Does corporate social performance lead to better financial performance?
Başlık çevirisi mevcut değil.
- Tez No: 797773
- Danışmanlar: Belirtilmemiş.
- Tez Türü: Yüksek Lisans
- Konular: Maliye, Finance
- Anahtar Kelimeler: Corporate Social Responsibility, Corporate Social Performance, Corporate Financial Performance, Instrumental Stakeholder Theory
- Yıl: 2020
- Dil: İngilizce
- Üniversite: Central University of Finance and Economics
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 86
Özet
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Özet (Çeviri)
Capital Markets Board of Turkey (CMB) introduced Corporate Governance Principles of Turkey in 2003 in parallel with governance practices worldwide to bolster competitiveness of listed Turkish companies in global arena. As part of“the Principles”, listed companies are encouraged to report, disclose and comply with regulations of CMB with regard to relations with their stakeholder constituents. Despite the regulatory efforts by CMB and efforts on the part of listed companies with regard to compliance, the empirical research investigating whether these efforts are financially rewarding for listed firms or are they simply cost-incurring efforts remained rather scarce in Turkish context. To address that, by drawing on the theoretical insights of the instrumental stakeholder theory introduced first explicitly by Donaldson and Preston (1995) and developed formally by Jones (1995), the research herein is primarily motivated to empirically investigate the impact of corporate social performance (CSP), which is both defined and proxied in terms of establishing good relations with firms' key stakeholder constituents by responding to their demands (i.e., performing well socially), on the financial performance of 47 publicly listed companies that are constituents of the BIST Corporate Governance Index (XKURY) over the period 2014-2018 under coverage via random effects and fixed effects panel data analysis. On the sample data at first, random effects and fixed effects estimations conducted on the models with ROA and Tobin's q as the dependent variables respectively as well as CSP as the main independent variable along with control variables for risk, leverage, size and R&D intensity as well as indicators for time and industry. Estimation results clearly demonstrated that CSP positively and significantly affects the financial performance via both ROA and Tobin's q after accounting for heteroskedasticity, serial correlation and cross-sectional dependence in residuals of the models with Driscoll and Kraay (1998) covariance matrix estimator. Though estimation results with regard to the models with ROA and Tobin's q as the dependent variables, respectively, confirm both of this research's hypotheses that CSP influences CFP positively, further check is also performed with the utilized CSP measure herein entered into regressions with lagged structure adopted preceding both CFP measures ROA and Tobin's q to alleviate the potential endogeneity that might be induced by reverse causality from CFP to CSP as implied by slack resources theory. The estimation results regarding both random and fixed effects estimations performed on the models demonstrated that CSP influences CFP positively and significantly when lagged structure adopted via both ROA and Tobin's q after correcting residuals for heteroskedasticity, serial correlation and cross-sectional dependence via Driscoll and Kraay (1998) covariance matrix estimator, thereby confirming both of this study's hypotheses further. Besides, firm size affects ROA and Tobin's q negatively whereas research and development intensity influences Tobin's q positively. Furthermore, Leverage is found to have inverse U-shaped 5 relation with Tobin's q. And indicators for industry turn out to be joint determinants of ROA, corroborating the importance of controlling for industry specific factors. Overall, the obtained results showed that CSP is indeed an instrument for achieving better financial performance in that both short-term and long-term gains exist for select constituents of the sample. The research herein contributes to the literature in Turkish context by utilizing a CSP measure, which is stakeholder subsection scores assigned to the constituents of BIST XKURY index, that better captures both the multi-faceted nature of corporate social performance and the various stakeholder relationships in contrast to previously utilized measures that are either subjective or single-dimensional. While doing so, the empirical rigor is maintained in a way that case with regard to reverse causality from CFP to CSP is taken into account while potential misspecifications in the residuals of the models are dealt with so as to have reliable coefficient estimates of the impact of CSP on CFP by estimating models with Driscoll and Kraay (1998) covariance matrix estimator. Future research that is yet to be conducted on the topic within Turkish context shall focus on role of intangibles such as innovation, reputation, human capital and culture as mediators while investigating the impact of CSP on CFP, as suggested by Surroca et al., (2010), while taking into account endogeneity issues that might occur to improve understanding. While doing so, there should be a gap between accounting data and market values so that the market could fully process the accounting data as suggested by Fama and French (1992) and as in Schreck (2011). Ultimately, when warranted by adequacy of sample size, future research can also target specific industries to further the current state of the research on the topic.
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