Abstract
The aim of this study is to examine the effect of CSR performance on financial performance in Borsa Istanbul. For this purpose, financial and non-financial data of 51 companies between 2009-2020 are used. In the current study, the scores under the "Stakeholders" heading of corporate governance ratings represent CSR performance. Return on assets (ROA) represents the performance of the firm. Additionally, firm size (natural logarithm of total assets), leverage (total liabilities divided by total assets), and book-to-market variables are included in the analysis as control variables. The findings indicate that CSR performance and company performance have a concave relationship. The association between CSR performance and corporate financial performance is, in other words, an inverted U-shaped. Among the control variables, the coefficient of firm size is positive and significant, while the coefficients of the book-to-market and leverage variables are negative and significant. According to these results, while CSR performance increases the firm's performance up to a certain point, it decreases after a certain point. Keywords: Corporate Social Responsibility, Firm Performance, Panel Data Analysis
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