Corporate Social Responsibility and Financial Performance: A Research on Borsa İstanbul Lodging Companies

Yıl 2021, Cilt: 18 Sayı: 2, 317 - 333, 25.08.2021

Erdinç Karadeniz , Sema Ünlübulduk

https://doi.org/10.24010/soid.865269

Cited By: 1

Öz

The purpose of this study is to compare the financial performance of lodging companies with high and low corporate social responsibility (CSR) performance. For this purpose, CSR scores were determined by applying content analysis to the data obtained as a result of document analysis from the annual activity reports of lodging companies traded in Borsa Istanbul between the years 2014-2018, and companies with high and low CSR performance were separated according to the median value of the scores. Then, the accounting and market-based financial performances of companies with high and low CSR performance for the years 2015-2019 were calculated and compared and whether there was a statistically significant difference between the two groups was examined with the Mann-Whitney U test. As a result of the analysis, it was determined that the stock returns, market to book ratios, price to earnings ratios, growth rates and firm size values of companies with high CSR performance were higher. However, a statistically significant difference was found between the two groups in terms of stock return, market to book ratio, price to earnings ratio and sales growth rate.

Anahtar Kelimeler

Corporate Social Responsibility, Financial Performance, Lodging Companies, Borsa İstanbul, Corporate Social Responsibility, Financial Performance, Lodging Companies, Borsa İstanbul

Kurumsal Sosyal Sorumluluk ve Finansal Performans: Borsa İstanbul’da İşlem Gören Konaklama Şirketlerinde Bir Araştırma

Öz

Bu araştırmanın amacı, kurumsal sosyal sorumluluk (KSS) performansı yüksek ve düşük olan konaklama şirketlerinin finansal performanslarının karşılaştırılmasıdır. Bu amaçla 2014-2018 yılları arasında Borsa İstanbul’da işlem gören konaklama şirketlerinin faaliyet raporlarından doküman incelemesi sonucu elde edilen verilere içerik analizi uygulanarak KSS puanları belirlenmiş ve puanların ortanca değerine göre KSS performansı yüksek ve düşük şirketler ayrıştırılmıştır. Daha sonra KSS performansı yüksek ve düşük şirketlerin 2015-2019 yıllarına ait muhasebe ve piyasa temelli finansal performansları hesaplanarak karşılaştırılmış ve her iki grup arasında istatistiksel olarak anlamlı bir farklılık olup olmadığı Mann-Whitney U testiyle incelenmiştir. Analiz sonucunda KSS performansı yüksek olan şirketlerin pay senedi getirilerinin, piyasa değeri / defter değeri, fiyat / kazanç ve büyüme oranları ile büyüklük değerlerinin daha yüksek olduğu belirlenmiştir. Bununla birlikte her iki grup arasında pay senedi getirisi, piyasa değeri / defter değeri oranı, fiyat / kazanç oranı ve satışların büyüme oranı bağlamında istatistiksel olarak anlamlı farklılık olduğu saptanmıştır.

Anahtar Kelimeler

Kurumsal Sosyal Sorumluluk, Finansal Performans, Konaklama Şirketleri, Borsa İstanbul

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