Araştırma Makalesi
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Yıl 2025, Cilt: 47 Sayı: 3, - , 28.12.2025

Iva Kovacevic , Emrah Keleş

https://doi.org/10.14780/muiibd.1747477

Öz

Kaynakça

  • Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451–4469. https://doi.org/10.1287/mnsc.2018.3043
  • Bae, K.-H., El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Zheng, Y. (2019). Does corporate social responsibility reduce the costs of high leverage? Evidence from capital structure and product market interactions. Journal of Banking & Finance, 100, 135–150. https://doi.org/10.1016/j.jbankfin.2018.11.0057
  • Dewi, P. P. R. A., Sudana, P., Badera, D. N., & Rasmini, N. K. (2021). The effect of CSR disclosure on firm value with profitability and leverage as moderators. Indonesian Journal of Sustainability Accounting and Management, 5(1). https://doi.org/10.28992/ijsam.v5i1.325
  • Do, T. K., Huang, H. H., & Lo, T.-C. (2023). Does corporate social responsibility affect leverage adjustments? Review of Quantitative Finance and Accounting, 60. https://doi.org/10.1007/s11156.023.01141-8
  • Falck, O., &Heblich, S. (2007). Corporate social responsibility: Doing well by doing good. Business Horizons, 50(3), 247–254. https://doi.org/10.1016/j.bushor.2006.12.002
  • Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59. https://doi.org/10.1016/j.jbankfin.2015.04.028
  • Farah, T., Li, J., Li, Z., & Shamsuddin, A. (2021). The non-linear effect of CSR on firms’ systematic risk: International evidence. Journal of International Financial Markets, Institutions & Money, 71, 101388. https://doi.org/10.1016/j.intfin.2021.101288
  • Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston, MA: Pitman.
  • Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. The New York Times Magazine, September 13, 1970.
  • Elbardan, H., Uyar, A., Kuzey, C., & Karaman, A. S. (2023). CSR reporting, assurance, and firm value and risk: The moderating effects of CSR committees and executive compensation. Journal of International Accounting, Auditing and Taxation, 53, 100579. https://doi.org/10.1016/j.intaccaudtax.2023.100579
  • Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002
  • Guo, Z., Hou, S., & Li, Q. (2020). Corporate social responsibility and firm value: The moderating effects of financial flexibility and R&D investment. Sustainability, 12, 8452. https://doi.org/10.3390/su12208452
  • Ho, K.-C., Wang, Q., Sun, K., & Wang, L. F. S. (2021). How does corporate social responsibility affect firm leverage? Managerial Finance, 51 (10). https://doi.org/10.1108/K-10-2020-0708
  • Hsu, S.-C., Wu, K.-T., Wang, Q., & Chang, Y. (2023). Is capital structure associated with corporate social responsibility? International Journal of Corporate Social Responsibility, 8(6). https://doi.org/10.1186/ s40991.023.00081-9
  • Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304- 405X(76)90026-X
  • Jones, T. M. (1995). Instrumentalstakeholder theory: A synthesis of ethics and economics. Academy of Management Review, 20(2), 404-437,https://doi.org/10.5465/amr.1995.950.7312924
  • Lee, J., & Koh, K. R. (2024). ESG performance and firm risk in the U.S. financial firms. Review of Pacific Basin Financial Markets and Policies, 42, https://doi.org/10.1002/rfe.1208
  • Li, H., Zhang, X.& Zhao, Y. (2022). ESG and firm’s default risk. Finance Research Letters, 47, 102713. https://doi. org/10.1016/j.frl.2022.102713
  • Lu, H., Oh, W.-Y., Kleffner, A., & Chang, Y. K. (2021). How do investors value corporate social responsibility? Market valuation and the firm specific contexts. Journal of Business Research, 125. https://doi. org/10.1016/j.jbusres.2020.11.063
  • Mahmood, A. N., Arslan, H. M., Younas, Z. I., Komal, B., Ali, K. & Muhammad M. (2023). Understanding the dynamics of capital structure, corporate governance, and corporate social responsibility in high – and low-leveraged US and Chinese firms. Environmental Science and Pollution Research, 30, 46201–46221. https://doi.org/10.1007/s11356.022.24843-3
  • Mhiri, C., Ajina, A., Hussain, N., Mnzava, B., & Wieczorek-Kosmala, M. (2024). Corporate social responsibility and capital structure: Moderating effect of culture. Corporate Social Responsibility and Environmental Management, 32. https://doi.org/10.1002/csr.2957
  • Nirino, N., Battisti, E., Ferraris, A., Dell’Atti, S., &Briamonte, M. F. (2022). How and when corporate social performance reduces firm risk? The moderating role of corporate governance. Corporate Social Responsibility and Environmental Management, 29, 1995–2010. https://doi.org/10.1002/csr.2296
  • Oduro, S., Umar, R. M., De Massis, A., &Haylemariam, L. G. (2024). Corporate social responsibility and family firm performance: A meta-analytic review. Corporate Social Responsibility and Environmental Management. Advance online publication. https://doi.org/10.1002/csr.3004
  • Ogachi, D., & Zoltan, Z. (2020). Corporate social responsibility and firm value protection. International Journal of Financial Studies, 8(72). https://doi.org/10.3390/ijfs8040072
  • Rosyid, M. F., Saraswati, E., & Ghofar, A. (2022). Firm value: CSR disclosure, risk management and good corporate governance dimensions. Jurnal Riset Akuntansi dan Keuangan, 12(1). https://doi.org/10.22219/jrak. v11i3.20367
  • Shahrour, M. H., Girerd-Potin, I., &Taramsaoco, O. (2021). Corporate social responsibility and firm default risk in the Eurozone: A market-based approach. Managerial Finance, 47(7). https://doi.org/10.1108/SRJ-02- 2020-0059
  • Sheikh, S. (2019). Corporate social responsibility and firm leverage: The impact of market competition. Research in International Business and Finance, 48. https://doi.org/10.1016/j.ribaf.2018.11.002
  • Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355-374. https://doi. org/10.2307/1882010
  • Wang, Q., Chen, H., Xue, Y., & Liang, H. (2022). How corporate social responsibility affects firm performance: The inverted-U shape contingent on founder CEO. Sustainability, 14. https://doi.org/10.3390/ su141811340
  • Wang, W., & Yang, J. (2024). The inverted U-shaped relationship between corporate social responsibility and default risk: The role of financing constraints. Heliyon, 10(7), e34304. https://doi.org/10.1016/j. heliyon.2024.e34304
  • Wu, C., Xiong, X., Gao, Y., & Meng, J. G. (2024). Corporate social responsibility dimensions and stock price crash risk: Evidence from the management’s self-interest perspective. Pacific-Basin Finance Journal, 83, 102535. https://doi.org/10.1016/j.pacfin.2023.102235

