Özet:

Sustainability is more important than ever. In this context, companies carry out various corporate social responsibility (CSR) activities. The effects of these activities on stakeholders arouse interest both in the literature and in practice. However, the limited number of studies on CSR news and the fact that none of them cover product and production process news determined the purpose of this study. The study aims to determine the sustainable product and production news of Arçelik, one of the strongest brands in Turkey, and to investigate their effects on its firm value. In this context, scanning all Arçelik news in the Dünya Newspaper without a time limit yielded a hand-collected sample of 23 news articles. The impacts of these news were tested via event study methodology. According to the results, negative news induces a negative reaction as expected. Positive news may have a positive effect when featuring the first-time event while does not cause an effect on subsequent similar events. Additionally, canvassing other corporate news around CSR news dates reveals two unfavorable earning announcements which also explains the negative response to two positive news.

Anahtar Kelimeler: