A Research on the Impact of Carbon Emissions on Financial Performance of Companies in the Borsa Istanbul Sustainability Index
Year 2024,
, 671 - 686, 31.05.2024
Filiz Özşahin Koç
,
Ali Deran
Abstract
The goal of this study is to reveal the relationship between the amount of carbon emissions that firms emit into the atmosphere and financial performance of the firms. In this context, the data of 41 firms listed in the “Borsa Istanbul Sustainability Index” between 2017-2021 are examined. “Panel data analysis” methods were administered in the research. As consequences of the research, it is inferred that carbon emission intensity, size, leverage and growth variables have a significant impact on “Tobin’s Q Ratio and ROA”. Only the “growth” variable has a significant impact on “ROE”. However, the study shows that total carbon emission has no significant impact on “ROA, Tobin’s Q Ratio and ROE”. Limited research with in this content has been found in the national literature. Within this scope, the study is a pioneering research on determining the relationship between carbon emissions and financial performance of companies traded in the "BIST Sustainability Index" and is assessed to contribute to practitioners and the literature regarding the findings obtained.
Supporting Institution
None
References
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- Aliusta, H., & Yılmaz, B. (2020). Karbon maliyetlerinin muhasebeleştirilmesi: çimento sektörü uygulaması. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 15(1), 267-294.
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- Busch, T., & Lewandowski, S. (2018). Corporate carbon and financial performance: A meta analysis. Journal of Industrial Ecology, 22(4), 745-759.
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- Caragnano, A., Mariani, M., Pizzutilo, F., & Zito, M. (2020). Is it worth reducing GHG emissions? Exploring the effect on the cost of debt financing. Journal of Environmental Management, 270, 110860.
- Chin, W.W. (1998). The partial least squares approach to structural equation modeling. Modern methods for business research, 295(2), 295-336.
- Chithambo, L. & Tauringana, V. (2014). Company specific determinants of greenhouse gases disclosures. Journal of Applied Accounting Research, 26(1), 323-338.
- Choi, B.B., Lee, D., & Psaros, J. (2013). An analysis of Australian company carbon emission disclosures. Pacific Accounting Review, 25(1), 58-79.
- Committee on Incorporating Sustainability In The U.S. Environmental Protection Agency. (2011), Sustainability and the U.S. EPA, https://clu-in.org/greenremediation/docs/Sustainability_and_the_USEPA.pdf
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- Ganda, F., & Milondzo, K.S. (2018). The impact of carbon emissions on corporate financial performance: Evidence from the South African firms. Sustainability, 10(7), 2398.
- Gallego Alvarez, I. (2012). Impact of CO2 emission variation on firm performance. Business Strategy and the Environment, 21(7), 435-454.
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- Güneysu, Y., & Atasel, O.Y. (2022). Karbon emisyonları ile finansal performans arasındaki ilişkinin incelenmesi: BIST100 endeksinde bir araştırma. Fırat Üniversitesi Sosyal Bilimler Dergisi, 32(3), 1183-1193.
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- Huber, P.J. (1967). The behavior of maximum likelihood estimates under nonstandard conditions. proceedings of the fifth berkeley symposium on mathematical statistics and probability (s.221-223). University of California Press.
- Hrasky, S. (2012). Carbon footprints and legitimation strategies: symbolism or action?. Accounting, Auditing & Accountability Journal, 25(1), 174-198.
- Kardeş Selimoğlu, S., Poroy Arsoy, A. & Bora Kılınçarslan, T. (2022). Güvence denetiminin unsurları bağlamında uluslararası güvence denetimi standardı 3410’a göre sera gazı beyanlarına ilişkin güvence oluşturulması. Muhasebe ve Finansman Dergisi, (95), 21-34.
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- Kızıltan, B. & Umut Doğan, D. (2021). Çimento sektöründe karbon ayak izlerinin raporlanması amacıyla bir çerçeve önerisi. Çağ Üniversitesi Sosyal Bilimler Dergisi, 18(1), 40-58.
- Klassen, R.D., & Mclaughlin, C.P. (1996). The impact of environmental management on firm performance. Management Science, 42(8), 1199-1214.
