Kurumsal Yeşil Tahviller ve Firma Değeri: Türkiye Uygulamaları

Year 2023, Volume: 8 Issue: 1, 261 - 269, 31.03.2023

Tolga Dumlu , Emrah Keleş

https://doi.org/10.29106/fesa.1258937

Cited By: 3

Abstract

Değişen iklim ve küresel ısınmanın insanlık için yarattığı tehditler sürdürülebilirlik kavramının önemini her geçen gün artırmaktadır. Şirketlerin sürdürülebilirlik kapsamında gerçekleştirmeyi planladıkları yeşil yatırımlar ve projeler için finansman ihtiyacı ortaya çıkmaktadır. Çevrenin korunması ile birlikte ekonomik kalkınmaya da destek verme amacıyla kullanılan finansman araçlarından birisi de yeşil tahvillerdir. Türkiye’de yeşil tahvil ihraçları yıllar itibariyle artış göstermiş olsa da dünya geneli ile kıyaslandığında beklenen seviyede olmadığı söylenebilir. Bu çalışmada, yeşil tahvil ihraçlarının şirketlerin pay senedi getirisi üzerindeki etkisi incelenmektedir. Yeşil tahvil ihracını takip eden 1. günde şirketlerin pay senetlerinde anlamlı pozitif getiriler tespit edilmiştir. Bu çalışma, Türkiye yazınında yeşil tahvil ihracı ve finansal performans arasındaki ilişkiyi inceleyen ilk örneklerden olup gelecek çalışmalara zemin hazırlamak bakımından dikkate değer bulgular ortaya koymaktadır.

Keywords

Yeşil tahvil, yeşil finansman, anormal getiri, olay çalışması

Corporate Green Bonds and Firm Value: Evidence from Turkey

Abstract

The threats posed by the changing climate and global warming for humanity increase the importance of sustainability day by day. Green investments and projects that companies plan to realize within the scope of sustainability need financing. Green bonds are one of the financing tools used to support economic development and environmental protection. Although green bond issuances have increased in Turkey over the years, the amount is still low compared to the globe. This study examines the effect of green bond issuances on companies' stock returns. The results indicate that companies experience positive abnormal returns following the issuance of green bonds first day. The study is among the first in Turkish literature related to green bond issuance in Turkey, and its findings provide ground for future research.

