CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE

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Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi
Cilt: 47 Sayı: 3
CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE

CAPITAL STRUCTURE, CSR, AND STOCK MARKET: EVIDENCE FROM TÜRKİYE

Authors : Iva Kovacevic, Emrah Keleş

Pages : 437-456

Doi:10.14780/muiibd.1747477

View : 50 | Download : 123

Publication Date : 2025-12-28

Article Type : Research Paper

Abstract :This study analyses the dynamic relationship between corporate social responsibility (CSR) and financial leverage, and how their interaction influence firm value and risk. Using panel data from Turkish BIST100 firms between 2002 and 2023, fixed-effect regressions showed that leverage has a marginally negative impact on CSR, while CSR does not significantly influence leverage. Additionally, the interaction between CSR and leverage has a negative effect on firm value but does not significantly affect price volatility. These findings contribute to the understanding of CSR\\\'s role under financial constraints.
Keywords : CSR, panel data analysis, leverage, capital structure, firm value, value creation, risk-mitigation

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