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THE IMPACT OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE SCORES AND ENVIRONMENTAL EXPENDITURES ON ACCOUNTING CONSERVATISM

Year 2025, Volume: 27 Issue: 2, 57 - 76, 30.06.2025

Meltem Altın

https://doi.org/10.31460/mbdd.1627372

Abstract

This study examines the impact of ESG (Environmental, Social, and Governance) scores and environmental costs on accounting conservatism. The primary objective of the research is to investigate the effects of ESG scores and environmental costs on accounting conservatism for 530 firms listed on Borsa Istanbul (BIST) during the 2014-2023 period. The model developed by Ball and Shivakumar (2005) was utilized to analyze accounting conservatism. Firm size, debt-to-equity ratio, audit firm size, and return on assets (ROA) were included as control variables. The findings indicate that ESG scores and environmental expenditures have a negative impact on accounting conservatism. Furthermore, firm size negatively affects accounting conservatism, while profitability has a positive impact.

Keywords

Accounting conservatism environmental social and governance environmental expenditures

References

  • Acar, M., Durmaz, Ş., & Coşgunaras, Ş. (2021). A research on financial and non-financial determinants of sustainability performance: bist sustainability index case. Muhasebe ve Vergi Uygulamaları Dergisi, 14(1), 129-160.
  • Alrazi, B., Mat Husin, N., & Mohd Nor, M. N. (2023). Chief financial officers and environmental, social and governance: Preliminary evidence from Malaysia.European Proceedings of Finance and Economics.
  • Ay, Z., & Pamukçu, A. (2019). Çevresel maliyetlerin değişiminde teknolojik gelişmelerin rolü. İşletme Araştırmaları Dergisi, 11(1), 72-87.
  • Azarıfar, D., & Ayanoğlu, Y. (2020). Koşullu ve koşulsuz muhafazakârlığın kazanç kalitesi üzerine etkisi: bist100’de bir araştırma. Muhasebe ve Denetime Bakış, 20(61), 37-54.
  • Ball, R., & Shivakumar, L. (2005). Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1), 83-128.
  • Beaver, W. H., & Ryan, S. G. (2005). Conditional and unconditional conservatism: Concepts and modeling. Review of Accounting Studies, 10, 269-309.
  • Brizolla, M. M. B., & Klann, R. C. (2019). Influence of environmental expenditures and environmental disclosure in the quality of accounting information. Environmental Quality Management, 28(4), 37-47.
  • Caglar, A. E., & Yavuz, E. (2023). The role of environmental protection expenditures and renewable energy consumption in the context of ecological challenges: Insights from the European Union with the novel panel econometric approach. Journal of Environmental Management, 331, 117317.
  • Demircioğlu, E., & Ever, D. (2020). Karbon maliyetlerinin belirlenmesine ilişkin demir çelik işletmesinde uygulama. İşletme Araştırmaları Dergisi, 12(1), 649-662.
  • Düzer, M. (2023). Muhasebe ı̇htiyatlılığı ve sürdürülebilirlik: BİST 100’de bir araştırma. Muhasebe ve Finansman Dergisi, (100), 39-56.
  • Ekinler, F., & Tanç, Ş. G. (2022). Çevre ve muhasebe arasındaki ilişki: Literatüre dayalı bir araştırma. International Review of Economics and Management, 10(2), 50-68.
  • Gerged, A. M., Mahamat, B. B., & Elmghaamez, I. K. (2020). Did corporate governance compliance have an impact on auditor selection and quality? Evidence from FTSE 350. International Journal of Disclosure and Governance, 17(2), 51-60.
  • Gör, Y. (2019). Muhafazakâr muhasebe anlayışının finansal başarısızlığı önlemedeki yeri üzerine bir araştırma. Sosyal Araştırmalar ve Davranış Bilimleri, 5(8), 564-571.
  • Gör, Y., & Tekin, B. (2018). Muhafazakâr muhasebe uygulamalarının kurumsallaşmış şirketlerdeki etkisi üzerine bir araştırma. İşletme Araştırmaları Dergisi, 10(2), 13-26.
  • Gujarati, D. N. (2003). Basic econometrics, Fourth Edition, McGraw-Hill,Inc, New York.
  • Hong, S. (2020). Corporate social responsibility and accounting conservatism. International Journal of Economics and Business Research, 19(1), 1-18.
