Exploring the Impacts of Financial Failure Risk on Sustainable Growth Policies: Evidence from the BIST Sustainability Index Companies

Abstract

This study investigates the impacts of financial failure risk on firms' sustainable growth policies using econometric analysis and aims to identify suitable financial failure models for the sustainable growth policies developing process. The study covers data from 38 non-financial firms listed in the Borsa Istanbul Sustainability Index (XUSRD) for 2010-2022. Sustainable growth is calculated by Higgins's (1977) sustainable growth rate (HSGR), while financial failure risks are assessed through Altman's (1983) Z'-score, Springate (1978) S-score, Taffler (1983) T-score, Fulmer et al. (1984) H-score and Legault (1987) CA-score models. The econometric approach employs a five-stage panel data methodology, including the pre-tests of multi-collinearity, cross-sectional dependency, slope homogeneity, stationarity, autocorrelation, and heteroskedasticity. Panel regression results reveal positive relationships between financial success and sustainable growth. However, the statistical significance of these relationships varies across different financial failure models. The effects of T and H-scores are statistically significant, whereas Z', S, and CA-scores do not exhibit statistically significant effects. Consequently, the findings suggest that T and H-score models should be prioritized in sustainable growth policy development.

Keywords

• Sustainable Growth
• Financial Failure Risk
• BIST Sustainability Index
• Panel Data Analysis

Finansal Başarısızlık Riskinin Sürdürülebilir Büyüme Politikaları Üzerindeki Etkileri: BIST Sürdürülebilirlik Endeksi Şirketlerinden Kanıtlar

Abstract

Bu çalışma, finansal başarısızlık riskinin firmaların sürdürülebilir büyüme politikaları üzerindeki etkilerini ekonometrik analiz yoluyla belirlemeyi ve sürdürülebilir büyüme politikaları geliştirme sürecinde kullanılabilecek uygun finansal başarısızlık modellerini tespit etmeyi amaçlamaktadır. Çalışma, Borsa İstanbul Sürdürülebilirlik Endeksi'nde (XUSRD) işlem gören finansal olmayan firmaların 2010-2022 dönemi verilerini kapsamaktadır. Sürdürülebilir büyüme politikaları Higgins (1977) sürdürülebilir büyüme oranı (HSGR) kullanılarak, finansal başarısızlık riskleri ise Altman (1983) Z'-score, Springate (1978) S-score, Taffler (1983) T-score, Fulmer ve diğerleri (1984) H-score ve Legault (1987) CA-score modelleri kullanılarak ölçülmüştür. Ekonometrik çerçeve çoklu doğrusal bağlantı, yatay kesit bağımlılığı, eğim katsayılarının homojenliği, durağanlık, otokorelasyon ve değişen varyans ön testleri ve panel regresyon analizi dahil olmak üzere beş aşamalı bir panel veri metodolojisi içermektedir. Panel regresyon sonuçları, finansal başarısızlık riski ile HSGR arasında pozitif ilişkiler olduğunu ortaya koymaktadır. Ancak, bu ilişkiler tüm finansal başarısızlık modelleri için istatistiksel olarak anlamlı değildir. Sonuçlar, Z', S ve CA skorlarının sürdürülebilir büyüme politikaları üzerinde istatistiksel olarak anlamlı etkilerinin olmadığını, T ve H skorlarının etkilerinin ise istatistiksel olarak anlamlı olduğunu göstermektedir. Bulgular, sürdürülebilir büyüme politikalarının geliştirilmesinde T-skor ve H-skor modellerinin diğer modellere göre tercih edilmesi gerektiğini göstermektedir.

Keywords

• Sürdürülebilir Büyüme
• Finansal Başarısızlık Riski
• BIST Sürdürülebilirlik Endeksi
• Panel Veri Analizi

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