Kurumsal Sosyal Performansa Piyasa Tepkisi: BIST Örneği

Yıl 2021, , 149 - 164, 09.04.2021

Sinem Ateş

https://doi.org/10.25095/mufad.827626

Cited By: 6

Öz

Bu çalışma ile şirketlerin kurumsal sosyal performanslarının hisse senedi fiyatları ile ölçülen finansal performanslarına yansıyıp yansımadığını tespit etmek hedeflenmiştir. Bu hedef doğrultusunda Borsa İstanbul’da işlem gören firmaların 2009-2017 yıllarına ait verileri, panel veri yöntemleri ile analiz edilmiştir. Ampirik analizler, şirket büyüklüğü, riski, karlılığı, sektörü gibi faktörler sabit tutulduğunda dahi kurumsal sosyal performans ile hisse senedi fiyatları arasında pozitif ve anlamlı bir ilişki olduğunu göstermiştir. Kurumsal sosyal performansın alt boyutları için yapılan analizler, şirketlerin çevresel performansları haricinde sosyal ve yönetişim performansları ile piyasa değerleri arasında pozitif ve anlamlı bir ilişkiye işaret etmektedir. Öte yandan çevresel performans ile hisse senedi fiyatları arasında anlamlı bir ilişki bulunamamıştır.

Anahtar Kelimeler

Kurumsal Sosyal Performans, Piyasa Değeri, Çevresel Performans, Sosyal Performans, Yönetişim Performansı

