ÇEVRESEL, SOSYAL VE KURUMSAL YÖNETİŞİM (ESG) SKORLARI VE KAR PAYI KARARLARI ARASINDAKİ İLİŞKİNİN İNCELENMESİ

Year 2022, , 872 - 881, 31.12.2022

Aslı Yıkılmaz

https://doi.org/10.29106/fesa.1209238

Abstract

Kar payı dağıtım kararları finans literatüründe üzerinde sıklıkla araştırılan alanlardan biridir. Bu çalışmada, kar payı dağıtım kararları kurumsal sürdürülebilirlik kapsamında ele alınarak, ESG skorlarının kar payı dağıtım kararlarına etkisi incelenmiştir. Çalışmada S&P Global tarafından ESG skoru hesaplanan 32 firmanın, 2017-2021 dönemindeki ESG skorlarıyla nakdi kar payı dağıtım oranı arasındaki ilişki panel regresyon yöntemiyle incelenmiştir. Elde edilen sonuçlar ESG skorunun kar payı dağıtımını pozitif yönde etkilediğini göstermiştir. Bu sonuç ESG skoru yüksek firmaların kar payı dağıtımını piyasalara bilgi vermek için kullandığı savını (signaling theory) desteklemektedir.

Keywords

Kar Payı Kararları, ESG, Sürdürülebilirlik

Investigation of the Relationship Between Environmental, Social and Corporate Governance (ESG) Scores and Dividend Decisions

Abstract

Dividend decisions are one of the areas that are frequently researched in the finance literature. In this study, dividend decisions are handled within the scope of corporate sustainability, and the effect of ESG scores on dividend decisions is examined. The study examined the relationship between the ESG scores of 32 firms whose ESG scores have been calculated by S&P global and the cash dividend ratio by panel regression method in 2017-2021. The results showed that the ESG score positively affects the dividend decision. This result supports the argument (signaling theory) that companies with high ESG scores use their dividend distribution to inform the markets.

Keywords

Dividend Decision, Sustainability, esg

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