Stakeholder Theory in Action, The Impact of ESG Practices on Financial Performance in SADC Region Food Producers

Arzu Şahin; Walid Khalid Mitawa

doi:10.37880/cumuiibf.1550589

TR EN

Stakeholder Teorisi Uygulamada: SADC Bölgesindeki Gıda Üreticilerinde ESG Uygulamalarının Finansal Performansa Etkisi

Öz

Son yıllarda, özellikle çevresel, sosyal ve yönetişim (ÇSY) faktörleri olmak üzere finansal olmayan ölçütlerin kurumsal finansal performans (KFP) değerlendirme çerçevesine dahil edilmesine yönelik belirgin bir yönelim yaşanmaktadır. Bu araştırmanın temel amacı, ÇYS uygulamalarının kurumsal finansal performans üzerindeki etkisini, özellikle küresel ÇYS tartışmalarında sıklıkla yeterince temsil edilmeyen Güney Afrika Kalkınma Topluluğu (SADC) bölgesine odaklanarak araştırmaktır. Çalışma, bu bölge için önemli bir sektör olan gıda üretim sektörüne odaklanmaktadır. Bu amaca ulaşmak için, konuyla ilgili teorik arka planın ardından ampirik bölümde, ESG uygulamalarına katılımın temel olarak Tobin Q ve alternatif olarak piyasa-defter değeri ile ölçülen finansal performansa katkıda bulunup bulunmadığı incelenmiştir. SADC bölgesinde halka açık 32 gıda üreticisi şirketin 2015 ve 2022 yılları arasındaki 8 yıllık panel verilerine panel veri modelleri, uygulanmıştır. Ayrıca sağlamlık testi için analiz, Güney Afrika'da listelenen 14 gıda üreticisinden oluşan bir alt örneklem üzerinde tekrarlanmıştır. Analiz sonuçlarına göre, SADC ve Güney Afrika örneklemlerinin her ikisinde de, ESG uygulamalarını açıklayan ve dolayısıyla bir ESG puanına sahip olan şirketler daha yüksek Tobin Q ve piyasa defter değeri oranı ile faaliyet göstermektedir. Bulgular, sosyal, çevresel ve yönetişim girişimlerine aktif olarak katılan ve sorumlu uygulamalarını şeffaf bir şekilde açıklayan şirketlerin üstün finansal performans sergileme eğiliminde olduklarını öne sürmektedir. Bu bulgu, firmaların uzun vadeli finansal performanslarını ancak tüm paydaşlara ve nihayetinde topluma karşı sorumluluklarını yerine getirerek artırabileceklerini öne süren paydaş teorisi ile tutarlıdır.

Anahtar Kelimeler

Stakeholder Theory in Action, The Impact of ESG Practices on Financial Performance in SADC Region Food Producers

Abstract

In recent years, there has been a notable shift towards incorporating non-fincancial metrics, particularly environmental, social, and governance (ESG) factors, into the corporate financial performance (CFP) evaluation framework. The primary aim of this research is to explore the impact of ESG practices on corporate financial performance, with a particular focus on the Southern African Development Community (SADC) region, which is frequently underrepresented in global ESG debates. The study concentrates on the food production sector, a key industry for this region. To achieve this aim, after the theoretical background on the subject, the empirical section examines whether engagement in ESG practices contributes to financial performance, measured primarily by Tobin's Q and alternatively by the market-to-book value ratio. The panel data models are employed for 8-year panel data of 32 publicly traded food producer companies of the SADC region between 2015 and 2022. Additionally, for the robustness test, the analysis is also repeated on a subset of 14 food producers listed in South Africa. According to the analysis results, companies disclosing ESG practices and so having an ESG score operate with higher Tobin Q and market-to-book value ratio, across both the SADC and South Africa samples. The findings suggest that companies actively involved in social, environmental, and governance initiatives, alongside transparent disclosure of their responsible practices, tend to exhibit superior financial performance. This finding is consistent with stakeholder theory, suggesting that firms can only enhance their long-term financial performance by fulfilling their responsibilities to all stakeholders and, ultimately, to society.