Yıl 2025, Cilt: 47 Sayı: 3, - , 28.12.2025

Iva Kovacevic , Emrah Keleş

https://doi.org/10.14780/muiibd.1747477

Öz

Kaynakça

  • Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451–4469. https://doi.org/10.1287/mnsc.2018.3043
  • Bae, K.-H., El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Zheng, Y. (2019). Does corporate social responsibility reduce the costs of high leverage? Evidence from capital structure and product market interactions. Journal of Banking & Finance, 100, 135–150. https://doi.org/10.1016/j.jbankfin.2018.11.0057
  • Dewi, P. P. R. A., Sudana, P., Badera, D. N., & Rasmini, N. K. (2021). The effect of CSR disclosure on firm value with profitability and leverage as moderators. Indonesian Journal of Sustainability Accounting and Management, 5(1). https://doi.org/10.28992/ijsam.v5i1.325
  • Do, T. K., Huang, H. H., & Lo, T.-C. (2023). Does corporate social responsibility affect leverage adjustments? Review of Quantitative Finance and Accounting, 60. https://doi.org/10.1007/s11156.023.01141-8
  • Falck, O., &Heblich, S. (2007). Corporate social responsibility: Doing well by doing good. Business Horizons, 50(3), 247–254. https://doi.org/10.1016/j.bushor.2006.12.002
  • Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59. https://doi.org/10.1016/j.jbankfin.2015.04.028
  • Farah, T., Li, J., Li, Z., & Shamsuddin, A. (2021). The non-linear effect of CSR on firms’ systematic risk: International evidence. Journal of International Financial Markets, Institutions & Money, 71, 101388. https://doi.org/10.1016/j.intfin.2021.101288
  • Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston, MA: Pitman.
  • Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. The New York Times Magazine, September 13, 1970.
  • Elbardan, H., Uyar, A., Kuzey, C., & Karaman, A. S. (2023). CSR reporting, assurance, and firm value and risk: The moderating effects of CSR committees and executive compensation. Journal of International Accounting, Auditing and Taxation, 53, 100579. https://doi.org/10.1016/j.intaccaudtax.2023.100579
  • Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002
  • Guo, Z., Hou, S., & Li, Q. (2020). Corporate social responsibility and firm value: The moderating effects of financial flexibility and R&D investment. Sustainability, 12, 8452. https://doi.org/10.3390/su12208452
  • Ho, K.-C., Wang, Q., Sun, K., & Wang, L. F. S. (2021). How does corporate social responsibility affect firm leverage? Managerial Finance, 51 (10). https://doi.org/10.1108/K-10-2020-0708
  • Hsu, S.-C., Wu, K.-T., Wang, Q., & Chang, Y. (2023). Is capital structure associated with corporate social responsibility? International Journal of Corporate Social Responsibility, 8(6). https://doi.org/10.1186/ s40991.023.00081-9
  • Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304- 405X(76)90026-X
  • Jones, T. M. (1995). Instrumentalstakeholder theory: A synthesis of ethics and economics. Academy of Management Review, 20(2), 404-437,https://doi.org/10.5465/amr.1995.950.7312924
  • Lee, J., & Koh, K. R. (2024). ESG performance and firm risk in the U.S. financial firms. Review of Pacific Basin Financial Markets and Policies, 42, https://doi.org/10.1002/rfe.1208
  • Li, H., Zhang, X.& Zhao, Y. (2022). ESG and firm’s default risk. Finance Research Letters, 47, 102713. https://doi. org/10.1016/j.frl.2022.102713
  • Lu, H., Oh, W.-Y., Kleffner, A., & Chang, Y. K. (2021). How do investors value corporate social responsibility? Market valuation and the firm specific contexts. Journal of Business Research, 125. https://doi. org/10.1016/j.jbusres.2020.11.063
  • Mahmood, A. N., Arslan, H. M., Younas, Z. I., Komal, B., Ali, K. & Muhammad M. (2023). Understanding the dynamics of capital structure, corporate governance, and corporate social responsibility in high – and low-leveraged US and Chinese firms. Environmental Science and Pollution Research, 30, 46201–46221. https://doi.org/10.1007/s11356.022.24843-3
  • Mhiri, C., Ajina, A., Hussain, N., Mnzava, B., & Wieczorek-Kosmala, M. (2024). Corporate social responsibility and capital structure: Moderating effect of culture. Corporate Social Responsibility and Environmental Management, 32. https://doi.org/10.1002/csr.2957
  • Nirino, N., Battisti, E., Ferraris, A., Dell’Atti, S., &Briamonte, M. F. (2022). How and when corporate social performance reduces firm risk? The moderating role of corporate governance. Corporate Social Responsibility and Environmental Management, 29, 1995–2010. https://doi.org/10.1002/csr.2296
  • Oduro, S., Umar, R. M., De Massis, A., &Haylemariam, L. G. (2024). Corporate social responsibility and family firm performance: A meta-analytic review. Corporate Social Responsibility and Environmental Management. Advance online publication. https://doi.org/10.1002/csr.3004
  • Ogachi, D., & Zoltan, Z. (2020). Corporate social responsibility and firm value protection. International Journal of Financial Studies, 8(72). https://doi.org/10.3390/ijfs8040072
  • Rosyid, M. F., Saraswati, E., & Ghofar, A. (2022). Firm value: CSR disclosure, risk management and good corporate governance dimensions. Jurnal Riset Akuntansi dan Keuangan, 12(1). https://doi.org/10.22219/jrak. v11i3.20367
  • Shahrour, M. H., Girerd-Potin, I., &Taramsaoco, O. (2021). Corporate social responsibility and firm default risk in the Eurozone: A market-based approach. Managerial Finance, 47(7). https://doi.org/10.1108/SRJ-02- 2020-0059
  • Sheikh, S. (2019). Corporate social responsibility and firm leverage: The impact of market competition. Research in International Business and Finance, 48. https://doi.org/10.1016/j.ribaf.2018.11.002
  • Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355-374. https://doi. org/10.2307/1882010
  • Wang, Q., Chen, H., Xue, Y., & Liang, H. (2022). How corporate social responsibility affects firm performance: The inverted-U shape contingent on founder CEO. Sustainability, 14. https://doi.org/10.3390/ su141811340
  • Wang, W., & Yang, J. (2024). The inverted U-shaped relationship between corporate social responsibility and default risk: The role of financing constraints. Heliyon, 10(7), e34304. https://doi.org/10.1016/j. heliyon.2024.e34304
  • Wu, C., Xiong, X., Gao, Y., & Meng, J. G. (2024). Corporate social responsibility dimensions and stock price crash risk: Evidence from the management’s self-interest perspective. Pacific-Basin Finance Journal, 83, 102535. https://doi.org/10.1016/j.pacfin.2023.102235

