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THE EFFECT OF ESG (ENVIRONMENTAL, SOCIAL AND GOVERNANCE) SCORES ON FIRM PERFORMANCE: EVIDENCE FROM TURKISH BANKING INDUSTRY

Year 2022, Issue: 63, 75 - 82, 30.12.2022

Emin Hüseyin Çetenak , Ersan Ersoy , Özcan Işık

https://doi.org/10.18070/erciyesiibd.1212587
Cited By: 7

Abstract

ESG scores are a measure that reveals the performance of companies regarding their investments
and activities in the fields of environmental, social, and corporate governance. In recent years, this
concept, which emerged because of companies developing reporting models by considering the
demands from stakeholders, has begun to become more decisive on the financial decisions of all
stakeholders. The aim of this study is to investigate the effect of ESG scores on financial performance
of Turkish commercial banks in the period of 2010-2020. In the analyzes performed using the PCSE
and FGLS panel data estimators, it has been concluded that the total ESG, social (SPS) and corporate
governance (GPS) scores of the banks positively affect the accounting and market-based performance indicators (ROA and Tobin’s Q). On the other hand, it was seen that the environmental (EPS) score did not have a statistically significant effect on both performance indicators. In addition, the results show that the Covid-19 pandemic has led to a decrease in banks’ performance as measured by ROA and Tobin’s Q. Analysis outcomes indicate that giving more importance to non-financial reporting and ESG activities will contribute to enhancing firm performance.

Keywords

ESG Sustainability Bank Performance Firm Performance Corporate Social Responsibility