Keywords

Kaynakça

Aboluwodiah, A., & Assaidi, A. (2023). The role of corporate sustainability and its consistency on firm financial perfor, D., Muzindutsi, P.-F., & Nomlala, B. (2024). Investor sentiments and performance of selected ESG indices in BRICS markets during bull and bear conditions. Investment Analysts Journal, 1–18. https://doi.org/10.1080/10293523.2024.2397889
Abukari, K., Musmance: Canadian evidence*. Accounting Perspectives, 22(1): 55-86, https://doi.org/10.1111/1911-3838.12309
Afrooz, Z., & Kruusman, A. (2019). The effect of the ESG Score on stock price jumps A quantitative study on Nordic Countries (Unpublished Master’s Thesis), Umeå University, Business Administration. Master's Program in Finance. https://umu.diva-portal.org/smash/get/diva2:1325390/FULLTEXT01.pdf
Agnese, P., Arduino, F. R., Bruno, E., & Vento, G. A. (2024). On the road to sustainability: The role of board characteristics in driving ESG performance in Africa. Socio-Economic Planning Sciences, 95, 101994. https://doi.org/10.1016/j.seps.2024.101994
Ahlklo, Y., & Lind, C. (2019). E, S or G? A study of ESG score and financial performance (Unpublished Master’s thesis). KTH, Industrial Engineering and Management. Master of Science Thesis TRITA-ITM-EX 2019:12 https://www.diva-portal.org/smash/get/diva2:1295223/FULLTEXT01.pdf
Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance: The International Journal of Business in Society, 20(7), 1409–1428. https://doi.org/10.1108/CG-06-2020-0258
Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG disclosure and firm performance before and after IR: The moderating role of governance mechanisms. International Journal of Accounting & Information Management, 28(3), 429–444. https://doi.org/10.1108/IJAIM-09-2019-0108
Al-Hiyari, A., Mas’ud, A., & Kolsi M. C. (2022). Environmental, social and governance (ESG) activity and corporate controversies in South Africa: The interacting role of a skillful board. In Allam Hamdan, Haneen Mohammad Shoaib, Bahaaeddin Alareeni, and Reem Hamdan (Eds.), The Implementation of Smart Technologies for Business Success and Sustainability: During COVID-19 Crises in Developing Countries (pp. 335–346). Cham: Springer.

