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THE IMPACT OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE PERFORMANCE ON FINANCIAL FAILURE

Yıl 2022, Cilt: 22 Sayı: 67, 115 - 128, 06.09.2022
https://doi.org/10.55322/mdbakis.1084181

Öz

Financial failure is generally measured with models consisting of financial ratios in the literature. We argue that the continuity of companies depends on their ability to manage both financial and non-financial risks. Today, companies aim to mitigate Environmental, Social and Governance (ESG) risks by disclosing sustainability reports. Based on the assumption that ESG criteria have a significant impact on the financial health, this study attempts to discuss the relationship between sustainability reporting and financial failure in a theoretical framework. The purpose of this paper is to identify the key financial and non-financial determinants of financial failure, thereby raising awareness in the field of sustainability reporting for the development of a sustainable economy model, as well as illuminating the gap for standard-setting authorities and future research.

Kaynakça

  • Agarwal, V., Taffler, R., (2008). Comparing the performance of market-based and accounting-based bankruptcy prediction models. Journal of Banking & Finance 32, 1541–1551.. doi:10.1016/j.jbankfin.2007.07.014
  • Ali, I., Rehman, K. U., Ali, S. I., Yousaf, J. Zia, M. (2010). ‘Corporate social responsibility influences, employee commitment and organizational performance’. African Journal of Business Management, 4, 2796–801
  • Altman, E. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, 23(4), 589–609.
  • Ambec, S., & Lanoie, P. (2008). Does it pay to be green? A systematic overview. Academy of Management Perspectives, 22(4), 45–62. https://doi.org/10.5465/amp.2008.35590353
  • Aslan, A., Poppe, L., & Posch, P. (2021). Are sustainable companies more likely to default? Evidence from the dynamics between credit and ESG ratings. Sustainability, 13(15), 1–16. https://doi.org/10.3390/su13158568
  • Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate Social Responsibility and Credit Ratings. Journal of Business Ethics, 117(4), 679–694. https://doi.org/10.1007/s10551-013-1714-2
  • Beaver, W. H. (1966). Financial Ratios As Predictors of Failure. Journal of Accounting Research, 4(1966), 71–111. Retrieved from http://www.jstor.org/stable/2490171
  • Boubaker, S., Cellier, A., Manita, R., & Saeed, A. (2020). Does corporate social responsibility reduce financial distress risk? Economic Modelling, 91(April), 835–851. https://doi.org/10.1016/j.econmod.2020.05.012
  • Brown, N., & Deegan, C. (1998). The public disclosure of environmental performance information - A dual test of media agenda setting theory and legitimacy theory. Accounting and Business Research, 29(1), 21–41. https://doi.org/10.1080/00014788.1998.9729564
  • Campbell, D. (2003). Intra- and intersectoral effects in environmental disclosures: Evidence for legitimacy theory? ". Business Strategy and the Environment, 371(12), 357–371.
  • Chang, T.-C., Yan, Y.-C., Chou, L.-C., (2013). Is default probability associated with corporate social responsibility?. Asia-Pacific Journal of Accounting & Economics 20, 457–472.. doi:10.1080/16081625.2013.825228
  • Cheng, B., Ionnou, I., & Serafeim, G. (2014). Corporate Social Responsibility And Access To Finance. Strategic Management Journal, 35, 1–23. https://doi.org/10.1002/smj
  • Choi J, Wang H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic Management Journal 30(8): 895–907
  • Clarkson, M.B.E., (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review 20, 92.. doi:10.2307/258888
  • Cooper, E., & Uzun, H. (2019). Corporate social responsibility and bankruptcy. Studies in Economics and Finance, 36(2), 130–153. https://doi.org/10.1108/SEF-01-2018-0013
  • Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a stewardship theory of management. Business Ethics and Strategy, Volumes I and II, 22(1), 20–47. https://doi.org/10.4324/9781315261102-29
  • Dayanandan, A., Donker, H., & Nofsinger, J. (2018). Corporate goodness and profit warnings. Review of Quantitative Finance and Accounting, 51(2), 553–573. https://doi.org/10.1007/s11156-017-0680-7
  • De Roeck, K., El Akremi, A., Swaen, V., (2016). Consistency Matters! How and When Does Corporate Social Responsibility Affect Employees’ Organizational Identification?. Journal of Management Studies 53, 1141–1168.. doi:10.1111/joms.12216
