AŞIRI KURUMSAL SOSYAL SORUMLULUKTA NAKİT AKIŞLARININ DÜZENLEYİCİ ETKİSİNE YÖNELİK YATIRIMCI İLGİSİ

Yıl 2024, , 533 - 551, 30.09.2024

Cennet Gürbüz

https://doi.org/10.17130/ijmeb.1434354

Öz

Günümüzde bilgi kullanıcıları kurumsal sosyal sorumluluk (KSS) kapsamında gerçekleştirilen
faaliyetlere ilişkin finansal olmayan bilgilerin açıklanmasına ilgi göstermektedir. Bu kapsamda firma itibarı
ve paydaş ilgisini artırabilen KSS faaliyetlerinin finansal performansa yansımaları önem arz etmektedir.
Araştırma nakit akışlarının optimal ve aşırı KSS seviyelerinde firma değeri ile ilişkisini belirlemek
amacındadır. Araştırma KSS faaliyetlerinin firma değerine olan etkisini belirlemek amacıyla Türkiye’de
ESG skoruna sahip firma verilerini kullanmaktadır. Araştırmada optimal ve aşırı KSS faaliyetlerinin
firma değerine etkisini belirlemek amacıyla panel veri analizi uygulanmaktadır. Araştırma optimal KSS
düzeylerinin firma değeri üzerinde olumsuz, aşırı KSS düzeylerinin ise olumlu ve anlamlı etkisine işaret
etmektedir. Ayrıca sonuçlar, nakit akışlarının aşırı KSS düzeyi ile firma değeri arasındaki ilişkiyi olumlu
yönde yumuşattığını ortaya koymaktadır. Araştırma bulguları nakit akışlarının firma değeri ile KSS
arasındaki ilişkiyi aşırı düzeylerde olumlu yönde etkilediğini desteklemektedir. Araştırma KSS düzeyleri ve firma değeri ilişkisinde yönelik literatüre aşırı ve optimal KSS faaliyetlerine ilişkin ayrım yaparak nakit
akışlarının düzenleyici etkisine vurgu yapmaktadır.

Anahtar Kelimeler

Nakit Akışları, Kurumsal Sosyal Sorumluluk (KSS), ESG, Firma Değeri, Panel Veri Anaizi

Etik Beyan

Çalışmada araştırma ve yayın etiği ilkelerine uygun şekilde hareket edilmiştir.

Destekleyen Kurum

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

Proje Numarası

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INVESTORS’ INTEREST IN THE MODERATING EFFECT OF CASH FLOWS ON EXCESSİVE CORPORATE SOCIAL RESPONSIBILITY

Öz

Today, information users are interested in disclosing non-financial information regarding activities carried out within the scope of corporate social responsibility (CSR). In this context, the reflection of CSR activities, which can increase company reputation and stakeholder interest, on financial performance is important. The research aims to determine the relationship of cash flows with firm value at optimal and excessive CSR levels. The research uses data on companies with ESG scores in Türkiye to determine the impact of CSR activities on firm value. The research applies panel data analysis to determine the impact of optimal and excessive CSR activities on firm value. The research points out that optimal CSR levels have a negative effect on firm value, while excessive CSR levels have a positive and significant effect. Additionally, the results reveal that cash flows positively moderate the relationship between excessive CSR levels and firm value. The research findings support that cash flows positively moderate the relationship between firm value and CSR at excessive levels. The research emphasizes the moderating role of cash flows by distinguishing between excessive and optimal CSR activities, in line with the literature on the relationship between CSR levels and firm value.

Anahtar Kelimeler

Cash Flows, Corporate Social Responsibility (CSR), ESG, Firm Value, Panel Data Analysis

Proje Numarası

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Kaynakça

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