KURUMSAL SÜRDÜRÜLEBİLİRLİK VE FİNANSAL PERFORMANS İLİŞKİSİNİN WEB OF SCIENCE VERİLERİYLE BİBLİYOMETRİK ANALİZİ

Öz

Çalışmada işletmelerde kurumsal sürdürülebilirlik ve finansal performans ilişkisini konu alan çalışmaların genel bir çerçevesini ortaya koymak amaçlanmıştır. Araştırmada literatürün nicel olarak değerlendirilmesine olanak sağlayan bibliyometrik analiz yöntemi tercih edilmiştir. Bu çerçevede Web of Science (WOS) veri tabanında endekslenen akademik dergilerde yayınlanan makaleler çerçevesinden işletmelerde kurumsal sürdürülebilirlik ve finansal performans ilişkisine dair literatürün analizi ve genel eğilimlerin ortaya konulması hedeflenmiştir. Yıl kısıtı olmaksızın yapılan taramada toplam 907 çalışma analiz kapsamında değerlendirilmiştir. Tarihsel olarak en fazla yayın yapılan yılların 2025 (153 yayın), 2024 (106 yayın) ve 2023 (103 yayın) olduğu; en fazla yayın yapan isimlerin Sueyoshi (9), Muhammed Zahid (8), Schaltegger (7) olduğu; yayınlanan ülkelere göre dağılım konusunda Çin (148), ABD (106) ve Hindistan (65) olduğu; Kurumsal Sürdürülebilirlik (250), Sürdürülebilirlik (129), Finansal Performans (108) anahtar kelimelerin en çok başvurulan ifadeler olduğu görülmektedir. Kurumsal sürdürülebilirlik ve finansal performans arasındaki ilişkinin, tam olarak ortaya koyulabilmesi ve anlaşılabilmesi, literatürün bütüncül bir bakış açısıyla ele alınması ile mümkün olabilir. Bu açıdan değerlendirildiğinde çalışmanın sonuçları işletme yöneticileri açısından sürdürülebilirlik yatırımlarının kısa vadeli maliyet kalemi olarak değil, uzun süreli stratejik değer yaratma aracı olarak değerlendirilmesi gerektiğini göstermektedir. Özellikle sektör, ülke ve kurumsal yönetişim yapısına bağlı olarak değişen sonuçlar, sürdürülebilirlik stratejilerinin bağlamsal analizlerle desteklenmesi gerektiğini ortaya koymaktadır.

Anahtar Kelimeler

• kurumsal sürdürülebilirlik
• sürdürülebillirlik
• Finansal Performans
• Bibliyometrik Analiz

BIBLIOMETRIC ANALYSIS OF CORPORATE SUSTAINABILITY AND FINANCIAL PERFORMANCE RELATIONSHIP USING WEB OF SCIENCE

Öz

This study aims to present a comprehensive research framework focusing on the relationship between corporate sustainability and financial performance. Using bibliometric analysis, a quantitative literature review tool, the study analyzes the literature and identifies general trends regarding the relationship between corporate sustainability and financial performance within the scope of articles published in academic journals indexed in the Web of Science (WoS) database. A total of 907 studies were included in the analysis, with no year restrictions. The data shows that 2025 had the most publications with 153, followed by 2024 with 106, and 2023 with 103. The most prominent authors were Sueyoshi (9), Muhammad Zahid (8), and Schaltegger (7). In terms of geographical distribution, China (148), the USA (106), and India (65) were the leading countries. The most frequently used keywords were Corporate Sustainability (250), Sustainability (129), and Financial Performance (108). The relationship between corporate sustainability and financial performance can be more accurately identified and understood when the literature is examined from a comprehensive and holistic perspective. In this regard, the findings of the study indicate that sustainability investments should not be considered merely as short-term cost items by business managers, but rather as strategic instruments for long-term value creation. Moreover, the results, which vary depending on factors such as sectoral characteristics, country context, and corporate governance structures, suggest that sustainability strategies should be supported by contextual analyses.

Anahtar Kelimeler

• Corporate Sustainability
• Sustainability
• Financial Performance
• Bibliometric Analysis