- Laskar, N., Kulshrestha, N., Bahuguna, P.C., & Adichwal, N.K. (2022). Carbon emission intensity and firm performance: An empirical investigation in Indian context. Journal of Statistics and Management Systems, 25(5), 1073-1081.
- Lewandowski, S. (2017). Corporate carbon and financial performance: The role of emission reductions. Business Strategy and the Environment, 26(8), 1196-1211.
- Loohuis, D.S. (2022). The impact of carbon emissions on corporate financial performance. Master’s thesis, University of Twente, Netherlands.
- Luo, L., Lan, Y. & Tang, Q. (2012). Corporate incentives to disclose carbon information: evidence from the CDP Global 500 Report. Journal of International Financial Management & Accounting, 23 (2), 93-120.
- Maaloul, A. (2018). The effect of greenhouse gas emissions on cost of debt: Evidence from Canadian firms. Corporate Social Responsibility and Environmental Management, 25(6), 1407-1415.
- Mahapatra, S. (1984). Investor reaction to a corporate social accounting. Journal of Business Finance & Accounting, 11(1), 29-40.
- Miah, M.D., Hasan, R., & Usman, M. (2021). Carbon emissions and firm performance: evidence from financial and non-financial firms from selected emerging economies. Sustainability, 13(23), 13281.
- Montabon, F., Sroufe, R., & Narasimhan, R. (2007). An examination of corporate reporting, environmental management practices and firm performance. Journal of Operations Management, 25(5), 998-1014.
- Nakip, M. (2003). Pazarlama araştırmaları teknikler ve (SPSS destekli) uygulamalar, 1. Baskı, Seçkin Yayıncılık, Ankara.
- Oral, O., & Uğuz, S. (2020). Türkiye’deki farklı sektörlere ait sera gazı emisyon değerlerinin çok katmanlı algılayıcılar ve topluluk öğrenmesi yöntemleri ile tahmin edilmesi. International Journal of Engineering Research & Development (IJERAD), 12(2).
- Öktem, B. (2020). Sera gazı emisyon muhasebesi ve raporlamasının GRI 305: emisyon standardı çerçevesinde incelenmesi. Kırklareli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(2), 186-211.
- Özşahin Koç, F., Atalay, E., & Deran, A. (2023). The impact of human resources practices on the financial performance of companies: the analysis of BIST 30 companies. Karamanoğlu Mehmetbey Üniversitesi Sosyal ve Ekonomik Araştırmalar Dergisi, 25(45), 1284-1297.
- Özşahin Koç, F., & Deran, A. (2024). Borsa istanbul imalat sektöründe yer alan firmaların borçlanma maliyetlerinin finansal performansa etkisi üzerine araştırma. Journal of Accounting and Taxation Studies, 17(1), 73-98.
- Qian, W., Hörisch, J., & Schaltegger, S. (2018). Environmental management accounting and ıts effects on carbon management and disclosure quality. Journal Of Cleaner Production, 174, 1608-1619.
- Palea, V., & Drogo, F. (2020). Carbon emissions and the cost of debt in the eurozone: The role of public policies, climate related disclosure and corporate governance. Business Strategy and the Environment, 29(8), 2953-2972.
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- Simnett, R., & Nugent, M. (2007). Developing an assurance standard for carbon emissions disclosures. Australian Accounting Review, 17(42), 37-47.
- Solomon, J.F., Solomon, A., Norton, S.D., & Joseph, N.L. (2011). Private climate change reporting: an emerging discourse of risk and opportunity?. Accounting, Auditing & Accountability Journal, 24(8), 1119-1148.
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- Sultanoğlu, B. & Özerhan, Y. (2020). İklim değişikliği raporlaması: Türkiye’deki işletmelerin gönüllü karbon saydamlık projesi (CDP) açıklamaları. Muhasebe Bilim Dünyası Dergisi, 22, 176-194.
