Şirketlerin Sürdürülebilirlik ve Sosyal Sorumluluk Anlayışlarının Finansal Performaslarına Etkisi Üzerine Bir İnceleme: Türkiye Uygulaması

Year 2017, Volume: 3 Issue: 3, 77 - 90, 02.10.2017

Ozan Kaymak , Görkem Çerikcioğlu

Abstract

Birikim ve tasarrufların
değerlendirilmesinde finansal araçlara yatırım yapılması anlayışının
yatırımcılar tarafından uygun bulunmasından bu yana, yatırımcılar, yatırım
seçimlerini yaparken, yatırımların topluma faydalı olup olmadığı kriterlerini
de dikkate almaktadırlar. Yatırım seçimleri,  
sosyal norm ve değerlerle paralel şekilde gelişmektedir. Bu çalışmada,
dünyadaki gelişmiş ekonomilerde sürdürülebilirlik ve sosyal sorumluluk
anlayışının geçirdiği değişim ile bu süreçleri uygulayan firmaların finansal
performanslarının nasıl etkilendiği konusu üzerinde yapılan araştırmalar ve
çalışmalar incelenmiştir. Sosyal sorumluluk ile finansal performans arasında
doğru yönlü ilişkilerin saptandığı örneklere yer verilmiş böylece, Türkiye’de
sürdürülebilirlik ve sosyal sorumluk faaliyetlerini gerçekleştiren veya bu
konuda motivasyonu olan firmaların elde edebilecekleri kazanımların neler
olabileceği konusunda tahminler ileri sürülmüştür. Bu durum sürdürülebilirlik
ve sosyal sorumluluk anlayışının her geçen gün öneminin artacağı konusunda
ekonomik ve finansal kesimler üzerinde bir beklenti oluşturmaktadır. Bu
çalışmada, Türkiye’de sürdürülebilirlik ve sosyal sorumluluk uygulamaları
bakımından önemli faaliyetleri olan şirketler ile daha az sürdürülebilir ve
sosyal sorumluluk taşıyan şirketlerin 5 yıllık ortalama özkaynak karlılığı,
aktif karılığı ve yatırım karlılığı verilerinden yola çıkarak bir karşılaştırma
yapılması hedeflenmiştir. Yapılan inceleme sonucunda, sosyal sorumluluk ve
sürdürülebilirlik faaliyetlerinden dolayı beğenilen şirketlerin, seçilen diğer
şirketlere göre aktif karlılığı (ROI) oranları arasında anlamlı bir farklılık
olduğu tespit edilmiştir.

Keywords

Sürdürülebilirlik, Sosyal Sorumluluk, Finansal Performans

An Analysis On The Effects On Financial Performance By The Sustainability And Social Responsibility Comprehensions Of The Companies: Turkey Application

Abstract

Since the investing concept
has been conceived for gaining capital, the investors define their investing
alternatives whether that investment has benefits for society and they develop
their investing choice by considering the social norms and values. In this
study, we research the studies about the alternation of the sustainability and
social responsibility approach in developed economies and how effected the
financial performance of the companies which perform this processes. The
illustrations are studied, which include a positive relation between social
responsibility and financial performance, In this way, the companies which
conduct social responsibility practices and have a motivation about this approach,
what can they gain  perceptions are also
included in this study. In this instance, the importance of the sustainability
and social responsibility approach, will be develop in over time. We aim to
compare, the companies which have important applications on sustainability and
social responsibility and the companies with less sustainability and social
responsibility, by using 5 years average on return on equity, (ROE) Return on
assets (ROA) and return on investment. (ROI) According to our study’s conclusion,
the appreciated companies because of their sustainability and social
responsibility, have significant diversity on return on investment (ROI)
compared to other chosen companies.

