THE RELATIONSHIP BETWEEN CORPORATE SUSTAINABILITY PERFORMANCE AND FINANCIAL PERFORMANCE DURING THE COVID-19 PANDEMIC PERIOD

Yıl 2024, Cilt: 25 Sayı: 1, 453 - 478, 25.03.2024

Ahmet Burak Bayındır Mine Aksoy

https://doi.org/10.53443/anadoluibfd.1333132

Öz

In this study that examines the impact of the corporate sustainability performance (KSP) of non-financial companies in the Borsa Istanbul 100 (BİST 100) index on their financial performance (FP) during crisis periods, the COVID-19 pandemic period has been determined as the crisis period. The membership of Borsa Istanbul Sustainability Index (BİST SE) was evaluated as a KSP indicator. For the 2014-2021 period, the stock market returns, total risks, and systematic risks of the companies were calculated by using stock market closing prices. Moreover, using year-end financial statement data, return on assets, return on equity, and return on sales were calculated and all these parameters were used as FP indicators. As a result of the findings obtained through panel data analysis, it has been concluded that sustainability performance during the COVID-19 period reduces companies' total risks. On the other hand, the analysis indicated that there is no significant impact of KSP on other financial performance indicators during the pandemic period.

Anahtar Kelimeler

Borsa Istanbul Sustainability Index, Corporate Sustainability Performance, Financial Performance, Pandemic, Covid-19

KOVİD-19 PANDEMİ DÖNEMİNDE KURUMSAL SÜRDÜRÜLEBİLİRLİK PERFORMANSI İLE FİNANSAL PERFORMANS ARASINDAKİ İLİŞKİ

Öz

Borsa İstanbul 100 (BİST 100) endeksi içerisinde yer alan finans sektörü dışındaki şirketlerin kurumsal sürdürülebilirlik performanslarının kriz dönemlerinde finansal performansları üzerindeki etkisini inceleyen bu çalışmada Kovid-19 pandemi dönemi kriz dönemi olarak belirlenmiştir. Örneklemde kullanılan işletmeler için Borsa İstanbul Sürdürülebilirlik Endeksinde (BİST SE) yer alma kriteri kurumsal sürdürülebilirlik performansı (KSP) göstergesi olarak değerlendirilmiştir. 2014-2021 dönemi için işletmelerin borsa kapanış fiyatları kullanılarak getirileri, toplam riskleri ve sistematik riskleri hesaplanmış, ayrıca yıl sonu mali tablo verileri kullanılarak toplam varlık karlılıkları, özkaynak karlılıkları ve satışların karlılığı hesaplanmış ve bu parametreler finansal performans (FP) göstergesi olarak kullanılmıştır. Panel veri analizi kullanılarak elde edilen bulgular neticesinde Kovid-19 döneminde sürdürülebilirlik performansının firmaların toplam risklerini azalttığı sonucuna ulaşılmıştır. Kurumsal sürdürülebilirlik performansının pandemi döneminde diğer finansal performans göstergeleri üzerinde istatistiksel olarak anlamlı bir etkisinin olmadığı görülmüştür.

Anahtar Kelimeler

Borsa İstanbul Sürdürülebilirlik Endeksi, Kurumsal Sürdürülebilirlik Performansı, Finansal Performans, Pandemi, Kovid-19

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