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

Yıl 2019, Cilt: 14 Sayı: 2, 479 - 490, 30.08.2019

Tülin Ural , Songül Kakilli Acaravcı , Oğuz Oypan Yunus Karaömer

https://doi.org/10.17153/oguiibf.516637

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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