Corporate Sustainability and Financial Performance: An Application on BIST Sustainability Index

Okan Garip; Baki Yılmaz

Makale detayları

Corporate Sustainability and Financial Performance: An Application on BIST Sustainability Index

Yazarlar:

Okan Garip | Baki Yılmaz

Yayıncı:

Selcuk University

Ana Başlıklar:

Finans | Muhasebe | Denetim ve Mali Sorumluluk (Diğer)

Dergi:

Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 57, pp.220-239

Belge Tipi:

Makale

Yayın Tarihi:

8/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001357437

pISSN:

2667-4750

Anahtar kelimeler:

Özet:

 Companies are expected to add value in social, cultural and environmental terms while conducting their commercial activities. These activities, which are often carried out on a voluntary basis, are presented to the public through sustainability reports. Therefore, it is an important question how there is a relationship between sustainability activities carried out by businesses and financial ratios that show their financial performance. The purpose of this study is to reveal the relationship between sustainability activities and financial performance of companies in the BIST Sustainability Index. In the study, the data of the companies included in the BIST Sustainability Index between 2017-2021 are used. The application consists of two parts. In the first part, content analysis was conducted according to 29 sub-criteria under the main headings of social and cultural, environmental, education-oriented, social contribution and energy efficiency. Through content analysis, sustainability activities focused on both company and sector basis were analyzed. It was observed that the sustainability activities prioritized by the enterprises were womens employment, waste recycling, and trainings provided for the personal development of employees. In the second part of the study, the relationship between the sustainability performance of enterprises and their financial performance was analyzed. According to the results of panel data analysis applied with Stata Program, it is observed that there are mixed relationships between financial performance ratios and sustainability overall, social and cultural activities, environmental activities, education-oriented activities, community activities and energy efficiency.

 Companies are expected to add value in social, cultural and environmental terms while conducting their commercial activities. These activities, which are often carried out on a voluntary basis, are presented to the public through sustainability reports. Therefore, it is an important question how there is a relationship between sustainability activities carried out by businesses and financial ratios that show their financial performance. The purpose of this study is to reveal the relationship between sustainability activities and financial performance of companies in the BIST Sustainability Index. In the study, the data of the companies included in the BIST Sustainability Index between 2017-2021 are used. The application consists of two parts. In the first part, content analysis was conducted according to 29 sub-criteria under the main headings of social and cultural, environmental, education-oriented, social contribution and energy efficiency. Through content analysis, sustainability activities focused on both company and sector basis were analyzed. It was observed that the sustainability activities prioritized by the enterprises were womens employment, waste recycling, and trainings provided for the personal development of employees. In the second part of the study, the relationship between the sustainability performance of enterprises and their financial performance was analyzed. According to the results of panel data analysis applied with Stata Program, it is observed that there are mixed relationships between financial performance ratios and sustainability overall, social and cultural activities, environmental activities, education-oriented activities, community activities and energy efficiency.

 Companies are expected to add value in social, cultural and environmental terms while conducting their commercial activities. These activities, which are often carried out on a voluntary basis, are presented to the public through sustainability reports. Therefore, it is an important question how there is a relationship between sustainability activities carried out by businesses and financial ratios that show their financial performance. The purpose of this study is to reveal the relationship between sustainability activities and financial performance of companies in the BIST Sustainability Index. In the study, the data of the companies included in the BIST Sustainability Index between 2017-2021 are used. The application consists of two parts. In the first part, content analysis was conducted according to 29 sub-criteria under the main headings of social and cultural, environmental, education-oriented, social contribution and energy efficiency. Through content analysis, sustainability activities focused on both company and sector basis were analyzed. It was observed that the sustainability activities prioritized by the enterprises were womens employment, waste recycling, and trainings provided for the personal development of employees. In the second part of the study, the relationship between the sustainability performance of enterprises and their financial performance was analyzed. According to the results of panel data analysis applied with Stata Program, it is observed that there are mixed relationships between financial performance ratios and sustainability overall, social and cultural activities, environmental activities, education-oriented activities, community activities and energy efficiency.

 İşletmeler ticari faaliyetlerini yürütürken sosyal, kültürel ve çevresel anlamda da değer katmaları beklenmektedir. Çoğu zaman gönüllülük esasına dayalı olarak yürütülen bu faaliyetler sürdürülebilirlik raporları ile kamuoyunun bilgisine sunulmaktadır. Bu nedenle işletmeler tarafından yürütülen sürdürülebilirlik faaliyetleri ile finansal performanslarını gösteren finansal oranlar arasında nasıl bir ilişkinin olduğu önemli bir sorudur. Bu çalışmanın amacı BİST Sürdürülebilirlik Endeksinde yer alan şirketlerin yürütmüş oldukları sürdürülebilirlik faaliyetleri ile finansal performansları arasındaki ilişkiyi ortaya koymaktır. Çalışmada 2017-2021 yılları arasında BİST Sürdürülebilirlik Endeksinde yer almış işletmelere ait veriler kullanılmıştır. Uygulama iki kısımdan oluşmaktadır. İlk kısımda işletmelerin sosyal ve kültürel, çevresel, eğitim odaklı, toplumsal katkı ve enerji verimliliği ana başlıkları altında 29 alt kritere göre içerik analizi yapılmıştır. İçerik analizi ile hem şirket hem de sektör bazında odaklanılan sürdürülebilirlik faaliyetleri incelenmiştir. İşletmelerin önceliklendirdikleri sürdürülebilirlik faaliyetlerinin kadın istihdamı, atık geri dönüşümü, çalışanların kişisel gelişimleri için verilen eğitimler konusunda olduğu görülmüştür. Çalışmanın ikinci kısmı ise işletmelerin sürdürülebilirlik performansları ile finansal performansları arasındaki ilişki incelenmiştir. Stata Programı ile uygulanan panel veri analizi sonuçlarına göre finansal performans oranları ve sürdürülebilirlik genel toplam, sosyal ve kültürel faaliyetler, çevresel faaliyetler, eğitim odaklı faaliyetler, toplumsal faaliyetler ve enerji verimliliğine yönelik faaliyetler arasında karma ilişkilerin olduğu gözlemlenmiştir.

Makale detayları

Corporate Sustainability and Financial Performance: An Application on BIST Sustainability Index

Yazarlar:

Okan Garip | Baki Yılmaz

Yayıncı:

Selcuk University

Ana Başlıklar:

Finans | Muhasebe | Denetim ve Mali Sorumluluk (Diğer)

Dergi:

Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 57, pp.220-239

Belge Tipi:

Makale

Yayın Tarihi:

8/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001357437

pISSN:

2667-4750

Sustainability

Financial Performance

Content Analysis

Panel Data AnalysisSürdürülebilirlik

Finansal Performans

İçerik Analizi

Panel Veri Analizi

Sayı

Makale detayları

Yazarlar: Okan Garip | Baki Yılmaz

Yayıncı: Selcuk University

Ana Başlıklar: Finans | Muhasebe | Denetim ve Mali Sorumluluk (Diğer)

Dergi: Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 57, pp.220-239

Belge Tipi: Makale

Yayın Tarihi: 8/2025

Belge Dili: Türkçe

Document ID (Org No.): 2001357437

pISSN: 2667-4750

Sayı

Yazarlar:

Okan Garip | Baki Yılmaz

Yayıncı:

Selcuk University

Ana Başlıklar:

Finans | Muhasebe | Denetim ve Mali Sorumluluk (Diğer)

Dergi:

Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 57, pp.220-239

Belge Tipi:

Makale

Yayın Tarihi:

8/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001357437

pISSN:

2667-4750