  • Deegan, C., & Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and Business Research, 26(3), 187–199. https://doi.org/10.1080/00014788.1996.9729510
  • Deegan, C., & Rankin, M. (1996). Do Australian Companies Report Environmental News Objectively?- An analysis of environmental disclosures by firms prosecuted successfully by the Environmental Protection Authority. Accounting, Auditing & Accountability, 9(2), 50–67. Retrieved from https://www.emerald.com/insight/content/doi/10.1108/09513579610116358/full/html
  • Deegan, C., Rankin, M., & Tobin, J. (2002). An examination of the corporate social and environmental disclosures of BHP from 1983-1997: A test of legitimacy theory. In Accounting, Auditing & Accountability Journal (Vol. 15). https://doi.org/10.1108/09513570210435861
  • Deegan, C. M., Unerman, J. (2011). Financial accounting theory. Maidenhead, Berkshire: McGraw Hill Education.
  • Dhaliwal D, Li O.Z., Tsang A.H., Yang Y.G.. (2011). Voluntary Non-Financial Disclosure And The Cost Of Equity Capital: The Case Of Corporate Social Responsibility Reporting. Accounting Review 86(1): 59–100.
  • Dimitras, A. I., Zanakis, S. H., & Zopounidis, C. (1996). A survey of business failures with an emphasis on prediction methods and industrial applications. European Journal of Operational Research, 90(3), 487–513. https://doi.org/10.1016/0377-2217(95)00070-4
  • Dobson, A. J. (1993). Moral Hazard, Adverse Selection and Reputation: A Synthesis. Managerial Finance, 19(6), 2–8. https://doi.org/10.1108/eb013725
  • Dyllick, T., & Hockerts, K. (2002). Beyond the business case for corporate sustainability. Business Strategy and the Environment, 11, 130–141. https://doi.org/10.4324/9781315259277-7
  • Eccles R, Ioannou I, Serafeim G. (2012). The Impact Of Corporate Sustainability On Organizational Processes And Performance. Working paper, Harvard Business School, Harvard University, Boston, MA.
  • El Ghoul, S., Guedhami, O., Kwok, C.C.Y., Mishra, D.R., (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking and Finance 35, 2388–2406.. doi:10.1016/j.jbankfin.2011.02.007
  • Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Pitman, Boston.
  • Friedman, M. (1970) The Social Responsibility of Business Is to Increase Its Profits. New York Times Magazine, 13 September 1970, 122-126.
  • Gao, Y., (2011). CSR in an emerging country: a content analysis of CSR reports of listed companies. Baltic Journal of Management 6, 263–291.. doi:10.1108/17465261111131848
  • Ghoul, S.E., Guedhami, O., Kim, Y., (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies 48, 360–385.. doi:10.1057/jibs.2016.4
  • Gill, A. (2008). Corporate Governance as Social Responsibility: A Research Agenda. Berkeley Journal of International Law, 26(2), 452–478.
  • Gillani, S. M., Raza, H., & Ahmad, H. (2018). Review of corporate governance practices and financial distress prediction. International Journal of Engineering and Technology(UAE), 7(4), 30–33. https://doi.org/10.14419/ijet.v7i4.28.22385
  • Godfrey, P. C. (2005). The Relationship between Corporate Philanthropy and Shareholder Wealth: A Risk Management Perspective. The Academy of Management Review, 30(4), 777–798. https://doi.org/10.2307/20159168
  • Godfrey PC, Merrill CB, Hansen JM (2009). The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis. Strateg Man J 30:425–445
  • Goss, A., Roberts, G.S., (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking ve Finance 35, 1794–1810.. doi:10.1016/j.jbankfin.2010.12.002
  • Gray, R, Kouhy, R., & Lavers, S. (1995). Corporate social and environmental reporting A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing & Accountability Journal, 8(2), 47–77.
  • Gray, Rob, & Milne, M. (2007). Future prospects for corporate sustainability reporting. In Sustainability Accounting and Accountability (pp. 184–207). https://doi.org/10.4324/noe0415384889.ch10
  • Grice, J.S., Dugan, M.T., (2003). Re-Estimations Of The Zmijewskı And Ohlson Bankruptcy Prediction Models. Advances In Accounting 20, 77–93.. Doi:10.1016/S0882-6110(03)20004-3
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ÇEVRESEL, SOSYAL VE KURUMSAL YÖNETİM PERFORMANSININ FİNANSAL BAŞARISIZLIK ÜZERİNE ETKİSİ

Yıl 2022, Cilt: 22 Sayı: 67, 115 - 128, 06.09.2022
https://doi.org/10.55322/mdbakis.1084181