SERMAYE YAPISI, KSS VE HİSSE SENEDİ PİYASASI: TÜRKİYE ÖRNEĞİ

Yıl 2025, Cilt: 47 Sayı: 3, - , 28.12.2025

Iva Kovacevic , Emrah Keleş

https://doi.org/10.14780/muiibd.1747477

Öz

Bu çalışma, kurumsal sosyal sorumluluk (KSS) ile finansal kaldıraç arasındaki yönlü ilişkiyi ve bu iki unsurun firma değeri ve risk üzerindeki etkileşimsel etkilerini incelemektedir. 2002–2023 yılları arasında BIST100 endeksinde yer alan Türk firmalarına ait panel veri kullanılarak sabit etkiler modeli uygulanmıştır. Bulgular, kaldıraç seviyesinin KSS faaliyetlerini marjinal olarak olumsuz etkilediğini, ancak KSS'nin kaldıraç üzerinde anlamlı bir etkisinin bulunmadığını göstermektedir. Ayrıca, KSS ile kaldıraç arasındaki etkileşim teriminin firma değeri üzerinde negatif ve anlamlı bir etkisi varken, fiyat oynaklığı üzerinde anlamlı bir etkisi bulunmamaktadır. Bu sonuçlar, KSS'nin finansal yapı bağlamında değer yaratıcı ya da risk azaltıcı etkilerinin firma koşullarına bağlı olduğunu göstermektedir.

Anahtar Kelimeler

CSR panel data analysis leverage capital structure firm value value creation risk-mitigation

