Çevresel, Sosyal ve Yönetişim (ESG) Haberlerinin Firmaların Finansal Performansına Etkisi: Borsa İstanbul’dan Kanıt

Year 2022, Volume: 24 Issue: 2, 598 - 621, 27.08.2022

Erdinç Akyıldırım , Ali Coşkun , İsmail Çelik , Arife Özdemir Höl

https://doi.org/10.26745/ahbvuibfd.1090499

Cited By: 3

Abstract

Sürdürülebilirlik ile ilgili her geçen gün artan farkındalık, firmaların çevresel (Environmental), sosyal (Social) ve yönetişim (Governance) olarak kısaca ESG olarak adlandırılan sürdürülebilirlik faktörlerini, verdikleri her kararda ve atacakları her adımda dikkate almalarına sebep olmaktadır. Bu çalışmada Borsa İstanbul’da işlem gören firmalar ile ilgili çıkan ESG haberlerinin piyasa tarafından nasıl algılandığı, bu firmaların hisse senedi getirileri kullanılarak olay çalışması metodolojisi ile incelenmiştir. Firmalar hakkında çıkan olumsuz ESG haberlerinin sadece %10’a yakınının firmalar için anormal getiriye neden olduğunu gösteren sonuçlar ESG haberleri içerisinde negatif anormal getiriye neden olan haberlerin oranının pozitif anormal getiriye neden olan haberlerin yüzdesinin iki katı kadar olduğunu da göstermektedir. Türkiye’de borsada işlem gören bazı firmalar için yatırımcıların kararlarında halen firmanın gelecekteki finansal performansının daha önemli olduğu ve artan sürdürülebilirlik farkındalığı ve ESG okuryazarlığına rağmen henüz sürdürülebilirlik ile ilgili haberlerin anormal getiriler üzerinde büyük bir etkisi olmadığını söylemek doğru bir analiz olacaktır.

Keywords

Çevresel Sosyal ve Yönetişim (ESG), Olay analizi, BİST Sürdürülebilirlik

The Impact of Environmental, Social, and Governance (ESG) News on Financial Performance of Firms: Evidence From Borsa İstanbul

Abstract

The increasing awareness about sustainability leads companies to consider the sustainability factors, namely environmental, social, and governance (ESG hereafter), in every decision they make and in every step they take. In this study, how the ESG news about companies trading in BIST are perceived by the market is examined using the stock returns of these companies with the event study methodology. While the results show that only about 10% of negative ESG news about companies cause abnormal returns, they also present that the rate of news that causes negative abnormal returns in ESG news is twice as much as the percentage of news that causes positive abnormal returns. It would be fair to say that investors still consider only the future financial performances of the companies as the main indicator in their investing decisions for some BIST companies in Turkey, and that despite the increasing awareness of sustainability and ESG literacy, news about sustainability has not yet had a major impact on abnormal returns.

Keywords

Environmental Social and Governance (ESG), Event analysis, BIST, Sustainability

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