Öz

Finansal başarısızlık literatürde genellikle finansal oranların esas alındığı modeller ile ölçülmektedir. Halbuki işletmelerin süreklilikleri, finansal riskleri kadar finansal olmayan risklerini de kontrol edebilme yeteneklerine bağlıdır. Günümüzde işletmeler sürdürülebilirlik raporları yayınlayarak Çevresel, Sosyal ve Kurumsal Yönetim (ÇSKY) risklerini en aza indirmeyi amaçlamaktadır. ÇSKY kriterlerinin işletmelerin finansal sağlıklarını önemli ölçüde etkilediği görüşünden hareketle çalışmamızda sürdürülebilirlik raporları ile finansal başarısızlık arasındaki ilişki teorik çerçevede ele alınmaktadır. Finansal başarısızlığın hem finansal hem finansal olmayan temel belirleyicilerini saptamayı amaçlayan bu araştırma, sürdürülebilir bir ekonomi modelinin inşası için ÇSKY raporlaması alanındaki farkındalığı artırmanın yanı sıra standart koyucu otoriteler ve gelecek araştırmalar için alandaki eksikliğe dikkat çekmeye çalışmaktadır.

Kaynakça

  • Agarwal, V., Taffler, R., (2008). Comparing the performance of market-based and accounting-based bankruptcy prediction models. Journal of Banking & Finance 32, 1541–1551.. doi:10.1016/j.jbankfin.2007.07.014
  • Ali, I., Rehman, K. U., Ali, S. I., Yousaf, J. Zia, M. (2010). ‘Corporate social responsibility influences, employee commitment and organizational performance’. African Journal of Business Management, 4, 2796–801
  • Altman, E. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, 23(4), 589–609.
  • Ambec, S., & Lanoie, P. (2008). Does it pay to be green? A systematic overview. Academy of Management Perspectives, 22(4), 45–62. https://doi.org/10.5465/amp.2008.35590353
  • Aslan, A., Poppe, L., & Posch, P. (2021). Are sustainable companies more likely to default? Evidence from the dynamics between credit and ESG ratings. Sustainability, 13(15), 1–16. https://doi.org/10.3390/su13158568
  • Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate Social Responsibility and Credit Ratings. Journal of Business Ethics, 117(4), 679–694. https://doi.org/10.1007/s10551-013-1714-2
  • Beaver, W. H. (1966). Financial Ratios As Predictors of Failure. Journal of Accounting Research, 4(1966), 71–111. Retrieved from http://www.jstor.org/stable/2490171
  • Boubaker, S., Cellier, A., Manita, R., & Saeed, A. (2020). Does corporate social responsibility reduce financial distress risk? Economic Modelling, 91(April), 835–851. https://doi.org/10.1016/j.econmod.2020.05.012
  • Brown, N., & Deegan, C. (1998). The public disclosure of environmental performance information - A dual test of media agenda setting theory and legitimacy theory. Accounting and Business Research, 29(1), 21–41. https://doi.org/10.1080/00014788.1998.9729564
  • Campbell, D. (2003). Intra- and intersectoral effects in environmental disclosures: Evidence for legitimacy theory? ". Business Strategy and the Environment, 371(12), 357–371.
  • Chang, T.-C., Yan, Y.-C., Chou, L.-C., (2013). Is default probability associated with corporate social responsibility?. Asia-Pacific Journal of Accounting & Economics 20, 457–472.. doi:10.1080/16081625.2013.825228
  • Cheng, B., Ionnou, I., & Serafeim, G. (2014). Corporate Social Responsibility And Access To Finance. Strategic Management Journal, 35, 1–23. https://doi.org/10.1002/smj
  • Choi J, Wang H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic Management Journal 30(8): 895–907
  • Clarkson, M.B.E., (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review 20, 92.. doi:10.2307/258888
  • Cooper, E., & Uzun, H. (2019). Corporate social responsibility and bankruptcy. Studies in Economics and Finance, 36(2), 130–153. https://doi.org/10.1108/SEF-01-2018-0013
  • Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a stewardship theory of management. Business Ethics and Strategy, Volumes I and II, 22(1), 20–47. https://doi.org/10.4324/9781315261102-29
  • Dayanandan, A., Donker, H., & Nofsinger, J. (2018). Corporate goodness and profit warnings. Review of Quantitative Finance and Accounting, 51(2), 553–573. https://doi.org/10.1007/s11156-017-0680-7
  • De Roeck, K., El Akremi, A., Swaen, V., (2016). Consistency Matters! How and When Does Corporate Social Responsibility Affect Employees’ Organizational Identification?. Journal of Management Studies 53, 1141–1168.. doi:10.1111/joms.12216