Amin, N., & Tauseef, S. (2022). Does an optimal ESG score exist? Evidence from China. Macroeconomics and Finance in Emerging Market Economies, 1–19. https://doi.org/10.1080/17520843.2022.2034280
Assiouras, I., Ozgen, O., & Skourtis, G. (2013). The impact of corporate social responsibility in food industry in product‐harm crises. British Food Journal, 115(1), 108–123. https://doi.org/10.1108/00070701311289902
Azmi, W., Hassan, M. K., Houston, R., & Karim, M. S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions and Money, 70, 101277. https://doi.org/10.1016/j.intfin.2020.101277
Balatbat, M., Siew, R., & Carmichael, D. (2012). ESG scores and its influence on firm performance: Australian evidence. Australian School of Business School of Accounting, School of Accounting Seminar Series Semester, 2, 1–30.
Ball, R. (2021). Examining the relationship between ESG performance and financial performance of firms listed on the JSE. (Unpublished Master’s thesis). University of Cape Town. OpenUCT. open.uct.ac.za. http://hdl.handle.net/11427/33634
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71–86. https://doi.org/10.1007/s10551-010-0496-z
Bennouri, M., Chtioui, T., Nagati, H., & Nekhili, M. (2018). Female board directorship and firm performance: What really matters? Journal of Banking & Finance, 88, 267-291. https://doi.org/10.1016/j.jbankfin.2017.12.010
Bhatia, A., & Makkar, B. (2019). CSR disclosure in developing and developed countries: A comparative study. Journal of Global Responsibility, 11(1), 1–26. https://doi.org/10.1108/JGR-04-2019-0043
Boiral, O., Brotherton, M., Talbot, D., & Guillaumie, L. (2024). Assessing and managing environmental, social, and governance risks in agri‐food companies. Corporate Social Responsibility & Environmental Management, 1-19. https://doi.org/10.1002/csr.2884
Branco, M. C., & Rodrigues, L. L. (2006). Corporate social responsibility and resource-based perspectives. Journal of Business Ethics, 69(2), 111–132. https://doi.org/10.1007/s10551-006-9071-z
Brunella, A., Federico, D., Roberto, F., Pietro, P., & Madau, F. A. (2024). Role of environmental, social and governance disclosure in business profitability and cost of debt: An analysis of small Southern Italian agri-food businesses. Agribusiness. https://doi.org/10.1002/agr.21933
Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0149
Charlo, M., Moya, I., & Muñoz, A. (2017). Financial performance of socially responsible firms: The short- and long-term impact. Sustainability, 9(9), 1622. https://doi.org/10.3390/su9091622
Chetty, S., Naidoo, R., & Seetharam, Y. (2015). The impact of corporate social responsibility on firms’ financial performance in South Africa. Contemporary Economics, 9(2), 193–214. https://doi.org/10.5709/ce.1897-9254.167
Chininga, E., Alhassan, A. L., & Zeka, B. (2024). ESG ratings and corporate financial performance in South Africa. Journal of Accounting in Emerging Economies, 14(3):692–713. https://doi.org/ 10.1108/JAEE-03-2023-0072.
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin’s q. Financial Management, 23(3), 70. https://doi.org/10.2307/3665623
Clarkson, M. B. E. (1995). A stakeholder framework for analysing and evaluating corporate social performance. The Academy of Management Review, 20 (10), 92-117. https://doi.org/10.2307/258888
Collin, S. (2009). The value of environmental, social and governance factors for foundation investments. EIRIS Foundation Charity Project. https://community-wealth.org/sites/clone.community-wealth.org/files/downloads/report-collin.pdf
Danila, A., & Nancu, D. (2023). Study on ESG practices in Romanian food sector. Ovidius University Annals, Series Economic Sciences, 23(1), 337–343.
Costopoulou, C., Ntaliani, M., & Ntalianis, F. (2018). CSR in Food and Beverage Industry: The Greek Case. 2018 9th International Conference on Information, Intelligence, Systems and Applications (IISA), Zakynthos, Greece,1–4. https://doi.org/10.1109/IISA.2018.8633591
De Klerk, M., De Villiers, C., & Van Staden, C. (2015). The influence of corporate social responsibility disclosure on share prices: Evidence from the United Kingdom. Pacific Accounting Review, 27(2), 208–228. https://doi.org/10.1108/PAR-05-2013-0047
Del Giudice, T., Stranieri, S., Caracciolo, F., Ricci, E. C., Cembalo, L., Banterle, A., & Cicia, G. (2018). Corporate Social Responsibility certifications influence consumer preferences and seafood market price. Journal of Cleaner Production, 178, 526–533. https://doi.org/10.1016/j.jclepro.2017.12.276
Dorfleitner, G., Halbritter, G., & Nguyen, M. (2015). Measuring the level and risk of corporate responsibility – An empirical comparison of different ESG rating approaches. Journal of Asset Management, 16(7), Article 7. https://doi.org/10.1057/jam.2015.31
Engelhardt, N., Ekkenga, J., & Posch, P. (2021). ESG ratings and stock performance during the COVID-19 crisis. Sustainability, 13(13), 7133. https://doi.org/10.3390/su13137133
Ersoy, E., Bayrakdaroglu, A., & Şamiloğlu, F. (2011). Türkiye’de kurumsal yönetim ve firma performansı (Tobin-q ve anormal getiri) arasındaki ilişkinin analizi. Finans Politik & Ekonomik Yorumlar Dergisi, 48, 71–83.
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
Food Standards Agency. (2012). Food industry. Retrieved June 8, 2024, from the Internet Archive: Wayback Machine: https://web.archive.org/web/20120605160537/http://www.food.gov.uk/foodindustry/
