Antecedents of corporate sustainability performance in Turkey: The effects of ownership structure and board attributes on non-financial companies

JOURNAL OF CLEANER PRODUCTION

卷:276

Article

Aksoy, Mine¹  Yilmaz, Mustafa K.²  Tatoglu, Ekrem²  Basar, Merve¹ 

[1] Yalova Univ Merkez Yerleskesi, Yalova Univ, Fac Econ & Adm Sci, TR-77200 Yalova, Turkey

[2] Ibn Haldun Univ, Sch Business, Ulubatli Hasan Cad 2, TR-34494 Istanbul, Turkey

关键词: Borsa Istanbul sustainability index;    Board diversity;    Corporate sustainability performance;    Ownership structure;    Stakeholder theory;   

DOI  :  10.1016/j.jclepro.2020.124284

来源: Elsevier

【 摘 要 】

The discourse of corporate sustainability performance (CSP) has created an increasing motivation for companies to improve their competitive advantage. This study examines the drivers leading to a high level of CSP within non-financial Turkish companies listed in the Borsa Istanbul Sustainability Index. Drawing on both stakeholder and agency theories, we formulate a set of hypotheses that link CSP with ownership structure, board diversity, and firm-specific characteristics. Based on logit and probit models, the empirical results tend to confirm the positive influence of foreign and institutional ownerships in shaping CSP and indicate that CSP is positively linked with board size and the proportion of independent board members. Further, the findings show that companies with a leading level of CSP have a lower return than companies with mediocre CSP based on a market-based measure, Tobin's Q. (C) 2020 Elsevier Ltd. All rights reserved.

【 授权许可】

Free