Esen KARA, Duygu ERDUR ACAR

Analyzing the effects of corporate socialresponsibility level on the financial performance of companies: An application on bist corporate governance index included companies

Bu çalışmanın amacı; gelişmekte olan bir ülke olarak Türkiyede işletmelerin kurumsalsosyal sorumluluk düzeyleri ile fnansal performansları arasındaki ilişkiyi analiz etmektir. Buamaçla BIST Kurumsal Yönetim endeksinde yer alan 33 işletmenin yıllık faaliyet raporlarındanelde edilen fnansal veriler panel veri analizi ile analiz edilmiştir. Analiz sonuçlarına göre,işletmelerin kurumsal sosyal sorumluluk düzeyleri ile piyasa değeri/defter değeri oranı,özsermaye karlılığı oranı, aktif karlılığı oranı, kaldıraç oranı ve net kârı arasında pozitif veanlamlı ilişki olduğu tespit edilmiştir. Diğer taraftan, işletmelerin kurumsal sosyal sorumlulukdüzeyleri ile toplam satışlar ve satış kârlılığı oranı arasında anlamlı bir ilişki tespit edilememiştir.

Kurumsal sosyal sorumluluk düzeyinin işletmelerinfinansal performansına etkisinin incelenmesi: Bıst kurumsal yönetim endeksi üzerine bir uygulama

The aim of this study is to analyze the relationship between corporate social responsibilitylevel and fnancial performance in a developing country, Turkey. For this purpose, fnancialdata derived from annual reports of the 33 companies included in BIST Corporate GovernanceIndex between years 2006-2012 has been analyzed with panel data analysis. According to theanalysis, there is a meaningful and positive relationship between corporate social responsibilityand market value/book value ratio, return on equity ratio, return on assets ratio, leverage ratioand net proft. On the other hand, there is no meaningful relation between corporate socialresponsibility and companies total sales and return on sales ratio.

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