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Evaluating ESG Sustainability Performance in the Turkish Banking Industry: A Grey LOPCOW-MSD-PIV Approach

Year 2025, Volume: 10 Issue: Özel Sayı, 59 - 87, 31.10.2025

Berrak Tekgün

https://doi.org/10.30784/epfad.1813013

Abstract

This study introduces a novel grey-based multi-criteria decision-making (MCDM) framework designed to assess the Environmental, Social, and Governance (ESG) sustainability performance of banks listed on Borsa İstanbul (BIST). The suggested hybrid grey-based model integrates two objective weighting techniques—Grey Logarithmic Percentage Change-Driven Objective Weighting (G-LOPCOW) and Grey Modified Standard Deviation (G-MSD)—with the Grey Preference Index Value (G-PIV) ranking procedure to effectively manage epistemic uncertainty inherent in sustainability data. Ten ESG indicators obtained from the Refinitiv Eikon database for the 2021–2023 period form the analytical foundation of the sustainability assessment. The integrated weighting process identifies community engagement, product responsibility, and shareholder relations as the most influential determinants shaping banks’ sustainability profiles. Based on the G-PIV results, İşbank, Yapı Kredi, and TSKB rank as the top-performing institutions. The empirical findings not only provide valuable insights into the ESG positioning of Turkish banks but also offer a replicable methodological framework for practitioners and policymakers seeking data-driven sustainability benchmarking. Furthermore, the study contributes to the growing body of literature on grey system-based decision models, reinforcing their utility in addressing ambiguity and partial information in complex financial and sustainability evaluations.

Keywords

ESG Sustainability G-LOPCOW G-MSD G-PIV Grey System Theory Turkish banks

References

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  • Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98-115. https://doi.org/10.1108/MEQ-12-2017-0149
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  • Diakoulaki, D., Mavrotas, G. and Papayannakis, L. (1995). Determining objective weights in multiple criteria problems: The Critic method. Computers & Operations Research, 22(7), 763–770. https://doi.org/10.1016/0305-0548(94)00059-H
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  • Gupta, S., Mathew, M., Gupta, S. and Dawar, V. (2021b). Benchmarking the private sector banks in India using MCDM approach. Journal of Public Affairs, 21(2), e2409. https://doi.org/10.1002/pa.2409
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Türk Bankacılık Sektöründe ESG Sürdürülebilirlik Performansının Değerlendirilmesi: Gri LOPCOW–MSD–PIV Yaklaşımı

Year 2025, Volume: 10 Issue: Özel Sayı, 59 - 87, 31.10.2025

Berrak Tekgün

https://doi.org/10.30784/epfad.1813013

Abstract

Bu çalışma, Borsa İstanbul'da (BIST) işlem gören bankaların Çevresel, Sosyal ve Yönetişim (ESG) sürdürülebilirlik performansını değerlendirmek üzere tasarlanmış yeni bir gri tabanlı çok kriterli karar verme (ÇKKV) çerçevesi sunmaktadır. Önerilen hibrit gri tabanlı model, sürdürülebilirlik verilerinde bulunan epistemik belirsizliği etkin bir şekilde yönetmek için iki nesnel ağırlıklandırma tekniği olan Gri Logaritmik Yüzde Değişim Odaklı Nesnel Ağırlıklandırma (G-LOPCOW) ve Gri Değiştirilmiş Standart Sapma'yı (G-MSD) Gri Tercih Endeksi Değeri (G-PIV) sıralama prosedürüyle birleştirir. Refinitiv Eikon veri tabanından 2021-2023 dönemi için elde edilen on ESG göstergesi, sürdürülebilirlik değerlendirmesinin analitik temelini oluşturmaktadır. Entegre ağırlıklandırma süreci, topluluk katılımını, ürün sorumluluğunu ve hissedar ilişkilerini bankaların sürdürülebilirlik profillerini şekillendiren en etkili belirleyiciler olarak belirlemiştir. G-PIV sonuçlarına göre, İş Bankası, Yapı Kredi ve TSKB en iyi performans gösteren kurumlar olarak sıralanmaktadır. Ampirik bulgular, Türk bankalarının ESG konumlandırmasına dair değerli bilgiler sağlamanın yanı sıra, veri odaklı sürdürülebilirlik kıyaslamasına odaklanan uygulayıcılar ve politika yapıcılar için tekrarlanabilir bir metodolojik çerçeve de sunmaktadır. Ayrıca, çalışma, gri sistem tabanlı karar modelleri hakkındaki giderek artan literatüre katkıda bulunarak, karmaşık finansal ve sürdürülebilirlik değerlendirmelerinde belirsizlik ve kısmi bilginin ele alınmasındaki faydalarını pekiştirmektedir.