Kaynakça

  • Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451–4469. https://doi.org/10.1287/mnsc.2018.3043
  • Bae, K.-H., El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Zheng, Y. (2019). Does corporate social responsibility reduce the costs of high leverage? Evidence from capital structure and product market interactions. Journal of Banking & Finance, 100, 135–150. https://doi.org/10.1016/j.jbankfin.2018.11.0057
  • Dewi, P. P. R. A., Sudana, P., Badera, D. N., & Rasmini, N. K. (2021). The effect of CSR disclosure on firm value with profitability and leverage as moderators. Indonesian Journal of Sustainability Accounting and Management, 5(1). https://doi.org/10.28992/ijsam.v5i1.325
  • Do, T. K., Huang, H. H., & Lo, T.-C. (2023). Does corporate social responsibility affect leverage adjustments? Review of Quantitative Finance and Accounting, 60. https://doi.org/10.1007/s11156.023.01141-8
  • Falck, O., &Heblich, S. (2007). Corporate social responsibility: Doing well by doing good. Business Horizons, 50(3), 247–254. https://doi.org/10.1016/j.bushor.2006.12.002
  • Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59. https://doi.org/10.1016/j.jbankfin.2015.04.028
  • Farah, T., Li, J., Li, Z., & Shamsuddin, A. (2021). The non-linear effect of CSR on firms’ systematic risk: International evidence. Journal of International Financial Markets, Institutions & Money, 71, 101388. https://doi.org/10.1016/j.intfin.2021.101288
  • Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston, MA: Pitman.
  • Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. The New York Times Magazine, September 13, 1970.
  • Elbardan, H., Uyar, A., Kuzey, C., & Karaman, A. S. (2023). CSR reporting, assurance, and firm value and risk: The moderating effects of CSR committees and executive compensation. Journal of International Accounting, Auditing and Taxation, 53, 100579. https://doi.org/10.1016/j.intaccaudtax.2023.100579
  • Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002
  • Guo, Z., Hou, S., & Li, Q. (2020). Corporate social responsibility and firm value: The moderating effects of financial flexibility and R&D investment. Sustainability, 12, 8452. https://doi.org/10.3390/su12208452
  • Ho, K.-C., Wang, Q., Sun, K., & Wang, L. F. S. (2021). How does corporate social responsibility affect firm leverage? Managerial Finance, 51 (10). https://doi.org/10.1108/K-10-2020-0708
  • Hsu, S.-C., Wu, K.-T., Wang, Q., & Chang, Y. (2023). Is capital structure associated with corporate social responsibility? International Journal of Corporate Social Responsibility, 8(6). https://doi.org/10.1186/ s40991.023.00081-9
  • Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304- 405X(76)90026-X
  • Jones, T. M. (1995). Instrumentalstakeholder theory: A synthesis of ethics and economics. Academy of Management Review, 20(2), 404-437,https://doi.org/10.5465/amr.1995.950.7312924
  • Lee, J., & Koh, K. R. (2024). ESG performance and firm risk in the U.S. financial firms. Review of Pacific Basin Financial Markets and Policies, 42, https://doi.org/10.1002/rfe.1208
  • Li, H., Zhang, X.& Zhao, Y. (2022). ESG and firm’s default risk. Finance Research Letters, 47, 102713. https://doi. org/10.1016/j.frl.2022.102713
  • Lu, H., Oh, W.-Y., Kleffner, A., & Chang, Y. K. (2021). How do investors value corporate social responsibility? Market valuation and the firm specific contexts. Journal of Business Research, 125. https://doi. org/10.1016/j.jbusres.2020.11.063
