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ÇEVRESEL, SOSYAL VE KURUMSAL YÖNETİŞİM (ESG) PERFORMANSININ DENETÇİ GÖRÜŞLERİ ÜZERİNDEKİ ETKİSİ: BİST’TE BİR UYGULAMA

Year 2024, Volume: 26 Issue: 1, 53 - 76, 31.03.2024

Yusuf Kurt , Nazan Güngör Karyağdı , Murat Kara

https://doi.org/10.31460/mbdd.1307014

Abstract

Araştırmada 2018-2022 yılları arasında Borsa İstanbul’da (BIST) kesintisiz işlem gören işletmelerin yayımladıkları finansal tablolara bağımsız denetçiler tarafından verilen görüşler üzerinde, çevresel, sosyal ve kurumsal yönetim performanslarını ifade eden ESG skorlarının bir etkisinin olup olmadığının tespit edilmesi amaçlanmıştır. Çalışmada ESG performansı bağımsız değişken olarak, işletme büyüklüğü, dönem net kârı, esas faaliyetlerden/bankacılık faaliyetlerinden elde edilen nakit akışları ve kaldıraç oranı değişkenleri ise kontrol değişkenleri olarak dikkate alınmıştır. Değişkenler arasındaki ilişkilerin ölçümünde lojistik regresyon analizi yöntemi tercih edilmiştir. Çalışmada ESG performansı yüksek olan işletmelerin, ESG performansı düşük olan işletmelere göre hileli veya yanıltıcı finansal raporlamaya başvurma eğilimlerinin daha az olduğu tespit edilmiştir.

