McWilliams ve Siegel Kurumsal Sürdürülebilirlik Arz ve Talep Teorisinin Geçerliliğinin Test Edilmesi: Ekonometrik Bir Uygulama
Testing the Validity of McWilliams and Siegel Corporate Sustainability Supply and Demand Theory: An Econometric Application

Summary/Abstract: Sustainability is a concept that has emerged as an alternative to short-term, profit-focused doctrines, aiming to manage businesses with a focus on environmental, social, and economic issues. In the 20th century, businesses seeking long-term profitability and value creation through corporate sustainability, which reduces sustainability to the business level, have become part of this movement by integrating these issues into their economic activities and qualifying for sustainability indices. This is because businesses can effectively address potential environmental, economic, and social challenges arising from their commercial activities only by adopting sustainable practices. Within this framework, the study addresses the question, “Does business performance evaluate corporate sustainability?” and examines the impact of corporate sustainability, encompassing economic, environmental, and social dimensions, on business performance. To this end, selected industrial businesses listed on the Borsa Istanbul (BIST) Industrial Index in Türkiye are analyzed using panel data analysis as an econometric method. The study covers the period from 2009Q1 to 2020Q4, with firms grouped by field of activity and evaluated on a sectoral basis. Identifying the effect of sustainability on business performance is important for informing business stakeholders and raising awareness of sustainability-related issues within firms. The results of the panel data analysis indicate that corporate sustainability has no statistically significant effect on business performance. This evidence supports the corporate sustainability supply-and-demand hypothesis proposed by McWilliams and Siegel, which argues that sustainability has a neutral effect on business performance.

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