Franc-Dąbrowska, J., Mądra-Sawicka, M., & Ulrichs, M. (2020). Determinants of dividend payout decisions – the case of publicly quoted food industry enterprises operating in emerging markets. Economic Research-Ekonomska Istraživanja, 33(1), 1108–1129. https://doi.org/10.1080/1331677X.2019.1631201
Freeman, R. E., & McVea, J. (2001). A Stakeholder Approach to Strategic Management. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.263511
Freeman, R. E., & Sonnenfeld, J. A. (1984). Corporate views of the public interest. The Academy of Management Review, 9(2), 366. https://doi.org/10.2307/258453
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
Friedman, M. (1970). The social responsibility of a business is to increase its profits. New York Times Magazine, September, 13, 122–126.
Garcia, A. S., & Orsato, R. J. (2020). Testing the institutional difference hypothesis: A study about environmental, social, governance, and financial performance. Business Strategy and the Environment, 29(8), 3261–3272. https://doi.org/10.1002/bse.2570
Gatune, J., & Cloete, D. (2022). SADC Industrialisation Futures: Towards Economic Wellbeing. (South African Institute of International Affairs, SAIIA Policy Insights No 123, February, 2022). https://saiia.org.za/research/sadc-industrialisation-futures-towards-economic-wellbeing/
Gega, M., Höhler, J., Bijman, J., & Oude Lansink, A. (2024). Firm ownership and ESG performance in European agri‐food companies: The mediating effect of risk‐taking and time horizon. Corporate Social Responsibility & Environmental Management, 1-21. https://doi.org/10.1002/csr.3008
Gołębiewski, J. (2023). The significance and essence of ESG in the food sector in Poland. Annals of the Polish Association of Agricultural and Agribusiness Economists, XXV(1), 75–90. https://doi.org/10.5604/01.3001.0016.2825
Goncharov, V. N., Erokhin, A. M., Ivashova, V. A., Kolosova, O. U., Tronina, L. A., & Kamalova, O. N. (2020). Social responsibility and professional competence of safeguard specialists for the quality and safety of food products. IOP Conference Series: Earth and Environmental Science, 422(1), 012124. https://doi.org/10.1088/1755-1315/422/1/012124
Hasan, R., Miah, M.D., & Hassan, M.K. (2022). The nexus between environmental and financial performance: Evidence from Gulf Cooperative Council banks. Business Strategy and the Environment, 31 (7), 2882-2907. doi: 10.1002/bse.3053.
Hung, S.W., Li, C.M., & Lee, J.M. (2019). Firm growth, business risk, and corporate social responsibility in Taiwan’s food industry. Agricultural Economics (Zemědělská Ekonomika), 65(8), 366–374. https://doi.org/10.17221/339/2018-AGRICECON
Kong, D. (2012). Does corporate social responsibility matter in the food industry? Evidence from a nature experiment in China. Food Policy, 37(3), 323–334. https://doi.org/10.1016/j.foodpol.2012.03.003
Kurilets, N. (2014). Stock Market reaction to the CSR announcements of American fast food companies. (Unpublished Master’s Thesis). Lappeenranta University of Technology. LUT School of Business. Strategic Finance / International Masters of Science Program in Strategic Finance. A220A9000 Master’s Thesis. https://lutpub.lut.fi/handle/10024/98562
La Torre, M., Mango, F., Cafaro, A., & Leo, S. (2020). Does the ESG Index affect stock return? Evidence from the Eurostoxx50. Sustainability, 12(16), 6387. https://doi.org/10.3390/su12166387
Lerro, M., Vecchio, R., Caracciolo, F., Pascucci, S., & Cembalo, L. (2018). Consumers’ heterogeneous preferences for corporate social responsibility in the food industry. Corporate Social Responsibility and Environmental Management, 25(6), 1050–1061. https://doi.org/10.1002/csr.1519
Lima Crisóstomo, V., De Souza Freire, F., & Cortes De Vasconcellos, F. (2011). Corporate social responsibility, firm value and financial performance in Brazil. Social Responsibility Journal, 7(2), 295–309. https://doi.org/10.1108/17471111111141549
Lin, M. J., Lee, D. C., & Lee, L. T. (2011). Using Tobin's Q ratio to testing the stakeholder theory applied to the corporate social performance. African Journal of Business Management, 5(34), 12951. https://doi.org/10.5897/AJBM11.706
Linnenluecke, M. K. (2022). Environmental, social and governance (ESG) performance in the context of multinational business research. Multinational Business Review, 30(1), 1–16. https://doi.org/10.1108/MBR-11-2021-0148
LSEG Data & Analytics (2023). Environmental, social and governance scores from LSEG Dec 2023. https://www.lseg.com/content/dam/data-analytics/en_us/documents/methodology/lseg-esg-scores-methodology.pdf
Luque, V. M., Gómez, L. J. A., Guerrero, B. M. D., & Rodríguez, G. P. (2023). Deconstructing corporate environmental, social, and governance performance: Heterogeneous stakeholder preferences in the food industry. Sustainable Development, 31(3), 1845–1860. https://doi.org/10.1002/sd.2488
Lundin, F., & Olandersson, M. (2019). Sustainability and profitability in Sweden: A quantitative study of Swedish firms (Degree Project). Umeå University, Umeå School of Business, Economics and Statistics. http://www.diva-portal.org/smash/get/diva2:1326475/FULLTEXT01.pdf
Mądra-Sawicka, M., & Paliszkiewicz, J. (2020). Information sharing strategies in the social media era: The perspective of financial performance and CSR in the food industry. Information, 11(10), 463. https://doi.org/10.3390/info11100463
Maloni, M. J., & Brown, M. E. (2006). Corporate social responsibility in the supply chain: An Application in the food industry. Journal of Business Ethics, 68(1), 35–52. https://doi.org/10.1007/s10551-006-9038-0
