Corporate Social Responsibility Performance and Financial Risk Dynamics in Turkish Companies Listed on Borsa Istanbul

Yıl 2024, Cilt: 9 Sayı: Special Issue, 104 - 119

Erdoğan Ceylan , Salih Mutlu , Rasim Şimşek

Öz

The focus of this investigation is to analyse the link between the extent of corporate social responsibility (CSR) performance and the adoption of risk-taking behaviours within Turkish-listed companies on the Borsa Istanbul from 2010 to 2022. Employing OLS regression in a panel data structure, the findings underscore a negative relationship between CSR performance proxied by ESG and its individual pillars which are environmental, social, and governance and financial risk level of the companies. Across diverse market and accounting risk measures, companies with higher CSR performance showcase consistently reduced levels of Idiosyncratic Risk, Total Risk, Asset Return Risk, and Default Risk. These findings suggest the risk-mitigating potential of robust CSR practices, addressing the gap regarding the impact of the social responsibility performance of the Turkish-listed companies to accounting and market-based assessments of risk.

Anahtar Kelimeler

Corporate Social Responsibility, ESG, Sustainability, Risk, Panel Data

Borsa İstanbul'da İşlem Gören Türk Şirketlerinin Kurumsal Sosyal Sorumluluk Performansı ve Finansal Risk Dinamikleri

Öz

Bu çalışma, 2010-2022 yılları arasında Borsa İstanbul'da işlem gören Türk şirketleri arasındaki kurumsal sosyal sorumluluk (KSS) performansı ile risk alma davranışları arasındaki etkileşimi araştırmaktadır. Panel veri yapısında OLS regresyonu kullanılarak elde edilen bulgular, KSS performansının ölçümünde kullanılan ESG ve ESG’nin alt dalları olan çevresel, sosyal ve yönetişim boyutlarının skoru ile firma riski arasında güçlü bir negatif ilişkiyi vurgulamaktadır. Farklı piyasa ve muhasebe temelli risk ölçütleri üzerinden, daha yüksek KSS performansına sahip şirketler, tutarlı bir şekilde daha düşük seviyelerde Sistematik Olmayan Risk, Toplam Risk, Varlık Getirisi Riski ve Temerrüt Riski sergilemektedir. Bu bulgular, etkili KSS uygulamalarının ve performansının riskleri hafifletme potansiyelini öne sürerken, şirketlerin KSS performansının hem muhasebe temelli hem de piyasa temelli risk değerlendirmelerindeki etkisini kapatmada bir köprü oluşturabileceğini göstermektedir.

Anahtar Kelimeler

Kurumsal Sosyal Sorumluluk, ESG, Sürdürülebilirlik, Risk

Kaynakça

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