Kaynakça

1. Abukari, K., Musah, A., & Assaidi, A. (2022). The role of corporate sustainability and its consistency on firm financial performance: Canadian evidence. Accounting perspectives, 22(1), 55-86. https://doi.org/10.1111/1911-3838.12309
2. ACCA (2015), “The European commission’s multi stakeholder forum on corporate social responsibility”, www.accaglobal.com/sg/en/technical-activities/technical-resources-search/2015/february/ec-forum-on-csr.html (Erişim Tarihi: 01.02.2026).
3. Adapa, S. (2018). Indian smart cities and cleaner production initiatives – Integrated framework and recommendations. Journal of Cleaner Production, 172, 3351-3366.https://doi.org/10.1016/j.jclepro.2017.11.250
4. Alshehhi, A., Nobanee, H., & Khare, N. (2018). The impact of sustainability practices on corporate financial performance: Literature trends and future research potential. Sustainability, 10(2), 494. https://doi.org/10.3390/su10020494
5. Barnea, A., Rubin, A. Corporate social responsibility as a conflict between shareholders. J Bus Ethics 97, 71–86 (2010). https://doi.org/10.1007/s10551-010-0496-z
6. Bénabou, R., & Tirole, J. (2010). Individual and corporate social responsibility. Economica, 77(305), 1-19. https://doi.org/10.1111/j.1468-0335.2009.00843.x
7. Chen, S., Song, Y., & Gao, P. (2023). Environmental, social, and governance (ESG) performance and financial outcomes: Analyzing the impact of ESG on financial performance. Journal of Environmental Management, 345, 118829. https://doi.org/10.1016/j.jenvman.2023.118829
8. Çavmak, Ş. & Hatunoğlu, Z. (2025). Yeşil muhasebe araştırmalarının bibliyometrik analizi: Eğilimler ve öne çıkan çalışmalar. Muhasebe ve Denetime Bakış Dergisi, Yıl: 2025, Sayı: 76, Sayfa: 217-236. https://doi.org/10.55322/mdbakis.1673834

