Does Environmental, Social, and Governance Sustainability Improve Financial Performance? A Nonlinear Panel Data Analysis on Industrial Firms in G20 Countries

Year 2025, Volume: 9 Issue: 1, 415 - 451, 25.02.2025

Seren Aydıngülü Sakalsız , Serkan Şahin , Mustafa Kısakürek

Abstract

The environmental, social, and governance dimensions of sustainability deal with issues such as firms’ environmental impact, efficient use of resources, their relations with stakeholders and society in general, and management transparency. Sustainable activities of firms have different meanings for policymakers, managers, investors, and other stakeholders. Business managers focus on the impact of sustainability investments on financial performance. This study examines the linkage between corporate governance performance, social performance, environmental performance, and financial performance of firms in G20 countries. Unlike previous studies examining the linear relationship between firms’ sustainability scores and financial performance, this study investigates non-linear relationships. In this respect, this study draws attention to the fact that there may be an optimal point for firms’ sustainability investments. In this context, the "too little of a good thing" and "too much of a good thing" views, which argue that there is a U-shaped or inverted U-shaped linkage between sustainability scores and financial performance, respectively, are tested with panel data analysis methods for 251 firms operating in the industrial sector of G20 countries. According to the results, there is an inverted U-shaped relationship between firms’ sustainability, social, environmental, and corporate governance performance and their return on assets and equity. This result supports the validity of the "too much of a good thing" effect. However, there is no significant relationship between firms’ environmental performance and their return on equity. Accordingly, firms’ financial performance varies depending on environmental, social, and governance performance levels.

Keywords

Sustainability, TLGT and TMGT effect, System GMM Method, ESG Score, Financial Performance

Çevresel, Sosyal ve Yönetişimde Sürdürülebilirlik Finansal Performansı Artırır mı? G20 Ülkelerinde Sınai İşletmeler Üzerine Doğrusal Olmayan Panel Veri Analizi

Abstract

Sürdürülebilirliğin çevresel, sosyal ve yönetim boyutları, firmaların çevre üzerindeki etkileri, kaynaklarının verimli kullanımı, paydaşlarla ve genel olarak toplumla olan ilişkileri ve yönetim şeffaflığı gibi konular ile ilgilenmektedir. Firmaların sürdürülebilir faaliyetleri politika geliştiriciler, yöneticiler, yatırımcılar ve diğer paydaşlar açısından farklı anlamlar içermektedir. Firma yöneticileri, sürdürülebilirlik yatırımlarının finansal performans üzerindeki etkilerine odaklanmaktadır. Bu çalışmanın amacı firmaların kurumsal yönetim performansı, sosyal performans ve çevre performansları ile finansal performansları arasındaki ilişkileri G20 ülkeleri için incelemektir. Firmaların sürdürülebilirlik skorları ile finansal performansları arasındaki doğrusal ilişkiyi inceleyen geçmiş çalışmalardan farklı olarak bu çalışmada doğrusal olmayan ilişkiler araştırma konusu yapılmıştır. Bu yönü ile bu araştırma, firmaların sürdürülebilirlik yatırımlarına ilişkin bir optimal noktanın var olabileceğine dikkat çekmektedir. Bu kapsamda sürdürülebilirlik skorları ile finansal performans arasında U veya ters U şeklinde bir ilişki olduğunu savunan sırasıyla “iyi bir şeyin azlığı” (too little of a good thing) ve “iyi bir şeyin fazlalığı” (too much of a good thing) görüşleri, G20 ülkeleri sınai sektöründe faaliyet gösteren 251 firma için panel veri analiz yöntemleriyle test edilmiştir. Analiz sonuçlarına göre firmaların sürdürülebilirlik performansı, sosyal performansı, çevre performansı ve kurumsal yönetim performansı ile aktif karlılıkları ve özsermaye karlılıkları arasında ters U şeklinde bir ilişkinin var olduğu belirlenmiştir. Bu sonuç, “iyi bir şeyin fazlalığı” etkisinin geçerliliğini desteklemektedir. Ancak, firmaların çevre performansı ile özsermaye karlılıkları arasında anlamlı bir ilişkinin varlığına yönelik herhangi bir bulguya ulaşılamamıştır. Buna göre, firmaların finansal performansları farklı seviyelerdeki çevre, sosyal ve yönetim performanslarına bağlı olarak değişmektedir.

Keywords

Sürdürülebilirlik, TLGT ve TMGT etkisi, Sistem GMM Yöntemi, ESG Skoru, Finansal Performans

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