References

  • Azmi, W., Hassan, M. K., Houston, R. ve Karim M. S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions & Money, 70, 101277. https://doi.org/10.1016/j.intfin.2020.101277
  • Batae, O. M., Dragomir, V. D. ve Feleaga, L. (2021). The relationship between environmental, social, and financial performance in banking sector: A European study. Journal of Cleaner Production, 290, 125791. https://doi.org/10.1016/j.jclepro.2021.125791
  • Birindelli, G., Dell’Atti, S., Iannuzzi, A. P. ve Savioli, M. (2018). Composition and activity of the board of directors: Impact on ESG performance in the banking system. Sustainability, 10(12), 4699. https://doi.org/10.3390/su10124699
  • Brogi, M. ve Lagasio, V. (2018). Environmental, social, and governance and company profitability: Are financial intermediaries different? Corporate Social Responsibility and Environmental Management, 26, 576–587. https://doi.org/10.1002/csr.1704
  • Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30, 98–115. https://doi.org/10.1108/MEQ-12-2017-0149
  • Buallay, A., Fadel, S. M., Al-Ajmi, J. Y. ve Saudagaran, S. (2020). Sustainability reporting and performance of MENA banks: Is there a trade-off? Measuring Business Excellence, 24, 197–221. https://doi.org/10.1108/MBE-09-2018-0078
  • Brooks, C. (2008). Introductory Econometrics for Finance (2nd ed.).Cambridge. Cambridge University Press. Chang, H.-Y., Liang, L. W. ve Liu, Y.-L. (2021). Using environmental, social, governance (ESG) and financial ındicators to measure bank cost efficiency in Asia. Sustainability, 13(20), 11139. https://doi.org/10.3390/su132011139
  • Cornett, M. M., Erhemjamts, O. ve Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of U.S. commercial banks around the financial crisis. Journal of Banking and Finance, 70, 137-159. http://dx.doi.org/10.1016/j.jbankfin.2016.04.024
  • Crespi, F. ve Migliavacca, M. (2020). The determinants of ESG rating in the financial industry: The same old story or a different tale? Sustainability, 12(16), 6398. https://doi.org/10.3390/su12166398
  • Di Tommaso, C. ve Thornton, J. (2020). Do ESG scores effect bank risk taking and value? Evidence from European banks. Corporate Social Responsibility and Environmental Management, 27, 2286–2298. https://doi.org/10.1002/csr.1964
  • Driscoll, J. C. ve Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. The Review of Economics and Statistics, 80(4), 549-560. https://doi.org/10.1162/003465398557825
  • Eccles, R. G., Ioannou, I. ve Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
  • El Khoury, R., Nasrallah, N. ve Alareeni, B. (2021). ESG and financial performance of banks in the MENAT region: Concavity–convexity patterns. Journal of Sustainable Finance & Investment, 11, 1–25. https://doi.org/10.1080/20430795.2021.1929807
  • Erhemjamts, O., Huang, K. ve Tehranian, H. (2022). Climate risk, ESG performance, and sentiment for U.S. commercial banks. Retrieved from https://advantage.factset.com/hubfs/Landing%20Page%20Images%20+%20Files/Paper_Climate%20Risk%2C%20ESG%20Performance%2C%20and%20ESG%20Sentiment.pdf
  • Ersoy, E., Swiecka, B., Grima, S., Özen, E. ve Romanova, I. (2022). The impact of ESG scores on bank market value? Evidence from the U.S. banking industry. Sustainability, 14(15), 9527. https://doi.org/10.3390/su14159527
  • Esteban-Sanchez, P., de la Cuesta-Gonzalez, M. ve Paredes-Gazquez, J. D. (2017). Corporate social performance and its relation with corporate financial performance: International evidence in the banking industry. Journal of Cleaner Production, 162, 1102–1110. http://dx.doi.org/10.1016/j.jclepro.2017.06.127
  • Gholami, A., Sands, J. ve Rahman, H. U. (2022). Environmental, social and governance disclosure and value generation: Is the financial industry different? Sustainability, 14, 2647. https://doi.org/10.3390/su14052647
  • Greene, W. H. (2008). Econometric analysis. Granite Hill Publishers.
  • Greene, W. H. (2012). Econometric analysis (7th ed.). Upper Saddle River, NJ: Prentice Hall. Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. Stata Journal, 7(3), 281–312.
  • Im, K. S., Pesaran, M. H. ve Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74. https://doi.org/10.1016/S0304-4076(03)00092-7
  • Maddala, G. S. ve Wu, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, 61(S1), 631-652. https://doi.org/10.1111/1468-0084.0610s1631
  • Mercieca, S., Schaeck, K. ve Wolfe, S. (2007). Small European banks: Benefits from diversification? Journal of Banking & Finance, 31(7), 1975-1998. https://doi.org/10.1016/j.jbankfin.2007.01.004
  • Miralles-Quirós, M. M., Miralles-Quirós, J. L. ve Hernández, J. R. (2019). ESG performance and shareholder value creation in the banking industry: International differences. Sustainability, 11, 1404. https://doi.org/10.3390/su11051404
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435.
  • Refinitive (2022). Environmental, social and governance scores from Refinitiv. (RE1606884/4-22, May 2022). Retrieved from https://www.refinitiv.com/content/dam/marketing/en_us/ documents/methodology/refinitiv-esg-scores-methodology.pdf
  • Sanya, S. ve Wolfe, S. (2011). Can banks in emerging economies benefit from revenue diversification. Journal of Financial Services Research, 40, 79-101. https://doi.org/10.1007/s10693-010-0098-z
  • Shakil, M. H., Mahmood, N., Tasnia, M. ve Munim, Z. H. (2019). Do environmental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Management of Environmental Quality: An International Journal, 30, 1331–1344. https://doi.org/10.1108/MEQ-08-2018-0155
  • Simsek, O. ve Cankaya, S. (2021). Examining the relationship between ESG scores and financial performance in banks: Evidence from G8 countries. PressAcademia Procedia, 14, 169–170. http://doi.org/10.17261/Pressacademia.2021.1524
  • Siueia, T. T., Wang, J. ve Deladem, T. G. (2019). Corporate social responsibility and financial performance: A comparative study in the Sub-Saharan Africa banking sector. Journal of Cleaner Production, 226, 658–668. https://doi.org/10.1016/j.jclepro.2019.04.027
  • Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. London: MIT press.
  • Wu, M.-W. ve Shen, C.-H. (2013). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking & Finance, 37, 3529–3547. http://dx.doi.org/10.1016/j.jbankfin.2013.04.023
  • Zaman, S. ve Ellili, N. O. D. (2022). The effect of ESG disclosure on the financial performance of UAE banks. Available at SSRN: http://dx.doi.org/10.2139/ssrn.4043024