Keywords

ESG Performansı Denetçi Görüşleri Lojistik Regresyon Bağımsız Denetçi

References

  • Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate Economic, Environmental, and Social Sustainability Performance Transformation Through ESG Disclosure. Sustainability, 12(9), 1-20.
  • Arif, M., Sajjad, A., Farooq, S., Abrar, M., & Joyo, A. S. (2020). The Impact of Audit Committee Attributes On The Quality And Quantity Of Environmental, Social And Governance (ESG) Disclosures. Corporate Governance, 21(3), 497-514.
  • Asanta, A. B., & Lambert, T. A. (2022). The Role of The External Auditor in Managing Environmental, Social, And Governance (ESG) Reputation Risk. Review of Accounting Studies, 2(12), 1-53.
  • Baraibar, D. E., & Odriozola, M. D. (2019). CSR Committees and Their Effect on ESG Performance in UK, France, Germany, and Spain. Sustainability, 11, 1-20.
  • BDS 700 Finansal Tablolara İlişkin Görüş Oluşturma ve Raporlama Standardı. 31/12/2019 Tarihli ve 30995 (4.M) Sayılı Resmî Gazete.
  • BDS 705 Bağımsız Denetçi Raporunda Olumlu Görüş Dışında Bir Görüş Verilmesi Standardı. 18/3/2014 Tarihli ve 28945 Sayılı Resmî Gazete.
  • Bianchi, R. J., Drew, M. E., & Walk, A. N. (2010). On The Responsible Investment Disclosure Practices of The World's Largest Pension Funds. Accounting Research Journal, 23(3), 302-313.
  • Bravo, F. & Reguera, A. N. (2019). Sustainable Development Disclosure: Environmental, Social, and Governance Reporting and Gender Diversity in The Audit Committee. Business Strategy and The Environment, 28(2), 418-429.
  • Brindelli, G., Dell’Atti, S., Iannuzzi, A. P., & Savioli, M. (2018). Composition and Activity of The Board of Directors: Impact on ESG Performance in The Banking System. Sustainability, 10(1), 120-129.
  • Cruz, C. A., & Matos, F. (2023). ESG Maturity: A Software Framework for The Challenges of ESG Data in Investment. Sustainability, 15(3), 1-18.
  • Çetenek, E. H., Ersoy, E., & Işık, Ö. (2021). ESG (Çevresel, Sosyal ve Kurumsal Yönetim) Skorunun Firma Performansına Etkisi: Türk Bankacılık Sektörü Örneği. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 63, 75-82. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2014). Corporate Social Responsibility Disclosure and The Cost of Equity Capital: The Roles of Stakeholder Orientation and Financial Transparency. Journal of Accounting and Public Policy, 33, 328–355.
  • Dressler, M., & Paunovic, I. (2019). Customer-Centric Offer Design: Meeting Expectations for A Wine Bar and Shop and The Relevance of Hybrid Offering Components. International Journal of Wine Business Research, 31(1),109-127. European Commission (2017). Communication from The Commission— Guidelines on Non-Financial Reporting (Methodology For Reporting Nonfinancial Information). Official Journal of The European Union, C/215/01.
  • Feng, G. F., Long, H., Wang, H. J., & Chang, C. P. (2022). Environmental, Social and Governance, Corporate Social Responsibility, and Stock Returns: What are The Short and Long‐Run Relationships? Corporate Social Responsibility Environmental Management, 29(5), 1884-1895.
  • Gallizo, J. L., & Saladrigues, R. (2016). An Analysis of Determinants of Going Concern Audit Opinion: Evidence from Spain Stock Exchange. Intangible Capital, 12(1), 1-16.
  • Hosmer, D. W., & Lemeshow, S. (2000). Applied Logistic Regression (2nd ed.). Wiley-Interscience Publication.
  • Keçeli, B., & Çankaya, S. (2020). ESG ve Finansal Verilerin Pay Değerine Etkisi: Kuzey ve Latin Avrupa Ülkeleri Üzerine Bir Çalışma. İstanbul Ticaret Üniversitesi Girişimcilik Dergisi, 4(7), 31-49.
  • Kim, E. H. & Lyon, T. P. (2015). Greenwash vs. Brownwash: Exaggeration and Undue Modesty in Corporate Sustainability Disclosure. Organization Science, 26, 705–723.
  • Köse, E. (2021). Kurumsal Yönetim Özelliklerinin Çevresel, Sosyal ve Yönetişim (ESG) Açıklamalarına Etkisi. Uluslararası İşletme, Ekonomi ve Yönetim Perspektifleri Dergisi, 6(5), 463-474.
  • Lagasio, V., & Cucari, N. (2019). Corporate Governance and Environmental Social Governance Disclosure: A Meta‐Analytical Review. Corporate Social Responsibility and Environmental Management, 26, 701–711.
  • Luo, X., & Bhattacharya, C. B. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(4), 1-17.
  • Meher, B. K., Hawaldar, I. T., Mohapatra, L., Spulbar, C. M., & Birau, F. R. (2020). The Effects of Environment, Society and Governance Scores on Investment Returns and Stock Market Volatility. International Journal of Energy Economics Policy, 10(4), 234-239.
  • Refinitiv (2019). Environmental, Social and Governance (ESG) Scores from Refinitiv.
  • Ryu, T. G., Clifton, G., & Roh, C. Y. (2019). The Effect of Profitability and Liquidity on Audit Opinions: An Empirical Analysis. Journal of Finance and Accountancy, 25, 1-13. S&P Global İnternet Sitesi, Https://www.spglobal.com
  • Şeker, Y., & Şengür, E. D. (2022). Çevresel, Sosyal ve Kurumsal Yönetim (ESG) Performansı: Uluslararası Bir Araştırma. Muhasebe ve Vergi Uygulamaları Dergisi, 15(2), 349-387.
  • Şişman, M. E., & Çankaya, S. (2021). Çevresel, Sosyal ve Kurumsal Yönetişim (ESG) Verilerinin Firmaların Finansal Performansına Etkisi: Hava Yolu Sektörü Üzerine Bir Çalışma. Çukurova Üniversitesi İİBF Dergisi, 25(1), 73-91.
  • Ting, I. W. K., Azizan, N. A., Bhaskaran, R. K., & Sukumaran, S. K. (2020). Corporate Social Performance and Firm Performance: Comparative Study Among Developed and Emerging Market Firms. Sustainability, 12(1), 26-35.
  • Wang, X., Song, X., & Sun, M. (2023). How Does A Company’s ESG Performance Affect The Issuance of An Audit Opinion? The Moderating Role of Auditor Experience. International Journal of Environmental Research and Public Health, 20(5), 1-17.
  • Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG Performance Enhance Firm Value? Evidence from Korea. Sustainability, 10(10), 1-18.
  • Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D. Zhou, Y., & Kang, J. (2018). ESG and Corporate Financial Performance: Empirical Evidence From China’s Listed Power Generation Companies. Sustainability, 10, 1-18
  • Zhou, S., Rashis, H., Zobair, S.A.M, Sobhani, F.A., & Siddik, A.B. (2023). Does ESG Impact Firms’ Sustainability Performance? The Mediating Effect of Innovation Performance. Sustainability, 15(6), 55-86.

EFFECT OF ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE (ESG) PERFORMANCE ON AUDITOR'S VIEW: AN IMPLEMENTATION ON BIST

Year 2024, Volume: 26 Issue: 1, 53 - 76, 31.03.2024

Yusuf Kurt , Nazan Güngör Karyağdı , Murat Kara

https://doi.org/10.31460/mbdd.1307014

Abstract

The research aims to determine whether ESG scores, reflecting environmental, social, and corporate governance performances, influence the opinions provided by independent auditors for the financial statements of companies continuously traded on Borsa Istanbul (BIST) between 2018 and 2022. The study considers ESG performance as an independent variable, while business size, net profit for the period, cash flows from main activities/banking activities, and leverage ratio are considered as control variables. The logistic regression analysis method was chosen to measure the relationships between the variables. The study reveals that businesses with high ESG performance are less likely to engage in fraudulent or misleading financial reporting compared to businesses with low ESG performance.

Keywords

ESG Performance Auditor Opinions Logistic Regression Independent Auditor

References

  • Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate Economic, Environmental, and Social Sustainability Performance Transformation Through ESG Disclosure. Sustainability, 12(9), 1-20.
  • Arif, M., Sajjad, A., Farooq, S., Abrar, M., & Joyo, A. S. (2020). The Impact of Audit Committee Attributes On The Quality And Quantity Of Environmental, Social And Governance (ESG) Disclosures. Corporate Governance, 21(3), 497-514.
  • Asanta, A. B., & Lambert, T. A. (2022). The Role of The External Auditor in Managing Environmental, Social, And Governance (ESG) Reputation Risk. Review of Accounting Studies, 2(12), 1-53.
  • Baraibar, D. E., & Odriozola, M. D. (2019). CSR Committees and Their Effect on ESG Performance in UK, France, Germany, and Spain. Sustainability, 11, 1-20.
  • BDS 700 Finansal Tablolara İlişkin Görüş Oluşturma ve Raporlama Standardı. 31/12/2019 Tarihli ve 30995 (4.M) Sayılı Resmî Gazete.
  • BDS 705 Bağımsız Denetçi Raporunda Olumlu Görüş Dışında Bir Görüş Verilmesi Standardı. 18/3/2014 Tarihli ve 28945 Sayılı Resmî Gazete.
  • Bianchi, R. J., Drew, M. E., & Walk, A. N. (2010). On The Responsible Investment Disclosure Practices of The World's Largest Pension Funds. Accounting Research Journal, 23(3), 302-313.
  • Bravo, F. & Reguera, A. N. (2019). Sustainable Development Disclosure: Environmental, Social, and Governance Reporting and Gender Diversity in The Audit Committee. Business Strategy and The Environment, 28(2), 418-429.
  • Brindelli, G., Dell’Atti, S., Iannuzzi, A. P., & Savioli, M. (2018). Composition and Activity of The Board of Directors: Impact on ESG Performance in The Banking System. Sustainability, 10(1), 120-129.
  • Cruz, C. A., & Matos, F. (2023). ESG Maturity: A Software Framework for The Challenges of ESG Data in Investment. Sustainability, 15(3), 1-18.
  • Çetenek, E. H., Ersoy, E., & Işık, Ö. (2021). ESG (Çevresel, Sosyal ve Kurumsal Yönetim) Skorunun Firma Performansına Etkisi: Türk Bankacılık Sektörü Örneği. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 63, 75-82. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2014). Corporate Social Responsibility Disclosure and The Cost of Equity Capital: The Roles of Stakeholder Orientation and Financial Transparency. Journal of Accounting and Public Policy, 33, 328–355.
  • Dressler, M., & Paunovic, I. (2019). Customer-Centric Offer Design: Meeting Expectations for A Wine Bar and Shop and The Relevance of Hybrid Offering Components. International Journal of Wine Business Research, 31(1),109-127. European Commission (2017). Communication from The Commission— Guidelines on Non-Financial Reporting (Methodology For Reporting Nonfinancial Information). Official Journal of The European Union, C/215/01.
