CORPORATE DISCLOSURE AND SHORT-TERM FINANCIAL PERFORMANCE: EVIDENCE FROM NON-FINANCIAL FIRMS IN THE BIST 50

Öz

This study explores the relationship between environmental, social, and governance (ESG) disclosures and short-term accounting-based financial performance in non-financial firms listed on the Borsa Istanbul (BIST) 50 Index, using return on assets (ROA) as an indicator, within an exploratory framework. Initially, 40 firms were included in the analysis using data from 2019–2023. Due to the limited number of firms without ESG disclosures, a matching process based on sector, firm size, and financial leverage criteria was implemented to increase comparability, resulting in a final sample of 12 firms (6 with ESG disclosures and 6 without). ESG disclosure was defined as a binary (dummy) variable, and ROA was used as the financial performance indicator. Univariate analyses show that firms with ESG disclosures have higher average ROA levels. However, multiple regression analyses performed when liquidity, financial leverage, firm size, and sector differences are controlled for indicate that ESG disclosure does not produce a statistically significant and consistent effect on ROA. Overall, the findings suggest that ESG disclosures may not be automatically associated with increased profitability in the short term, and that the relationship may be sensitive to contextual factors such as the information environment, time horizon, and firm-specific dynamics.

Anahtar Kelimeler

• ESG Disclosure
• Financial Performance
• ROA

KURUMSAL AÇIKLAMALAR VE KISA VADELI FINANSAL PERFORMANS: BIST 50 ENDEKSI’NDE YER ALAN FINANSAL OLMAYAN FIRMALARDAN KANITLAR

Öz

Bu çalışma, Borsa İstanbul (BIST) 50 Endeksi’nde yer alan finansal olmayan firmalarda çevresel, sosyal ve yönetişim (ESG) açıklamaları ile kısa vadeli muhasebe temelli finansal performans arasındaki ilişkiyi, aktif kârlılığı (ROA) göstergesi üzerinden keşifsel bir çerçevede incelemektedir. 2019–2023 dönemine ait veriler kullanılarak başlangıçta 40 firma analiz kapsamına alınmıştır. ESG açıklaması yapmayan firma sayısının sınırlı olması nedeniyle karşılaştırılabilirliği artırmak amacıyla sektör, firma büyüklüğü ve finansal kaldıraç kriterlerine dayalı bir eşleştirme gerçekleştirilmiş ve nihai örneklem 12 firmadan (6 ESG açıklaması yapan ve 6 yapmayan) oluşturulmuştur. ESG açıklaması ikili (kukla) değişken olarak tanımlanmış, finansal performans göstergesi olarak ROA kullanılmıştır. Tek değişkenli analizler, ESG açıklaması yapan firmaların ortalama ROA düzeylerinin daha yüksek olduğunu göstermektedir. Ancak likidite, finansal kaldıraç, firma büyüklüğü ve sektör farklılıkları kontrol edildiğinde gerçekleştirilen çoklu regresyon analizleri, ESG açıklamasının ROA üzerinde istatistiksel olarak anlamlı ve tutarlı bir etki üretmediğine işaret etmektedir. Genel olarak bulgular, ESG açıklamalarının kısa vadede otomatik bir kârlılık artışıyla ilişkilendirilemeyebileceğini ve ilişkinin bilgi ortamı, zaman ufku ve firma-özel dinamikler gibi bağlamsal unsurlara duyarlı olabileceğini düşündürmektedir.

Anahtar Kelimeler

• ESG Açıklaması
• Finansal Performans
• ROA.

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