EFFECT OF DISCLOSURES ON SUSTAINABILITY PERFORMANCE INDICATORS ON FINANCIAL PERFORMANCE: AN APPLICATION IN BIST

Year 2018, Volume: 11 Issue: 1, 93 - 117, 01.03.2018

Murat Düzer , Saime Önce

https://doi.org/10.29067/muvu.372882

Cited By: 25

Abstract

The main purpose of this research is to examine the impact of disclosed sustainability information level on the financial performance of companies. For this purpose the period from 2008 to 2014 of 30 publicly traded companies that prepare reports according to GRI reporting principles and are traded on the BIST are included. The level of sustainability information disclosed in the sustainability reports has been investigated as economic, environmental and social performance. Financial performance is measured by financial ratios such as asset profitability, return on equity, MV/BV ratio and P/E ratio. Panel data analysis method was applied in the research and the sector has been added as a control variable. As a result of this research, the level of information disclosed for environmental performance has positive effect on the return on assets and the return on equity, and the level of information disclosed on social performance has positive effect on the return on assets.

Keywords

Sustainability Reporting, GRI, Financial Performance, Panel Data Analysis

SÜRDÜRÜLEBİLİRLİK PERFORMANS GÖSTERGELERİNE İLİŞKİN AÇIKLAMALARIN FİNANSAL PERFORMANS ÜZERİNE ETKİSİ: BİST’TE BİR UYGULAMA

Abstract

Bu çalışmanın temel amacı; açıklanan sürdürülebilirlik bilgi düzeyinin şirketlerin finansal performansı üzerindeki etkisini incelemektir. Bu amaçla çalışmaya; GRI raporlama ilkelerine göre rapor hazırlayan ve BİST’te işlem gören halka açık 30 şirketin 2008 yılından 2014 yılına kadar olan dönemleri dahil edilmiştir. Sürdürülebilirlik raporlarında açıklanan sürdürülebilirlik bilgi düzeyi; ekonomik, çevresel ve sosyal performans olarak incelenmiştir. Finansal performans ise; aktif karlılığı, özkaynak karlılığı, PD/DD oranı ve F/K oranı gibi finansal oranlar ile ölçülmüştür. Çalışmada panel veri analizi yöntemi uygulanmış ve ayrıca sektör kontrol değişkeni olarak eklenmiştir. Araştırmanın sonucunda; çevresel performansa ilişkin açıklanan bilgi düzeyinin aktif karlılığı ve özkaynak karlılığı, sosyal performansa ilişkin açıklanan bilgi düzeyinin de aktif karlılığı üzerinde pozitif etkiye sahip olduğu tespit edilmiştir.

Keywords

Sürdürülebilirlik Raporlaması, GRI, Finansal Performans, Panel Veri Analizi

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