  • Feng, G. F., Long, H., Wang, H. J., & Chang, C. P. (2022). Environmental, Social and Governance, Corporate Social Responsibility, and Stock Returns: What are The Short and Long‐Run Relationships? Corporate Social Responsibility Environmental Management, 29(5), 1884-1895.
  • Gallizo, J. L., & Saladrigues, R. (2016). An Analysis of Determinants of Going Concern Audit Opinion: Evidence from Spain Stock Exchange. Intangible Capital, 12(1), 1-16.
  • Hosmer, D. W., & Lemeshow, S. (2000). Applied Logistic Regression (2nd ed.). Wiley-Interscience Publication.
  • Keçeli, B., & Çankaya, S. (2020). ESG ve Finansal Verilerin Pay Değerine Etkisi: Kuzey ve Latin Avrupa Ülkeleri Üzerine Bir Çalışma. İstanbul Ticaret Üniversitesi Girişimcilik Dergisi, 4(7), 31-49.
  • Kim, E. H. & Lyon, T. P. (2015). Greenwash vs. Brownwash: Exaggeration and Undue Modesty in Corporate Sustainability Disclosure. Organization Science, 26, 705–723.
  • Köse, E. (2021). Kurumsal Yönetim Özelliklerinin Çevresel, Sosyal ve Yönetişim (ESG) Açıklamalarına Etkisi. Uluslararası İşletme, Ekonomi ve Yönetim Perspektifleri Dergisi, 6(5), 463-474.
  • Lagasio, V., & Cucari, N. (2019). Corporate Governance and Environmental Social Governance Disclosure: A Meta‐Analytical Review. Corporate Social Responsibility and Environmental Management, 26, 701–711.
  • Luo, X., & Bhattacharya, C. B. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(4), 1-17.
  • Meher, B. K., Hawaldar, I. T., Mohapatra, L., Spulbar, C. M., & Birau, F. R. (2020). The Effects of Environment, Society and Governance Scores on Investment Returns and Stock Market Volatility. International Journal of Energy Economics Policy, 10(4), 234-239.
  • Refinitiv (2019). Environmental, Social and Governance (ESG) Scores from Refinitiv.
  • Ryu, T. G., Clifton, G., & Roh, C. Y. (2019). The Effect of Profitability and Liquidity on Audit Opinions: An Empirical Analysis. Journal of Finance and Accountancy, 25, 1-13. S&P Global İnternet Sitesi, Https://www.spglobal.com
  • Şeker, Y., & Şengür, E. D. (2022). Çevresel, Sosyal ve Kurumsal Yönetim (ESG) Performansı: Uluslararası Bir Araştırma. Muhasebe ve Vergi Uygulamaları Dergisi, 15(2), 349-387.
  • Şişman, M. E., & Çankaya, S. (2021). Çevresel, Sosyal ve Kurumsal Yönetişim (ESG) Verilerinin Firmaların Finansal Performansına Etkisi: Hava Yolu Sektörü Üzerine Bir Çalışma. Çukurova Üniversitesi İİBF Dergisi, 25(1), 73-91.
  • Ting, I. W. K., Azizan, N. A., Bhaskaran, R. K., & Sukumaran, S. K. (2020). Corporate Social Performance and Firm Performance: Comparative Study Among Developed and Emerging Market Firms. Sustainability, 12(1), 26-35.
  • Wang, X., Song, X., & Sun, M. (2023). How Does A Company’s ESG Performance Affect The Issuance of An Audit Opinion? The Moderating Role of Auditor Experience. International Journal of Environmental Research and Public Health, 20(5), 1-17.
  • Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG Performance Enhance Firm Value? Evidence from Korea. Sustainability, 10(10), 1-18.
  • Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D. Zhou, Y., & Kang, J. (2018). ESG and Corporate Financial Performance: Empirical Evidence From China’s Listed Power Generation Companies. Sustainability, 10, 1-18
  • Zhou, S., Rashis, H., Zobair, S.A.M, Sobhani, F.A., & Siddik, A.B. (2023). Does ESG Impact Firms’ Sustainability Performance? The Mediating Effect of Innovation Performance. Sustainability, 15(6), 55-86.
There are 30 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section MAIN SECTION
Authors

Yusuf Kurt 0000-0002-1071-4205

Nazan Güngör Karyağdı 0000-0003-3938-4147

Murat Kara 0000-0002-2235-1827

Early Pub Date March 25, 2024
Publication Date March 31, 2024
Submission Date May 30, 2023
Published in Issue Year 2024 Volume: 26 Issue: 1

Cite

APA Kurt, Y., Güngör Karyağdı, N., & Kara, M. (2024). ÇEVRESEL, SOSYAL VE KURUMSAL YÖNETİŞİM (ESG) PERFORMANSININ DENETÇİ GÖRÜŞLERİ ÜZERİNDEKİ ETKİSİ: BİST’TE BİR UYGULAMA. Muhasebe Bilim Dünyası Dergisi, 26(1), 53-76. https://doi.org/10.31460/mbdd.1307014
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