Araştırma Makalesi
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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

Kaynakça

  • Akgüç, Ö. (2013), Mali Tablolar Analizi, Genişletilmiş 15. Baskı, İstanbul: Arayış Yayınevi.
  • Akmese, H., Aras, S. ve Akmeşe, K. (2016), “Financial Performance and Social Media: A Research on Tourism Enterprises Quoted in Istanbul Stock Exchange (BIST)”, Procedia Economics and Finance, 39, ss.705-710.
  • Andrew, W.P. ve Schmidgall, R.S. (1993), Financial Management for the Hospitality Industry, USA: AH&MA.
  • Aras, G., Aybars, A. ve Kutlu, O. (2010), “Managing Corporate Performance”, International Journal of Productivity and Performance Management, 59 (3), ss. 229-255.
  • Arsoy, A. P., Arabacı, Ö. ve Çiftçioğlu, A. (2012), “Corporate Social Responsibility and Financial Performance Relationship: The Case of Turkey”, Muhasebe ve Finansman Dergisi, 53, ss.159-176.
  • Asiri, B. K. ve Hameed, S.A. (2014), “Financial Ratios and Firm's Value in the Bahrain Bourse”, Research Journal of Finance and Accounting, 5(7), ss. 1-9.
  • Aupperle, K. E., Carroll, A. B. ve Hatfield, J. D. (1985), “An Empirical Examination of the Relationship Between Corporate Social Responsibility and Profitability”, Academy of Management Journal, 28 (2), ss. 446-463.
  • Awaysheh, A., Heron, R. A., Perry, T. ve Wilson, J. I. (2020), “On the Relation Between Corporate Social Responsibility and Financial Performance”, Strategic Management Journal, 41 (6), ss. 965-987.
  • Bakır, H. ve Şahin, C. (2009), Yöneticiler İçin Finansal Tablolar Analizi, Ankara: Detay Yayıncılık.
  • Başar, A. B. (2014), “Kurumsal Sosyal Sorumluluk Raporlaması ve Finansal Performans Arasındaki İlişki: Borsa İstanbul'da İşlem Gören Kimya-Petrol-Plastik Sektörü Şirketleri Üzerine Bir Araştırma”, Yönetim ve Ekonomi Dergisi, 21 (2), ss.59-72.
  • Bowen, H. R. (1953), Social Responsibility of The Businessman, New York: Harper & Row.
  • Brammer, S. ve Millington, A. (2008), “Does it Pay to be Different? An Analysis of the Relationship Between Corporate Social and Financial Performance”, Strategic Management Journal, 29 (12), ss. 1325-1343.
  • Cochran, P. L. ve Wood, R. A. (1984), “Corporate Social Responsibility and Financial Performance”, Academy of Management Journal, 27 (1), ss. 42-56.
  • Donaldson, T., ve Preston, L. E. (1995), “The Stakeholder Theory of the Corporation: Concepts, Evidence and Implications”, Academy of Management Review, 20 (1), ss. 65-91.
  • Fettahoğlu, S. (2014), “İşletmelerde Sosyal Sorumluluk ile Finansal Performans Arasındaki İlişki: IMKB’ye Yönelik Bir Uygulama”, Sosyal ve Beşeri Bilimler Dergisi, 6 (1), ss. 11-20.
  • Franco, S., Caroli, M. G., Cappa, F. ve Del Chiappa, G. (2020), “Are You Good Enough? CSR, Quality Management and Corporate Financial Performance in the Hospitality Industry”, International Journal of Hospitality Management, 88, ss. 1-12.
  • Freeman, R. (1984), Strategic Management: A Stakeholder Approach, USA: Pitman Publishing.
  • Friedman, M. (1962), Capitalism and Freedom, Chicago:University of Chicago Press.
  • Garay, L. ve Font, X. (2012), “Doing Good to do Well? Corporate Social Responsibility Reasons, Practices and Impacts in Small and Medium Accommodation Enterprises”, International Journal of Hospitality Management, 31, ss. 329-337.
  • Giannarakis, G., Konteos, G., Zafeiriou, E. ve Partalidou, X. (2016), “The Impact of Corporate Social Responsibility on Financial Performance”, Investment Management and Financial Innovations, 13 (3), ss. 171-182.
  • Hodgetts, R. M. (1996), “A Conversation with Warren Bennis on Leadership in the Midst of Downsizing”, Organizational Dynamics, 25 (1), ss. 72-79.
  • Kang, K. H., Lee, S. ve Huh, C. (2010), “Impacts of Positive and Negative Corporate Social Responsibility Activities on Company Performance in the Hospitality Industry”, International Journal of Hospitality Management, 29 (1), ss. 72-82.
