SÜRDÜRÜLEBİLİRLİK ENDEKSİNDEKİ FİRMALARIN KURUMSAL SOSYAL PERFORMANS SKORLARI

Yıl 2021, , 48 - 60, 31.03.2021

Sinem Ateş

https://doi.org/10.31460/mbdd.744584

Öz

Bu çalışma, Borsa İstanbul Sürdürülebilirlik Endeksi (BIST SI) üyeliği ile genel çevresel, sosyal ve yönetişim (ESG) puanlarının temsil ettiği kurumsal sosyal performans arasındaki bağlantıyı incelemiştir. Bu amaçla, Borsa İstanbul'da listelenen firmaların 2014-2018 yıllarına ait verilerini analiz etmek için panel veri yöntemleri kullanılmıştır. Araştırma sonuçları, BIST SI üyesi olan firmaların, BIST SI üyesi olmayan firmalara kıyasla, firma büyüklüğü, finansal risk, karlılık ve sermaye harcamaları değişkenleri kontrol altında tutulduğunda dahi, daha yüksek ESG performans puanlarına sahip olduklarını göstermiştir.

Anahtar Kelimeler

Sürdürülebilirlik Endeksi, Kurumsal Sosyal Performans, ESG Performans Skorları

CORPORATE SOCIAL PERFORMANCE SCORES OF THE FIRMS IN SUSTAINABILITY INDEX

Öz

This study examined the link between the membership of the Borsa Istanbul Sustainability Index (BIST SI) and corporate social performance proxied by the overall environmental, social, and governance (ESG) scores. Based on this purpose, panel data methods were used to analyze the data of the listed firms in Borsa Istanbul for the years between 2014 – 2018. The main results suggest that compared to their counterparts, the firms included in the BIST SI have higher performance in ESG issues even when controlling for the firm size, financial risk, profitability, and capital expenditures.

Anahtar Kelimeler

Sustainability Index, Corporate Social Performance, ESG Performance Scores

Kaynakça

• Ararat, M. and Süel, E. 2014. Promoting Sustainable Development: The Way Forward for a Sustainability Index in Turkey, Sabancı University Corporate Governance Forum of Turkey. https://pdfs.semanticscholar.org/565a/05640fe00b8cb50d97f06e6a303dc896b405.pdf (Retrieved on 21.05.2020).
• Avetisyan, E. and Hockerts, K. 2017. “The Consolidation of The ESG Rating Industry as an Enactment of Institutional Retrogression”, Business Strategy and the Environment, 26(3), 316-330.
• Baltagi, B.H. 2005. Econometric Analysis of Data Panel. England: John Wiley & Sons Ltd.
• Chatterji, A.K., Durand, R., Levine, D.I. and Touboul, S. 2016. “Do Ratings of Firms Converge? Implications for Managers, Investors and Strategy Researchers”, Strategic Management Journal, 37(8), 1597-1614.
• Dorfleitner, G., Halbritter,G. and Nguyen, M. 2015. “Measuring the Level and Risk of Corporate Responsibility–An Empirical Comparison of Different ESG Rating Approaches”, Journal of Asset Management, 16(7), 450-466.
• Drempetic, S., Klein, C. and Zwergel, B. 2019. “The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review”, Journal of Business Ethics, 1-28.
• Escrig-Olmedo, E., Fernández-Izquierdo, M.A., Ferrero-Ferrero, I., Rivera-Lirio, J.M. and Muñoz-Torres, M.J. 2019. “Rating the Raters: Evaluating How ESG Rating Agencies Integrate Sustainability Principles”, Sustainability, 11(3), 915.
• Escrig-Olmedo, E., Muñoz-Torres, M.J. and Fernandez-Izquierdo, M.A. 2010. “Socially Responsible Investing: Sustainability Indices, ESG Rating and Information Provider Agencies”, International Journal of Sustainable Economy, 2(4), 442-461.
• Garcia A.S., Mendes-Da-Silva, W. and Orsato, R.J. 2017. “Sensitive Industries Produce Better ESG Performance: Evidence from Emerging Markets”, Journal of Cleaner Production, 150, 135-147.
• Global Sustainable Investment Alliance (GSIA). 2018. Global Sustainable Investment Review 2018. http://www.gsi-alliance.org/wp-content/uploads/2019/03/GSIR_Review2018.3.28.pdf (Retrieved on 21.05.2020).
• Hsu, C.W. and Chang, D.S. 2017. “Investigating Critical Organizational Factors Toward Sustainability Index: Insights from the Taiwanese Electronics Industry”, Business Ethics: A European Review, 26(4), 468-479.
• Labuschagne, C., Brent, A.C. and Van Erck, R.P. 2005. “Assessing the Sustainability Performances of Industries”, Journal of Cleaner Production, 13(4), 373-385.
• Muñoz‐Torres, M.J., Fernández‐Izquierdo, M.Á., Rivera‐Lirio, J.M. and, Escrig‐Olmedo, E. 2019. “Can Environmental, Social, and Governance Rating Agencies Favor Business Models That Promote A More Sustainable Development?”, Corporate Social Responsibility and Environmental Management, 26(2), 439-452.
• Refinitiv. 2020. Environmental, Social and Governance (ESG) Scores from Refinitiv. https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/esg-scores-methodology.pdf (Retrieved on 22.05.2020).
• Schueth, S. 2003. “Socially Responsible Investing in the United States”, Journal of Business Ethics, 43(3), 189-194.
• SustainAbility. 2020. Rate the Raters 2020: Investor Survey and Interview Results. https://sustainability.com/wp-content/uploads/2020/03/sustainability-ratetheraters2020-report.pdf (Retrieved on 22.05.2020).
• Vives, A. and Wadhwa, B. 2012. “Sustainability Indices in Emerging Markets: Impact on Responsible Practices and Financial Market Development”, Journal of Sustainable Finance & Investment, 2(3-4), 318-337.