Further research should be conducted after the negative impact of the financial turmoil fades
away. A larger sample of firms covering a longer time span can also be utilised. Generation
of a CSR index in Turkey that eliminates the subjectivity of CSR measurement will
undoubtedly improve the accuracy of these analyses.
The insignificant results relating to the relationship between firms’ VAIC and CSR activitiesmay
be attributed to other reasons as well. One such reason is the heterogeneity in the concepts
and theories of CSR. The evolving heterogeneity in the definitions of CSR results in diversities
that even encompass multi-disciplinary issues (Secchi, 2007). Another reason relates to the
inconsistencies in companies’ CSR reporting techniques. Because the emphasis given by
firms to these socially responsible actions is mainly driven from their annual reports; how
socially responsible they are assessed to be depends on the number and type of sentences
they disclose on these reports. The companies in emerging markets like Turkey are generally
unaware of this fact; thus, they may not be utilising this communication in the best manner to
reflect how much they invest on these activities. Therefore, this leads to distortions in
generating an objective measurement of CSR among companies. Taken together, these
reasons may prevent stakeholders from making accurate evaluations in their investment
decisions regarding these listed companies. A sound and uniform way of CSR calculation and
reporting would more truly reflect the financial position of these companies.