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A Research on the Impact of Carbon Emissions on Financial Performance of Companies in the Borsa Istanbul Sustainability Index
Year 2024,
, 671 - 686, 31.05.2024
Filiz Özşahin Koç
,
Ali Deran
Abstract
Bu çalışmanın amacı, firmaların atmosfere saldıkları karbon emisyon miktarı ile finansal performans arasındaki ilişkiyi belirlemektir. Bu bağlamda, “Borsa İstanbul Sürdürülebilirlik Endeksinde” listelenen 41 firmanın 2017-2021 yılları verisi incelemeye tabi tutulmuştur. Araştırmada “panel veri analizi” yöntemi uygulanılmıştır. Çalışma neticesinde karbon emisyon yoğunluğu, büyüklük, kaldıraç ve büyüme değişkenlerinin “Tobin’nin Q Oranı ve ROA” üzerinde anlamlı bir etkisi bulunduğu belirlenmiştir. “ROE” üzerinde yalnızca “büyüme” değişkeninin anlamlı bir etkisinin bulunduğu belirlenmiştir. Bununla birlikte toplam karbon emisyonunun “ROA, Tobin’nin Q Oranı ve ROE” üzerinde anlamlı bir etkisinin olmadığı saptanmıştır.Ulusal literatürde bu kapsamda sınırlı araştırmaya rastlanılmıştır. Bu kapsamda çalışma, “BİST Sürdürülebilirlik Endeksinde” işlem gören firmaların karbon emisyonu ile finansal performansı arasındaki ilişkiyi belirlemeye ilişkin öncü bir araştırma olup elde edilen bulguların uygulayıcılara ve literatüre katkı sunacağı değerlendirilmektedir.
Supporting Institution
Yok
References
- Altınbay, A., & Golagan, M. (2016). Küresel ısınma sorununa muhasebecilerin bakışı: karbon muhasebesi. Itobiad: Journal of the Human & Social Science Researches, 5(7), 2106-2119.
- Aliusta, H., & Yılmaz, B. (2020). Karbon maliyetlerinin muhasebeleştirilmesi: çimento sektörü uygulaması. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 15(1), 267-294.
- Baltagi, B.H. (2005). Econometric analysis of panel data, John Wiley&Sons Ltd. West Sussex, England.
- Breusch, T.S., & Pagan, A.R. (1979). A simple test for heteroscedasticity and random coefficient variation. Econometrica: Journal of the econometric society, 1287-1294.
- Burritt, R.L., Schaltegger, S., & Zvezdov, D. (2011). Carbon management accounting: explaining practice in leading german companies. Australian Accounting Review, 21(1), 80-98.
- Busch, T., Bassen, A., Lewandowski, S., & Sump, F. (2022). Corporate carbon and financial performance revisited. Organization & Environment, 35(1), 154-171.
- Busch, T., & Lewandowski, S. (2018). Corporate carbon and financial performance: A meta analysis. Journal of Industrial Ecology, 22(4), 745-759.
- Butselaar S.V. (2020). The effect of carbon emissions on firm performance and the moderating effect of innovation. Master’s thesis, University of Radboud, Nijmegen.
- Caragnano, A., Mariani, M., Pizzutilo, F., & Zito, M. (2020). Is it worth reducing GHG emissions? Exploring the effect on the cost of debt financing. Journal of Environmental Management, 270, 110860.
- Chin, W.W. (1998). The partial least squares approach to structural equation modeling. Modern methods for business research, 295(2), 295-336.
- Chithambo, L. & Tauringana, V. (2014). Company specific determinants of greenhouse gases disclosures. Journal of Applied Accounting Research, 26(1), 323-338.
- Choi, B.B., Lee, D., & Psaros, J. (2013). An analysis of Australian company carbon emission disclosures. Pacific Accounting Review, 25(1), 58-79.
- Committee on Incorporating Sustainability In The U.S. Environmental Protection Agency. (2011), Sustainability and the U.S. EPA, https://clu-in.org/greenremediation/docs/Sustainability_and_the_USEPA.pdf
- Çevre, Şehircilik ve İklim Değişikliği Bakanlığı. (2022). İklim değişikliği, Erişim adresi https://iklim.csb.gov.tr/bmidcs-ve-turkiye-i-4376. (Erişim Tarihi: 1.01.2023)
- Çokmutlu, M.E. & Ok, Ş. (2019). Borsa İstanbul sürdürülebilirlik endeksi işletmelerinin sera gazı beyanlarına yönelik güvence denetimleri: ISAE 3410 güvence denetim standardına ilişkin bir araştırma. IBAD Sosyal Bilimler Dergisi, (5), 164-174.
