Environmental&Social&Governance Behavior of Companies During the COVID-19 Outbreak

Abstract

This study assesses the change in the environmental, social, and governance (ESG) behavior of the Borsa Istanbul (BIST) ALL companies during the COVID-19 pandemic using panel data regression analysis. Additionally, cluster analysis highlights specific ESG strengths and challenges faced by these companies during the pandemic. For these purposes, data pertaining to the ESG scores and financial ratios of companies listed in the BIST-ALL for the years 2017-2020 is acquired from the Thomson Reuters Eikon database. The results of the regression analysis indicated a significant improvement in the ESG performance of the BIST ALL companies over the course of the COVID-19 pandemic. The cluster analysis resulted in the classification of the companies into 5 distinct clusters. Notably, companies in sensitive industries such as energy, mining, pharmaceuticals, and chemicals exhibited poor ESG performance during the COVID-19 outbreak. Furthermore, the cluster with superior ESG performance also demonstrated highly favorable financial ratios. This research provides valuable insights for assessing the ESG performance of companies during the pandemic.

Keywords

• environmental, social and governane (ESG)
• cluster analysis
• regression analysis
• COVID-19
• BIST

COVID-19 Salgını Sırasında Şirketlerin Çevresel&Sosyal&Yönetişim Davranışları

Abstract

Bu çalışma, COVID-19 salgını sırasında Borsa İstanbul (BIST) TÜM şirketlerinin çevresel, sosyal ve yönetişim (ÇSY) davranışlarındaki değişimi panel veri regresyon analizi kullanarak değerlendirmektedir. Ayrıca, kümeleme analizi, bu şirketlerin pandemi sırasında karşılaştıkları belirli ÇSY güçlü yönlerini ve zorluklarını ortaya koymaktadır. Bu amaçla, 2017-2020 yılları için BIST-TÜM’de işlem gören şirketlerin ÇSY skorları ve finansal oranlarına ilişkin veriler Thomson Reuters Eikon veri tabanından elde edilmiştir. Regresyon analizinin sonuçları, COVID-19 salgını süresince BIST TÜM şirketlerinin ÇSY performansında önemli bir iyileşme olduğunu göstermektedir. Kümeleme analizi sonucuna göre, özellikle, enerji, madencilik, ilaç ve kimya gibi hassas sektörlerdeki şirketler COVID-19 salgını sırasında zayıf ÇSY performansı sergilediği ifade edilebilir. Ayrıca, yüksek ÇSY performansına sahip kümedeki şirketler, oldukça olumlu finansal oranlara da sahiptir. Bu araştırma, pandemi sırasında şirketlerin ÇSY performansını değerlendirmek için değerli bilgiler sunmaktadır.

Keywords

• çevresel, sosyal ve yönetişim (ÇSY)
• kümeleme analizi
• regresyon analizi
• COVID-19
• BIST

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