Yatırımların Yeni Rotası, Sürdürülebilirlik: Sürdürülebilirlik Endeksleri ve Yeşil Tahviller Üzerine Kantil-Kantil Regresyon Analizi

Abstract

Günümüzde artan çevresel, sosyal ve ekonomik sorunlar, sürdürülebilirliği kurumlar ve bireyler için stratejik bir öncelik haline getirmiştir. Sürdürülebilirlik artık yalnızca çevresel sorumlulukla sınırlı olmayıp, işletmelerin uzun vadeli başarı stratejilerinin temel bir unsuru olarak değerlendirilmektedir. Bu dönüşüm finansal piyasalara da yansımakta; yatırımcılar finansal getirilerin yanı sıra işletmelerin çevresel ve sosyal etkilerini de dikkate almaktadır. Bu kapsamda ESG kriterlerine dayalı sürdürülebilirlik endeksleri ve yeşil tahviller önem kazanmış; MSCI ESG Leaders, DJSI ve FTSE4Good gibi endeksler yatırım kararlarında belirleyici hale gelmiştir. Bu çalışma, söz konusu araçların getirileri arasındaki ilişkiyi Kantil-Kantil Regresyon yöntemiyle farklı piyasa rejimlerinde incelemektedir. Bulgular, ilişkinin piyasa koşullarına bağlı olarak değiştiğini ve kriz dönemlerinde korelasyonun güçlendiğini göstermektedir.

Keywords

• Sürdürülebilirlik
• Yeşil Tahvil
• Kantil-Kantil Regresyonu

The New Direction of Investments, Sustainability: An Empirical Study on Sustainability Indices and Green Bonds: Quantile-on-Quantile Regression Analysis

Abstract

Today, increasing environmental, social, and economic challenges have made sustainability a strategic priority for both institutions and individuals. Sustainability is no longer limited to environmental responsibility; it is now considered a fundamental component of firms’ long-term success strategies. This transformation is also reflected in financial markets, where investors evaluate not only financial returns but also the environmental and social impacts of firms. In this context, ESG-based sustainability indices and green bonds have gained importance, with indices such as MSCI ESG Leaders, DJSI, and FTSE4Good becoming influential benchmarks in investment decisions. This study examines the relationship between the returns of these instruments across different market regimes using the Quantile-on-Quantile Regression method. The findings indicate that this relationship varies with market conditions and strengthens during periods of crisis.

Keywords

• Sustainability
• Green Bond
• Quantile-Quantile Regression

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