ESG (ÇEVRESEL, SOSYAL VE KURUMSAL YÖNETİM) SKORUNUN FİRMA PERFORMANSINA ETKİSİ: TÜRK BANKACILIK SEKTÖRÜ ÖRNEĞİ

Year 2022, Issue: 63, 75 - 82, 30.12.2022

Emin Hüseyin Çetenak , Ersan Ersoy , Özcan Işık

https://doi.org/10.18070/erciyesiibd.1212587
Cited By: 7

Abstract

ESG skorları, firmaların çevresel, sosyal ve kurumsal yönetim alanlarındaki yatırım ve faaliyetleri ile ilgili
performansını ortaya koyan bir ölçüttür. Son yıllarda firmaların paydaşlardan gelen talepleri dikkate
alarak çeşitli raporlama modelleri geliştirmesi sonucunda ortaya çıkan bu kavram, tüm paydaşların
finansal kararları üzerinde daha fazla belirleyici olmaya başlamıştır. Bu çalışmanın amacı Türkiye’de faaliyet gösteren mevduat bankalarında ESG skorlarının finansal performans üzerindeki etkisini araştırmaktır. Çalışma 2010-2020 dönemini kapsamaktadır. PCSE ve FGLS panel veri tahmincileri kullanarak yapılan analizlerde, bankaların toplam ESG, sosyal (SPS) ve kurumsal yönetim (GPS)
skorlarının muhasebe ve piyasa temelli performans göstergelerini (ROA ve Tobin Q) pozitif yönde
etkilediği tespit edilmiştir. Diğer taraftan çevresel (EPS) skorunun her iki performans göstergesi üzerinde de istatistiksel olarak anlamlı bir etkiye sahip olmadığı görülmüştür. Ayrıca sonuçlar, Covid-19 pandemisinin bankaların ROA ve Tobin Q ile ölçülen performanslarında azalışa yol açtığını
göstermektedir. Analiz bulguları firma performansını artırmada finansal olmayan raporlamaya ve ESG
faaliyetlerine daha fazla önem verilmesi gerektiğini işaret etmektedir.

Keywords

ESG Sürdürülebilirlik Banka Performansı Firma Performansı Kurumsal Sosyal Sorumluluk

