120, https://doi.org/10.1016/j.ijhm.2024.103773
14. Chams, N., ve García-Blandón, J. (2019). On the importance of sustainable human resource management for the adoption of sustainable development goals. Resources, Conservation and Recycling, 141, 109–122. https://doi.org/10.1016/j.resconrec.2018.10.006
15. Cohen, E., Taylor, S., ve Muller-Camen, M. (2012). HRM’s Role in Corporate Social and Environmental Sustainability. SHRM Report. SHRM. https://www.shrm.org.
16. Cook, D., ve Weisberg, S. (1983). Diagnostics for heteroscedasticity in regression. Biometrika, 70(1), 1–10. https://www.jstor.org/stable/2335938
17. Dabic, M., Maley, J. F., Svarc, J., ve Pocek, J. (2023). Future of digital work: Challenges for sustainable human resources management. Journal of Innovation & Knowledge, 8, 1-9.
18. De Stefano, F., Bagdadli, S., ve Camuffo, A. (2018). The HR role in corporate social responsibility and sustainability: A boundary-shifting literature review. Human Resource Management, 57(3), 549–566. https://doi.org/10.1002/hrm.21870
19. Driscoll, J. C., ve Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549–559. https://doi.org/10.1162/003465398557825
20. Ehnert, I. (2009). Sustainable human resource management: A conceptual and exploratory analysis from a paradox perspective. Berlin. Physica-Verlag.
21. Friede, G., Busch, T., ve Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210–233. doi:10.1080/20430795.2015.1118917
22. Fukuyama, M. (2018). Society 5.0: Aiming for a New Human-Centered Society. Japan Spotlight, 27, 47–50.
23. Gamberini, L. ve Pluchino, P. (2024). Industry 5.0: A comprehensive insight into the future of work, social sustainability, sustainable development, and career. Australian Journal of Career Development, 33(1), 5-14. https://doi.org/10.1177/103841622412311
24. Geradine, K., ve McWha-Hermann, I. (2024). In search of decent work: Human resource managers as custodians of fair reward in international NGOs. German Journal of Human Resource Management, 38(2), 202-230. https://doi.org/10.1177/23970022241231838
25. Gonz´alez-Cant´on, C., Boulos, S., ve S´anchez-Garrido, P. (2019). Exploring the link between human rights, the capability approach and corporate responsibility. Journal of Business Ethics, 160(4), 865–879.
26. Guerci, M., ve Pedrini, M. (2013). The consensus between Italian HR and sustainability managers on HR management for sustainability-driven change − towards a ‘strong’ HR management system. The International Journal of Human Resource Management, 25(13), 1787–1814. doi:10.1080/09585192.2013.860388.
27. Guerci, M., ve Carollo, L. (2015). A paradox view on green human resource management: insights from the Italian context. The International Journal of Human Resource Management, 27(2), 212–238. https://doi.org/10.1080/09585192.2015.1033641
28. Gürünlü, M. (2019). Sürdürülebilirlik ve finansal performans arasındaki ilişki: BİST şirketleri üzerine bir araştırma. Muhasebe ve Finansman Dergisi (84), 177-190. https://doi.org/10.25095/mufad.625803
29. Hazaea, S. A., Al-Matari, E. M., Farhan, N. H. S., ve Zhu, J. (2023). The impact of board gender diversity on financial performance: A systematic review and agenda for future research. Corporate Governance, 23(7), 1716–1747. https://doi.org/10.1108/CG-07-2022-0302
30. Hoştut, D. S. (2016). İtibarlı şirketlerin işgücü ve insana yakışır iş uygulamaları. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 16(Özel Sayı), 81-96. https://doi.org/10.18037/ausbd.417434
31. International Labor Organization. Decent work. https://www.ilo.org/topics/decent-work.
32. Jain, A., Leka, S., ve Zwetsloot, G. (2018). Managing Health, Safety and Wellbeing Ethics, Responsibility and Sustainability. Springer Science, Dordrecht.
