Concluding remarks and scope for future research
This study was conducted to provide empirical evidence on the interaction between CSR
activities and the VAIC of companies. In this vein, three different types of analyses, including
a total of 12 models, were conducted to add some insight from an emerging market.
The findings display insignificant results relating to the above-mentioned relationship. Even
though the leading 39 companies of the ISE 100 index are included in the sample, CSR
initiatives are not found to positively affect VAIC and its dimensions. Here, the constraints
related to the sample size must be noted. The lack of a CSR index covering several years
limits the soundness of the empirical evidence. Additionally, some external factors can be
considered to be the reason for these findings. The financial crisis of 2008 introduced
adverse conditions such as high costs of borrowing and financial market instability. As an
emerging market, Turkey is particularly influenced by these recent developments.
Furthermore, the high cost of socially responsible investments also adds to the severity of
this situation. The results could also be affected by the fact that some firms that are inclined
to engage in CSR activities do not prefer to do so due to affordability.