Kurumsal Sosyal Sorumluluk ve Finansal Başarısızlık Riski: Borsa İstanbul’da İşlem Gören Konaklama İşletmelerinde Bir Araştırma

Yıl 2021, Sayı: 92, 21 - 46, 04.10.2021

Cemile Öcek Sema Nur Ünlübulduk Erdinç Karadeniz

https://doi.org/10.25095/mufad.941581

Cited By: 4

Öz

Bu araştırmanın amacı, kurumsal sosyal sorumluluk (KSS) performansı yüksek ve düşük olan konaklama
işletmelerinin finansal başarısızlık risklerinin karşılaştırılmasıdır. Bu amaçla 2014-2019 yılları arasında Borsa
İstanbul’da işlem gören konaklama işletmeleri içinde kurumsal sosyal sorumluluk performansı yüksek ve
düşük olanlar belirlenmiştir. Ayrıca kurumsal sosyal sorumluluk performansı yüksek ve düşük işletmelerin
2015-2020 yıllarına ait finansal başarısızlık riskleri Altman Z Skor modeline göre hesaplanmıştır. Analiz
sonucunda kurumsal sosyal sorumluluk performansı yüksek olan işletmelerin Altman Z Skor değerlerinin daha
yüksek olduğu ve bu bağlamda finansal başarısızlık risklerinin daha düşük olduğu belirlenmiştir. Bununla
birlikte gerçekleştirilen Mann-Whitney U testi sonucunda her iki grup arasında Altman Z Skor değerleri
bağlamında istatistiksel olarak anlamlı farklılık saptanmıştır

Anahtar Kelimeler

Kurumsal Sosyal Sorumluluk, Finansal Başarısızlık Riski, Altman Z Skor, Konaklama İşletmeleri, Borsa İstanbul

Corporate Social Responsibility and Financial Failure Risk: A Research on Borsa İstanbul Lodging Companies

Öz

The study aims to compare the financial failure risks of lodging companies with high and low corporate
social responsibility (CSR) performance. For this purpose, companies with high and low corporate social
responsibility performance were determined among the Borsa Istanbul lodging companies between the years
2014-2019. In addition, the financial failure risks of companies with high and low corporate social
responsibility performance for the years 2015- 2020 were calculated according to the Altman Z Score model. As
a result of the analysis, it was determined that companies with high corporate social responsibility performance
have higher Altman Z Score values and their financial failure risks are lower. However, a statistically significant
difference was found between the two groups in the context of Altman Z Score values.

Anahtar Kelimeler

Corporate Social Responsibility, Financial Failure Risk, Altman Z Score, Lodging Companies, Borsa İstanbul

Kaynakça

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• Ahn, Se Youn - Park, Dong Jun (2018), “Corporate Social Responsibility and Corporate Longevity: The Mediating Role of Social Capital and Moral Legitimacyi in Korea”, Journal of Business Ethics, 150(1), pp. 117-134.
• Aktaş, Ramazan (1993), Endüstri İşletmeleri İçin Mali Başarısızlık Tahmini (Çok Boyutlu Model Uygulaması), Türkiye İş Bankası Kültür Yayınları, Ankara.
• Amaral, Jose Maria Botelho Moniz Parreire Do (2019), “Is Doing Good, Good For You?: The Relationship Between Financial Distress and CSR: A Study On Southern Europe”, Veritati - Universidade Catolica Portuguesa, (Master Dissertation), Portugal.
• Alpar, Reha Celal (2012), Spor, Sağlık ve Eğitim Bilimlerinden Örneklerle Uygulamalı İstatistik ve Geçerlik-Güvenirlik, Detay Yayıncılık, Ankara.
• Altman, Edward I. (1968), “Financial Ratios, Discriminant Analysis and The Prediction of Corporate Bankruptcy”, The Journal of Finance, 23(4), pp. 589-609.
• Altman, Edward I. - Hotchkiss, Edith (2006), Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt, 3rd Ed., John Wiley & Sons, New Jersey.
• Arsoy, Aylin Poroy - Arabacı, Özer - Çiftçioğlu, Aydem (2012), “Corporate Social Responsibility and Financial Performance Relationship: The Case of Turkey”, Journal of Accounting & Finance, 53, pp. 159-176.
• Bakırtaş, Hülya - Erdoğan, Bayram Zafer (2010), “İşletmelerde Sosyal Sorumluluk: Oteller Üzerine Bir İnceleme”, Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 5(1), ss. 97-110.
• Barney, Jay (1991), “Firm Resources and Sustained Competitive Advantage”, Journal of Management, 17(1), pp. 99–120.
• Beaver, William H. (1966), “Financial Ratios as Predictors of Failure”, Journal of Accounting Research, 4, pp. 71-111.
• Boubaker, Sabri - Cellier, Alexis - Manita, Riadh - Saeed, Asif (2020), “Does Corporate Social Responsibility Reduce Financial Distress Risk?”, Economic Modelling, 91, pp. 1-32.
• Brigham, Eugene F. - Ehrhardt, Michael C. (2010), Financial Management Theory and Practice, 13th Ed., South Western Cengage Learning, USA.
• Buzgurescu, Olimpia Livia Preda - Elena, Negru (2020), “Bankruptcy Risk Prediction in Assuring the Financial Performance of Romanian Industrial Companies”, Contemporary Issues in Business Economics and Finance, 104, pp. 19-28.
• Carroll, A. B. (1979), “A Three-Dimensional Conceptual Model of Corporate Performance” Academy of Management Review, 4(4), pp. 497-505.
• Carter, Craig R. (2005), “Purchasing Social Responsibility and Firm Performance: The Key Mediating Roles of Organizational Learning and Supplier Performance”, International Journal of Physical Distribution & Logistics Management, 35(3), pp. 177- 194.
• Chan, Chia Ying - Chou, De Wai - Lo, Huai Chun (2016), “Do Financial Constraints Matter When Firms Engage in CSR?” The North American Journal of Economics and Finance, 39, pp. 241-259.
• Chava, Sudheer - Purnanandam, Amiyatosh (2010), “Is Default Risk Negatively Related to Stock Returns?”, The Review of Financial Studies, 23(6), pp. 2523-2559.
• Cooper, Elizabeth - Uzun, Hatice (2018), “Corporate Social Responsibility and Bankruptcy”, Studies in Economics and Finance, 36(2), 130-153.
• D'Aveni, Richard A. - Ilinitch, Anne Y. (1992), “Complex Patterns of Vertical Integration in the Forest Products Industry: Systematic and Bankruptcy Risks”, Academy of Management Journal, 35(3), 596-625.
• Davis, Keith - Blomstrom, Robert L. (1975), Business and Society: Environment and Responsibility, 3th Ed., Mcgran Hill, New York.
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• Fernando, Susith - Lawrence, Stewart (2014), “A Theoretical Framework for CSR Practices: Integrating Legitimacy Theory, Stakeholder Theory and Institutional Theory”, Journal of Theoretical Accounting Research, 10(1), pp. 149-178.