References

  • Azmi, W., Hassan, M. K., Houston, R. ve Karim M. S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions & Money, 70, 101277. https://doi.org/10.1016/j.intfin.2020.101277
  • Batae, O. M., Dragomir, V. D. ve Feleaga, L. (2021). The relationship between environmental, social, and financial performance in banking sector: A European study. Journal of Cleaner Production, 290, 125791. https://doi.org/10.1016/j.jclepro.2021.125791
  • Birindelli, G., Dell’Atti, S., Iannuzzi, A. P. ve Savioli, M. (2018). Composition and activity of the board of directors: Impact on ESG performance in the banking system. Sustainability, 10(12), 4699. https://doi.org/10.3390/su10124699
  • Brogi, M. ve Lagasio, V. (2018). Environmental, social, and governance and company profitability: Are financial intermediaries different? Corporate Social Responsibility and Environmental Management, 26, 576–587. https://doi.org/10.1002/csr.1704
  • Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30, 98–115. https://doi.org/10.1108/MEQ-12-2017-0149
  • Buallay, A., Fadel, S. M., Al-Ajmi, J. Y. ve Saudagaran, S. (2020). Sustainability reporting and performance of MENA banks: Is there a trade-off? Measuring Business Excellence, 24, 197–221. https://doi.org/10.1108/MBE-09-2018-0078
  • Brooks, C. (2008). Introductory Econometrics for Finance (2nd ed.).Cambridge. Cambridge University Press. Chang, H.-Y., Liang, L. W. ve Liu, Y.-L. (2021). Using environmental, social, governance (ESG) and financial ındicators to measure bank cost efficiency in Asia. Sustainability, 13(20), 11139. https://doi.org/10.3390/su132011139
  • Cornett, M. M., Erhemjamts, O. ve Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of U.S. commercial banks around the financial crisis. Journal of Banking and Finance, 70, 137-159. http://dx.doi.org/10.1016/j.jbankfin.2016.04.024
  • Crespi, F. ve Migliavacca, M. (2020). The determinants of ESG rating in the financial industry: The same old story or a different tale? Sustainability, 12(16), 6398. https://doi.org/10.3390/su12166398
  • Di Tommaso, C. ve Thornton, J. (2020). Do ESG scores effect bank risk taking and value? Evidence from European banks. Corporate Social Responsibility and Environmental Management, 27, 2286–2298. https://doi.org/10.1002/csr.1964
  • Driscoll, J. C. ve Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. The Review of Economics and Statistics, 80(4), 549-560. https://doi.org/10.1162/003465398557825
  • Eccles, R. G., Ioannou, I. ve Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
  • El Khoury, R., Nasrallah, N. ve Alareeni, B. (2021). ESG and financial performance of banks in the MENAT region: Concavity–convexity patterns. Journal of Sustainable Finance & Investment, 11, 1–25. https://doi.org/10.1080/20430795.2021.1929807
  • Erhemjamts, O., Huang, K. ve Tehranian, H. (2022). Climate risk, ESG performance, and sentiment for U.S. commercial banks. Retrieved from https://advantage.factset.com/hubfs/Landing%20Page%20Images%20+%20Files/Paper_Climate%20Risk%2C%20ESG%20Performance%2C%20and%20ESG%20Sentiment.pdf
  • Ersoy, E., Swiecka, B., Grima, S., Özen, E. ve Romanova, I. (2022). The impact of ESG scores on bank market value? Evidence from the U.S. banking industry. Sustainability, 14(15), 9527. https://doi.org/10.3390/su14159527
  • Esteban-Sanchez, P., de la Cuesta-Gonzalez, M. ve Paredes-Gazquez, J. D. (2017). Corporate social performance and its relation with corporate financial performance: International evidence in the banking industry. Journal of Cleaner Production, 162, 1102–1110. http://dx.doi.org/10.1016/j.jclepro.2017.06.127
  • Gholami, A., Sands, J. ve Rahman, H. U. (2022). Environmental, social and governance disclosure and value generation: Is the financial industry different? Sustainability, 14, 2647. https://doi.org/10.3390/su14052647
  • Greene, W. H. (2008). Econometric analysis. Granite Hill Publishers.
  • Greene, W. H. (2012). Econometric analysis (7th ed.). Upper Saddle River, NJ: Prentice Hall. Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. Stata Journal, 7(3), 281–312.
  • Im, K. S., Pesaran, M. H. ve Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74. https://doi.org/10.1016/S0304-4076(03)00092-7
  • Maddala, G. S. ve Wu, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, 61(S1), 631-652. https://doi.org/10.1111/1468-0084.0610s1631
  • Mercieca, S., Schaeck, K. ve Wolfe, S. (2007). Small European banks: Benefits from diversification? Journal of Banking & Finance, 31(7), 1975-1998. https://doi.org/10.1016/j.jbankfin.2007.01.004
  • Miralles-Quirós, M. M., Miralles-Quirós, J. L. ve Hernández, J. R. (2019). ESG performance and shareholder value creation in the banking industry: International differences. Sustainability, 11, 1404. https://doi.org/10.3390/su11051404
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435.
  • Refinitive (2022). Environmental, social and governance scores from Refinitiv. (RE1606884/4-22, May 2022). Retrieved from https://www.refinitiv.com/content/dam/marketing/en_us/ documents/methodology/refinitiv-esg-scores-methodology.pdf
  • Sanya, S. ve Wolfe, S. (2011). Can banks in emerging economies benefit from revenue diversification. Journal of Financial Services Research, 40, 79-101. https://doi.org/10.1007/s10693-010-0098-z
  • Shakil, M. H., Mahmood, N., Tasnia, M. ve Munim, Z. H. (2019). Do environmental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Management of Environmental Quality: An International Journal, 30, 1331–1344. https://doi.org/10.1108/MEQ-08-2018-0155
  • Simsek, O. ve Cankaya, S. (2021). Examining the relationship between ESG scores and financial performance in banks: Evidence from G8 countries. PressAcademia Procedia, 14, 169–170. http://doi.org/10.17261/Pressacademia.2021.1524
  • Siueia, T. T., Wang, J. ve Deladem, T. G. (2019). Corporate social responsibility and financial performance: A comparative study in the Sub-Saharan Africa banking sector. Journal of Cleaner Production, 226, 658–668. https://doi.org/10.1016/j.jclepro.2019.04.027
  • Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. London: MIT press.
  • Wu, M.-W. ve Shen, C.-H. (2013). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking & Finance, 37, 3529–3547. http://dx.doi.org/10.1016/j.jbankfin.2013.04.023
  • Zaman, S. ve Ellili, N. O. D. (2022). The effect of ESG disclosure on the financial performance of UAE banks. Available at SSRN: http://dx.doi.org/10.2139/ssrn.4043024
There are 32 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Emin Hüseyin Çetenak 0000-0003-2900-4948

Ersan Ersoy 0000-0003-4079-2834

Özcan Işık 0000-0003-2230-8738

Early Pub Date December 29, 2022
Publication Date December 30, 2022
Acceptance Date December 19, 2022
Published in Issue Year 2022 Issue: 63

Cite

APA Çetenak, E. H., Ersoy, E., & Işık, Ö. (2022). ESG (ÇEVRESEL, SOSYAL VE KURUMSAL YÖNETİM) SKORUNUN FİRMA PERFORMANSINA ETKİSİ: TÜRK BANKACILIK SEKTÖRÜ ÖRNEĞİ. Erciyes Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi(63), 75-82. https://doi.org/10.18070/erciyesiibd.1212587

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