Keywords

ESG Sürdürülebilirliği G-LOPCOW G-MSD G-PIV Gri Sistem Teorisi Türk Bankaları

References

  • Abdel-Basset, M., Mohamed, R., Elhoseny, M., Abouhawash, M., Nam, Y. and AbdelAziz, N.M. (2021). Effcient MCDM model for evaluating the performance of commercial banks: A case study. Computers, Materials and Continua, 67(3), 2729-2746. https://doi.org/10.32604/cmc.2021.015316
  • Akbulut, O.Y. (2019). Analyzing the performance of İşbank between 2009-2018 years by CRITIC and EDAS methods. Journal of Research in Economics, Politics & Finance, 4(2), 249-263. https://doi.org/10.30784/epfad.594762
  • Akbulut, O.Y. (2024). Assessing the environmental sustainability performance of the banking sector: a novel integrated grey Multi-Criteria Decision-Making (MCDM) approach. International Journal of Knowledge and Innovation Studies, 2(4), 239-258. Retrieved from https://www.acadlore.com/journals/IJKIS
  • Akbulut, O.Y. and Aydın, Y. (2024). A hybrid multidimensional performance measurement model using the MSD-MPSI-RAWEC model for Turkish Banks. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 11(3), 1157-1183. https://doi.org/10.30798/makuiibf.1464469
  • Azmi, W., Hassan, M.K., Houston, R. and Karim, M.S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions and Money, 70, 101277. https://doi.org/10.1016/j.intfin.2020.101277
  • Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98-115. https://doi.org/10.1108/MEQ-12-2017-0149
  • Churchman, C.W. and Ackoff, R.L. (1954). An approximate measure of value. Journal of the Operations Research Society of America, 2(2), 172-187. https://doi.org/10.1287/opre.2.2.172
  • Çetenak, E.H., Ersoy, E. and Işık, Ö. (2022). The effect of ESG (environmental, social and governance) scores on firm performance: Evidence from Turkish banking industry. Erciyes University Journal of Economics and Administrative Sciences, 63, 75-82. https://doi.org/10.18070/erciyesiibd.1212587
  • da Cunha, Í.G.F., Policarpo, R.V.S., de Oliveira, P.C.S., Zanon, L.G. and do Nascimento Rebelatto, D.A. (2025). Exploring ESG indicators and the sustainable development goals: A fuzzy multi‐criteria approach to cause‐and‐effect analysis. Business Strategy & Development, 8(3), e70155. https://doi.org/10.1002/bsd2.70155
  • Demir, E. (2025). Multi-criteria sustainability performance analysis of commercial banks in Türkiye based on MPSI and RAWEC methods. International Journal of Insurance and Finance, 5(1), 45-58. https://doi.org/10.52898/ijif.2025.4
  • Deng, J.L. (1982). Control problems of grey systems. Systems & Control Letters, 1(5), 288-294. https://doi.org/10.1016/S0167-6911(82)80025-X
  • Diakoulaki, D., Mavrotas, G. and Papayannakis, L. (1995). Determining objective weights in multiple criteria problems: The Critic method. Computers & Operations Research, 22(7), 763–770. https://doi.org/10.1016/0305-0548(94)00059-H
  • Dohrmann, M., Martinez‐Blasco, M., Moring, A. and Margarit, J.C. (2024). Environmental performance and firm performance in Europe: The moderating role of board governance. Corporate Social Responsibility and Environmental Management, 31(6), 5863-5880. https://doi.org/10.1002/csr.2898
  • Dou, J., Mirza, N., Umar, M. and Horobet, A. (2025). ESG uncertainties and valuation implications: Evidence from the EU banking sector. Research in International Business and Finance, 76, 102872. https://doi.org/10.1016/j.ribaf.2025.102872
  • Durdu, D., Akbulut, O.Y. and Aydın, Y. (2025). Evaluating corporate financial performance in the Turkish insurance sector using an integrated grey decision-making framework. Journal of Research in Economics, Politics & Finance, 10(3), 1293-1317. https://doi.org/10.30784/epfad.1644941