  • Mahmood, A. N., Arslan, H. M., Younas, Z. I., Komal, B., Ali, K. & Muhammad M. (2023). Understanding the dynamics of capital structure, corporate governance, and corporate social responsibility in high – and low-leveraged US and Chinese firms. Environmental Science and Pollution Research, 30, 46201–46221. https://doi.org/10.1007/s11356.022.24843-3
  • Mhiri, C., Ajina, A., Hussain, N., Mnzava, B., & Wieczorek-Kosmala, M. (2024). Corporate social responsibility and capital structure: Moderating effect of culture. Corporate Social Responsibility and Environmental Management, 32. https://doi.org/10.1002/csr.2957
  • Nirino, N., Battisti, E., Ferraris, A., Dell’Atti, S., &Briamonte, M. F. (2022). How and when corporate social performance reduces firm risk? The moderating role of corporate governance. Corporate Social Responsibility and Environmental Management, 29, 1995–2010. https://doi.org/10.1002/csr.2296
  • Oduro, S., Umar, R. M., De Massis, A., &Haylemariam, L. G. (2024). Corporate social responsibility and family firm performance: A meta-analytic review. Corporate Social Responsibility and Environmental Management. Advance online publication. https://doi.org/10.1002/csr.3004
  • Ogachi, D., & Zoltan, Z. (2020). Corporate social responsibility and firm value protection. International Journal of Financial Studies, 8(72). https://doi.org/10.3390/ijfs8040072
  • Rosyid, M. F., Saraswati, E., & Ghofar, A. (2022). Firm value: CSR disclosure, risk management and good corporate governance dimensions. Jurnal Riset Akuntansi dan Keuangan, 12(1). https://doi.org/10.22219/jrak. v11i3.20367
  • Shahrour, M. H., Girerd-Potin, I., &Taramsaoco, O. (2021). Corporate social responsibility and firm default risk in the Eurozone: A market-based approach. Managerial Finance, 47(7). https://doi.org/10.1108/SRJ-02- 2020-0059
  • Sheikh, S. (2019). Corporate social responsibility and firm leverage: The impact of market competition. Research in International Business and Finance, 48. https://doi.org/10.1016/j.ribaf.2018.11.002
  • Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355-374. https://doi. org/10.2307/1882010
  • Wang, Q., Chen, H., Xue, Y., & Liang, H. (2022). How corporate social responsibility affects firm performance: The inverted-U shape contingent on founder CEO. Sustainability, 14. https://doi.org/10.3390/ su141811340
  • Wang, W., & Yang, J. (2024). The inverted U-shaped relationship between corporate social responsibility and default risk: The role of financing constraints. Heliyon, 10(7), e34304. https://doi.org/10.1016/j. heliyon.2024.e34304
  • Wu, C., Xiong, X., Gao, Y., & Meng, J. G. (2024). Corporate social responsibility dimensions and stock price crash risk: Evidence from the management’s self-interest perspective. Pacific-Basin Finance Journal, 83, 102535. https://doi.org/10.1016/j.pacfin.2023.102235

CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE

Yıl 2025, Cilt: 47 Sayı: 3, - , 28.12.2025

Iva Kovacevic , Emrah Keleş

https://doi.org/10.14780/muiibd.1747477

Öz

This study analyses the dynamic relationship between corporate social responsibility (CSR) and financial leverage, and how their interaction influence firm value and risk. Using panel data from Turkish BIST100 firms between 2002 and 2023, fixed-effect regressions showed that leverage has a marginally negative impact on CSR, while CSR does not significantly influence leverage. Additionally, the interaction between CSR and leverage has a negative effect on firm value but does not significantly affect price volatility. These findings contribute to the understanding of CSR's role under financial constraints.