Mambo, C. (2023, January 19). SADC 2023: The year for economic growth, resilience and value addition. Southern African Research and Documentation Centre. SANF23,1 https://www.sardc.net/en/southern-african-news-features/sadc-2023-the-year-for-economic-growth-resilience-and-value-addition/
Mansaray, A. P., Yuanyuan, L., & Brima, S. (2017). The impact of corporate social responsibility disclosure on financial performance of firms in Africa. International Journal of Economics and Financial Issues, Econjournals, 7(5), 137-146.
Mans-Kemp, N., & Van Der Lugt, C. T. (2020). Linking integrated reporting quality with sustainability performance and financial performance in South Africa. South African Journal of Economic and Management Sciences, 23(1). https://doi.org/10.4102/sajems.v23i1.3572
Marais, F., Van der Lugt, C. T., & Mans-Kemp, N. (2022). Mainstreaming environmental, social and governance integration in investment practices in South Africa: A proposed framework. Journal of Economic & Financial Sciences, 15(1), 1–13. https://doi.org/10.4102/jef.v15i1.787
Masongweni, V. V., & Simo-Kengne, B. D. (2024). The impact of sustainable investment on firm performance in South Africa. South African Journal of Accounting Research, 38(2), 146-173. https://doi.org/10.1080/10291954.2024.2306701
Mouton, F., Londt, C., Cloete, G., Hattingh, W., & Steenkamp, G. (2024). Share repurchases and corporate sustainability: Evidence from South Africa. International Journal of Financial Studies, 12(2), 57. https://doi.org/10.3390/ijfs12020057
Mohammad, W.M.W. & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2, 100015, doi: 10.1016/j.cesys.2021.100015.
Moneva, J. M., Rivera‐Lirio, J. M., & Muñoz‐Torres, M. J. (2007). The corporate stakeholder commitment and social and financial performance. Industrial Management & Data Systems, 107(1), 84–102. https://doi.org/10.1108/02635570710719070
Naik, D., & Ward, M. (2017). The relationship between Environmental Social and Governance (ESG) disclosure and financial performance of South African listed equities. (Unpublished MBA thesis). University of Pretoria. Gordon Institute of Business Science. http://hdl.handle.net/2263/64895
Nyakurukwa, K., & Seetharam, Y. (2023). Investor reaction to ESG news sentiment: Evidence from South Africa. Economía, 24, 68–85. https://doi.org/10.1108/ECON-09-2022-0126
Orlitzky, M. (2005). Social responsibility and ﬁnancial performance: Trade-oﬀ or virtuous circle. University of Auckland Business Review, 7(1), 37-43.
Özelli, T. (2021). The financial and conceptual foundations of intangible asset manager capitalism. Journal of Ekonomi, 3(1), 29–100.
Pava, M. L., & Krausz, J. (1997). Criteria for evaluating the legitimacy of corporate social responsibility. Journal of Business Ethics, 16(3), 337–347. https://doi.org/10.1023/A:1017920217290
PESA (2023). PESA Regional Integration Monitor: Sep 2023, Political Economy Southern Africa NPC: Pretoria. Available at: https://politicaleconomy.org.za/
Rahi, A.F., Akter, R., & Johansson, J. (2022). Do sustainability practices influence financial performance? Evidence from the Nordic financial industry. Accounting Research Journal, 35 (2), 292-314, doi: 10.1108/ARJ-12-2020-0373.
Reverte, C. (2016). Corporate social responsibility disclosure and market valuation: Evidence from Spanish listed firms. Review of Managerial Science, 10(2), 411–435. https://doi.org/10.1007/s11846-014-0151-7
Sahut, J.-M., & Pasquini-Descomps, H. (2015). ESG impact on market performance of firms: International evidence. Management International, 19(2), 40–63. https://doi.org/10.7202/1030386ar
Saygili, E., Arslan, S., & Birkan, A. O. (2022). ESG practices and corporate financial performance: Evidence from Borsa Istanbul. Borsa Istanbul Review, 22(3), 525–533. https://doi.org/10.1016/j.bir.2021.07.001
Shnayder, L., Van Rijnsoever, F. J., & Hekkert, M. P. (2016). Motivations for corporate social responsibility in the packaged food industry: An institutional and stakeholder management perspective. Journal of Cleaner Production, 122, 212–227. https://doi.org/10.1016/j.jclepro.2016.02.030
Siueia, T. T., Wang, J., & Deladem, T. G. (2019). Corporate Social Responsibility and financial performance: A comparative study in the Sub-Saharan Africa banking sector. Journal of Cleaner Production, 226, 658–668. https://doi.org/10.1016/j.jclepro.2019.04.027
Southern African Development Community [SADC] (2022). Southern African Development Community (SADC) Regional Vulnerability Assessment and Analysis (RVAA) Synthesis Report 2022. https://www.sadc.int/document/sadc-rvaa-synthesis-report-2022-eng
Southern African Development Community [SADC] (2024). https://www.sadc.int/member-states or https://www.sadc.int
Wiśniewska-Paluszak, J., & Paluszak, G. (2019). Examples of creating shared value (CSV) in agribusiness in Poland. Annals of the Polish Association of Agricultural and Agribusiness Economists, XXI (2), 297–306. https://doi.org/10.5604/01.3001.0013.2198
World Bank (2024). Poverty, Prosperity, and Planet Report 2024: Pathways Out of the Polycrisis. Washington, DC: World Bank. doi:10.1596/978-1-4648-2123-3. License: Creative Commons Attribution CC BY 3.0 IGO
Zehir, E., & Aybars, A. (2020). Is there any effect of ESG scores on portfolio performance? Evidence from Europe and Turkey. Journal of Capital Markets Studies, 4(2), 129–143. https://doi.org/10.1108/JCMS-09-2020-0034

