Somut Olmayan Sermaye Oluşturmada ESG Stratejilerinin Etkinliği: Ulusal Fikri Mülkiyet Yoğunluğunun ve Şirket Yaşının Düzenleyici Rolü
DOI:
https://doi.org/10.63556/tisej.2025.1610Anahtar Kelimeler:
Sürdürülebilirlik- ESG- Somut olmayan varlıklar- Entellektüel Sermaye- Firma YaşıÖzet
Bu çalışma, 201 telekomünikasyon şirketinden alınan 2003-2023 dönemi firma düzeyi panel verilerini kullanarak ESG performansı ile maddi olmayan varlık birikimi arasındaki ilişkiyi incelemektedir. ESG stratejilerinin marka değerini, itibarı ve paydaş güvenini artırarak firma değerini artırdığına yaygın olarak inanılsa da, maddi olmayan varlıklar üzerindeki etkileri ampirik olarak belirsizliğini korumaktadır. Kurumsal teori ve örgütsel öğrenme teorisinden yararlanan bu makale, bu ilişkinin firma yaşı ve fikri mülkiyet (FM) ortamının gücüyle nasıl değiştiğini incelemektedir. Driscoll-Kraay standart hatalarına sahip rastgele etkili panel regresyonlarını kullanan çalışma, ESG puanlarının maddi olmayan varlıklar üzerinde genel olarak olumsuz bir etkiye sahip olduğunu, ancak güçlü fikri mülkiyet (FM) rejimleri tarafından yumuşatıldığında olumluya döndüğünü bulmuştur. Firma yaşı bu ilişkiyi önemli ölçüde şekillendirmektedir. ESG'nin genç firmalar için tek başına bir etkisi yoktur, ancak güçlü FM koruması altında etkili hale gelir. Orta yaşlı firmalar için ESG, FM ortamları tarafından desteklenmediği sürece zararlıdır. Daha yaşlı firmalarda ESG biraz faydalıdır, ancak FM'nin marjinal faydası azalır. Bu sonuçlar, ESG stratejilerinin, özellikle erken aşamalarda, destekleyici kurumsal bağlamlar gerektirdiğini ve şirket olgunluğunun bu stratejilerin etkinliğini değiştirdiğini vurgulamaktadır. Çalışma, kurumsal ve örgütsel öğrenme perspektifleri aracılığıyla ESG-maddi olmayan varlık literatürünü zenginleştirmektedir.
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Telif Hakkı (c) 2025 Üçüncü Sektör Sosyal Ekonomi Dergisi
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