ANALYZING THE EFFECTS OF CORPORATE SOCIAL RESPONSIBILITY LEVEL ON THE FINANCIAL PERFORMANCE OF COMPANIES: AN APPLICATION ON BIST CORPORATE GOVERNANCE INDEX INCLUDED COMPANIES

Öz

The aim of this study is to analyze the relationship between corporate social responsibility level and financial performance in a developing country, Turkey. For this purpose, financial data derived from annual reports of the 33 companies included in BIST Corporate Governance Index between years 2006-2012 has been analyzed with panel data analysis. According to the analysis, there is a meaningful and positive relationship between corporate social responsibility and market value/book value ratio, return on equity ratio, return on assets ratio, leverage ratio and net profit. On the other hand, there is no meaningful relation between corporate social responsibility and companies’ total sales and return on sales ratio

Anahtar Kelimeler

• Corporate Responsibility Level,Financial Performance,Panel Data Analysis,BIST

KURUMSAL SOSYAL SORUMLULUK DÜZEYİNİN İŞLETMELERİN FİNANSAL PERFORMANSINA ETKİSİNİN İNCELENMESİ: BIST KURUMSAL YÖNETİM ENDEKSİ ÜZERİNE BİR UYGULAMA

Öz

Bu çalışmanın amacı; gelişmekte olan bir ülke olarak Türkiye’de işletmelerin kurumsal sosyal sorumluluk düzeyleri ile finansal performansları arasındaki ilişkiyi analiz etmektir. Bu amaçla BIST Kurumsal Yönetim endeksinde yer alan 33 işletmenin yıllık faaliyet raporlarından elde edilen finansal veriler panel veri analizi ile analiz edilmiştir. Analiz sonuçlarına göre, işletmelerin kurumsal sosyal sorumluluk düzeyleri ile piyasa değeri/defter değeri oranı, özsermaye karlılığı oranı, aktif karlılığı oranı, kaldıraç oranı ve net kârı arasında pozitif ve anlamlı ilişki olduğu tespit edilmiştir. Diğer taraftan, işletmelerin kurumsal sosyal sorumluluk düzeyleri ile toplam satışlar ve satış kârlılığı oranı arasında anlamlı bir ilişki tespit edilememiştir.

Anahtar Kelimeler

• Kurumsal Sosyal Sorumluluk Düzeyi,Finansal Performans,Panel Veri

Kaynakça

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44. Appendix-1: Company List
45. Anadolu Efes Biracılık ve Malt Sanayi A.Ş. Arçelik A.Ş.
46. Aselsan Elektronik Ticaret A.Ş Aygaz A.Ş.
47. Boyner Büyük Mağazacılık A.Ş.
48. Coca Cola İçecek A.Ş.
49. Dentaş Ambalaj ve Kağıt Sanayi A.Ş.
50. Doğan Şirketler Grubu Holding A.Ş.
51. Doğan Yayın Holding A.Ş. Doğuş Otomotiv A.Ş.
52. ENKA İnşaat ve Sanayi A.Ş.
53. Global Yatırım Holding A.Ş
54. Hürriyet Gazete A.Ş.
55. İhlas Ev Aletleri A.Ş. İhlas Holding A.Ş.
56. İş Gayrimenkul Yatırım Ortaklığı A.Ş.
57. İş Yatırım Menkul Değerler A.Ş
58. Logo Yazılım Sanayi ve Ticaret A.Ş.
59. Otokar Otobüs Karoseri A.Ş. Park Elektrik A.Ş.
60. Petkim Petrokimya Holding A.Ş.
61. Pınar Entegre Et ve Un Sanayi A.Ş.
62. Pınar Süt Mamulleri Sanayi A.Ş.
63. Tav Havalimanları Holding A.Ş.
64. Tofaş Türk Otomobil Fabrikası A.Ş. Turcas Petrol A.Ş.
65. Tüpraş Türkiye Petrol Rafinerileri A.Ş.
66. Türk Prysmian Kablo ve Sistemleri A.Ş.
67. Türk Telekomünikasyon A.Ş.
68. Türk Traktör ve Ziraat Makineleri A.Ş.
69. Vakıf Yatırım Ortaklığı A.Ş.
70. Vestel Elektronik A.Ş.
71. Yazıcılar Holding A.Ş.