33. Jerónimo, H. M., Henriques, P. L., ve Carvalho, S. I. (2022). Being inclusive boosts impact of diversity practices on employee engagement. Management Research, 20(2), 129-147. https://doi.org/10.1108/MRJIAM-05-2021-1175
34. Jiang, L., Cherian, J., Sial, M. S., Wan, P., Filipe, J. A., Mata, M. N., ve Chen, X. (2021). The moderating role of CSR in board gender diversity and firm financial performance: Empirical evidence from an emerging economy. Economic Research-Ekonomska Istraživanja, 34(1), 2354–2373. https://doi.org/10.1080/1331677X.2020.1863829
35. Johnson, J. J. ve Ng, E. S. (2016). Money talks or millennials walk: The effect of compensation on nonprofit millennial workers sector-switching intentions. Review of Public Personnel Administration, 36(3), 283–305. https://doi.org/10.1177/0734371X1558798
36. Jorgji, S., Teta, J., Mousa, S., Ponkratov, V., Elyakova, I., Vatutina, L., Pozdnyaev, A., Chernysheva, T., Romanenko, E., ve Kosov, M. (2024). Sustainable human capital management, ESG, and firm performance: Moderating role of ESG disclosure. Journal of Human, Earth, and Future, 5(2), 262–274. https://doi.org/10.28991/HEF-2024-05-02-08
37. Khan, M. H., ve Muktar, S. N. (2024). Green employee empowerment: The missing linchpin between green HRM and sustainable organizational performance. Journal of Cleaner Production, 434, https://doi.org/10.1016/j.jclepro.2023.139812
38. Khan, M., Serafeim, G., ve Yoon, A. (2016). Corporate sustainability: First evidence on materiality. Accounting Review, 91(6), 1697–1724. doi:10.2308/accr-51383.
39. Kmenta, J. (1986). Elements of Econometrics. In Elements of Econometrics. Macmillan Publishing Company. https://doi.org/10.3998/mpub.15701
40. Kramar, R. (2013). Beyond strategic human resource management: is sustainable human resource management the next approach? The International Journal of Human Resource Management, 25(8), 1069–1089. https://doi.org/10.1080/09585192.2013.816863
41. Lim, J., Vaughan, Y., ve Jang, J. (2023). Do employees’ perceptions of diversity management enhance firm’s financial performance: The moderating role of board members’ diversity level. International Journal of Contemporary Hospitality Management, 35(11), 3990–4009. https://doi.org/10.1108/IJCHM-11-2022-1441
42. Maley, J., ve Kramar, R. (2015). Sustainable HRM in the context of global uncertainty: Its value for MNCs and impact on the global manager? EURAM’15 (pp. 1−33). Kozminski University.
43. Malik, S. Y., Hayat Mughal, Y., Azam, T., Cao, Y., Wan, Z., Zhu, H., ve Thurasamy, R. (2021). Corporate social responsibility, green human resources management, and sustainable performance: Is organizational citizenship behavior towards environment the missing link? Sustainability, 13(3), 1044. https://doi.org/10.3390/su13031044
44. Masri, H. A., ve Jaaron, A. A. M. (2017). Assessing green human resources management practices in Palestinian manufacturing context: An empirical study. Journal of Cleaner Production, 143, 474-489. https://doi.org/10.1016/j.jclepro.2016.12.087
45. Matei, M.-C., Abrudan, L.-C., ve Abrudan, M.-M. (2024). Financial perspectives on human capital: Building sustainable HR strategies. Sustainability, 16(4), 1441. https://doi.org/10.3390/su16041441
46. Mousa, S. K., ve Othman, M. (2020). The impact of green human resource management practices on sustainable performance in healthcare organisations: A conceptual framework. Journal of Cleaner Production, 243, https://doi.org/10.1016/j.jclepro.2019.118595
47. Nejati, M., Rabiei, S., ve Chiappetta Jabbour, C. J. (2017). Envisioning the invisible: Understanding the synergy between green human resource management and green supply chain management in manufacturing firms in Iran in light of the moderating effect of employees' resistance to change. Journal of Cleaner Production, 168, 163-172. https://doi.org/10.1016/j.jclepro.2017.08.213
48. Nigatu, T., Degoma, A., ve Tsegaye, A. (2024). Green practices and economic performance: Mediating role of green innovation in Ethiopian leather, textile, and garment industries—An integrated PLS-SEM analysis. Heliyon, 10(15), https://doi.org/10.1016/j.heliyon.2024.e35188
49. Nizami, N. ve Prasad, N. (2017). Decent work: Concept, theory and measurement. Singapore: Palgrave Macmillan.
50. O’Donohue, W., ve Torugsa, N. A. (2016). The moderating effect of ‘Green’ HRM on the association between proactive environmental management and financial performance in small firms. The International Journal of Human Resource Management, 27(2), 239–261. https://doi.org/10.1080/09585192.2015.1063078
51. Omarova, L., ve Jo, S. J. (2022). Employee pro-environmental behavior: The impact of environmental transformational leadership and GHRM. Sustainability Times, 14(4), https://doi.org/10.3390/su14042046
52. Opstrup, N., Villadsen, A. R., ve Opstrup, N. (2021). The right mix? Gender diversity in top management teams and financial performance. Public Administration Review, 75(2), 291–301
53. Özşahin Koç, F., ve Deran, A. (2024). Borsa İstanbul imalat sektöründe yer alan firmaların borçlanma maliyetlerinin finansal performansa etkisi üzerine araştırma. Journal of Accounting and Taxation Studies, 17(1), 73-98.
