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

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  • Elif Akben-Selcuk

    (Faculty of Management, Kadir Has University, Cibali, 34083 Istanbul, Turkey)

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.

Suggested Citation

  • Elif Akben-Selcuk, 2019. "Corporate Social Responsibility and Financial Performance: The Moderating Role of Ownership Concentration in Turkey," Sustainability, MDPI, vol. 11(13), pages 1-10, July.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:13:p:3643-:d:245098
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