Anahtar Kelimeler

CSR Panel data analysis leverage capial structure firm value valu creation risk mitigation

Kaynakça

  • Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451–4469. https://doi.org/10.1287/mnsc.2018.3043
  • Bae, K.-H., El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Zheng, Y. (2019). Does corporate social responsibility reduce the costs of high leverage? Evidence from capital structure and product market interactions. Journal of Banking & Finance, 100, 135–150. https://doi.org/10.1016/j.jbankfin.2018.11.0057
  • Dewi, P. P. R. A., Sudana, P., Badera, D. N., & Rasmini, N. K. (2021). The effect of CSR disclosure on firm value with profitability and leverage as moderators. Indonesian Journal of Sustainability Accounting and Management, 5(1). https://doi.org/10.28992/ijsam.v5i1.325
  • Do, T. K., Huang, H. H., & Lo, T.-C. (2023). Does corporate social responsibility affect leverage adjustments? Review of Quantitative Finance and Accounting, 60. https://doi.org/10.1007/s11156.023.01141-8
  • Falck, O., &Heblich, S. (2007). Corporate social responsibility: Doing well by doing good. Business Horizons, 50(3), 247–254. https://doi.org/10.1016/j.bushor.2006.12.002
  • Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59. https://doi.org/10.1016/j.jbankfin.2015.04.028
  • Farah, T., Li, J., Li, Z., & Shamsuddin, A. (2021). The non-linear effect of CSR on firms’ systematic risk: International evidence. Journal of International Financial Markets, Institutions & Money, 71, 101388. https://doi.org/10.1016/j.intfin.2021.101288
  • Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston, MA: Pitman.
  • Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. The New York Times Magazine, September 13, 1970.
  • Elbardan, H., Uyar, A., Kuzey, C., & Karaman, A. S. (2023). CSR reporting, assurance, and firm value and risk: The moderating effects of CSR committees and executive compensation. Journal of International Accounting, Auditing and Taxation, 53, 100579. https://doi.org/10.1016/j.intaccaudtax.2023.100579
  • Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002
  • Guo, Z., Hou, S., & Li, Q. (2020). Corporate social responsibility and firm value: The moderating effects of financial flexibility and R&D investment. Sustainability, 12, 8452. https://doi.org/10.3390/su12208452
  • Ho, K.-C., Wang, Q., Sun, K., & Wang, L. F. S. (2021). How does corporate social responsibility affect firm leverage? Managerial Finance, 51 (10). https://doi.org/10.1108/K-10-2020-0708
  • Hsu, S.-C., Wu, K.-T., Wang, Q., & Chang, Y. (2023). Is capital structure associated with corporate social responsibility? International Journal of Corporate Social Responsibility, 8(6). https://doi.org/10.1186/ s40991.023.00081-9
  • Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304- 405X(76)90026-X
  • Jones, T. M. (1995). Instrumentalstakeholder theory: A synthesis of ethics and economics. Academy of Management Review, 20(2), 404-437,https://doi.org/10.5465/amr.1995.950.7312924
  • Lee, J., & Koh, K. R. (2024). ESG performance and firm risk in the U.S. financial firms. Review of Pacific Basin Financial Markets and Policies, 42, https://doi.org/10.1002/rfe.1208
  • Li, H., Zhang, X.& Zhao, Y. (2022). ESG and firm’s default risk. Finance Research Letters, 47, 102713. https://doi. org/10.1016/j.frl.2022.102713
  • Lu, H., Oh, W.-Y., Kleffner, A., & Chang, Y. K. (2021). How do investors value corporate social responsibility? Market valuation and the firm specific contexts. Journal of Business Research, 125. https://doi. org/10.1016/j.jbusres.2020.11.063
  • Mahmood, A. N., Arslan, H. M., Younas, Z. I., Komal, B., Ali, K. & Muhammad M. (2023). Understanding the dynamics of capital structure, corporate governance, and corporate social responsibility in high – and low-leveraged US and Chinese firms. Environmental Science and Pollution Research, 30, 46201–46221. https://doi.org/10.1007/s11356.022.24843-3
  • Mhiri, C., Ajina, A., Hussain, N., Mnzava, B., & Wieczorek-Kosmala, M. (2024). Corporate social responsibility and capital structure: Moderating effect of culture. Corporate Social Responsibility and Environmental Management, 32. https://doi.org/10.1002/csr.2957
  • Nirino, N., Battisti, E., Ferraris, A., Dell’Atti, S., &Briamonte, M. F. (2022). How and when corporate social performance reduces firm risk? The moderating role of corporate governance. Corporate Social Responsibility and Environmental Management, 29, 1995–2010. https://doi.org/10.1002/csr.2296
  • Oduro, S., Umar, R. M., De Massis, A., &Haylemariam, L. G. (2024). Corporate social responsibility and family firm performance: A meta-analytic review. Corporate Social Responsibility and Environmental Management. Advance online publication. https://doi.org/10.1002/csr.3004
  • Ogachi, D., & Zoltan, Z. (2020). Corporate social responsibility and firm value protection. International Journal of Financial Studies, 8(72). https://doi.org/10.3390/ijfs8040072
  • Rosyid, M. F., Saraswati, E., & Ghofar, A. (2022). Firm value: CSR disclosure, risk management and good corporate governance dimensions. Jurnal Riset Akuntansi dan Keuangan, 12(1). https://doi.org/10.22219/jrak. v11i3.20367
  • Shahrour, M. H., Girerd-Potin, I., &Taramsaoco, O. (2021). Corporate social responsibility and firm default risk in the Eurozone: A market-based approach. Managerial Finance, 47(7). https://doi.org/10.1108/SRJ-02- 2020-0059
  • Sheikh, S. (2019). Corporate social responsibility and firm leverage: The impact of market competition. Research in International Business and Finance, 48. https://doi.org/10.1016/j.ribaf.2018.11.002
  • Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355-374. https://doi. org/10.2307/1882010
  • Wang, Q., Chen, H., Xue, Y., & Liang, H. (2022). How corporate social responsibility affects firm performance: The inverted-U shape contingent on founder CEO. Sustainability, 14. https://doi.org/10.3390/ su141811340
  • Wang, W., & Yang, J. (2024). The inverted U-shaped relationship between corporate social responsibility and default risk: The role of financing constraints. Heliyon, 10(7), e34304. https://doi.org/10.1016/j. heliyon.2024.e34304
  • Wu, C., Xiong, X., Gao, Y., & Meng, J. G. (2024). Corporate social responsibility dimensions and stock price crash risk: Evidence from the management’s self-interest perspective. Pacific-Basin Finance Journal, 83, 102535. https://doi.org/10.1016/j.pacfin.2023.102235
Toplam 31 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finansal Ekonomi
Bölüm Araştırma Makalesi
Yazarlar