• Fitzpatrick, Paul Joseph (1932), “A Comparison of Ratios of Successful Industrial Enterprises with Those of Failed Companies”, Certified Public Accountant, 12, pp. 721-731.
• Franco, Stefano - Caroli, Matteo - Cappa, Francesco - Del Chiappa, Giacomo (2020), “Are You Good Enough? CSR, Quality Management and Corporate Financial Performance in the Hospitality Industry”, International Journal of Hospitality Management, 88, pp. 1-12.
• Friedman, Milton (1970), “The Social Responsibility of Business is to Increase Its Profits”, https://link.springer.com/chapter/10.1007/978-3-540-70818-6_14(15.05.2021).
• Frynas, Jedrzej George - Yamahaki, Camila (2016), “Corporate Social Responsibility: Review and Roadmap of Theoretical Perspectives”, Business Ethics: A European Review, 25(3), 258-285.
• Garay, Luis - Font, Xavier (2012), “Doing Good to Do Well? Corporate Social Responsibility Reasons, Practices and Impacts in Small and Medium Accommodation Enterprises”, International Journal of Hospitality Management, 31, pp. 329-337.
• Garriga, Elisabet - Mele, Domenec (2004), “Corporate Social Responsibility Theories: Mapping the Territory” Journal of Business Ethics, 53(1), pp. 51-71.
• Govindarajan, V. L. (2017), “CSR Initiatives and Firm Efficiency of TATA Group of Companies in India-A Variance Analysis”, Pacific Business Review International, 9(9), pp. 41-50.
• Gupta, Kartick - Krishnamurti, Chandrasekhar (2016), “Does Corporate Social Responsibility Engagement Benefit Distressed Firms? The Role of Moral and Exchange Capital”, Pacific-Basin Finance Journal, 50, pp. 249-262.
• Guthrie, James - Petty, Richard - Ricceri, Federica (2006), “The Voluntary Reporting of İntellectual Capital: Comparing Evidence from Hong Kong and Australia”. Journal of Intellectual Capital. 7(2), pp. 254-271.
• Hair, Joseph F. J. - Black, William C. - Babin, Barry J. - Anderson, Rolph E. (2014), Multivariate Data Analysis, 7th Ed., Pearson Education Limited, United States of America.
• Hogan, Karen - Olson, Gerard T. - Sharma, Rajneesh (2014), “The Role of Corporate Philanthropy on Ratings of Corporate Social Responsibility and Shareholder Return”, Journal of Leadership, Accountability and Ethics, 11(3), pp. 108.
• Javed, Mariam - Shah, Zulfiqar Ali - Rahman, Abdul (2020), “Exploring Role of CSR in Preventing Bankruptcy: Moderation Effect of Board Independence in Manufacturing Sector of Pakistan and Australia”, Global Social Sciences Review (GSSR), 2(4), pp. 32-44.
• John, Sunita R. (2019), “Relationship Between CSR Initiatives and Financial Performance of ACC Ltd in India-A Variance Analysis”, A Journal of Composition Theory, 12(11), pp. 427-439.
• Joshi, Prem Lal - Gao, Simon S. (2009), “Multinational Corporations Corporate Social and Environmental Disclosures (CSED) on Web Sites”, International Journal of Commerce and Management, 19(1), pp. 27-44.
• Kamalirezaei, Hashem - Rostamy, Anvary Ali Asghar - Saeedi, Ali - Khodaei, Valeh Zaghard Mohammad (2019), “Corporate Social Responsibility and Bankruptcy Probability: Exploring The Role of Market Competition, Intellectual Capital, and Equity Cost”, Journal of Corporate Accounting & Finance, 31(1), pp. 1-11.
• Kane, Gregory D. - Velury, Uma - Ruf, Bernadette M. (2005), “Employee Relations and The Likelihood of Occurrence of Corporate Financial Distress”, Journal of Business Finance & Accounting, 32(5‐6), pp. 1083-1105.
• Kang, Kyung Ho - Lee, Seoki - Huh, Chang (2010), “Impacts of Positive and Negative Corporate Social Responsibility Activities on Company Performance in the Hospitality Industry”, International Journal of Hospitality Management, 29(1), pp. 72-82.