  • Karagöz, Y. (2010), “Nonparametrik Tekniklerin Güç ve Etkinlikleri”, Elektronik Sosyal Bilimler Dergisi, 9(33), ss. 18-40.
  • Kim, M. ve Kim, Y. (2014), “Corporate Social Responsibility and Shareholder Value of Restaurant Firms”, International Journal of Hospitality Management, 40, ss. 120-129.
  • Lee, S. ve Park, S. Y. (2009a), “Do Socially Responsible Activities Help Hotels and Casinos Achieve their Financial Goals?”, International Journal of Hospitality Management, 28 (1), ss. 105-112.
  • Lee, S. ve Park, S. Y. (2009b), “Financial Impacts of Socially Responsible Activities on Airline Companies”, Journal of Hospitality & Tourism Research, 34 (2), ss. 185-203.
  • Lee, S., Seo, K. ve Sharma, A. (2013), “Corporate Social Responsibility and Firm Performance in the Airline Industry: The Moderating Role of Oil Prices”, Tourism Management, 38, ss. 20-30.
  • Lima, V. L., De Souza Freire, F. ve De Vasconcellos, F. C. (2011), “Corporate Social Responsibility, Firm Value and Financial Performance in Brazil”, Social Responsibility Journal, 7 (2), ss. 295-309.
  • Lins, K. V., Servaes, H. ve Tamayo, A. (2017), “Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility During the Financial Crisis”, The Journal of Finance, 72 (4), ss. 1785-1824.
  • Mackey, A., Mackey, T. B. ve Barney, J. B. (2007), “Corporate Social Responsibility and Firm Performance: Investor Preferences and Corporate Strategies”, Academy of Management Review, 32 (3), ss. 817-835.
  • McGuire, J. B., Sundgren, A. ve Schneeweis, T. (1988), “Corporate Social Responsibility and Firm Financial Performance”, Academy of Management Journal, 31 (4), ss. 854-872.
  • McWilliams, A. ve Siegel, D. (2000), “Corporate Social Responsibility and Financial Performance: Correlation or Misspecification?”, Strategic Management Journal, 21 (5), 603-609.
  • Nelling, E. ve Webb, E. (2008), “Corporate Social Responsibility and Financial Performance: the “Virtuous Circle” Revisited”, Review of Quantitative Finance and Accounting, 32 (2), ss. 197-209.
  • Rhou, Y., Singal, M. ve Koh, Y. (2016), “CSR and Financial Performance: The Role of CSR Awareness in the Restaurant Industry”, International Journal of Hospitality Management, 57, ss. 30-39.
  • Rodríguez, F.J.G. ve Cruz, Y.D.M.A. (2007), “Relation Between Social-Environmental Responsibility and Performance in Hotel Firms”, International Journal of Hospitality Management, 26 (4), ss. 824-839.
  • Sakarya, Ş., Yıldırım, A. ve Aytekin, S. (2014), “Kurumsal Sosyal Sorumluluk Açıklamalarının Finansal Performans Üzerine Etkisi: BIST-30’da Bir Uygulama”, Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 16 (1), ss. 1-16.
  • Singal, M. (2014), “Corporate Social Responsibility in the Hospitality and Tourism Industry: Do Family Control and Financial Condition Matter?”, International Journal of Hospitality Management, 36, ss.81-89.
  • Stues, M. ve Sun, L. (2011), “Corporate Social Responsibility and Firm Reputation”, Journal of Accounting, Ethic & Public Policy 12 (1), ss. 33−56.
  • Şamiloğlu, F. ve Akgün, A.İ. (2015), Türkiye Finansal Raporlama Standartlarına Uygun Finansal Tablolar Analizi, Bursa: Ekin Basım Yayın Dağıtım.
  • Şimşek, H. ve Yıldırım, A. (2000), Sosyal Bilimlerde Nitel Araştırma Yöntemleri, Ankara: Seçkin Yayınevi.
  • Tavşancıl, E. ve Aslan, E. (2001), İçerik Analizi ve Uygulama Örnekleri, İstanbul: Epsilon Yayıncılık.
  • Theodoulidis, B., Diaz, D., Crotto, F. ve Rancati, E. (2017), “Exploring Corporate Social Responsibility and Financial Performance Through Stakeholder Theory In the Tourism Industries”, Tourism Management, 62, ss. 173-188.
  • Toroslu, V.M. ve Durmuş, N.C. (2016), Finansal Tablolar Analizi, Ankara: Seçkin Yayıncılık.
  • Youn, H., Hua, N. ve Lee, S. (2015), “Does Size Matter? Corporate Social Responsibility and Firm Performance in the Restaurant Industry”, International Journal of Hospitality Management, 51, ss. 127-134.

