Do the Shareholders Really Care about Corporate Social Responsibility?*
Banu Dincer

Abstract
The purpose of the study is to investigate possible effects of the ownership structure of the firms in their Corporate Social Responsibility Reporting. The CSR reporting practices and social disclosure of the firms are explained by stakeholder power, strategy and economic performance of the firms according to Ullmann’s framework. This approach is tested by multiple regression models on firms listed in Istanbul Stock Exchange operating in three sectors (food, chemicals petroleum and rubber products, fabricated metal products machinery and equipment). The results obtained confirm that the influence exerted by certain stakeholders (government and creditors) have an important effect on the publication of a CSR report. On the contrary, economic performance has no effect on this process. Financial institutions, investors and dispersed shareholders seem to be only interested in the financial performance of the firm, but not in its sustainable strategies or activities.

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