• Karadeniz, Erdinç - Ünlübulduk, Sema Nur (2020), “Konaklama İşletmelerinde Kurumsal Sosyal Sorumluluk Faaliyetleri: Dünyada Marka Değeri En Yüksek Konaklama İşletmeleri ile Borsa İstanbul Konaklama İşletmelerinin Karşılaştırmalı Analizi”, Seyahat ve Otel İşletmeciliği Dergisi, 17(1), ss. 124-140.
• Karadeniz, Erdinç - Öcek, Cemile (2018), “Konaklama İşletmelerinde Finansal Başarısızlık Riskinin Ölçümü: Türkiye ve Avrupa Karşılaştırması”, Finans Politik & Ekonomik Yorumlar, 55(645), ss. 9-59.
• Kotler, Philip - Lee, Nancy (2013), Kurumsal Sosyal Sorumluluk, MediaCat, İstanbul.
• Lee, Seoki - Park, Sun Young (2009), “Do Socially Responsible Activities Help Hotels and Casinos Achieve their Financial Goals?”, International Journal of Hospitality Management, 28(1), pp. 105-112.
• Lin, Kuan Chen - Dong, Xiaobo (2018), “Corporate Social Responsibility Engagement of Financially Distressed Firms and Their Bankruptcy Likelihood”, Advances in Accounting. 43, pp. 32-45.
• Luo, Xueming - Bhattacharya, Chitra Bhanu (2006), “Corporate Social Responsibility, Customer Satisfaction, and Market Value, Journal of Marketing, 70(4), pp. 1-18.
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• Oruç, Kenan Oğuzhan - Demirbaş, Kerime (2020), “İşletmelerin Finansal Başarısızlığının AHP Temelli ELECTRE TRI ve FLOWSORT Yöntemleri ile Tahmin Edilmesi”, Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 15(3), ss. 975-1000.
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• Ahn, Se Youn - Park, Dong Jun (2018), “Corporate Social Responsibility and Corporate Longevity: The Mediating Role of Social Capital and Moral Legitimacyi in Korea”, Journal of Business Ethics, 150(1), pp. 117-134.
• Aktaş, Ramazan (1993), Endüstri İşletmeleri İçin Mali Başarısızlık Tahmini (Çok Boyutlu Model Uygulaması), Türkiye İş Bankası Kültür Yayınları, Ankara.
• Amaral, Jose Maria Botelho Moniz Parreire Do (2019), “Is Doing Good, Good For You?: The Relationship Between Financial Distress and CSR: A Study On Southern Europe”, Veritati - Universidade Catolica Portuguesa, (Master Dissertation), Portugal.
• Alpar, Reha Celal (2012), Spor, Sağlık ve Eğitim Bilimlerinden Örneklerle Uygulamalı İstatistik ve Geçerlik-Güvenirlik, Detay Yayıncılık, Ankara.
• Altman, Edward I. (1968), “Financial Ratios, Discriminant Analysis and The Prediction of Corporate Bankruptcy”, The Journal of Finance, 23(4), pp. 589-609.
• Altman, Edward I. - Hotchkiss, Edith (2006), Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt, 3rd Ed., John Wiley & Sons, New Jersey.
• Arsoy, Aylin Poroy - Arabacı, Özer - Çiftçioğlu, Aydem (2012), “Corporate Social Responsibility and Financial Performance Relationship: The Case of Turkey”, Journal of Accounting & Finance, 53, pp. 159-176.
• Bakırtaş, Hülya - Erdoğan, Bayram Zafer (2010), “İşletmelerde Sosyal Sorumluluk: Oteller Üzerine Bir İnceleme”, Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 5(1), ss. 97-110.
• Barney, Jay (1991), “Firm Resources and Sustained Competitive Advantage”, Journal of Management, 17(1), pp. 99–120.
• Beaver, William H. (1966), “Financial Ratios as Predictors of Failure”, Journal of Accounting Research, 4, pp. 71-111.
• Boubaker, Sabri - Cellier, Alexis - Manita, Riadh - Saeed, Asif (2020), “Does Corporate Social Responsibility Reduce Financial Distress Risk?”, Economic Modelling, 91, pp. 1-32.
• Brigham, Eugene F. - Ehrhardt, Michael C. (2010), Financial Management Theory and Practice, 13th Ed., South Western Cengage Learning, USA.
