Impact of Corporate Social Responsibility on Firm’s Performance: The Case of Turkey

Yıl 2018, Cilt: 19 Sayı: 34, 185 - 214, 31.01.2018

Değer Alper Ebru Aydoğan

https://doi.org/10.21550/sosbilder.319457

Cited By: 2

Öz

The objective of this study is to
examine whether there is a relationship between the performances and corporate
social responsibility levels of companies traded in BIST Corporate Governance
Index between 2007 and 2015 in Turkey, which is an emerging market. Different
from the previous studies conducted in Turkey, the analysis is conducted with a
dynamic method, the System Generalized Moments Method (system GMM). Dependent
variable in the study is the company performance and as company performance
indicator accounting-based ROA and market-based Tobin’s Q ratios, as the
independent variable corporate social responsibility scores are utilized.
Control variables, are determined as company size and financial leverage.
Analysis results demonstrated that there is a positive and statistically
significant relationship between corporate social responsibility scores and
accounting-based ROA and market-based Tobin’s Q ratios.

Anahtar Kelimeler

Corporate Social Responsibility, Firm Performance, Corporate Social Responsibility Index, Dynamic Panel Data Analysis, System GMM

KURUMSAL SOSYAL SORUMLULUĞUN FİRMA PERFORMANSINA ETKİSİ: TÜRKİYE ÖRNEĞİ

Öz

Bu çalışmanın amacı gelişmekte olan bir ülke konumundaki Türkiye’de,
2007-2015 yılları arasında BIST Kurumsal Yönetim Endeksi’nde işlem gören
firmaların finansal performansları ile kurumsal sosyal sorumluluk düzeyleri
arasındaki ilişkiyi analiz etmektir.  Çalışmada,
Türkiye’de yapılan diğer çalışmalardan farklı olarak dinamik bir metot olan
Sistem Genelleştirilmiş Momentler Metodu (sistem GMM) kullanılmıştır. Çalışmada bağımlı değişken olarak muhasebe temelli ROA ve
piyasa temelli Tobin’s Q olmak üzere iki oran, bağımsız değişken firmaların
kurumsal sosyal sorumluluk notları kullanılmıştır. Ayrıca finansal kaldıraç ve
firma büyüklüğü kullanılan araç değişkenlerdir. Analiz sonucunda, firmaların KSS düzeyleri ile iki performans göstergesi
arasında da istatistiksel olarak pozitif ve anlamlı bir ilişki olduğu sonucuna
ulaşılmıştır.

Anahtar Kelimeler

Kurumsal Sosyal Sorumluluk, Firma Performansı, Kurumsal Sosyal Sorumluluk Endeksi, Dinamik Panel Veri Analizi, Sistem GMM