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

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

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

Kaynakça

  • Akgüç, Ö. (2013), Mali Tablolar Analizi, Genişletilmiş 15. Baskı, İstanbul: Arayış Yayınevi.
  • Akmese, H., Aras, S. ve Akmeşe, K. (2016), “Financial Performance and Social Media: A Research on Tourism Enterprises Quoted in Istanbul Stock Exchange (BIST)”, Procedia Economics and Finance, 39, ss.705-710.
  • Andrew, W.P. ve Schmidgall, R.S. (1993), Financial Management for the Hospitality Industry, USA: AH&MA.
  • Aras, G., Aybars, A. ve Kutlu, O. (2010), “Managing Corporate Performance”, International Journal of Productivity and Performance Management, 59 (3), ss. 229-255.
  • Arsoy, A. P., Arabacı, Ö. ve Çiftçioğlu, A. (2012), “Corporate Social Responsibility and Financial Performance Relationship: The Case of Turkey”, Muhasebe ve Finansman Dergisi, 53, ss.159-176.
  • Asiri, B. K. ve Hameed, S.A. (2014), “Financial Ratios and Firm's Value in the Bahrain Bourse”, Research Journal of Finance and Accounting, 5(7), ss. 1-9.
  • Aupperle, K. E., Carroll, A. B. ve Hatfield, J. D. (1985), “An Empirical Examination of the Relationship Between Corporate Social Responsibility and Profitability”, Academy of Management Journal, 28 (2), ss. 446-463.
  • Awaysheh, A., Heron, R. A., Perry, T. ve Wilson, J. I. (2020), “On the Relation Between Corporate Social Responsibility and Financial Performance”, Strategic Management Journal, 41 (6), ss. 965-987.
  • Bakır, H. ve Şahin, C. (2009), Yöneticiler İçin Finansal Tablolar Analizi, Ankara: Detay Yayıncılık.
  • Başar, A. B. (2014), “Kurumsal Sosyal Sorumluluk Raporlaması ve Finansal Performans Arasındaki İlişki: Borsa İstanbul'da İşlem Gören Kimya-Petrol-Plastik Sektörü Şirketleri Üzerine Bir Araştırma”, Yönetim ve Ekonomi Dergisi, 21 (2), ss.59-72.
  • Bowen, H. R. (1953), Social Responsibility of The Businessman, New York: Harper & Row.
  • Brammer, S. ve Millington, A. (2008), “Does it Pay to be Different? An Analysis of the Relationship Between Corporate Social and Financial Performance”, Strategic Management Journal, 29 (12), ss. 1325-1343.
  • Cochran, P. L. ve Wood, R. A. (1984), “Corporate Social Responsibility and Financial Performance”, Academy of Management Journal, 27 (1), ss. 42-56.
  • Donaldson, T., ve Preston, L. E. (1995), “The Stakeholder Theory of the Corporation: Concepts, Evidence and Implications”, Academy of Management Review, 20 (1), ss. 65-91.
  • Fettahoğlu, S. (2014), “İşletmelerde Sosyal Sorumluluk ile Finansal Performans Arasındaki İlişki: IMKB’ye Yönelik Bir Uygulama”, Sosyal ve Beşeri Bilimler Dergisi, 6 (1), ss. 11-20.
  • Franco, S., Caroli, M. G., Cappa, F. ve Del Chiappa, G. (2020), “Are You Good Enough? CSR, Quality Management and Corporate Financial Performance in the Hospitality Industry”, International Journal of Hospitality Management, 88, ss. 1-12.