54. Parks, R. W. (1967). Efficient estimation of a system of regression equations when disturbances are both serially and contemporaneously correlated. Journal of the American Statistical Association, 62(318), 500–509.
55. Peretz, H., Levi, A., ve Fried, Y. (2015). Organizational diversity programs across cultures: Effects on absenteeism, turnover, performance and innovation. The International Journal of Human Resource Management, 26(6), 875–903. https://doi.org/10.1080/09585192.2014.991344
56. Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. SSRN Electronic Journal, 1240. https://doi.org/10.2139/ssrn.572504
57. Porcena, Y.-R., Parboteeah, K. P., ve Mero, N. P. (2021). Diversity and firm performance: Role of corporate ethics. Management Decision, 59(11), 2620–2644. https://doi.org/10.1108/MD-01-2019-0142
58. Purgał-Popiela, J. (2024). Sustainability in human resource management practices used by small and medium-sized enterprises: A systematic review. Central European Management Journal, ahead-of-print(ahead-of-print). https://doi.org/10.1108/CEMJ-03-2024-0097
59. Ren, S., Jiang, K., ve Tang, G. (2022). Leveraging green HRM for firm performance: The joint effects of CEO environmental belief and external pollution severity and the mediating role of employee environmental commitment. Human Resource Management, 61(2), 277. https://doi.org/10.1002/hrm.22098
60. Renwick, D.W.S., Redman, T. ve Maguire, S., 2013. Green human resource management: a review and research agenda. Int. J. Manage. Rev. 15(1), 1–14. https://doi.org/10.1111/j.1468-2370.2011.00328.x.
61. Saba, T., Ozbilgin, M., Ng, E., ve Cachat-Rosset, G. (2021). Guest editorial: Ineffectiveness of diversity management: Lack of knowledge, lack of interest or resistance? Equality, Diversity and Inclusion: An International Journal, 40(7), 765–769.
62. Sharp, L. (2020). Society 5.0: A Brave New World, Impact, 2, 2-3.
63. Sustainable Development Goals (SDGs). Erişim adresi: https://sdgs.un.org/goals
64. Tahir, A. H., Umer, M., Nauman, S., Abbass, K., ve Song, H. (2024). Sustainable development goals and green human resource management: A comprehensive review of environmental performance. Journal of Environmental Management, 370, https://doi.org/10.1016/j.jenvman.2024.122495
65. Tang, G., Chen, Y., Jiang, Y., Paillé, P., ve Jia, J. (2018). Green human resource management practices: Scale development and validity. Asia Pacific Journal of Human Resources, 56(1), 31-55. https://doi.org/10.1111/1744-7941.12147
66. Teixeira, A. A., Chiappetta Jabbour, C. J., ve Lopes de Sousa Jabbour, A. B. (2012). Relationship between green management and environmental training in companies located in Brazil: A theoretical framework and case studies. International Journal of Production Economics, 140(1), 318-329. https://doi.org/10.1016/j.ijpe.2012.01.009
67. United Nations Development Programme (UNDP), 2015. Human development report 2015: Work for human development. United Nations Development Programme, New York. https://sdgs.un.org/goals/goal12#progress_and_info (Erişim Tarihi: 29.06.2025).
68. United Nations. Goal 12: Ensure sustainable consumption and production patterns. United Nations Department of Economic and Social Affairs, Sustainable Development.
69. Yerdelen Tatoğlu, F. (2020). Panel Veri Ekonometrisi, Beta Yayıncılık.
70. Wagner, Marcus (2010), The role of corporate sustainability performance for economic performance: A firm-level analysis of moderation effects, Ecological Economics, 69(7), 1553-1560.
71. Wang, X., Huang, J., Ni, Q., Wan, Z., Xue, H., Stapleton, L., ve Wang, F.-Y. (2024). Society 5.0: Metaverse facilitated human-centric “5H” services across cyber-physical-social spaces. IFAC-PapersOnLine, 58(3), 159-164. https://doi.org/10.1016/j.ifacol.2024.07.143
72. Zahid, M., Martins, J. M., Rahman, H. U., Mata, M. N., Shah, S. A., ve Mata, P. N. (2021). The interconnection between decent workplace and firm financial performance through the mediation of environmental sustainability: Lessons from an emerging economy. Sustainability, 13(8), 4570. https://doi.org/10.3390/su13084570
73. Zehri, C., El Amin, B. M., Kadja, A., Inaam, Z., ve Sekrafi, H. (2024). Exploring the nexus of decent work, financial inclusion, and economic growth: A study aligned with SDG 8. Sustainable Futures, 7, 100213. https://doi.org/10.1016/j.sftr.2024.100213
74. Zwetsloot, G.I., Scheppingen, A.R., Bos, E.H., Dijkman, A., ve Starren, A., 2013. The core values that support health, safety, and well-being at work. Saf. Health Work, 4(4), 187–196.