• Buzgurescu, Olimpia Livia Preda - Elena, Negru (2020), “Bankruptcy Risk Prediction in Assuring the Financial Performance of Romanian Industrial Companies”, Contemporary Issues in Business Economics and Finance, 104, pp. 19-28.
• Carroll, A. B. (1979), “A Three-Dimensional Conceptual Model of Corporate Performance” Academy of Management Review, 4(4), pp. 497-505.
• Carter, Craig R. (2005), “Purchasing Social Responsibility and Firm Performance: The Key Mediating Roles of Organizational Learning and Supplier Performance”, International Journal of Physical Distribution & Logistics Management, 35(3), pp. 177- 194.
• Chan, Chia Ying - Chou, De Wai - Lo, Huai Chun (2016), “Do Financial Constraints Matter When Firms Engage in CSR?” The North American Journal of Economics and Finance, 39, pp. 241-259.
• Chava, Sudheer - Purnanandam, Amiyatosh (2010), “Is Default Risk Negatively Related to Stock Returns?”, The Review of Financial Studies, 23(6), pp. 2523-2559.
• Cooper, Elizabeth - Uzun, Hatice (2018), “Corporate Social Responsibility and Bankruptcy”, Studies in Economics and Finance, 36(2), 130-153.
• D'Aveni, Richard A. - Ilinitch, Anne Y. (1992), “Complex Patterns of Vertical Integration in the Forest Products Industry: Systematic and Bankruptcy Risks”, Academy of Management Journal, 35(3), 596-625.
• Davis, Keith - Blomstrom, Robert L. (1975), Business and Society: Environment and Responsibility, 3th Ed., Mcgran Hill, New York.
• Dos, Anna (2017), “Financial Performance and Bankruptcy Risk of Socially Responsible and İrresponsible Companies–The Polish Case”, 11th International Scientific Conference, Ostrava, Czech Republic: Financial Management of Firms and Financial Institutions, pp. 201-208.
• Fernando, Susith - Lawrence, Stewart (2014), “A Theoretical Framework for CSR Practices: Integrating Legitimacy Theory, Stakeholder Theory and Institutional Theory”, Journal of Theoretical Accounting Research, 10(1), pp. 149-178.
• Fitzpatrick, Paul Joseph (1932), “A Comparison of Ratios of Successful Industrial Enterprises with Those of Failed Companies”, Certified Public Accountant, 12, pp. 721-731.
• Franco, Stefano - Caroli, Matteo - Cappa, Francesco - Del Chiappa, Giacomo (2020), “Are You Good Enough? CSR, Quality Management and Corporate Financial Performance in the Hospitality Industry”, International Journal of Hospitality Management, 88, pp. 1-12.
• Friedman, Milton (1970), “The Social Responsibility of Business is to Increase Its Profits”, https://link.springer.com/chapter/10.1007/978-3-540-70818-6_14(15.05.2021).
• Frynas, Jedrzej George - Yamahaki, Camila (2016), “Corporate Social Responsibility: Review and Roadmap of Theoretical Perspectives”, Business Ethics: A European Review, 25(3), 258-285.
• Garay, Luis - Font, Xavier (2012), “Doing Good to Do Well? Corporate Social Responsibility Reasons, Practices and Impacts in Small and Medium Accommodation Enterprises”, International Journal of Hospitality Management, 31, pp. 329-337.
• Garriga, Elisabet - Mele, Domenec (2004), “Corporate Social Responsibility Theories: Mapping the Territory” Journal of Business Ethics, 53(1), pp. 51-71.
• Govindarajan, V. L. (2017), “CSR Initiatives and Firm Efficiency of TATA Group of Companies in India-A Variance Analysis”, Pacific Business Review International, 9(9), pp. 41-50.
• Gupta, Kartick - Krishnamurti, Chandrasekhar (2016), “Does Corporate Social Responsibility Engagement Benefit Distressed Firms? The Role of Moral and Exchange Capital”, Pacific-Basin Finance Journal, 50, pp. 249-262.
• Guthrie, James - Petty, Richard - Ricceri, Federica (2006), “The Voluntary Reporting of İntellectual Capital: Comparing Evidence from Hong Kong and Australia”. Journal of Intellectual Capital. 7(2), pp. 254-271.
