İŞLETMELERDE FİNANSAL SÜRDÜRÜLEBİLİRLİĞİ HESAPLAMA

Yıl 2025, Cilt: 24 Sayı: 74, 81 - 100, 16.01.2025

Cemal Elitaş

https://doi.org/10.55322/mdbakis.1470070

Öz

İşletmelerde finansal sürdürülebilirlik, ampirik olarak doğrulanmış dört temel oran kullanılarak ölçülebilir. Bu çalışmada amaç, söz konusu dört oranın örnek bir uygulama üzerinden sınanmasını ve bulguların analiz edilmesini esas almaktadır. Finansal sürdürülebilirlik hesaplamaları için, kullanılan bu dört temel oranı, planlanan tedbirlerin uygunluğunun ve yerindeliğinin gözden geçirilmesine çok büyük ölçüde yön ve destek vermektedir. Bu dört temel oran; (a) Kârda Reel (Gerçek) Büyüme Oranı, (b) Finansal İstikrar ve Kredibilite Oranı, (c) Düşük Kazanç Riski Oranı ve (d) İşletme Sahipleri İçin Katma Değer Yaratma Oranı şeklindedir. Bu veriler “iyi”, kanıtlanmış finansal uygulamaların klasik, zaten bilinen mantıklarına dayanmakta ve sembolik olarak şirketin “finansal sürdürülebilirliğine ilişkin küçük resmini” temsil etmektedir. Ampirik çalışmalar, geçmişte bu oranları karşılayan şirketlerin sermaye piyasalarında ortalamanın üzerinde getirilere ve ortalamanın altında dalgalanmalara sahip olduğunu göstermektedir. Dört finansal sürdürülebilirlik göstergesi, mevcut kurumsal planlama araçları yelpazesini zenginleştirmekte ve finansal sürdürülebilirliğin değerlendirilmesinin bir parçası olarak, bir iflas tahmini ve şirketlerin değer yaratma analizini mümkün kılmaktadır.

Anahtar Kelimeler

Sürdürülebilirlik, Finansal Sürdürülebilirlik, Finansal Sürdürülebilirlik Hesaplaması.

CALCULATING FINANCIAL SUSTAINABILITY IN BUSINESSES

Öz

Financial sustainability in businesses can be measured using four empirically validated key ratios. The aim of this study is to test these four ratios through a sample application and to analyze the findings. For financial sustainability calculations, these four key ratios significantly guide and support the review of the appropriateness and relevance of the planned measures. These four key ratios are: (a) Real Growth Rate in Profit, (b) Financial Stability and Credibility Ratio, (c) Low Earnings Risk Ratio, and (d) Value Creation Ratio for Business Owners. These indicators are based on the classical, well-established principles of proven financial practices and symbolically represent a 'snapshot' of the company's financial sustainability. Empirical studies show that companies meeting these ratios in the past have achieved above-average returns and below-average fluctuations in capital markets. The four financial sustainability indicators enrich the current range of corporate planning tools and, as part of assessing financial sustainability, enable bankruptcy prediction and value creation analysis for companies.

