THE DETERMININATION OF RELATIONSHIP BETWEEN VALUE-BASED MANAGEMENT AND CORPORATE SUSTAINABILITY FOR VALUE MAXIMIZATION: AN APPLICATION IN BIST

The purpose of companies in terms of the value-based view of financial management in the new world order, gained a new vision in the expression of value maximization. In this context, "sustainability" has become the most recent terminology of the commercial and economic order, while the development in the historical process has reached shareholder and value maximization range from profit and profitability route. Sustainability that finds use in different management and disciplines day by day; the resources, expertise, opportunities and innovations that all stakeholders make use of are presented in a participative perspective of risk, return and liquidity initiatives together with the ecological, economic and social factors of the whole. Sustainability practices that emphasize permanent and real elements from temporary and fictitious content, mainly in the company's success; has a multi-dimensional systematic content on the basis of protection, continuity and added value. This study, which addresses this content in the value-based company objectives filter, covers the 2010/Q1 -2017/Q2 time period. Resilient Generalized Least Squares Method was used in the research which found application grounds on the firms included in the scope of Corporate Governance index. As a result of the analysis, it is concluded that there is a positive relationship between corporate market performance and corporate commercial performance with corporate sustainability practices, and a negative relationship between corporate financial performance and corporate sustainability practices.