Kaynakça

• Ali, Maher Naji - Hameedi, Karrar Saleem - Almagtome, Akeel Hamza (2019), “Does Sustainability Reporting via Accounting Information System Influence Investment Decisions in Iraq”, International Journal of Innovation, Creativity and Change, 9, 9, pp. 294-312.
• Arraiano, Irene Guia (2020), Is There Value Creation in the Banks Listed in the Dow Jones Sustainability Index Europe?. In Díaz, Capaldi, Idowu, Schmidpeter (Eds.), Responsible Business in a Changing World (pp. 53-68), Springer, Cham.
• Baltagi, Badi (2005), Econometric analysis of data panel, John Wiley & Sons Ltd, England.
• Boudt, Kris - Todorov, Valetin - Wang, Wenjing (2020), “Robust Distribution-Based Winsorization in Composite Indicators Construction”, Social Indicators Research, pp. 1-23.
• Brooks, Chris - Oikonomou, Ioannis (2018), “The effects of environmental, social and governance disclosures and performance on firm value: a review of the literature in accounting and finance”, British Accounting Review, 50, 1, pp. 1-15.
• Bussoli, Candida - Conte, Danilo - Letorri, Graziana - Barone, Marco (2019), “Does It Pay to Be Sustainable? Evidence from European Banks”, International Journal of Business and Management, 14, 1, pp. 128-146.
• Cardamone, Paola - Carnevale, Concetta - Giunta, Francesco (2012), “The value relevance of social reporting: evidence from listed Italian companies”, Journal of Applied Accounting Research, 13, 3, pp. 255-269.
• Carroll, Archie (1979), “A three-dimensional conceptual model of corporate performance”, Academy of Management Review, 4, 4, pp. 497-505.
• Davis Keith - Blomstrom Robert (1975), Business and society: Environment and responsibility, McGraw–Hill, New York.
• Driscoll, John - Kraay, Aart (1998), “Consistent covariance matrix estimation with spatially dependent panel data”, Review of Economics and Statistics, 80, 4, pp. 549-560.
• Düzer, Murat - Önce, Saime (2018), “Sürdürülebilirlik Performans Göstergelerine İlişkin Açıklamaların Finansal Performans Üzerine Etkisi: Bist’te Bir Uygulama”, Muhasebe ve Vergi Uygulamaları Dergisi, 11,1, ss. 93-117.
• Elkington John (1998), Cannibals with Forks: The Triple Bottom Line of 21st Century Business, New Society Publishers, Gabriola Island.
• Ertuğrul, Melik (2020), “How Should the Value Relevance Research Employ Book Value of Equity?”, İşletme Araştırmaları Dergisi, 12, 2, ss. 2031-2039.
• Gürünlü, Meltem (2019), “Sürdürülebilirlik ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma”, Muhasebe ve Finansman Dergisi, 84, ss. 177-190.
• Hillier, David - Hodgson, Allan - Ngole, Shaban (2016), “IFRS and secrecy: assessing accounting value relevance across Africa”, Journal of International Financial Management & Accounting, 27,3, pp. 237-268.
• Hillman, Amy - Keim, Gerald (2001), “Shareholder value, stakeholder management, and social issues: What's the bottom line?”, Strategic Management Journal, 22, 2, pp. 125-139.
• Jha, Milind Kumar - Rangarajan, Krishnamachari (2020), “Analysis of corporate sustainability performance and corporate financial performance causal linkage in the Indian context”, Asian Journal of Sustainability and Social Responsibility, 5, 1, pp. 1-30.
• Kim, Woo Sung - Park, Kunsu - Lee, Sang Hoon (2018), “Corporate social responsibility, ownership structure, and firm value: Evidence from Korea”, Sustainability, 10, 7, 2497.
• Landi, Giovanni - Sciarelli, Mauro (2019), “Towards a more ethical market: The impact of ESG rating on corporate financial performance”, Social Responsibility Journal, 15, 1, pp. 11-27.
• Lourenço, Isabel Costa - Branco, Manuel Castelo - Curto, José Dias - Eugénio, Teresa (2012), “How does the market value corporate sustainability performance?”, Journal of Business Ethics, 108, 4, pp. 417-428.
• Machokoto, Michael - Areneke, Geofry - Ibrahim, Boulis Maher (2020), “Rising corporate debt and value relevance of supply-side factors in South Africa”, Journal of Business Research, 109, pp. 26-37.
• Miralles‐Quiros, Maria del Mar - Miralles‐Quiros, Jose Luis - & Arraiano, Irene Guia (2017), “Are firms that contribute to sustainable development valued by investors?”, Corporate Social Responsibility and Environmental Management, 24,1, pp. 71-84.
• Ohlson, James (1995), “Earnings, Book Values, and Dividends in Equity Valuation”, Contemporary Accounting Research, 11, 2, pp. 661–687.
• Onali, Enrico - Ginesti, Gianluca - Vasilakis, Chrysovalantis (2017), “How should we estimate value-relevance models? Insights from European data”, The British Accounting Review, 49, 5, pp. 460-473.
• Refinitiv (2020). “Environmental, Social and Governance (ESG) Scores from Refinitiv”, https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/esg-scores-methodology.pdf (Erişim tarihi: 10.06.2020).
• Reifman, Alan - Keyton, Kristina (2010). Winsorize. N. J. Salkind (Ed.), Encyclopedia of research design (pp. 1636 –1638), Thousand Oaks, CA, Sage.
• Salazar, José - Husted, Bryan - Biehl, Markus (2012), “Thoughts on the evaluation of corporate social performance through projects” Journal of Business Ethics, 105(2), pp. 175-186.
• Tanç, Şükran Güngör (2019), “Kurumsal Sürdürülebilirlik Faaliyetlerinin Firma Değeri Üzerine Etkisi: Bist 100 Örneği”, İşletme Araştırmaları Dergisi, 11, 3, ss. 2076-2083.
• Vastola, Vincenzo - Russo, Angeloantonio - Vurro, Clodia (2017), “Dealing with cultural differences in environmental management: Exploring the CEP-CFP relationship”, Ecological Economics, 134, pp. 267-275.
• Yilmaz, Mustafa - Aksoy, Mine - Tatoglu, Ekrem (2020), “Does the Stock Market Value Inclusion in a Sustainability Index? Evidence from Borsa Istanbul”, Sustainability, 12, 2, 483.