  • Deegan, C., & Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and Business Research, 26(3), 187–199. https://doi.org/10.1080/00014788.1996.9729510
  • Deegan, C., & Rankin, M. (1996). Do Australian Companies Report Environmental News Objectively?- An analysis of environmental disclosures by firms prosecuted successfully by the Environmental Protection Authority. Accounting, Auditing & Accountability, 9(2), 50–67. Retrieved from https://www.emerald.com/insight/content/doi/10.1108/09513579610116358/full/html
  • Deegan, C., Rankin, M., & Tobin, J. (2002). An examination of the corporate social and environmental disclosures of BHP from 1983-1997: A test of legitimacy theory. In Accounting, Auditing & Accountability Journal (Vol. 15). https://doi.org/10.1108/09513570210435861
  • Deegan, C. M., Unerman, J. (2011). Financial accounting theory. Maidenhead, Berkshire: McGraw Hill Education.
  • Dhaliwal D, Li O.Z., Tsang A.H., Yang Y.G.. (2011). Voluntary Non-Financial Disclosure And The Cost Of Equity Capital: The Case Of Corporate Social Responsibility Reporting. Accounting Review 86(1): 59–100.
  • Dimitras, A. I., Zanakis, S. H., & Zopounidis, C. (1996). A survey of business failures with an emphasis on prediction methods and industrial applications. European Journal of Operational Research, 90(3), 487–513. https://doi.org/10.1016/0377-2217(95)00070-4
  • Dobson, A. J. (1993). Moral Hazard, Adverse Selection and Reputation: A Synthesis. Managerial Finance, 19(6), 2–8. https://doi.org/10.1108/eb013725
  • Dyllick, T., & Hockerts, K. (2002). Beyond the business case for corporate sustainability. Business Strategy and the Environment, 11, 130–141. https://doi.org/10.4324/9781315259277-7
  • Eccles R, Ioannou I, Serafeim G. (2012). The Impact Of Corporate Sustainability On Organizational Processes And Performance. Working paper, Harvard Business School, Harvard University, Boston, MA.
  • El Ghoul, S., Guedhami, O., Kwok, C.C.Y., Mishra, D.R., (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking and Finance 35, 2388–2406.. doi:10.1016/j.jbankfin.2011.02.007
  • Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Pitman, Boston.
  • Friedman, M. (1970) The Social Responsibility of Business Is to Increase Its Profits. New York Times Magazine, 13 September 1970, 122-126.
  • Gao, Y., (2011). CSR in an emerging country: a content analysis of CSR reports of listed companies. Baltic Journal of Management 6, 263–291.. doi:10.1108/17465261111131848
  • Ghoul, S.E., Guedhami, O., Kim, Y., (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies 48, 360–385.. doi:10.1057/jibs.2016.4
  • Gill, A. (2008). Corporate Governance as Social Responsibility: A Research Agenda. Berkeley Journal of International Law, 26(2), 452–478.
  • Gillani, S. M., Raza, H., & Ahmad, H. (2018). Review of corporate governance practices and financial distress prediction. International Journal of Engineering and Technology(UAE), 7(4), 30–33. https://doi.org/10.14419/ijet.v7i4.28.22385
  • Godfrey, P. C. (2005). The Relationship between Corporate Philanthropy and Shareholder Wealth: A Risk Management Perspective. The Academy of Management Review, 30(4), 777–798. https://doi.org/10.2307/20159168
  • Godfrey PC, Merrill CB, Hansen JM (2009). The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis. Strateg Man J 30:425–445
  • Goss, A., Roberts, G.S., (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking ve Finance 35, 1794–1810.. doi:10.1016/j.jbankfin.2010.12.002
  • Gray, R, Kouhy, R., & Lavers, S. (1995). Corporate social and environmental reporting A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing & Accountability Journal, 8(2), 47–77.
  • Gray, Rob, & Milne, M. (2007). Future prospects for corporate sustainability reporting. In Sustainability Accounting and Accountability (pp. 184–207). https://doi.org/10.4324/noe0415384889.ch10
  • Grice, J.S., Dugan, M.T., (2003). Re-Estimations Of The Zmijewskı And Ohlson Bankruptcy Prediction Models. Advances In Accounting 20, 77–93.. Doi:10.1016/S0882-6110(03)20004-3
