Green Bonds and Bank Performance in Emerging Markets: An Empirical Study on Borsa Istanbul

Abstract

This study examines the relationship between green bond issuance and the financial performance of banks listed on Borsa Istanbul during the period 2016–2024. Using a panel data approach, the analysis considers return on assets (ROA) and return on equity (ROE) as dependent variables, while green bond issuance serves as the main independent variable. The findings indicate that green bond issuance does not have a statistically significant impact on banks’ financial performance. This result can be explained by the early-stage development of the green bond market in Türkiye and the long-term nature of environmental projects, whose financial returns may not yet be observable in the short run. The study highlights the need for a long-term perspective in evaluating sustainable finance instruments and suggests that future research should incorporate larger datasets, macroeconomic factors, and indirect effects such as corporate reputation and ESG scores to provide more comprehensive evidence.

Keywords

• Green Bond Issuance
• Bank Profitability
• Borsa Istanbul
• Sustainable Finance

Supporting Institution

None

Ethical Statement

I hereby declare that this study complies with research and publication ethics and falls within the scope of studies that do not require ethics committee approval.

Thanks

None

Gelişmekte Olan Piyasalarda Yeşil Tahviller ve Banka Performansı: Borsa İstanbul Üzerine Ampirik Bir İnceleme

Abstract

Bu çalışma, 2016–2024 yılları arasında Borsa İstanbul’da işlem gören bankaların yeşil tahvil ihracı ile finansal performansları arasındaki ilişkiyi incelemektedir. Panel veri yöntemi kullanılarak yapılan analizde, bankaların aktif kârlılığı (ROA) ve özsermaye kârlılığı (ROE) bağımlı değişkenler olarak ele alınmış; yeşil tahvil ihracı ana bağımsız değişken olarak kullanılmıştır. Bulgular, yeşil tahvil ihracının bankaların finansal performansı üzerinde istatistiksel olarak anlamlı bir etkisinin olmadığını göstermektedir. Bu sonuç, Türkiye’de yeşil tahvil piyasasının erken aşamada olması ve yeşil projelerin uzun vadeli getirilerinin kısa dönemde gözlenememesiyle açıklanabilmektedir. Çalışma, sürdürülebilir finans piyasalarının gelişimi için uzun vadeli bir perspektifin gerekliliğini vurgulamakta; daha geniş veri setleri, makroekonomik faktörler ve dolaylı etkilerin (itibar, ESG skorları) gelecekteki araştırmalara dâhil edilmesini önermektedir.

Keywords

• Yeşil Tahvil İhracı
• Banka Kârlılığı
• Borsa İstanbul
• Sürdürülebilir Finans

Supporting Institution

Yoktur

Ethical Statement

Bu çalışmada araştırma ve yayın etiğine uyulduğunu ve çalışmanın etik kurul izni gerektirmeyen çalışmalar kapsamında olduğunu beyan ederim.

Thanks

Yoktur

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