Corporate Social Responsibility and Financial Performance: The Moderating Role of Ownership Concentration in Turkey

Elif Akben-Selcuk
Additional contact information
Elif Akben-Selcuk: Faculty of Management, Kadir Has University, Cibali, 34083 Istanbul, Turkey

Sustainability, 2019, vol. 11, issue 13, 1-10

Abstract: The objective of this study is to investigate the impact of corporate social responsibility (CSR) engagement on firm financial performance in a developing country, Turkey, and to analyze the moderating role of ownership concentration in the CSR–financial performance relationship. The sample consists of non-financial public firms listed on the Borsa Istanbul (BIST)-100 index and covers the period between 2014 and 2018. Empirical results using an instrumental variable approach show that corporate social responsibility has a positive relationship with financial performance. Furthermore, findings indicate that this relationship is negatively moderated by ownership concentration even when endogeneity is controlled for.

Keywords: corporate social responsibility; corporate governance; financial performance; developing countries; ownership concentration; moderation (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (18)

Downloads: (external link)
https://www.mdpi.com/2071-1050/11/13/3643/pdf (application/pdf)
https://www.mdpi.com/2071-1050/11/13/3643/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:11:y:2019:i:13:p:3643-:d:245098

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().