The Effects of Environmental, Social, and Governance Performance on Financial Performance: The Case of Borsa Istanbul

Year 2024, Volume: 38 Issue: 1, 48 - 55, 26.01.2024

Emine Karaçayır , Aslı Afşar

Abstract

The statements of environmental, social, and governance values, as a concept of investments and a standard of corporate assessment, have recently started to be highly influential on finan- cial decisions. Environmental, social, and governance scores focus on environmental, social, and governance-related performance criteria rather than conventional financial performance crite- ria. This study investigates the effects of the environmental, social, and governance scores of firms whose stocks are traded in Borsa Istanbul on their financial performance using the panel data analysis method. Due to the limited amount of environmental, social, and governance data, the study is conducted for 31 selected firms and covers the period of 2014–2022. In the scope of the study, two models are established, and according to the results of the first model, environ- mental, social, and governance scores, the market-to-book value ratio, and asset growth affect the return on assets positively and significantly. According to the results of the second model, environmental, social, and governance scores and the market-to-book value ratio do not affect the return on equity significantly, while asset growth affects the return on equity positively and significantly.

Keywords

Environmental, social and governance (ESG), firm performance, panel data analysis

Çevresel, Sosyal ve Kurumsal Yönetim Performansının Finansal Performans Üzerine Etkisi: Borsa İstanbul Örneği

Abstract

Bir yatırım konsepti ve kurumsal değerlendirme standardı olan çevresel, Sosyal ve Kurumsal Yönetim açıklamaları son yıllarda finansal kararlar üzerinde oldukça etkili olmaya başlamıştır. Çevresel, sosyal ve kurumsal yönetim puanları geleneksel finansal performans yerine çevresel, sosyal ve kurumsal yönetim performansına odaklanmaktadır. Çalışma Borsa İstanbul’da işlem gören firmaların çevresel, sosyal ve kurumsal yönetim puanlarının finansal performans üzerindeki etkisini panel veri analizi ile araştırmaktadır. Çalışma çevresel, sosyal ve kurumsal yönetim verile- rinin kısıtlılığı nedeniyle seçilmiş 31 firma için yapılmış ve 2014–2022 dönemini kapsamaktadır. Çalışma kapsamında iki model kurulmuş olup, ilk model sonucuna göre çevresel, sosyal ve kurumsal yönetim puanlarının, piyasa değeri/defter değeri oranının ve aktiflerdeki büyümenin aktif kârlılığı pozitif ve anlamlı etkilediğine ulaşılmıştır. İkinci modelde evresel, sosyal ve kurumsal yönetim puanlarının ve piyasa değeri/defter değeri oranının özsermaye kârlılığı üzerindeki etkisi anlamsız tespit edilirken, aktiflerdeki büyümenin özsermaye kârlılığını anlamlı ve pozitif yönde etkilediği sonucuna ulaşılmıştır.

Keywords

Çevresel sosyal ve kurumsal yönetim, firma performansı, panel veri analizi

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