Çevre Dostu Açıklamalar, Yeşil Pazarlama ve Piyasa Gerçekliği: Yeşil Aklamanın Finansal Etkileri

Öz

Bu çalışma, literatürde tanımlanan yeşil aklama olgusunun açığa çıkmasının ardından işletmelerin finansal piyasa performansı ve satışları üzerindeki etkilerini incelemeyi amaçlamaktadır. Sanayileşmenin çevresel maliyetlerinin giderek görünür hâle geldiği bir dönemde kurumsal yeşil söylemlerin paydaş algısı ve ekonomik sonuçlarla nasıl ilişkilendiğini ortaya koymak çalışmanın temel önemini oluşturur. Araştırma, kavramsal literatür incelemesinin yanı sıra ampirik bir analiz içermekte olup metodolojik olarak olay analizi (event study) yaklaşımını kullanmaktadır. Yeşil aklama yaptığı tespit edilen şirketler, literatür ve güncel raporlar doğrultusunda belirlenmiş, bu şirketlerin yeşil aklamanın ifşa edildiği tarihler etrafındaki hisse senedi fiyat hareketleri incelenerek kısa ve orta vadeli finansal etkiler ölçülmüştür. Ayrıca şirketlerin satış verileri kullanılarak yeşil aklamanın tüketici davranışları ve operasyonel performans üzerindeki sonuçları karşılaştırmalı analiz yöntemiyle değerlendirilmiştir. Bu yaklaşım hem paydaş tepkileri hem de ekonomik etkilerin sistematik biçimde ortaya konmasına imkân tanımakta; böylece yeşil aklamanın finansal ve operasyonel sonuçları ampirik olarak bütüncül bir çerçevede ele alınmaktadır. Ampirik bulgular, yeşil aklama skandallarının finansal etkilerinin vakaların şiddetine göre büyük ölçüde değiştiğini göstermektedir. Volkswagen ve BP örneklerinde ciddi hisse düşüşleri, büyük piyasa değeri kayıpları ve yüksek hukuki maliyetler ortaya çıkarken; Ryanair’de finansal etki minimal olup daha çok itibar düzeyinde kalmıştır. ExxonMobil’de etkiler uzun vadeli erozyon şeklinde görülmüştür. Diğer şirketlerde ise sonuçlar genellikle yasal giderler, uyum maliyetleri ve itibar kaybı ile sınırlıdır. Sonuç olarak bağımsız denetim, zorunlu raporlama ve sıkı düzenlemelerin yeşil aklamayı azaltarak sürdürülebilir finans ve düşük karbonlu ekonomiye geçişi desteklediği vurgulanmaktadır.

Anahtar Kelimeler

• Yeşil Pazarlama
• Yeşil Aklama
• Yeşil Finansman
• Denetim

Eco-Friendly Claims, Green Marketing, and Market Reality: The Financial Impacts of Greenwashing

Abstract

This study aims to examine the effects of disclosed greenwashing practices, identified in the existing literature, on firms’ financial market performance and sales outcomes. At a time when the environmental costs of industrialization have become increasingly visible, understanding how corporate green claims shape stakeholder perceptions and translate into economic consequences constitutes the core significance of the research. In addition to a conceptual literature review, the study employs an empirical analysis based on the event study methodology. Firms identified as engaging in greenwashing were selected based on prior scholarly work and recent reports; their stock price reactions around the dates on which greenwashing incidents were revealed were analyzed to measure short and medium-term financial impacts. Moreover, firms’ sales data were utilized to assess the implications of greenwashing for consumer behavior and operational performance through comparative analysis. This methodological approach allows for a systematic evaluation of both stakeholder responses and economic outcomes, providing a comprehensive empirical framework for understanding the financial and operational consequences of greenwashing. Empirical findings indicate that the financial impacts of greenwashing scandals vary substantially depending on the severity of the case. While Volkswagen and BP experienced sharp stock price declines, major losses in market capitalization, and substantial legal costs, the financial effects on Ryanair remained minimal and were largely reputational. ExxonMobil exhibited long-term erosion in key financial indicators, whereas other firms tended to face costs primarily in the form of legal expenses, compliance burdens, and reputational damage. Overall, the study underscores that independent auditing, mandatory reporting, and stringent regulatory frameworks play a critical role in mitigating greenwashing and support the advancement of sustainable finance and the transition toward a low-carbon economy.

Keywords

• Green Marketing
• Greenwashing
• Green Finance
• Auditing

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