A Research on Türkiye, the United States, and Germany Stock Markets from the Environmental Social Governance (ESG) and Sustainability Perspective

Year 2025, Volume: 10 Issue: 1, 44 - 53, 30.06.2025

Ozan Kaymak

Abstract

Environmental, Social, and Governance (ESG) practices are spreading from developed markets to other markets. This study examines the relationships between ESG indices and market indices in selected stock markets. The aim of this study is to investigate the direction and intensity of the potential effects of changes in selected stock market indices on their respective ESG indices during the period from December 2014 to December 2024. The relationships between the main indices of Borsa Istanbul, Standard & Poor’s, and the Frankfurt Stock Exchange and their ESG indices were examined for each market by estimating three different simple linear regression models, and the results of the three models were compared. As a result of the study, it was determined that there is a positive relationship between the ESG indices of the selected three markets and the market indices, and that the Frankfurt Stock Exchange's ESG index has the lowest sensitivity level to the market index.

Keywords

Sustainability, ESG, Stock Markets Indices.

Çevresel Sosyal Yönetişim (ÇSY) ve Sürdürülebilirlik Perspektifinden Türkiye, Amerika Birleşik Devletleri ve Almanya Hisse Senedi Piyasaları Üzerine Bir Araştırma

Abstract

Çevresel, Sosyal ve Yönetişim (ÇSY) pratikleri gelişmiş piyasalardan diğer pazarlara doğru yayılım göstermektedir. Bu çalışmada seçili hisse senedi piyasalarındaki ÇSY endeksleri ile piyasa endeksleri arasındaki ilişkiler incelenmiştir. Bu çalışmanın amacı; 2014 Aralık ile 2024 Aralık arasındaki dönemde, seçili borsa endekslerindeki değişimlerin bu borsalardaki ÇSY endeksleri üzerindeki muhtemel etkilerinin yönü ve şiddetinin araştırılmasıdır. Borsa İstanbul, Standart & Poor’s ve Frankfurt Menkul Kıymetler Borsası ana endeksleri ile ÇSY endeksleri arasındaki ilişkiler her bir piyasa için üç farklı basit doğrusal regresyon modeli tahmin edilerek incelenmiş ve üç modele ait sonuçlar karşılaştırılmıştır. Çalışmanın sonucunda seçili üç piyasaya ait ESG endeksleriyle piyasa endeksleri arasında pozitif yönde ilişkinin var olduğu, Frankfurt Menkul Kıymetler Borsası ÇSY endeksinin piyasa endeksine karşı en düşür duyarlılık seviyesine sahip olduğu tespit edilmiştir.

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