Tülin URAL, Songül KAKİLLİ ACARAVCI, Oğuz OYPAN, Yunus KARAÖMER

Kurumsal Sosyal Sorumluluğun İnovasyon ve Firma Değeri Arasındaki İlişkide Aracılık Etkisi

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

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

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.

Keywords:

Corporate Social Responsibility, Innovation, Marketing, Firm Value,

PDF

___

Bansal, Tima (2005), “Evolving Sustainably: A Longitudinal Study of Corporate Sustainable Development”, Strategic Management Journal, Vol. 26, No. 3: 197-218.
Baregheh, Anahita; Rowley, Jennifer; Sambrook, Sally (2009), “Towards a Multidisciplinary Definition of Innovation”, Management Decision, Vol. 47, No. 8: 1323-1329.
Barnett, Michael (2007), “Stakeholder Influence Capacity and the Variability of Financial Returns to Corpo-rate Social Responsibility”, Academy of Management Review, Vol. 32, No. 3: 794-816.
Barney, Jay (1991), “Firms Resources and Sustained Competitive Advantage”, Journal of Management, Vol. 17, No. 1: 99-120.
Burke, Lee; Logsdon Jeanne (1996), “How Corporate Social Responsibility Pays Off”, Long Range Planning, Vol. 29, No. 4: 495-502.
Carroll, Archie (1978), “A Three Dimensional Model of Corporate Performance”, Academy of Management Review, Vol. 4, No. 4: 497-505.
Castelo, Manuel; Lima, Rodrigues (2006), “Corporate Social Responsibility and Resource-Based Perspectives”, Journal of Business Ethics, Vol. 69, No. 2: 111-32.
Cho, Hee; Pucik, Vladimir (2005), “Relationship between Innovativeness, Quality, Growth, Profitability, and Market Value”, Strategic Management Journal, Vol. 26, No. 6: 555-75.
Du, Shuili, Bhattacharya, C.B.; Sen Sankar (2010), “Maximizing Business Returns to Corporate Social Respon-sibility (CSR): The Role of CSR Communication”, International Journal of Management Reviews, Vol. 12, No. 1: 8-19.
Elkington, John (1998), Cannibals with Forks: The Triple Bottom Line of 21st Century Business, Philadelphia: New Society Publishers.
Fornell, Claes; Larcker, David (1981), “Evaluating Structural Equation Models with Unobservable Variables and Measurement Error”, Journal of Marketing Research, Vol. 18, No. 1: 39-50.
Hair, Joseph, Hult, Tomas, Ringle Christian; Sarstedt, Marko (2016), A Primer on Partial Least Squares Struc-tural Equation Modeling (PLS-sem), London: Sage Publication.
Hasseldine, Toms, Salama, Aly; Toms, Johns, Steven. (2005), “Quantity versus Quality: The Impact of Environ-mental Disclosures on The Reputations of UK”, The British Accounting Review, Vol. 37, No. 2: 231-48.
Husted, Bryan; Allen, David (2007), “Strategic Corporate Social Responsibility and Value Creation among Large Firms: Lessons from the Spanish Experience”, Long Range Planning, Vol. 40, No. 6: 594-610.
Manchiraju, Hariom; Rajgopal, Shiravam (2017), “Does Corporate Social Responsibility (CSR) Create Share-holder Value? Evidence from the Indian Companies Act 2013”, Journal of Accounting Research, Vol. 55, No. 5: 1257-1300.
Mintzberg, Henry (1993), The Rise and Full of Strategic Planning, Free Press, New York: NY. New Society Publishers.
McWilliams, Abagail; Siegel, Donald (2000), “Corporate Social Responsibility and Financial Performance: Correlation or Misspecification?”, Strategic Management Journal, Vol. 21, No. 5: 603-609.
McWilliams, Abagail; Siegel, Donald (2001), “Corporate Social Responsibility: A Theory of the Firm Perspec-tive”, Academy of Management Review, Vol. 26, No. 1: 117-127.
Nidumolu, Ram, Prahald, Coimbatore; Rangaswami, Madhavan (2009), “Why Sustainability is Now the Key Driver of Innovation”, Harvard Business Review, 57-64.
Prior, Diego; Surroca, Jordi; Tribo, Josep (2009), “Are Socially Responsible Managers Really Ethical? Exploring the Relationship between Earnings Management and Corporate Social Responsibility”, Corporate Gov-ernance: An International Review, Vol. 16, No. 3: 160-77.
Ray, Gautam; Barney, Jay; Muhanna, Waleed (2004), “Capabilities, Business Processes, and Competitive Advantage: Choosing the Dependent Variable in Empirical Tests of the Resource-Based View”, Strategic Management Journal, Vol. 25, No. 1: 23-37.
Ringle, C. M., Wende, S.; Becker, J.-M. (2015), "SmartPLS.3.", https://www.smartpls.com/documentation/algorithms-and-techniques/pls, (Erişim: 12.12.2018).
Russo, Michael; Fouts, Paul (1997), “A Resource-Based Perspective on Corporate Environmental Performance and Profitability”, Academy of Management Journal, Vol. 40, No. 3: 534-59.
Sarsted, Marko; Hair, Joseph; Ringle, Christian; Thiele, Kai; Gudergan, Siegfried (2016), “Estimation Issues with PLS and CBSEM: Where the Bias Lies?”, Journal of Business Research, Vol. 69, No. 10: 3998-4010.
Siegel, Donald (2001), “Do British Companies Really Need a Minister to Make Them Socially Responsible?”, Parliamentary Brief, Vol. 7: 7-8.
Simsek, Omer Faruk (2007), Yapısal Eşitlik Modellemesine Giriş, Temel İlkeler ve LISREL Uygulamaları, Ankara: Ekinoks Eğitim ve Danışmanlık Hizmetleri, Siyasal Basın ve Dağıtım.
Solomon, Robert, C. (1993), Ethics and Excellence. Cooperation and Integrity in Business, Oxford: Oxford University Press.
Tudose, Michaela; Alexa Lidia (2017), “The Effect of Marketing Expenses on Car Sales – An Empirical Analysis”, MATEC Web of Conferences, Vol. 126: 4.
Vilanova, Marc; Lozano, Josep, Maria; Arenas, Daniel (2009), “Exploring the Nature of the Relationship be-tween CSR and Competitiveness”, Journal of Business Ethics, Vol. 87, No. 1: 57-69.
Waldman, David; Siegel, Donald; Javidan, Mansour (2004), “CEO Transformational Leadership and Corporate Social Responsibility”, Rensselaer Working Paper in Economics, 1-40, https://www.researchgate.net/publication/24125112_CEO_Transformational_Leadership_and_Corporate_Social_Responsibility (Erişim: 14.12.2018).
Wernerfelt, Birger (1984), “A Resource Based View of the Firm”, Strategic Management Journal, Vol. 5, No. 2: 171-80.
West, Michael; Farr, James (1989), “Innovation at Work: Psychological Perspectives”, Social Behavior, Vol. 4, No. 1: 15-30.

Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi-Cover

ISSN: 1306-6730
Yayın Aralığı: Yılda 3 Sayı
Başlangıç: 2006
Yayıncı: Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi