DOES ESG PERFORMANCE IMPACT FINANCIAL PERFORMANCE? EVIDENCE FROM THE UTILITIES SECTOR

Abstract

The aim of this study is to provide evidence for the impact of environmental, social and corporate governance (ESG) performances of companies operating in the utilities sector on their financial performance. The study used data from 325 companies in the utilities sector worldwide which have been listed in ASSET4 between 2010 and 2019. Refinitiv's Thomson Reuters ASSET4, EIKON, and Datastream databases have been used to obtain data on ESG performance and financial performance variables used in the study. According to the regression results, ESG performance has no impact on financial performance.

Keywords

• ESG performance
• financial performance
• utilities sector

ESG PERFORMANSI FİNANSAL PERFORMANSA ETKİ EDEBİLİR Mİ? ELEKTRİK SU, GAZ VE ATIK SEKTÖRÜ ÜZERİNE BİR ARAŞTIRMA

Abstract

Bu çalışmanın amacı elektrik, su, gaz ve atık sektöründe faaliyet gösteren şirketlerin çevresel, sosyal ve kurumsal yönetim (Environmental, Social, Governance-ESG) performanslarının finansal performanslarına etkisine yönelik kanıtlar sunmaktır. Bu amaçla çalışmada, elektrik, su, gaz ve atık sektöründe (Utilities) dünya genelinde ASSET4’te yer alan 325 şirketin 2010-2019 yıllarını kapsayan verileri kullanılmıştır. Çalışma kapsamında kullanılan ESG performansı ve finansal performans değişkenlerine ait veriler Refinitiv’in Thomson Reuters ASSET4, EIKON ve Datastream veri tabanından elde edilmiştir. Gerçekleştirilen regresyon analizleri sonucunda şirketlerin ESG performanslarının finansal performansları üzerinde etkili olmadığı tespit edilmiştir.

Keywords

• ESG performansı
• finansal performans
• elektrik
• su
• gaz ve atık sektörü

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