Kaynakça

• AccountAbility. (2008). AA1000 AccountAbility Principles Standard 2008.
• Adams, C. A. & McNicholas, P. (2007). Making a difference: Sustainability reporting, accountability and organisational change, Accounting, Auditing & Accountability Journal, 20(3), ss. 382–402.
• Aras,G.,& Crowther, D. (2009).Corporate sustainability reporting: a study in disingenuity? Journal of Business Ethics, 87(1), 279.
• Baumüller, J. (2023). European Sustainability Reporting Standards (ESRS) Set 1 – Die Vorschläge der EFRAG vom November 2022, Zeitschrift für internationale und kapitalmarktorientierte Rechnungslegung (KoR), 23(5), ss. 200–211.
• Bellucci, M., & Manetti, G. (2018). Stakeholder engagement and sustainability reporting, London: Routledge, Retrieved from https://www.routledge.com/Stakeholder-Engagement and-Sustainability-Reporting/Bellucci-Manetti/p/book/9780815373155.
• Bini, L., Bellucci, M., & Giunta, F. (2018). Integrating sustainability in business model disclosure: Evidence from the UK mining industry, Journal of Cleaner Production, 171, https://doi.org/10.1016/j.jclepro.2017.09.282.
• Bini, L., Dainelli, F., Giunta, F., & Simoni, L. (2019). Are non-financial KPIs in annual reports really “key”? An investigation of company discosure and analyst reports in the UK, ICAS.
• Bowman, W. (2011). Financial Capacity and Sustainability of Ordinary Nonprofits, Nonprofit Management and Leadership, Vol. 22, No. 1, Fall 2011,ss. 37–51.
• Brundtland Komisyonu, Report of the World Commission on Environment and Development: Our Common Future, United Nations, 1987, www.un-documents.net/our-common-future.pdf, (Erişim Tarihi: 15.04.2024).
• CPSL (2014). The BEI’s sustainable shipment letter of credit – A financing solution to incentivise sustainable commodity trade, University of Cambridge Programme for Sustainability Leadership (CPSL), University of Cambridge.
• Crowther, D. (2012). A social critique of corporate reporting, Editör: D. Crowther, Semiotics and webbased integrated reporting, 2. Baskı, London: Routledge.
• De Villiers, C., Rinaldi, L., & Unerman, J. (2014). Integrated Reporting: Insights, gaps and an agenda for future research, Accounting, Auditing & Accountability Journal, 27(7), ss. 1042–1067, https://doi.org/10.1108/AAAJ-06-2014-1736.
• Diamond, A. M., Jr. (2006). Schumpeter’s creative destruction: A review of the evidence, Journal of Private Enterprise, XXII(1), ss. 120–146.
• Doane, D. & MacGillivray, A. (2001). Economic Sustainability The Business of Staying In Business, New Economics Foundation, London, çevrimiçi:http://dx.doi.org/10.1016/S0921-8009(03)00102-2 Erişim: 03.12.2024, ss. 1-52
• Dorfleitner, G. & Gleißner, W. (2018). Valuing streams of risky cashflows with risk-value models, Journal of Risk, 3, ss. 1–27.
• Dyllick, T. & Hockerts, K. (2002). “Beyond the Business Case for Corporate Sustainability”, Business Strategy and the Environment, Vol. 11, ss. 130-141, University of St. Gallen, Switzerland, INSEAD, Fontainebleau, France.
• Gilmore, C. G., & Willmott, H. (1992). Company law and financial reporting: a sociological history of the UK experience, Accounting and the Law, ss. 159–191.
• Giovannoni, E. & Fabietti, G. (2014). What Is Sustainability? A Review of the Concept and Its Applications, Article by Department of Business and Law, University of Siena, Siena, Italy
• Gleißner, W., Günther, T. & Walkshäusl, C. (2022). Financial Sustainability: Measurement and Empirical Evidence, Journal of Business Economics, 92, ss. 467–516.
• Global Reporting Initiative. (2016). Consolidated set of GRI sustainability reporting standards 2016: Global Reporting Initatitive.
• Gray, R. (2010). Is accounting for sustainability actually accounting for sustainability and how would we know? An exploration of narratives of organisations and the planet, Accounting Organizations and Society, 35(1), ss. 47–62, https://doi.org/10.1016/j.aos.2009.04.006.
• Gray, R., Owen, D., & Adams, C. (1996). Accounting & accountability: changes and challenges in corporate social and environmental reporting, Prentice Hall.
• Günther, T. & Günther, E. (2017). Finanzielle Nachhaltigkeit– Messung, finanzielle Steuerung und Herausforderungen, Editör: Hoffjan, A., Knauer, T. ve Wöhrmann, A., Controlling – Konzeptionen, Instrumente, Anwendungen, Stuttgart, ss. 79–90.
• Günther, T., Fuhrmann,D. Y., Gleißner, W. & Walkshäusl, C. (2024). Finanzielle Nachhaltigkeit, Controlling, 36(1), ss. 4-13.
• Haigh, M. (2012). Publishing and defining sustainable finance and investment, Journal of Sustainable Finance & Investment, 2, ss. 88–94.
• Iezza, P. (2010). Financial Sustainability of Microfinance Institutions (MFIs): An Empirical Analysis. Master’s Thesis, Copenhagen Business School, Copenhagen, Denmark, 2010.
• IIRC. (2013). The international < IR > framework: IIRC.
• Jaeggi, O., & Webber Ziero, G. (2016). What new OECD standards mean for investors, http://sloanreview.mit.edu/article/investors-required-by-oecd-to-broaden-due-diligence/
• Jaeggi, O., Kruschwitz, N., & Manjarin, R. (2015). The case for environmental and social risk management in investment banking. Editör: K. Wendt, Responsible investment banking, Springer International Publishing, ss. 535–543.
• Jaeggi, O., Ziero, G.W., -de la Puente, J.T. & Kölbel, J.F. (2023). Nachhaltige Finanzen verstehen, Editör: Karen Wendt, Positives Impact Investing, Springer Gabler, ss. 45-71.
• Kolk, A. (2004). A decade of sustainability reporting: Developments and significance, International Journal of Environment and Sustainable Development, 3(1), ss. 51–64. https://doi.org/10.1504/IJESD.2004.004688.
• KPMG International (2022). Big shifts, small steps Survey of Sustainability Reporting 2022, https://assets.kpmg.com/content/dam/kpmg/se/pdf/komm/2022/Global-Survey-of Sustainability-Reporting-2022.pdf (Erişim Tarihi: 14.04.2024).
• Manetti, G. (2011). The quality of stakeholder engagement in sustainability reporting: empirical evidence and critical points, Corporate Social Responsibility and Environmental Management, 18(2), ss. 110–122.
• Manetti, G., Bellucci, M., Como, E., & Bagnoli, L. (2019). Motivations for issuing social reports in italian voluntary organizations, Nonprofit and Voluntary Sector Quarterly, 48(2), ss. 360–387, https://doi.org/10.1177/0899764018784373.
• Michelon, G., & Parbonetti, A. (2012). The effect of corporate governance on sustainability disclosure, Journal of Management and Governance, 16(3), ss.477–509.
• Naifar, N. (2014). Credit default sharing instead of credit default swaps: Toward a more sustainable financial system, Journal of Economic Issues, XLVIII(1), ss. 1–17.
• Perelman, M. (1995). Schumpeter, David Wells, and creative destruction, Journal of Economic Perspectives, 9(3), ss. 189–197.