- Demircioğlu, E., & Ever, D. (2020). Karbon maliyetlerinin belirlenmesine ilişkin demir çelik işletmesinde uygulama. İşletme Araştırmaları Dergisi, 12(1), 649-662.
- Eicker, F. (1967). Limit theorems for regressions with unequal and dependent errors. proceedings of the fifth berkeley symposium on mathematical statistics and probability (s. 59-82). University of California Press.
- Jung, J., Herbohn, K., & Clarkson, P. (2018). Carbon risk, carbon risk awareness and the cost of debt financing. Journal of Business Ethics, 150(4), 1151-1171.
- Falk, R.F., & Miller, N.B. (1992). A primer for soft modeling, University of Akron Press.
- Ganda, F., & Milondzo, K.S. (2018). The impact of carbon emissions on corporate financial performance: Evidence from the South African firms. Sustainability, 10(7), 2398.
- Gallego Alvarez, I. (2012). Impact of CO2 emission variation on firm performance. Business Strategy and the Environment, 21(7), 435-454.
- Gallego-Álvarez, I., Segura, L., & Martínez-Ferrero, J. (2015). Carbon emission reduction: The impact on the financial and operational performance of international companies. Journal of Cleaner Production,103, 149-159.
- Gedik, Y., (2020). Sosyal, ekonomik ve çevresel boyutlarla sürdürülebilirlik ve sürdürülebilir kalkınma. International Journal of Economics, Politics, Humanities & Social Sciences, 3(3), 196-215.
- Gonzales-Gonzales, J.M & Ramirez, C.Z. (2016). Voluntary carbon disclosure by Spanish companies: an empirical analysis. International Journal of Climate Change Strategies and Management, 8(1), 57-79.
- Güleç, Ö.F., & Bektaş, T. (2019). Karbon muhasebesi ve karbon maliyetlerinin incelenmesi. In XIII. IBANESS Congress Series on Economics, Business and Management, Tekirdağ, 5-6 Ekim 2019, 1010-1022.
- Güneysu, Y., & Atasel, O.Y. (2022). Karbon emisyonları ile finansal performans arasındaki ilişkinin incelenmesi: BIST100 endeksinde bir araştırma. Fırat Üniversitesi Sosyal Bilimler Dergisi, 32(3), 1183-1193.
- Houqe, M.N., Opare, S., Zahir-Ul-Hassan, M.K., & Ahmed, K. (2022). The effects of carbon emissions and agency costs on firm performance. Journal of Risk and Financial Management, 15(4), 152.
- Huber, P.J. (1967). The behavior of maximum likelihood estimates under nonstandard conditions. proceedings of the fifth berkeley symposium on mathematical statistics and probability (s.221-223). University of California Press.
- Hrasky, S. (2012). Carbon footprints and legitimation strategies: symbolism or action?. Accounting, Auditing & Accountability Journal, 25(1), 174-198.
- Kardeş Selimoğlu, S., Poroy Arsoy, A. & Bora Kılınçarslan, T. (2022). Güvence denetiminin unsurları bağlamında uluslararası güvence denetimi standardı 3410’a göre sera gazı beyanlarına ilişkin güvence oluşturulması. Muhasebe ve Finansman Dergisi, (95), 21-34.
- Kates, R.W., Parris, T.M., & Leiserowitz, A.A. (2005). What is sustainable. Environment: Science and Policy for Sustainable Development, 47(3), 8-21.
- Kızıltan, B. & Umut Doğan, D. (2021). Çimento sektöründe karbon ayak izlerinin raporlanması amacıyla bir çerçeve önerisi. Çağ Üniversitesi Sosyal Bilimler Dergisi, 18(1), 40-58.
- Klassen, R.D., & Mclaughlin, C.P. (1996). The impact of environmental management on firm performance. Management Science, 42(8), 1199-1214.
- Laskar, N., Kulshrestha, N., Bahuguna, P.C., & Adichwal, N.K. (2022). Carbon emission intensity and firm performance: An empirical investigation in Indian context. Journal of Statistics and Management Systems, 25(5), 1073-1081.
- Lewandowski, S. (2017). Corporate carbon and financial performance: The role of emission reductions. Business Strategy and the Environment, 26(8), 1196-1211.
- Loohuis, D.S. (2022). The impact of carbon emissions on corporate financial performance. Master’s thesis, University of Twente, Netherlands.