  • Grice, J. S., & Dugan, M. T. (2001). The limitations of bankruptcy prediction models: Some cautions for the researcher. Review of Quantitative Finance and Accounting, 17, 151–166.
  • Grice, J. S., Ingram, R. W. (2001). Tests of generalizability of Altman's bankruptcy prediction models. Journal of Business Research, 54, 53–61.
  • Habermann, F., & Fischer, F. B. (2021). Corporate Social Performance and the Likelihood of Bankruptcy: Evidence from a Period of Economic Upswing. Journal of Business Ethics. https://doi.org/10.1007/s10551-021-04956-4
  • Hasnas, J. (1998). The Normative Theories of Business Ethics: A Guide for the Perplexed. Business Ethics Quarterly, 8(1), 19-42. doi:10.2307/3857520
  • Holder-Webb, L., Cohen, J., Nath, L., & Wood, D. (2008). A survey of governance disclosures among U.S. firms. Journal of Business Ethics, 83(3), 543–563. https://doi.org/10.1007/s10551-007-9638-3
  • Homburg, C., Koschate, N., Hoyer, W.D., (2005). Do Satisfied Customers Really Pay More? A Study of the Relationship between Customer Satisfaction and Willingness to Pay. Journal of Marketing 69, 84–96.. doi:10.1509/jmkg.69.2.84.60760
  • IFRS Foundation. (2020). Consultation Paper on Sustainability Reporting. Retrieved from https://cdn.ifrs.org/-/media/project/sustainability-reporting/consultation-paper-on-sustainability-reporting.pdf
  • Jensen, M.C., (2001). Value maximization, stakeholder theory, and the corporate objective function. Journal of Applied Corporate Finance 14, 8–21.. doi:10.1111/j.1745-6622.2001.tb00434.x
  • Jensen, M., & Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.
  • Jones T.M. (1995). Instrumental stakeholder theory: a synthesis of ethics and economics. Academy of Management Review 20: 404–437
  • Jovanovıć, D., Todorovic, M., & Grbic, M. (2017). Financial Indıcators as Predictors of Illiquidity. Romanian Journal of Economic Forecasting, XX(1), 128–149.
  • Kamalirezaei, H., Anvary Rostamy, A. A., Saeedi, A., & Khodaei Valeh Zaghard, M. (2020). Corporate social responsibility and bankruptcy probability: Exploring the role of market competition, intellectual capital, and equity cost. Journal of Corporate Accounting and Finance, 31(1), 53–63. https://doi.org/10.1002/jcaf.22417
  • Karamzadeh, M. S. (2013). Application and comparison of Altman and Ohlson models to predict bankruptcy of companies. Research Journal of Applied Sciences, Engineering and Technology, 5(6), 2007-2011.
  • Karas, M., & Režnáková, M. (2017). Could the coefficients re-estimation solve the industry or time specific issues?. International Journal of Economics and Management Systems, 2.
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  • Liang, H., Renneboog, L., (2017). On the Foundations of Corporate Social Responsibility. The Journal of Finance 72, 853–910.. doi:10.1111/jofi.12487
  • Lisin, A., Kushnir, A., Koryakov, A. G., Fomenko, N., & Shchukina, T. (2022). Financial Stability in Companies with High ESG Scores : Evidence from North America Using the Ohlson O-Score. Sustainability, 14, 1–13.
  • Luo, X., Bhattacharya, C.B., (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing 70, 1–18.. doi:10.1509/jmkg.70.4.001
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  • Singh, B.P., Mishra, A.K.,(2016). Re-estimation and comparisons of alternative accounting based bankruptcy prediction models for Indian companies. Financial Innovation 2.. doi:10.1186/s40854-016-0026-9
  • Srebro, B., Mavrenski, B., Arsić, V. B., Knežević, S., Milašinović, M., & Travica, J. (2021). Bankruptcy risk prediction in ensuring the sustainable operation of agriculture companies. Sustainability, 13(14), 1–17. https://doi.org/10.3390/su13147712
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Toplam 80 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Araştırma Makaleleri
Yazarlar

Eylül Özdarak 0000-0003-2504-0247

Volkan Demir 0000-0001-5313-2320

Yayımlanma Tarihi 6 Eylül 2022
Gönderilme Tarihi 7 Mart 2022
Kabul Tarihi 6 Nisan 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 22 Sayı: 67

Kaynak Göster

APA Özdarak, E., & Demir, V. (2022). ÇEVRESEL, SOSYAL VE KURUMSAL YÖNETİM PERFORMANSININ FİNANSAL BAŞARISIZLIK ÜZERİNE ETKİSİ. Muhasebe Ve Denetime Bakış, 22(67), 115-128. https://doi.org/10.55322/mdbakis.1084181