Design/methodology/approach – The empirical analyses, which take into account VAIC and its
dimensions, are conducted on a sample of manufacturing companies listed on the Istanbul Stock
Exchange (ISE) during the period 2007-2008. It is shown that some causality is related to the existence
of a lag during the periods for the variables CSR and VAIC. Based on previous empirical studies, this
study conducts the analyses based on the assumption that there may be a relationship between firm
age, financial leverage, return on sales and market-to-book ratio and CSR.