- Luo, L., Lan, Y. & Tang, Q. (2012). Corporate incentives to disclose carbon information: evidence from the CDP Global 500 Report. Journal of International Financial Management & Accounting, 23 (2), 93-120.
- Maaloul, A. (2018). The effect of greenhouse gas emissions on cost of debt: Evidence from Canadian firms. Corporate Social Responsibility and Environmental Management, 25(6), 1407-1415.
- Mahapatra, S. (1984). Investor reaction to a corporate social accounting. Journal of Business Finance & Accounting, 11(1), 29-40.
- Miah, M.D., Hasan, R., & Usman, M. (2021). Carbon emissions and firm performance: evidence from financial and non-financial firms from selected emerging economies. Sustainability, 13(23), 13281.
- Montabon, F., Sroufe, R., & Narasimhan, R. (2007). An examination of corporate reporting, environmental management practices and firm performance. Journal of Operations Management, 25(5), 998-1014.
- Nakip, M. (2003). Pazarlama araştırmaları teknikler ve (SPSS destekli) uygulamalar, 1. Baskı, Seçkin Yayıncılık, Ankara.
- Oral, O., & Uğuz, S. (2020). Türkiye’deki farklı sektörlere ait sera gazı emisyon değerlerinin çok katmanlı algılayıcılar ve topluluk öğrenmesi yöntemleri ile tahmin edilmesi. International Journal of Engineering Research & Development (IJERAD), 12(2).
- Öktem, B. (2020). Sera gazı emisyon muhasebesi ve raporlamasının GRI 305: emisyon standardı çerçevesinde incelenmesi. Kırklareli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(2), 186-211.
- Özşahin Koç, F., Atalay, E., & Deran, A. (2023). The impact of human resources practices on the financial performance of companies: the analysis of BIST 30 companies. Karamanoğlu Mehmetbey Üniversitesi Sosyal ve Ekonomik Araştırmalar Dergisi, 25(45), 1284-1297.
- Özşahin Koç, F., & Deran, A. (2024). Borsa istanbul imalat sektöründe yer alan firmaların borçlanma maliyetlerinin finansal performansa etkisi üzerine araştırma. Journal of Accounting and Taxation Studies, 17(1), 73-98.
- Qian, W., Hörisch, J., & Schaltegger, S. (2018). Environmental management accounting and ıts effects on carbon management and disclosure quality. Journal Of Cleaner Production, 174, 1608-1619.
- Palea, V., & Drogo, F. (2020). Carbon emissions and the cost of debt in the eurozone: The role of public policies, climate related disclosure and corporate governance. Business Strategy and the Environment, 29(8), 2953-2972.
- Ratnatunga, J.T. & Balachandran, K.R. (2009). Carbon business accounting: the impact of global warming on the cost and management accounting profession. Journal of Accounting, Auditing & Finance, 24(2), 333-355.
- Russo, M.V., & Fouts, P.A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal, 40(3), 534-559.
- Russo, A., & Pogutz, S. (2009, August). Eco-efficiency vs eco-effectiveness. exploring the link between ghg emissions and firm performance. In Academy of Management Proceedings (Vol. 2009, No. 1, pp. 1-6). Briarcliff Manor, NY 10510: Academy of Management.
- Simnett, R., & Nugent, M. (2007). Developing an assurance standard for carbon emissions disclosures. Australian Accounting Review, 17(42), 37-47.
- Solomon, J.F., Solomon, A., Norton, S.D., & Joseph, N.L. (2011). Private climate change reporting: an emerging discourse of risk and opportunity?. Accounting, Auditing & Accountability Journal, 24(8), 1119-1148.
- Spicer, B.H. (1978). Investors, corporate social performance and information disclosure: An empirical study. Accounting Review, 94-111.
- Sultanoğlu, B. & Özerhan, Y. (2020). İklim değişikliği raporlaması: Türkiye’deki işletmelerin gönüllü karbon saydamlık projesi (CDP) açıklamaları. Muhasebe Bilim Dünyası Dergisi, 22, 176-194.
- Stanny, E. & Ely, K. (2008). Corporate environmental disclosures about the effects of climate change. Corporate Social Responsibility and Environmental Management, 15(6), 338-348.
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