IS ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) REPORTING FINANCIALLY USEFUL? EVIDENCE FROM TURKEY

Abstract

İnsanlığın küresel ısınma ve kısıtlı kaynakların aşırı tüketimi gibi risklerle karşılaşması günümüzde sürdürülebilirlik raporlamasına olan ilgiyi giderek yaygınlaştırmaktadır. Bu doğrultuda birçok otorite, sermaye piyasalarında şeffaflığın ve hesap verilebilirliğin arttırılarak paydaş güveninin sağlanması amacıyla işletmeleri sürdürülebilirlik bilgilerini açıklamaya teşvik etmektedir. Halbuki sürdürülebilirlik raporlamasındaki kural eksikliği ve finansal olmayan bilginin yapısı, Çevresel, Sosyal ve Kurumsal Yönetim (ÇSKY) bilgilerinin faydalılığı konusunda şüphe yaratmaktadır. Bu çalışmanın amacı sürdürülebilirlik raporlamasının finansal performans üzerindeki etkisini incelemektir. Çalışma kapsamında 2009-2018 yılları arasında Borsa İstanbul Metal Eşya Endeksi’nde işlem gören işletmelere panel regresyon testleri uygulanmıştır. Araştırma sonucunda sürdürülebilirlik raporlaması ve finansal performans arasında istatistiki olarak anlamlı bir ilişki bulunamamıştır.

Keywords

• sürdürülebilirlik raporlaması
• finansal performans
• ÇSKY açıklaması
• finansal olmayan bilgi

IS ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) REPORTING FINANCIALLY USEFUL? EVIDENCE FROM TURKEY

Abstract

Sustainability reporting is attracting widespread interest as humanity is exposed to risks related to climate change and overexploitation of limited resources. Accordingly, many authorities have been and still are encouraging companies to disclose sustainability information for the purpose of increasing transparency and accountability in capital markets thereby ensuring stakeholder trust. However, the irregularity of sustainability reporting and the nature of non-financial information cast doubt on the usefulness of Environmental, Social and Governance (ESG) disclosure. The objective of this study is to investigate the impact of sustainability reporting on financial performance. Panel regression tests were applied to companies listed on Borsa Istanbul Metal Products Machinery Index throughout 2009-2018 in this paper. As a result, no statistically significant relationship was found between sustainability disclosure and financial performance.

Keywords

• sustainability reporting
• financial performance
• ESG disclosure
• non-financial information

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