  • Durmuş, C.N., Çanakçıoğlu, M., Topak, M.S. and Gorcun, O.F. (2025). Evaluation of banking performance of the Balkan countries in type-2 neutrosophic fuzzy environment. Journal of Intelligent Decision Making and Information Science, 2, 366-385. https://doi.org/10.59543/jidmis.v2i.13389
  • Ecer, F. and Pamucar, D. (2022). A novel LOPCOW‐DOBI multi‐criteria sustainability performance assessment methodology: An application in developing country banking sector. Omega, 112, 102690. https://doi.org/10.1016/j.omega.2022.102690
  • Ersoy, E., Swiecka, B., Grima, S., Özen, E. and Romanova, I. (2022). The impact of ESG scores on bank market value? Evidence from the US banking industry. Sustainability, 14(15), 9527. https://doi.org/10.3390/su14159527
  • Freeman, R.E. (1984). Stakeholder management: A strategic approach. Marchfield: Pitman.
  • Goel, A., Sahay, N. and Tyagi, A. (2024). Bank performance evaluation of sustainability strategy dimensions in the emerging market using the MCDM approach. Corporate and Business Strategy Review, 5(3), 106-116. Retrieved from https://virtusinterpress.org/
  • Gupta, S., Mathew, M., Gupta, S. and Dawar, V. (2021b). Benchmarking the private sector banks in India using MCDM approach. Journal of Public Affairs, 21(2), e2409. https://doi.org/10.1002/pa.2409
  • Gupta, S., Mathew, M., Syal, G. and Jain, J. (2021a). A hybrid MCDM approach for evaluating the financial performance of public sector banks in India. International Journal of Business Excellence, 24(4), 481-501. https://doi.org/10.1504/IJBEX.2021.117648
  • Hoang, P.D., Nguyen, L.T. and Tran, B.Q. (2024). Assessing environmental, social and governance (ESG) performance of global electronics industry: An integrated MCDM approach-based spherical fuzzy sets. Cogent Engineering, 11(1), 2297509. https://doi.org/10.1080/23311916.2023.2297509
  • Hussain, S., Chen, J.H. and Hussain, T. (2024). Decision-making framework for improving bank performance in emerging markets: The analysis of AHP-TOPSIS and AHP-GRA models. Journal of Central Banking Theory and Practice, 13(3), 191-218. doi:10.2478/jcbtp-2024-0027
  • Işık, Ö. (2023). ESG activities and financial performance in banking industry. International Journal of Insurance and Finance, 3(2), 53-64. https://doi.org/10.52898/ijif.2023.10
  • Işık, Ö. and Adalar, İ. (2025). A multi-criteria sustainability performance assessment based on the extended CRADIS method under intuitionistic fuzzy environment: a case study of Turkish non-life insurers. Neural Computing and Applications, 37(5), 3317-3342. https://doi.org/10.1007/s00521-024-10803-0
  • Işık, Ö., Adalar, İ. and Shabir, M. (2025a). Measuring efficiency, productivity and sustainability performance for Islamic banks: A fuzzy expert-based multi-criteria decision support model using spherical fuzzy information. International Journal of Islamic and Middle Eastern Finance and Management, Advance online publication. https://doi.org/10.1108/IMEFM-09-2024-0477
  • Işık, Ö., Shabir, M., Demir, G., Puska, A. and Pamucar, D. (2025c). A hybrid framework for assessing Pakistani commercial bank performance using multi-criteria decision-making. Financial Innovation, 11(1), 38. https://doi.org/10.1186/s40854-024-00728-x
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There are 54 citations in total.

Details

Primary Language English
Subjects Green Economy
Journal Section Makaleler
Authors

Berrak Tekgün

Publication Date October 31, 2025
Submission Date August 30, 2025
Acceptance Date October 21, 2025
Published in Issue Year 2025 Volume: 10 Issue: Özel Sayı

Cite

APA Tekgün, B. (2025). Evaluating ESG Sustainability Performance in the Turkish Banking Industry: A Grey LOPCOW-MSD-PIV Approach. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 10(Özel Sayı), 59-87. https://doi.org/10.30784/epfad.1813013
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