Kurumsal Sosyal Performansa Piyasa Tepkisi: BIST Örneği

Yıl 2021, Sayı: 90, 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

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