Özet:

The literature presents contradictory results on the relationship between corporate sustainability performance and corporate financial performance. The effect of sustainability on financial performance is mostly estimated as positive, but there are substantial number of studies that find a negative relationship and further, in some studies results are inconclusive. This casts doubt on the direction of this relationship and whether there is such a relationship at all still remains as an open question. The respective proportion of studies with positive outcomes is not distinct enough to reach a convincing scientific consensus, especially given that, these studies differ vastly in the measures and the datasets they use. There are only a few studies that investigate the link between financial performance and sustainability on Turkish firms and those studies suffer from small sample sizes. In this study, the link between corporate financial performance and corporate sustainability is demonstrated using a large dataset constructed by matching CSRHub and Wharton Research Data Services (WRDS) Compustat Global databases. Results suggest that there is positive significant effect of sustainability on financial performance. Further, Turkish firms with foreign corporate partners perform better both in terms of sustainability and financial performance compared to their pure domestic counterparts. 

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