Ayrıntılar

Birincil Dil

İngilizce

Konular

Finans , Finans ve Yatırım (Diğer)

Bölüm

Araştırma Makalesi

Yazarlar

Arzu Şahin ^*
0000-0002-9944-1791
Türkiye

Walid Khalid Mitawa
0000-0002-8488-6413
Türkiye

Erken Görünüm Tarihi

19 Ocak 2025

Yayımlanma Tarihi

21 Ocak 2025

Gönderilme Tarihi

17 Eylül 2024

Kabul Tarihi

11 Kasım 2024

Yayımlandığı Sayı

Yıl 2025 Cilt: 26 Sayı: 1

DOI

https://doi.org/10.37880/cumuiibf.1550589

IZ

https://izlik.org/JA52LA45BA

Kaynak Göster

RIS / Bibtex

APA

Şahin, A., & Mitawa, W. K. (2025). Stakeholder Theory in Action, The Impact of ESG Practices on Financial Performance in SADC Region Food Producers. Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 26(1), 105-118. https://doi.org/10.37880/cumuiibf.1550589

Cited By

Does ESG Matter for Unlisted Companies in the Agri‐Food Industry? Evidence From Japan's Unlisted Agri‐Food Companies

Agribusiness

https://doi.org/10.1002/agr.22067

PAYDAŞ TEORİSİ ÇERÇEVESİNDE KURUMSAL SÜRDÜRÜLEBİLİRLİK VE KURUMSAL İLETİŞİM

Nişantaşı Üniversitesi Sosyal Bilimler Dergisi

https://doi.org/10.52122/nisantasisbd.1753151