FİRMALARIN KARBON EMİSYONLARI İLE SERMAYE MALİYETLERİ İLİŞKİSİ: TÜRKİYE ÖRNEĞİ

Yıl 2024, Cilt: 26 Sayı: 46, 439 - 454, 30.06.2024

Seren Aydıngülü Sakalsız , Aynur Süsay Alkan

Öz

Çevre, sosyal ve kurumsal yönetim konularında artan toplumsal endişe ile firmalar sorumluluk almak durumunda kalmıştır. Alınan sorumluluklar neticesinde firmaların karbon emisyonları da rekabet avantajı elde etme noktasında önemli bir unsur haline gelmiştir. Bu bağlamda, çalışmada firmaların karbon emisyonlarının, borçlanma ve özsermaye maliyetleri üzerindeki etkisi incelenmiştir. Çalışmada BIST Tüm Endeksi (XUTUM)’nde yer alan 476 firmadan karbon emisyon miktarlarını 2017-2021 yılları arasında yayımlamış olan 33 firma analiz kapsamına alınmıştır. Yapılan ön testlerin ardından modellere Driscoll-Kraay tahmincisi uygulanmıştır. Çalışmanın bulgularına göre, firmaların karbon emisyonları borçlanma maliyetlerini pozitif yönde etkilemektedir. Diğer taraftan karbon emisyonlarının özsermaye maliyetleri üzerindeki etkisi istatistiksel olarak anlamlı değildir. Bulgulara göre, yüksek karbon emisyonuna sahip işletmelerin yabancı kaynak kullanımlarında yüksek borç maliyetine katlanması beklenmektedir.

Anahtar Kelimeler

Karbon Emisyonları, Sermaye Maliyeti, Panel Veri Analizi, Sürdürülebilirlik

THE RELATIONSHIP BETWEEN FIRMS’ CARBON EMISSIONS AND CAPITAL COSTS: THE EVIDENCE FROM TURKEY

Öz

Firms have to take responsibility with the increasing social concern about environmental, social and corporate governance issues. As a result of these responsibilities, firms' carbon emissions have become an important factor in gaining competitive advantage. In this context, the study examines the impact of firms' carbon emissions on their debt and equity costs. In the study, out of 476 firms in the BIST All Shares Index (XUTUM), 33 firms that have disclosed their carbon emission amounts between 2017-2021 are included in the scope of the analysis. After the pre-tests, the Driscoll-Kraay estimator was applied to the models. According to the findings of the study, firms' carbon emissions positively affect their debt costs. On the other hand, the effect of carbon emissions on equity costs is not statistically significant. According to the findings, firms with high carbon emissions are expected to incur high debt costs in their use of financial resources.

Anahtar Kelimeler

Carbon Emissions, Cost of Capital, Panel Data Analysis, Sustainability

Kaynakça

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