Effect of Corporate Cultural Responsibility on a Company's Financial Performance and Brand Image: An Example of a Turkish Oil Company Opet A.S.

Effect of Corporate Cultural Responsibility on a Company's Financial Performance and Brand Image: An Example of a Turkish Oil Company Opet A.S.

Azra Bayraktar (Marmara University, Turkey) and Cagla Ersen Cömert (Marmara University, Turkey)
DOI: 10.4018/978-1-5225-3551-5.ch009

Abstract

This chapter examines the concept of institutional cultural responsibility and the effect of corporate cultural responsibility on financial performance and brand image within the framework of the corporate cultural responsibility project implemented by a Turkish petroleum company. This company has been working on several CSR projects for more than 20 years. With these projects, they won the Lovemark award from the Ipsos research company for the third time. The projects helped the company to increase its market share and its brand loyalty among customers. This research focuses on the CSR project in which the company rehabilitated the Gallipoli War areas from 1915.
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Introduction

The concept of corporate social responsibility (CSR), widespread in recent years, assumes that businesses have responsibilities to society and their environment, as well as to profit maximization. Until now, various classifications and models have been suggested to describe the institutional social responsibilities of enterprises, only possible if companies stay in contact with their society. Beyond their economic responsibilities, businesses can succeed in the sense that they contribute to the solution of problems in their society.

However, when the significance of the concept of culture and its impact on society is considered, practices carried out in the cultural field must be addressed separately. The responsibilities of corporations regarding the cultural values of the society, within the framework of CSR, create an area referred to as Corporate Cultural Responsibility (CCR).

In this study, it is aimed to examine all the directions of the concept of cultural responsibility which is one of the dimensions of corporate social responsibility. The in -depth (semi-structured) interview technique is used. Before the interview guide was prepared to collect the information. However, depending on the flow of the interview, discussions have been detailed with sub-questions. Semi structured interview technique is standard on a certain leve especially for qualitative analysis and gives a more technical appearance to the same information searches.

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