• Hair, Joseph F. J. - Black, William C. - Babin, Barry J. - Anderson, Rolph E. (2014), Multivariate Data Analysis, 7th Ed., Pearson Education Limited, United States of America.
• Hogan, Karen - Olson, Gerard T. - Sharma, Rajneesh (2014), “The Role of Corporate Philanthropy on Ratings of Corporate Social Responsibility and Shareholder Return”, Journal of Leadership, Accountability and Ethics, 11(3), pp. 108.
• Javed, Mariam - Shah, Zulfiqar Ali - Rahman, Abdul (2020), “Exploring Role of CSR in Preventing Bankruptcy: Moderation Effect of Board Independence in Manufacturing Sector of Pakistan and Australia”, Global Social Sciences Review (GSSR), 2(4), pp. 32-44.
• John, Sunita R. (2019), “Relationship Between CSR Initiatives and Financial Performance of ACC Ltd in India-A Variance Analysis”, A Journal of Composition Theory, 12(11), pp. 427-439.
• Joshi, Prem Lal - Gao, Simon S. (2009), “Multinational Corporations Corporate Social and Environmental Disclosures (CSED) on Web Sites”, International Journal of Commerce and Management, 19(1), pp. 27-44.
• Kamalirezaei, Hashem - Rostamy, Anvary Ali Asghar - Saeedi, Ali - Khodaei, Valeh Zaghard Mohammad (2019), “Corporate Social Responsibility and Bankruptcy Probability: Exploring The Role of Market Competition, Intellectual Capital, and Equity Cost”, Journal of Corporate Accounting & Finance, 31(1), pp. 1-11.
• Kane, Gregory D. - Velury, Uma - Ruf, Bernadette M. (2005), “Employee Relations and The Likelihood of Occurrence of Corporate Financial Distress”, Journal of Business Finance & Accounting, 32(5‐6), pp. 1083-1105.
• Kang, Kyung Ho - Lee, Seoki - Huh, Chang (2010), “Impacts of Positive and Negative Corporate Social Responsibility Activities on Company Performance in the Hospitality Industry”, International Journal of Hospitality Management, 29(1), pp. 72-82.
• Karadeniz, Erdinç - Ünlübulduk, Sema Nur (2020), “Konaklama İşletmelerinde Kurumsal Sosyal Sorumluluk Faaliyetleri: Dünyada Marka Değeri En Yüksek Konaklama İşletmeleri ile Borsa İstanbul Konaklama İşletmelerinin Karşılaştırmalı Analizi”, Seyahat ve Otel İşletmeciliği Dergisi, 17(1), ss. 124-140.
• Karadeniz, Erdinç - Öcek, Cemile (2018), “Konaklama İşletmelerinde Finansal Başarısızlık Riskinin Ölçümü: Türkiye ve Avrupa Karşılaştırması”, Finans Politik & Ekonomik Yorumlar, 55(645), ss. 9-59.
• Kotler, Philip - Lee, Nancy (2013), Kurumsal Sosyal Sorumluluk, MediaCat, İstanbul.
• Lee, Seoki - Park, Sun Young (2009), “Do Socially Responsible Activities Help Hotels and Casinos Achieve their Financial Goals?”, International Journal of Hospitality Management, 28(1), pp. 105-112.
• Lin, Kuan Chen - Dong, Xiaobo (2018), “Corporate Social Responsibility Engagement of Financially Distressed Firms and Their Bankruptcy Likelihood”, Advances in Accounting. 43, pp. 32-45.
• Luo, Xueming - Bhattacharya, Chitra Bhanu (2006), “Corporate Social Responsibility, Customer Satisfaction, and Market Value, Journal of Marketing, 70(4), pp. 1-18.
• McWilliams, Abagail - Siegel, Donald (2001), “Corporate Social Responsibility: A Theory of the Firm Perspective”, Academy of Management Review, 26, pp. 117-127.
• Mooi, Erik - Sarstedt, Marko (2011), A Concise Guide to Market Research the Process, Data, and Methods Using IBM SPSS Statistics, Springer, Berlin. Neuman, Lawrance N. (2014), Social Research Methods: Qualitative and Quantitative Approaches, 7th Ed., Pearson Education Limited, United States of America.
• Nguyen, Soa La - Pham, Cuong Duc - Nguyen, Anh Huu (2020), “Impact of Corporate Social Responsibility Disclosures on Bankruptcy Risk of Vietnamese Firms”, The Journal of Asian Finance, Economics, and Business, 7(5), pp. 81-90.
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