  • Freeman, R. (1984), Strategic Management: A Stakeholder Approach, USA: Pitman Publishing.
  • Friedman, M. (1962), Capitalism and Freedom, Chicago:University of Chicago Press.
  • Garay, L. ve Font, X. (2012), “Doing Good to do Well? Corporate Social Responsibility Reasons, Practices and Impacts in Small and Medium Accommodation Enterprises”, International Journal of Hospitality Management, 31, ss. 329-337.
  • Giannarakis, G., Konteos, G., Zafeiriou, E. ve Partalidou, X. (2016), “The Impact of Corporate Social Responsibility on Financial Performance”, Investment Management and Financial Innovations, 13 (3), ss. 171-182.
  • Hodgetts, R. M. (1996), “A Conversation with Warren Bennis on Leadership in the Midst of Downsizing”, Organizational Dynamics, 25 (1), ss. 72-79.
  • Kang, K. H., Lee, S. ve Huh, C. (2010), “Impacts of Positive and Negative Corporate Social Responsibility Activities on Company Performance in the Hospitality Industry”, International Journal of Hospitality Management, 29 (1), ss. 72-82.
  • Karagöz, Y. (2010), “Nonparametrik Tekniklerin Güç ve Etkinlikleri”, Elektronik Sosyal Bilimler Dergisi, 9(33), ss. 18-40.
  • Kim, M. ve Kim, Y. (2014), “Corporate Social Responsibility and Shareholder Value of Restaurant Firms”, International Journal of Hospitality Management, 40, ss. 120-129.
  • Lee, S. ve Park, S. Y. (2009a), “Do Socially Responsible Activities Help Hotels and Casinos Achieve their Financial Goals?”, International Journal of Hospitality Management, 28 (1), ss. 105-112.
  • Lee, S. ve Park, S. Y. (2009b), “Financial Impacts of Socially Responsible Activities on Airline Companies”, Journal of Hospitality & Tourism Research, 34 (2), ss. 185-203.
  • Lee, S., Seo, K. ve Sharma, A. (2013), “Corporate Social Responsibility and Firm Performance in the Airline Industry: The Moderating Role of Oil Prices”, Tourism Management, 38, ss. 20-30.
  • Lima, V. L., De Souza Freire, F. ve De Vasconcellos, F. C. (2011), “Corporate Social Responsibility, Firm Value and Financial Performance in Brazil”, Social Responsibility Journal, 7 (2), ss. 295-309.
  • Lins, K. V., Servaes, H. ve Tamayo, A. (2017), “Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility During the Financial Crisis”, The Journal of Finance, 72 (4), ss. 1785-1824.
  • Mackey, A., Mackey, T. B. ve Barney, J. B. (2007), “Corporate Social Responsibility and Firm Performance: Investor Preferences and Corporate Strategies”, Academy of Management Review, 32 (3), ss. 817-835.
  • McGuire, J. B., Sundgren, A. ve Schneeweis, T. (1988), “Corporate Social Responsibility and Firm Financial Performance”, Academy of Management Journal, 31 (4), ss. 854-872.
  • McWilliams, A. ve Siegel, D. (2000), “Corporate Social Responsibility and Financial Performance: Correlation or Misspecification?”, Strategic Management Journal, 21 (5), 603-609.