Kaynakça

• Afsheen, S. (2015). Impact of corporate social responsibility on firm’s performance. In Preceding for Journal of Finance and Bank Management
• Alshammari, M. (2015). Corporate social responsibility and firm performance: the moderating role of reputation and institutional investors. International Journal of Business and Management, 10(6), 15-28
• Aras, G., Aybars, A. & Kutlu, Ö., (2010). Managing corporate performance: Investigating the relationship between corporate social responsibility and financial performance in emerging markets. International Journal of Productivity and Performance Management, 59(3), 229–254.
• Arellano, M. & Bond, S. (1991). Some tests of specification for panel data: monte cralo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297.
• Arellano, M. & Bover, O. (1995). Another look at the ınstrumental variable estimation of error-component models. Journal of Econometrics, 68, 29-51.
• Arsoy Poroy, A., Arabacı, Ö. & Çiftçioğlu, A. (2012). Corporate social responsibility and financial performance relationship: the case of Turkey. Muhasebe ve Finansman Dergisi, 53, 159-176.
• Bai, X., & Chang, J. (2015). Corporate social responsibility and firm performance: the mediating role of marketing competence and the moderating role of market environment. Asia Pacific Journal of Management, 32, 505-530
• Bai, C., Liu, Q., Lu, J., Song, F. M., & Zhang, J. (2004). Corporate governance and market valuations in China. Journal of Comparative Economics, 32, 599-616.
• Baker, K. H., & Nofsinger, J. R. (2012). Socially responsible finance and investing: an overview. Baker, K. H., & Nofsinger, J. R (Ed.), Socially Responsible Finance and Investing Financial Institutions, Corporations, Investors and Activists (pp.1-14). New Jersey, JohnWiley & Sons.
• Barcos, L., Barroso, A., Surroca, J., & Josep, T. A. (2010). Corporate social responsibility and inventory policy. Working Paper, Business Economic Series
• Becchetti, L, Ciciretti, R., Hasan., I. & Kobeissi, N. (2012). Corporate social responsibility and shareholder's value. Journal of Business Research, 65, 1628-1635
• Blundell, R. and Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143.
• Carroll, A. B. (1999). Corporate social responsibility evolution of a definitional construct. Business&Society, 38(3), 268-295.
• Cavaco, S. & Crifo, P. (2009). Complementarity between CSR practices and corporate performance: an emprical study. http://www.louisbachelier.org
• Cui, J., Jo, H. & Na, H. (2016). Does corporate social responsibility reduce information asymmetry?. Journal of Business Ethics
• Elms, H., & Behaylo, M. W. (2012). Corporate social responsibility, Baker, K. H., & Nofsinger, J. R (Ed.), Socially Responsible Finance and Investing Financial Institutions, Corporations, Investors and Activists (pp.39-54). New Jersey, JohnWiley & Sons.
• Erdur Acar, D., & Kara, E. (2014). Analyzing the effect of corporate social responsibility level on the financial performance of companies: an application on BIST corporate governance index included companies. Uluslararası Yönetim ve İşletme Dergisi, 10(23), 227-242
• Fiori, G., Donato F. & Izzo, M. F. (2007). Corporate social responsibility and firms performance. an analysis on Italian listed companies. Working Papers, http://ssrn.com/abstract=1032851
• Flammer, C. (2013). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. https://ssrn.com/abstract=2146282
• Freeman, I., & Hasnaoui, A. (2011). The meaning of corporate social responsibility: the vision of four nations. Journal of Business Ethics, 100, 419-443
• Freeman, E. R. (1984). Strategic management: A stakeholder approach. Marshfield, MA: Pitman.
• Friedman, M. (1962). Capitalism and Freedom. University of Chicago Press, Chicago
• Friedman, M. (1970, September 13). The social responsibility of business is to increase its profits. New York Times Magazine, 32-33.
• Ghoul, S. E., Guedhami, O., Kwok, C. C.Y., Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking&Finance, 35, 2388-2406
• Guenster, N., Bauer, R., Derwall, J. & Koedijk, K. (2011). The economic value of corporate eco-efficiency. European Financial Management, 17(4), 679-704
• Guney, Y. & Schilke, A. R. (2010). The relationship between corporate social and financial performance: Do endogeneity, non-linearity and adjustment issues matter?, http://www.fma.org/Hamburg/Papers/CFPYGFMA.Pdf, Erişim: 14.11.2016
• Greening, D. W. & Turban, D. B. (2000). Corporate social performance as a competitive advantage in attracting a quality workforce. Business and Society, 39(3), 254-280
• Inoue, Y., & Lee, S. (2011). Effects of different dimensions of corporate social responsibility on corporate financial performance in tourism-related industries. Tourism Management, 32, 790-804
• Jo, H., Kim, H., Park, K. (2015). Corporate environmental responsibility and firm performance in the financial services sector. Journal of Business Ethics, 131, 257-284
• Jo, H., Song, M. H. & Tsang, A. (2016). Corporate social responsibility and stakeholder governance around the world. Global Finance Journal, 29, 42-69 Kang, C., Germann, F., & Grewal, R. (2016). Washing away your sins? Corporate social responsibility, corporate social irresponsibility and firm performance. Journal of Marketing, 80, 59-79
• Kavaliauske, M., & Stancikas, A. (2014). The importance of corporate social responsibility in Lithuania’s finance and telecommunication industries. Social and Behavioral Sciences, 110, 796-804
• Kim, M.C., & Kim, Y. H. (2014). Corporate social responsibility and shareholder value of restaurant firms. International Journal of Hospitality Management, 40, 120-129
• Lee, S., Singalb, M., & Kang, H. K. (2013). The corporate social responsibility-financial performance link in the U.S restaurant industry: Do economic conditions matter?. International Journal of Hospitality Management, 32, 2-10
• Luo, X., & Bhattacharya, C. B. (2006). Corporate social responsibility, customer satisfaction and market value. Journal of Marketing, 70(4), 1-18
• Mackey, A., Mackey, T. B., & Barney, J. B. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies, The Academiy of Management Review, 32(3), 817-835
• Matten, D. (2006). Why do companies engage in corporate social responsibility? Backround, reasons and basic concepts. Hennigfeld, J., Pohl, M. & Tolhurst, N. (Ed.), The ICCA Handbook on Corporate Social Responsibility (pp.3-46). England, John Wiley&Sons,
• McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of Management Journal, 31(4), 854-872
• McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. The Academy of Management Review, 26(1), 117-127
• Mujahid, M., & Abdullah, A. (2014). Impact of corporate responsibility on firms financial performance and shareholder wealth. European Journal of Business and Management, 6(31), 181-187
• Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis, Organization Studies, 24(3), 403-441
• Özçelik, F., Öztürk Avcı, B., & Gürsakal, S. (2014). Investigating the relationship between corporate social responsibility and financial performance in Turkey. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 28(3), 189-203
• Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saeidi, S. P. (2014). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 1-10 Sen, S., Bhattacharya, C. B., & Korschun, D. (2006). The role of corporate social responsibility in strengthening multiple stakeholder relationships: A field experiment. Journal of the Academy of Marketing Science, 34(2), 158-166. Sun, W., & Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32, 257-287
• Surroca, J., Tribo, J. A., & Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31, 463-490
• Tatoğlu, F. (2013). İleri panel veri analizi. Beta Yayıncılık, İstanbul.
• Ullman, A. A. (1985). Data in search of a theory: A critical examination of the relationships among social performance, social disclosure and economic performance of U.S firms. Academy of Management Review,10(3), 540-557
• Vance, S. (1975). Are socially responsible firms good investment risks?. Management Review. 64, 18-24
• Wintoki, B., Linck, J., & Netter, J. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105, 581-606
• Zu, L. (2009). Corporate social responsibility corporate rescrusting and firm’s performance emprical evidence from chinese enterprises. Chapter 2, Berlin, Springer,
• http://www.capital.com.tr/arastirmalar/yeni-nesil-kss-donemi-haberdetay 12272 , Erişim:14.11.2016
• www.borsaistanbul.com
• www.kap.org.tr
• www.tkyd.org