Iva Kovacevic 0000-0003-2615-2451

Emrah Keleş 0000-0003-3840-277X

Gönderilme Tarihi 21 Temmuz 2025
Kabul Tarihi 12 Ağustos 2025
Yayımlanma Tarihi 28 Aralık 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 47 Sayı: 3

Kaynak Göster

APA Kovacevic, I., & Keleş, E. (2025). CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 47(3). https://doi.org/10.14780/muiibd.1747477
AMA Kovacevic I, Keleş E. CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. Aralık 2025;47(3). doi:10.14780/muiibd.1747477
Chicago Kovacevic, Iva, ve Emrah Keleş. “CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE”. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 47, sy. 3 (Aralık 2025). https://doi.org/10.14780/muiibd.1747477.
EndNote Kovacevic I, Keleş E (01 Aralık 2025) CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 47 3
IEEE I. Kovacevic ve E. Keleş, “CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, c. 47, sy. 3, 2025, doi: 10.14780/muiibd.1747477.
ISNAD Kovacevic, Iva - Keleş, Emrah. “CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE”. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 47/3 (Aralık2025). https://doi.org/10.14780/muiibd.1747477.
JAMA Kovacevic I, Keleş E. CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2025;47. doi:10.14780/muiibd.1747477.
MLA Kovacevic, Iva ve Emrah Keleş. “CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE”. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, c. 47, sy. 3, 2025, doi:10.14780/muiibd.1747477.
Vancouver Kovacevic I, Keleş E. CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2025;47(3).

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