THE IMPACT OF CORPORATE SOCIAL PERFORMANCE ON COST OF DEBT

Yıl 2021, Cilt: 20 Sayı: 62, 191 - 206, 09.01.2021

Sinem Ateş

Öz

The purpose of this paper is to determine the relationship between corporate social performance and the cost of debt. For this purpose, the financial variables of the Turkish firms whose corporate social performance scores were obtained from the Thomson Reuters Asset4 database, were gathered from the Datastream database. As a result of the empirical analyses conducted using panel data methods, a significant and negative relationship between the environmental performance and cost of debt was determined. However, it was found that overall corporate social performance, social and governance performances have no effect on the cost of debt. In this context, it is possible to comment that lenders do not thoroughly evaluate corporate social performances of the firms including all aspects of it.

Anahtar Kelimeler

Cost of Debt, Corporate Social Performance, Environmental Performance, Social Performance, Governance Performance

KURUMSAL SOSYAL PERFORMANSIN BORÇLANMA MALİYETLERİNE ETKİSİ

Öz

Bu çalışmanın amacı, firmaların kurumsal sosyal performansları ile borçlanma maliyetleri arasındaki ilişkiyi tespit etmektir. Bu amaçla, 2009-2018 yılları için kurumsal sosyal performans skorlarına Thomson Reuters Datastream Asset4 veri tabanından ulaşılabilen Türk firmaları örneklem olarak ele alınmıştır. Söz konusu firmaların finansal verilerine ise Datastream veri tabanından erişilmiştir. Panel veri analiz yöntemleri kullanılarak gerçekleştirilen analizler sonucunda firmaların çevresel performansları ile borçlanma maliyetleri arasında negatif ve anlamlı bir ilişki tespit edilmiştir. Öte yandan genel kurumsal sosyal performans ile sosyal ve yönetişim performanslarının borçlanma maliyetleri üzerinde anlamlı bir etkisi olmadığı görülmüştür. Bu bağlamda, borç verenler tarafından firmaların kurumsal sosyal performanslarının tüm boyutları ile etraflıca değerlendirilmediğini söylemek mümkündür.

Anahtar Kelimeler

Borçlanma Maliyetleri, Kurumsal Sosyal Performans, Çevresel Performans, Sosyal Performans, Yönetişim Performansı

Kaynakça

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