Mediating Effect of Corporate Social Responsibility in the Relationship between Innovation and Firm Value

Öz

Corporate social responsibility (CSR) is becoming increasingly an integral part of business practice. This study aims to explain the relationship between CSR practices and firm value by adding two key variables: invest in innovation and invest in marketing. The sample of empirical study consists of manufacture firms registered in Borsa Istanbul/Turkey. Research findings indicated that the CSR practices influence directly and positively to firm value. Higher marketing expenditures leads to less firm profitability and no impact on firm value. Investing in R&D impacts positively to CSR practices and profitability. CSR plays a mediating role between R&D intensity and firm value relationship. There isn’t significant mediating effect of marketing intensity between CSR and firm value.

Anahtar Kelimeler

• Corporate Social Responsibility,Innovation,Marketing,Firm Value

Kurumsal Sosyal Sorumluluğun İnovasyon ve Firma Değeri Arasındaki İlişkide Aracılık Etkisi

Öz

Kurumsal sosyal sorumluluk (KSS), giderek iş uygulamalarının ayrılmaz bir parçası haline gelmektedir. Bu çalışma, KSS uygulamaları ile firma değeri arasındaki ilişkiyi iki temel değişken ekleyerek açıklamayı amaçlamaktadır: inovasyona yatırım ve pazarlamaya yatırım. Ampirik çalışmanın örneklemi Borsa İstanbul / Türkiye'de kayıtlı imalat firmalarından oluşmaktadır. Araştırma bulguları, KSS uygulamalarının firma değerine doğrudan ve olumlu yönde etkilediğini göstermiştir. Daha fazla pazarlama harcamaları daha az firma karlılığına yol açmaktadır ve firma değeri üzerinde bir etkisi yoktur. Ar-Ge'ye yatırım yapmak, KSS uygulamalarına ve karlılığa olumlu yönde etki etmektedir. KSS, Ar-Ge yoğunluğu ve firma değeri ilişkisinde aracılık rolü oynamaktadır. Pazarlama yoğunluğunun, KSS ile firma değeri arasında önemli bir aracılık etkisi yoktur.

Anahtar Kelimeler

• Kurumsal Sosyal Sorumluluk,İnovasyon,Pazarlama,Firma Değeri

Kaynakça

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