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The Impact of ESG Controversies on the Market Value in the Energy Sector
Abstract
The energy sector has relatively higher exposure to controversial publicity due to the nature of industry operations. For this reason, this study focuses on the energy sector and aims to evaluate the impact of ESG controversies scores (Environmental Controversies, Social Controversies and Governance Controversies) of LSEG (former Refinitiv EIKON) database on market value of firms. We investigate the relationship between ESG controversies and the market value of 393 firms in 2018-2022 using Dynamic Panel Data Regression Models. The findings of the study, carried out with system GMM, reveal that the market value of firms in the previous period has had a statistically significant positive effect on the market value of firms in the current period. There is a positive and statistically significant relationship between market value and governance controversies. Yet, no statistically significant relationship was detected between market value and environmental controversies (CE), or market value and social controversies.
Keywords
Supporting Institution
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Project Number
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Ethical Statement
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Thanks
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References
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Details
Primary Language
English
Subjects
Sustainable Development, Financial Forecast and Modelling, Financial Markets and Institutions
Journal Section
Research Article
Publication Date
October 31, 2025
Submission Date
May 12, 2025
Acceptance Date
October 6, 2025
Published in Issue
Year 2025 Volume: 10 Number: Özel Sayı
APA
Sayılır, Ö., Chelery Komath, M. A., & Karaaslan, İ. (2025). The Impact of ESG Controversies on the Market Value in the Energy Sector. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 10(Özel Sayı), 305-317. https://doi.org/10.30784/epfad.1697801
AMA
1.Sayılır Ö, Chelery Komath MA, Karaaslan İ. The Impact of ESG Controversies on the Market Value in the Energy Sector. EPF Journal. 2025;10(Özel Sayı):305-317. doi:10.30784/epfad.1697801
Chicago
Sayılır, Özlem, Muhammed Aslam Chelery Komath, and İbrahim Karaaslan. 2025. “The Impact of ESG Controversies on the Market Value in the Energy Sector”. Ekonomi Politika Ve Finans Araştırmaları Dergisi 10 (Özel Sayı): 305-17. https://doi.org/10.30784/epfad.1697801.
EndNote
Sayılır Ö, Chelery Komath MA, Karaaslan İ (October 1, 2025) The Impact of ESG Controversies on the Market Value in the Energy Sector. Ekonomi Politika ve Finans Araştırmaları Dergisi 10 Özel Sayı 305–317.
IEEE
[1]Ö. Sayılır, M. A. Chelery Komath, and İ. Karaaslan, “The Impact of ESG Controversies on the Market Value in the Energy Sector”, EPF Journal, vol. 10, no. Özel Sayı, pp. 305–317, Oct. 2025, doi: 10.30784/epfad.1697801.
ISNAD
Sayılır, Özlem - Chelery Komath, Muhammed Aslam - Karaaslan, İbrahim. “The Impact of ESG Controversies on the Market Value in the Energy Sector”. Ekonomi Politika ve Finans Araştırmaları Dergisi 10/Özel Sayı (October 1, 2025): 305-317. https://doi.org/10.30784/epfad.1697801.
JAMA
1.Sayılır Ö, Chelery Komath MA, Karaaslan İ. The Impact of ESG Controversies on the Market Value in the Energy Sector. EPF Journal. 2025;10:305–317.
MLA
Sayılır, Özlem, et al. “The Impact of ESG Controversies on the Market Value in the Energy Sector”. Ekonomi Politika Ve Finans Araştırmaları Dergisi, vol. 10, no. Özel Sayı, Oct. 2025, pp. 305-17, doi:10.30784/epfad.1697801.
Vancouver
1.Özlem Sayılır, Muhammed Aslam Chelery Komath, İbrahim Karaaslan. The Impact of ESG Controversies on the Market Value in the Energy Sector. EPF Journal. 2025 Oct. 1;10(Özel Sayı):305-17. doi:10.30784/epfad.1697801