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

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Date

2019

Authors

Akben Selçuk, Elif

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Publisher

MDPI

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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.

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Keywords

Corporate social responsibility, Corporate governance, Financial performance, Developing countries, Ownership concentration, Moderation

Turkish CoHE Thesis Center URL

Citation

95

WoS Q

N/A

Scopus Q

Q1

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Volume

11

Issue

13

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