Cilt 14 Sayı 3 (2026): Business & Management Studies: An International Journal
Makaleler

Sürdürülebilirlik finansal gücün bir sonucu mu, stratejik bir tercih mi? BIST XUSRD enerji firmalarında RBV, slack ve paydaş teorileri çerçevesinde bir VZA analizi

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  • Hatice Cenger
Hatice Cenger
Öğr. Gör. Dr., Muğla Sıtkı Koçman Üniversitesi, Muğla, Türkiye
Biyografi

Yayınlanmış 25.09.2026

Anahtar Kelimeler

  • Financial Performance, Sustainability, DEA, RBV, Stakeholder Theory
  • Finansal Performans, Sürdürülebilirlik, VZA, RBV, Paydaş Teorisi

Nasıl Atıf Yapılır

Sürdürülebilirlik finansal gücün bir sonucu mu, stratejik bir tercih mi? BIST XUSRD enerji firmalarında RBV, slack ve paydaş teorileri çerçevesinde bir VZA analizi. (2026). Business & Management Studies: An International Journal, 14(3), 1481-1502. https://doi.org/10.15295/bmij.v14i3.2808

Telif Hakkı (c) 2026 Hatice Cenger

Creative Commons License

Bu çalışma Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License ile lisanslanmıştır.

Nasıl Atıf Yapılır

Sürdürülebilirlik finansal gücün bir sonucu mu, stratejik bir tercih mi? BIST XUSRD enerji firmalarında RBV, slack ve paydaş teorileri çerçevesinde bir VZA analizi. (2026). Business & Management Studies: An International Journal, 14(3), 1481-1502. https://doi.org/10.15295/bmij.v14i3.2808

Öz

Bu çalışma, BIST XUSRD endeksinde 2023 yılında işlem gören enerji firmalarının finansal performans ile sürdürülebilirlik performansı arasındaki ilişkiyi Kaynak Temelli Görüş (RBV), Slack Resources Teorisi ve Paydaş Teorisi çerçevesinde çok boyutlu olarak incelemektedir. Analizler, matematiksel programlama tabanlı Veri Zarflama Analizi (VZA) BCC çıktı yönlü süper etkinlik modeli ile gerçekleştirilmiştir. Birinci boyutta, firmaların finansal performansı analiz edilerek bir finansal başarı sıralaması elde edilmiştir. İkinci boyutta, finansal değişkenler girdi, çevresel, sosyal ve yönetişim (ESG) skorları çıktı alınarak finansal kaynakların ESG'ye dönüşüm etkinliği hesaplanmıştır. Üçüncü boyutta ise firmaların mutlak ESG skorları dikkate alınarak sürdürülebilirlik sıralaması yapılmıştır. Bulgular, finansal başarının ESG skorlarına aynı oranda yansımadığını göstermektedir. Finansal göstergeleri görece yüksek olup ESG göstergeleri görece düşük olan firmalar (MAGEN, SMRTG, BIOEN) olduğu gibi, finansal göstergeleri görece düşük olmasına rağmen ESG göstergeleri görece yüksek olan firmalar (ENJSA, KONTR) bulunmaktadır. Görece başarılı firmalar ise hem finansal hem ESG göstergeleri yüksek olan firmalar (ZOREN, AYGAZ, GWIND) olmuştur. Bu bulgular, RBV ve Slack Resources Teorisi'nin "kaynak zenginliği" varsayımına alternatif bir perspektif sunarken, Paydaş Teorisi'nin öngördüğü çoklu sorumluluk anlayışının firmaların stratejik önceliklerine göre farklılaştığını ortaya koymaktadır.

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