Keywords

Green bonds, green financing, abnormal return, event study, environment

References

• AGUILERA-CARACUEL, J., & ORTIZ-DE-MANDOJANA, N. (2013). Green Innovation and Financial Performance: An Institutional Approach. Organization & Environment, 26(4), 365-385.
• BAYSAN, Y. (2019). Yeşil Tahviller ve İklim Finansmanı (Doctoral dissertation, Marmara Üniversitesi (Turkey).
• BOEHMER, E., MASUMECİ, J., & POULSEN, A. B. (1991). Event-study methodology under conditions of event-induced variance. Journal of Financial Economics, 30(2), 253–272. https://doi.org/https://doi.org/10.1016/0304-405X(91)90032-F
• CAPELLE-BLANCARD, G., & PETIT, A. (2019). Every Little Helps? ESG News and Stock Market Reaction. Journal of Business Ethics, 157(2), 543–565. https://doi.org/10.1007/s10551-017-3667-3
• CBI, CLIMATE BONDS INITIATIVE GREEN BONDS HIGHLIGHTS https://www.climatebonds.net/resources/reports/green-bond-highlights (05/08/2022).
• CHEN, Y., GANESAN, S., & LIU, Y. (2009). Does a Firm’s Product-Recall Strategy Affect Its Financial Value? An Examination of Strategic Alternatives During Product-Harm Crises. Journal of Marketing, 73(6), 214-226.
• CHIESA, M., & BARUA, S. (2019). The Surge of Impact Borrowing: The Magnitude and Determinants of Green Bond Supply and Its Heterogeneity Across Markets. Journal of Sustainable Finance & Investment, 9(2), 138-161.
• COWAN, A. R. (1992). Nonparametric Event Study Tests. Review of Quantitative Finance and Accounting, 2(4), 343–358. https://doi.org/10.1007/BF00939016
• DURU, U., & NYONG, A. (2016). Why Africa Needs Green Bonds. Africa Economic Brief, 7(2), 8. E ILERT, M., JAYACHANDRAN, S., KALAIGNANAM, K., & SWARTZ, T. A. (2017). Does It Pay to Recall Your Product Early ? An Empirical Investigation in the Automobile Industry. 81(May), 111–129. https://doi.org/10.1509/jm.15.0074
• FAMA, E. F. (1970). Efficient Capital Markets: A Review Of Theory and Empirical Work. The Journal of Finance, 25(2), 383–417. https://doi.org/https://doi.org/10.1111/j.1540-6261.1970.tb00518.x
• FLAMMER, C. (2021). Corporate Green Bonds. Journal of Financial Economics, 142(2), 499-516.
• FLAMMER, C. (2013). Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors. Academy of Management Journal, 56(3), 758-781.
• GALANT, A., & CVEK, D. (2021). The Effect of Environmental Performance Investments on Financial Performance: Analysis of Croatian Companies. Central European Business Review, 10(5).
• HACHENBERG, B., & SCHIERECK, D. (2018). Are Green Bonds Priced Differently From Conventional Bonds?. Journal of Asset Management, 19(6), 371-383.
• HORVÁTHOVÁ, E. (2010). Does Environmental Performance Affect Financial Performance? A Meta-Analysis. Ecological Economics, 70(1), 52-59.
• ICMA, YEŞİL TAHVİL İLKELERİ, 2021, https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/Translations/2021/Turkish-GBP-2021.pdf?vid=2 (10.08.2022)
• IEA, A Road Map For The Global Energy Sector, 2021, https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf (28.12.2022)
• JARRELL, G., & PELTZMAN, S. (1985). The Impact of Product Recalls on The Wealth of Sellers. Journal of Political Economy, 93(3), 512–536.
• JUN, MA, CHRISTOPHER KAMINKER, SEAN KIDNEY VE NICHOLAS PFAFF (2016), Green Bonds: Country Experiences, Barriers and Options, G20 Green Finance Study Group Report, http://unepinquiry.org/wpcontent/uploads/2016/09/6_Green_Bonds_Country_Experiences_Barriers_and_ Options.pdf (Erişim Tarihi: 10.08.2022).
• KAMUYU AYDINLATMA PLATFORMU, https://www.kap.org.tr/tr/ (08/08/2022).
• KANDIR, S. Y., & YAKAR, S. (2017). Yeşil Tahvil Piyasaları: Türkiye’de Yeşil Tahvil Piyasasının Geliştirilebilmesi için Öneriler. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 26[2], 159-175.
• KELEŞ, E. (2020). Covid-19 ve Bist-30 Endeksi Üzerine Kısa Dönemli Etkileri. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 42(1), 91-105.
• KELEŞ, F. H. E. (2022). Sürdürülebilir Ürün, Sürdürülebilir Üretim ve Arçelik Örneği. Journal of Research in Business, 7(2), 582-603.