  • Nelling, E. ve Webb, E. (2008), “Corporate Social Responsibility and Financial Performance: the “Virtuous Circle” Revisited”, Review of Quantitative Finance and Accounting, 32 (2), ss. 197-209.
  • Rhou, Y., Singal, M. ve Koh, Y. (2016), “CSR and Financial Performance: The Role of CSR Awareness in the Restaurant Industry”, International Journal of Hospitality Management, 57, ss. 30-39.
  • Rodríguez, F.J.G. ve Cruz, Y.D.M.A. (2007), “Relation Between Social-Environmental Responsibility and Performance in Hotel Firms”, International Journal of Hospitality Management, 26 (4), ss. 824-839.
  • Sakarya, Ş., Yıldırım, A. ve Aytekin, S. (2014), “Kurumsal Sosyal Sorumluluk Açıklamalarının Finansal Performans Üzerine Etkisi: BIST-30’da Bir Uygulama”, Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 16 (1), ss. 1-16.
  • Singal, M. (2014), “Corporate Social Responsibility in the Hospitality and Tourism Industry: Do Family Control and Financial Condition Matter?”, International Journal of Hospitality Management, 36, ss.81-89.
  • Stues, M. ve Sun, L. (2011), “Corporate Social Responsibility and Firm Reputation”, Journal of Accounting, Ethic & Public Policy 12 (1), ss. 33−56.
  • Şamiloğlu, F. ve Akgün, A.İ. (2015), Türkiye Finansal Raporlama Standartlarına Uygun Finansal Tablolar Analizi, Bursa: Ekin Basım Yayın Dağıtım.
  • Şimşek, H. ve Yıldırım, A. (2000), Sosyal Bilimlerde Nitel Araştırma Yöntemleri, Ankara: Seçkin Yayınevi.
  • Tavşancıl, E. ve Aslan, E. (2001), İçerik Analizi ve Uygulama Örnekleri, İstanbul: Epsilon Yayıncılık.
  • Theodoulidis, B., Diaz, D., Crotto, F. ve Rancati, E. (2017), “Exploring Corporate Social Responsibility and Financial Performance Through Stakeholder Theory In the Tourism Industries”, Tourism Management, 62, ss. 173-188.
  • Toroslu, V.M. ve Durmuş, N.C. (2016), Finansal Tablolar Analizi, Ankara: Seçkin Yayıncılık.
  • Youn, H., Hua, N. ve Lee, S. (2015), “Does Size Matter? Corporate Social Responsibility and Firm Performance in the Restaurant Industry”, International Journal of Hospitality Management, 51, ss. 127-134.
Toplam 44 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Turizm (Diğer)
Bölüm Makaleler
Yazarlar

Erdinç Karadeniz 0000-0003-2658-8490

Sema Ünlübulduk Bu kişi benim 0000-0002-8973-8305

Yayımlanma Tarihi 25 Ağustos 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 18 Sayı: 2

Kaynak Göster

APA Karadeniz, E., & Ünlübulduk, S. (2021). Kurumsal Sosyal Sorumluluk ve Finansal Performans: Borsa İstanbul’da İşlem Gören Konaklama Şirketlerinde Bir Araştırma. Seyahat Ve Otel İşletmeciliği Dergisi, 18(2), 317-333. https://doi.org/10.24010/soid.865269

Cited By

Katılım Bankalarının Kârlılığı Üzerinde Sürdürülebilirlik Performanslarının Etkisi: Panel Veri ile Türkiye Üzerine Bir Uygulama
Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi
https://doi.org/10.29249/selcuksbmyd.1230910
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