9. Dıncer, C., Dıncer, B., Keskın, A. İ. (2021). Sürdürülebilirlik ve finansal performans arasındaki İlişkinin Bıst100 ve Bıst sürdürülebilirlik şirketleri aracılığıyla incelenmesi. Finans Politik ve Ekonomik Yorumlar Dergisi, 0(658), 157- 180.
10. Dirik, D., Eryılmaz, İ. ve Erhan, T. (2023). Post-truth kavramı üzerine yapılan çalışmaların VOSviewer ilebibliyometrik Analizi. Sosyal Mucit Academic Review, 4(2), 164-188. doi: 10.54733/smar.1271369
11. Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296. https://doi.org/10.1016/j.jbusres.2021.04.070
12. Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315–334. https://doi.org/10.1007/s10551-019-04177-w
13. Ellili, N. O. D. (2023). Bibliometric analysis of sustainability papers: Evidence from environment, development and sustainability. Environment, Development and Sustainability, 24(6), 8183–8209. https://doi.org/10.1007/s10668-023-03067-6
14. Friedman, M. (2007). The Social Responsibility of Business Is to Increase Its Profits. In: Zimmerli, W.C., Holzinger, M., Richter, K. (eds) Corporate Ethics and Corporate Governance. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-70818-6_14
15. Ghardallou, W. (2022). Corporate sustainability and firm performance: the moderating role of CEO education and tenure. Sustainability, 14(6), 3513. https://doi.org/10.3390/su14063513
16. Goyal P, Rahman Z, Kazmi A (2013), "Corporate sustainability performance and firm performance research: Literature review and future research agenda". Management Decision, Vol. 51 No. 2 pp. 361–379, doi: https://doi.org/10.1108/00251741311301867
17. Grewatsch, S., & Kleindienst, I. (2017). When does it pay to be good? Moderators and mediators in the corporate sustainability–corporate financial performance relationship: A critical review. Journal of Business Ethics, 145(2), 383–416. https://doi.org/10.1007/s10551-015-2852-5
18. Hull, C. E., & Rothenberg, S. (2008). Firm performance: The interactions of corporate social performance with innovation and industry differentiation. Strategic management journal, 29(7), 781-789. https://doi.org/10.1002/smj.675
19. In, S. Y., Lee, Y. J., & Eccles, R. G. (2024). Looking back and looking forward: A scientometric analysis of the evolution of corporate sustainability research over 47 years. Corporate Social Responsibility and Environmental Management, 31(3), 2225-2259. https://doi.org/10.1002/csr.2679Digital
20. Ioannou, I., & Serafeim, G. (2019). Corporate sustainability: a strategy? Harvard Business School Accounting & Management Unit Working Paper, (19-065).
21. Jadhav DS, Sarangi S (2025), "Corporate sustainability and performance: a bibliometric review for two decades". Benchmarking: An International Journal, Vol. 32 No. 4 pp. 1459–1483, doi: https://doi.org/10.1108/BIJ-07-2023-0467
22. Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697–1724. https://doi.org/10.2308/accr-51383
23. Lin, F., Lin, S. W., & Fang, W. C. (2022). Impact of CEO narcissism and hubris on corporate sustainability and firm performance. The North American Journal of Economics and Finance, 59, 101586. https://doi.org/10.1016/j.najef.2021.101586
24. Lu, W., Chau, K. W., Wang, H., & Pan, W. (2014). A decade's debate on the nexus between corporate social and corporate financial performance: A critical review of empirical studies 2002–2011. Journal of Cleaner Production, 79, 195–206. https://doi.org/10.1016/j.jclepro.2014.04.072
25. Martínez-Ferrero, J., & Frías-Aceituno, J. V. (2015). Relationship between sustainable development and financial performance: International empirical research. Business Strategy and the Environment, 24(1), 20–39. https://doi.org/10.1002/bse.1803
26. Matorevhu, A. (2024). Bibliometrics: Application Opportunities and Limitations. Intechopen. https://doi.org/10.5772/intechopen.1005292
27. Mousiolis, D. T., Zaridis, A. D., Karamanis, K., & Rontogianni, A. (2015). Corporate social responsibility in SMEs and MNEs. The different strategic decision making. Procedia-Social and Behavioral Sciences, 175, 579-583. https://doi.org/10.1016/j.sbspro.2015.01.1240
28. Nirino, N., et al. (2021). Corporate controversies and company’s financial performance: Exploring the moderating role of ESG practices. Technological Forecasting and Social Change, 162, 120341. https://doi.org/10.1016/j.techfore.2020.120341
29. Office of Sustainability I Home. (t.y.) Erişim Tarihi: 10.02.2026, https://sustainable.umn.edu/
30. Rahi, A. F., Johansson, J., Blomkvist, M., & Hartwig, F. (2024). Corporate sustainability and financial performance: A hybrid literature review. Corporate Social Responsibility and Environmental Management, 31, 801–815. https://doi.org/10.1002/csr.2600
31. Rejeb, A., Rejeb, K., Kayikci, Y., Appolloni, A., & Treiblmaier, H. (2023). Mapping the knowledge domain of green procurement: a review and bibliometric analysis. Environment, Development and Sustainability, 26(12), 30027–30061. https://doi.org/10.1007/s10668-023-03948-w
32. Rodgers, W., Al Habsi, M., & Gamble, G. (2019). Sustainability and firm performance: A review and analysis using algorithmic pathways in the throughput model. Sustainability, 11(14), 3783. https://doi.org/10.3390/su11143783
33. Sadiq, M., Singh, J., Raza, M., & Mohamad, S. (2020). The impact of environmental, social and governance index on firm value: Evidence from Malaysia. International Journal of Energy Economics and Policy, 10(5), 555–562. https://doi.org/10.32479/ijeep.10217
34. Sak, A. F., & Dalgar, H. (2020). Kurumsal sürdürülebilirliğin firmaların finansal performansına etkisi: BIST kurumsal sürdürülebilirlik endeksindeki firmalar üzerine bir araştırma. Muhasebe ve Finansman Dergisi, (85), 173-186. https://doi.org/10.25095/mufad.673722
35. Sarkis, J., & Cordeiro, J. J. (2001). An empirical evaluation of environmental efficiencies and firm performance: pollution prevention versus end-of-pipe practice. European Journal of Operational Research, 135(1), 102-113. https://doi.org/10.1016/S0377-2217(00)00306-4
36. Şeker, Y., & Şengür, E. (2022). Çevresel, sosyal ve kurumsal yönetim (ESG) performansı: Uluslararası bir araştırma. Journal of Accounting and Taxation Studies, 15(2), 349–387. https://doi.org/10.29067/muvu.1066216
37. Tien, N. H., Hung Anh, D. B., & Ngoc, N. M. (2020). Corporate financial performance due to sustainable development in Vietnam. Corporate Social Responsibility and Environmental Management, 27(2), 694–705. https://doi.org/10.1002/csr.1836
38. Trumpp, C., & Guenther, T. (2017). Too little or too much? Exploring U‐shaped relationships between corporate environmental performance and corporate financial performance. Business Strategy and the Environment, 26(1), 49-68. https://doi.org/10.1002/bse.1900
39. UN. (2012). Rio’da düzenlenen Birleşmiş Milletler Sürdürülebilir Kalkınma Konferansı. https://www.un.org/en/conferences/environment/rio2012 (Erişim Tarihi: 08.02.2025).
40. Uşar, D. D., Soytaş, M. A., Denizel, M., & Ersoy, İ. (2017). Sürdürülebı̇lı̇rlı̇k yatırımlarının fı̇nansal performansa etkı̇sı̇: Türkiye örneği. Yönetim ve Ekonomi Araştırmaları Dergisi, 15(2), 140-162. http://dx.doi.org/10.11611/yead.316847
41. Wagner, M. (2010). The role of corporate sustainability performance for economic performance: A firm-level analysis of moderation effects. Ecological economics, 69(7), 1553-1560. https://doi.org/10.1016/j.ecolecon.2010.02.017
42. Wang, Z., & Sarkis, J. (2017). Corporate social responsibility governance, outcomes, and financial performance. Journal of Cleaner Production, 162, 1607–1616. https://doi.org/10.1016/j.jclepro.2017.06.142
43. Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286-300. https://doi.org/10.1002/bse.2224
44. Sueyoshi, T., & Goto, M. (2011). Methodological comparison between two unified (operational and environmental) efficiency measurements for environmental assessment. European Journal of Operational Research, 210(3), 684-693. https://doi.org/10.1016/j.ejor.2010.10.030
45. Sueyoshi, T., Yuan, Y., & Goto, M. (2017). A literature study for DEA applied to energy and environment. Energy Economics, 62, 104-124. https://doi.org/10.1016/j.eneco.2016.11.006
46. Sueyoshi, T., & Goto, M. (2012). Weak and strong disposability vs. natural and managerial disposability in DEA environmental assessment: comparison between Japanese electric power industry and manufacturing industries. Energy economics, 34(3), 686-699. https://doi.org/10.1016/j.eneco.2011.10.018