• KLASSEN, R. D., & MCLAUGHLIN, C. P. (1996). The Impact of Environmental Management on Firm Performance. Management Science, 42(8), 1199-1214.
• KOLARI, J. W., & PYNNONEN, S. (2011). Nonparametric Rank Tests for Event Studies. Journal of Empirical Finance, 18(5), 953–971. https://doi.org/https://doi.org/10.1016/j.jempfin.2011.08.003
• KOTHARI, S. P., & WARNER, J. B. (2007). Chapter 1 - Econometrics of Event Studies**We Thank Espen Eckbo, Jon Lewellen, Adam Kolasinski, and Jay Ritter For İnsightful Comments, and Irfan Safdar And Alan Wancier for Research Assistance. In B. E. B. T.-H. of E. C. F. Eckbo (Ed.), Handbooks in Finance (pp. 3–36). https://doi.org/https://doi.org/10.1016/B978-0-444-53265-7.50015-9
• KRUEGER, P., SAUTNER, Z., & STARKS, L. T. (2020). The Importance of Climate Risks for Institutional Investors. The Review of Financial Studies, 33(3), 1067-1111.
• LEY, L. (2017). A Comparative Study on The Financial Performance of Green Bonds and Their Conventional Peers. Erasmus School of Economics, Rotterdam.
• LYON, T. P., & MAXWELL, J. W. (2011). Greenwash: Corporate Environmental Disclosure Under Threat of Audit. Journal of Economics & Management Strategy, 20(1), 3-41.
• MALTAIS, A., & NYKVIST, B. (2020). Understanding The Role of Green Bonds In Advancing Sustainability. Journal of Sustainable Finance & Investment, 1-20.
• MENTEŞE, B. (2021). YEŞİL TAHVİLİN GELİŞİMİ VE TÜRKİYE’DEKİ UYGULAMALARI. Uluslararası Muhasebe ve Finans Araştırmaları Dergisi, 3(1), 94-117.
• MIROSHNYCHENKO, I., BARONTINI, R., & TESTA, F. (2017). Green Practices and Financial Performance: A Global Outlook. Journal of Cleaner Production, 147, 340-351.
• NG, T. H., & TAO, J. Y. (2016). Bond Financing for Renewable Energy in Asia. Energy Policy, 95, 509-517. NUR T., & EGE, İ. (2022). Yeşil Tahvil ve Pay Piyasası Arasındaki İlişkinin Zaman Serisi Analizleri ile Araştırılması. Journal of Accounting & Finance, (94).
• ÖZER MUSTAFA (2017), Yeşil Tahviller, Gösterge Dergisi, https://www.tspb.org.tr/wpcontent/uploads/2015/07/GOSTERGE_KIS_2017_opt.pdf (Erişim Tarihi: 13.09.2022).
• ÖZKAN, T. (2019). Yeşil Tahvil Piyasaları: Türkiye Örneği. Pressacademia procedia, 10(1), 73-75. SACHS, J. D., WOO, W. T., YOSHINO, N., & TAGHIZADEH-HESARY, F. (2019). Why is Green Finance Important?.
• SARIGÜL, S. S., & TOPCU, B. A. (2020). Yenilenebilir Enerji Yatırımlarının Finansmanında Yeşil Tahvil İhracı: Türkiye Örneği. PROCEEDINGS E-BOOK, 643.
• SHURA, (2021), Yeşil Yeni Düzen Bağlamında Türkiye’de Enerji Dönüşümünün Finansmanı, https://shura.org.tr/wp-content/uploads/2022/06/ANA_Rapor-1.pdf (28.12.2022)
• SUN, C., & WULANDARI, F. C. (2017). Liquidity Risk and Yield Spreads of Green Bonds: Evidence From International Green Bonds Market.
• TANG, D. Y., & ZHANG, Y. (2020). Do Shareholders Benefit From Green Bonds?. Journal of Corporate Finance, 61, 101427.
• TURGUTTOPBAŞ, N. (2020). Sürdürülebilirlik, Yeşil Finans ve İlk Türk Yeşil Tahvil İhracı. Finansal Araştırmalar ve Çalışmalar Dergisi, 12(22), 267-283.
• WEBER, O. (2017). Corporate Sustainability and Financial Performance of Chinese Banks. Sustainability Accounting, Management and Policy Journal.
• WORLD BANK (2019), 10 Years of Green Bonds: Creating The Blueprint for Sustainability Across Capital Markets, available https://www.worldbank.org/en/news/immersive-story/2019/03/18/10-years-of-green-bonds-creating-the-blueprint-for-sustainability-across-capital-markets
• YAZICIOĞLU, İ. E., & TÖKE, L. B. (2022), Sürdürülebilir Kalkınma Finansmanı Araçlarından Yeşil Tahvil ve Yeşil Sukuk Üzerine Bir Değerlendirme. Finansal Araştırmalar ve Çalışmalar Dergisi, 14(27), 340-361.
• YEOW, K. E., & NG, S. H. (2021). The Impact Of Green Bonds on Corporate Environmental and Financial Performance. Managerial Finance.
• ZERBİB, O. D. (2019). The Effect Of Pro-Environmental Preferences on Bond Prices: Evidence From Green Bonds. Journal Of Banking & Finance, 98, 39-60.
• ZHOU, X. & CUI, Y. (2019). Green Bonds, Corporate Performance, and Corporate Social Responsibility. Sustainability, 11(23), 6881.