Keywords

Sustainability, Social Responsibility, Financial Performance

References

• Bowen, H. R. (1953). Social responsibilities of the businessman. New York: Harper Inc.
• Çorakçı, B. (1991). Ortak Geleceğimiz. Ankara: Türkiye Çevre Sorunları Vakfı.
• Ebner, D. (2006, Eylül 7). The relationship between Sustainable Development and Corporate Responsibility. CRRC 2008: Call for Papers open, 1-17.
• Eleni Rapti, F. M. (2000). Corporate Social Responsibility and Financial Performance in the Airport Industry. QASER Laboratory University College London: Erişim Adresi (21 Şubat 2017): http://www.ucl.ac.uk/qaser/pdf/publications/csr_airports.pdf
• Endl, A. (2012). Sustainable investment: Options for a contribution to a more sustainable financial sector. European Sustainable Development Network, 11(1),1-17.
• European Commision.(2001, 18 July). Green Paper:Promoting a European Framework for Coorparate Social Responsibility. Brussels: Commıssıon of the European Communıtıes.
• Fernandez, M. R. (2016). Social responsibility and financial performance: The role of good corporate governance. BRQ Business Research Quarterly, 19(2), 137-151.
• Flammer, C. (2013). Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors. Academy of Management Journal, 56(3), 758-781.
• Galbreath J., S. P. (2012). Do customer satisfaction and Reputation mediate the CSR FP link? Evidence from Australia. Australian Journal of Management, 37(2), 211- 229.
• Galleara David, G. A. (2012). Corporate responsibility, supply chain partnership and performance:An empirical examination. Int. J. Production Economics, 140(1), 83-91.
• Harford, T. (2008). Görünmeyen Ekonomist. İstanbul: Pegasus Yayıncılık.
• Helm, S. (2007). The Role of Corporate Reputation in Determining Investor Satisfaction and Loyalty. Corporate Reputation Review, 10(1), 22-37.
• Joscha Nollet, G. F. (2015). Corporate Social Responsibility and Financial Performance: A Non-Linear and Disaggregated Approach. Economic Modelling Jornual, 52(1), 400-408.
• Joshua D. & Margolis, H. A. (2009). Does it pay to be good. And does it matter? A meta-Analysis of the relationship between corporate social and financial performance. Erişim Adresi (16 Şubat 2017): https://www.researchgate.net/profile/Hillary_Elfenbein/publication/237455609
• Kotha, S. R. (2001). Assets and actions: Firm-specific factors in theinternationalization of U.S. internet firms. Journal of International Business, 32(4), 769-791.
• Lee, M-D. P. (2008). A review of the theories of corporate social responsibility: Its evolutionary path and the road ahead. International Journal of Management Reviews, 10(1), 53-69.
• Lujie Chen, A. F. (2014). The Relationship Between Disclosures Corporate Social Performance and Financial Performance: Evidences From GRI Reports In Manufacturing Industry. Int. J. Production Economics, 170(1), 1-2.
• Luo, X. (2006). Corporate social responsibility customer Market satisfaction, and market value. Journal of Marketing, 70(4), 1-18.
• McGuire, J. W. (1693). Business and Society. New York: McGraw Hill Inc.
• Pasi Heikkurinen, T. K. (2011). Corporate Responsibility and Identity: from a Stakeholder to an Awareness Approach. Business Strategy and the Environmet, 21(1), 326-337.
• Philip L. Cochran & Robert A. Wood. (1984). Corporate Social Responsibility and Financial Performance. The Academy of Management Journal, 27(1), 42-56.
• Preciado, L. V. (2009, April 06). Sustainable Finance and Ethical/Corporate Social Responsibility The new paradigm: Generali Insurance Company case of study, 12-21.
• Roberts, P. W. (2002). Corporate reputation and sustained Superior financial performance. Strategic Management Journal, 23(12), 1077-1093.
• Rodrigues, M. C. (1996). Communication of corporate social responsibility by Portuguese banks. A legitimacy theory perspective. Corporate Communications Journal, 11(3), 233- 247.
• Sayedeh Parastoo Saeidi, S. S. (2013). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341- 350.
• Sebastian Johansson, A. K. (2015, Mayıs 05). The relationship Between CSR and financial performance, A quantitative study examining Swedish publicly traded companies. Linnaeus University Artcile, 3-6.
• Shamsie, J. (2003). The context of dominance: An industry Driven framework for rxploiting reputation. Strategic Management Journal, 24(3), 199-215.
• Shawn L. Berman, A. C. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management Journal, 42(5), 488-506.
• Siegel, A. M. (2000). Corporate Social Responsibility and Financial Performance: Correlation or Misspecification? Strategic Management Journal, 21(5), 603-609.
• Smith, R. E. (2011). Defining Corporate Social Responsibility: A Systems Approach for Socially Responsible Capitalism. University of Pennsylvania Scholarly Commons. Erişim Adresi (18 Ocak 2017): http://repository.upenn.edu/cgi/viewcontent.cgi?article=1009&context=od_theses_mp
• Soppe, A. (2009). Sustainable Finance as a Connection Between Corporate Social Responsibility and Social Responsible Investing. Indian Management Research Journal, 1(3), 13-23.
• Strandberg, C. (2005). Best Practice in Finance. Strandberg Consulting. Erişim Adresi (24 ocak 2017): https://www.cbd.int/financial/privatesector/severalprivatebestpractices.pdf
• Tım Rowley, S. B. (2000). A Brand New Brand of Corporate Social Performance. Business & Society Journal, 39(4), 397- 415.
• UNEP. (2015). Towards A Theory Of Sustaınable Fınance. UNEP Inquiry. Erişim Adresi (16 Şubat 2017): http://unepinquiry.org/wp/content/uploads/2015/10/Towards_a_Theory_of_Sustainable_Finance.pdf
• UNEP. (2016). Sustainable Finance? A Critical Analysis of the Regulation, Policies, Strategies, Implementation and Reporting on Sustainability in International Finance. UNEP Inquiry. Erişim Adresi (22 Ocak 2017): http://unepinquiry.org/wp/content/uploads/2016/2/Sustainable_Finance.pdf
• World Commission on Environment and Development. (1987). Our Common Fiture. New York: WCED.