  • İçöz, A., & Kılınç, Y. (2016). Çevre malı̇yetlerı̇ muhasebesı̇ ve raporlanmasi. Journal of International Social Research, 9(42), 1517-1517.
  • Karakuş, G., & Erdirençelebi, M. (2018). İşletmelerin yeşil yönetim algılarının işletme performansı üzerindeki etkisini ölçmeye yönelik bir araştırma. Journal of Business Research Turk, 10(4), 681-704.
  • Kayıhan, B., & Akbaba, C. (2022). Üretim işletmelerinde kurumsal yönetim ve kârlılığın muhafazakâr muhasebe uygulamalarına etkisi. Muhasebe ve Denetime Bakış, 21(65), 179-201.
  • Kim, J. B., & Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm‐level evidence. Contemporary Accounting Research, 33(1), 412-441.
  • Kim, J., & Kim, J. (2018). Corporate sustainability management and its market benefits. Sustainability, 10(5), 1455.
  • Krishnan, G., & Visvanathan, G. (2008). Does the sox definition of an accounting expert matter? The association between audit committee directors' accounting expertise and accounting conservatism. Contemporary Accounting Research, 25(3).
  • Kulova, I., & Nikolova-Alexieva, V. (2023). ESG strategy: Pivotal in cultivating stakeholder trust and ensuring customer loyalty. In E3S Web of Conferences (Vol. 462, p. 03035). EDP Sciences.
  • Lara, J. M. G., Osma, B. G., & Penalva, F. (2016). Accounting conservatism and firm investment efficiency. Journal of accounting and economics, 61(1), 221-238.
  • Lara, J., Osma, B., & Peñalva, F. (2014). Information consequences of accounting conservatism. European Accounting Review, 23(2), 173-198.
  • Li, H., Henry, D., & Wu, X. (2020). The effects of accounting conservatism on executive compensation. International Journal of Managerial Finance, 16(3), 393-411.
  • Li, M. (2024). A study of the relationship between ESG performance and firm valuation. Advances in Economics, Management and Political Sciences, 74, 259-267.
  • Liu, J. (2023). Role of environmental, social, and governance rating data in predicting financial risk and risk management. Corporate Social Responsibility and Environmental Management, 31(1), 260-273.
  • Loan, B. (2024). ESG disclosure and financial performance: Empirical study of vietnamese commercial banks. Banks and Bank Systems, 19(1), 208-220.
  • Niu, X., Dong, W., Niu, X., & Zafar, M. W. (2024). The transition to clean energy and the external balance of goods and services as determinants of energy and environmental sustainability.Gondwana Research, 127, 77-87.
  • Park, Y., & Chen, K. (2011). The effect of accounting conservatism and life-cycle stages on firm valuation. Journal of Applied Business Research, 22(3).
  • Parlak, N. (2020). İşletmelerin çevresel yaklaşımları ve çevre muhasebesine verdikleri önem: Ordu il ve ilçelerindeki organize sanayi bölgeleri üzerine bir araştırma. Muhasebe ve Finansman Dergisi, (86), 125- 140.
  • Pereira, C., Monteiro, A. P., Barbosa, F., & Coutinho, C. (2021). Environmental sustainability disclosure and accounting conservatism. International Journal of Advanced and Applied Sciences, 8(9), 63-74.
  • Pratama, A., Jaenudin, E., & Anas, S. (2022). Environmental, social, governance sustainability disclosure using international financial reporting sustainability standards S1 in Southeast Asian companies: a preliminary assessment. International Journal of Energy Economics and Policy, 12(6), 456-472.
  • Pyo, G., & Lee, H. Y. (2013). The association between corporate social responsibility activities and earnings quality: Evidence from donations and voluntary issuance of CSR reports. Journal of Applied Business Research, 29(3), 945-962.
  • Ramadhan, Y., Resca, Y., Saputra, S., Diana, W., & Qamar, S. (2023). Literature study: The role of accountants in reporting environmental, social, and governance information. International Journal of Social Service and Research, 3(5), 1285-1289.
  • Robinson, C., & Schumacker, R. E. (2009). Interaction effects: centering, variance inflation factor, and interpretation issues. Multiple Linear Regression Viewpoints, 35(1), 6-11.
  • Saban, M., Küçüker, H., & