A Research on the Impact of Carbon Emissions on Financial Performance of Companies in the Borsa Istanbul Sustainability Index

Year 2024, Volume: 8 Issue: 2, 671 - 686, 31.05.2024

Filiz Özşahin Koç Ali Deran

https://doi.org/10.29023/alanyaakademik.1436992

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.

Keywords

Financial Performance, Carbon Emissions, Sustainability, Financial Performance Indicators, Panel Data Analysis

Ethical Statement

None

Supporting Institution

None

Project Number

Yok

Thanks

None

A Research on the Impact of Carbon Emissions on Financial Performance of Companies in the Borsa Istanbul Sustainability Index

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.

Keywords

Finansal Performans, Karbon Emisyonları, Sürdürülebilirlik, Finansal Performans Göstergesi, Panel Veri Analizi

Ethical Statement

Yok

Supporting Institution

Yok

Project Number

Yok

Thanks

Yok

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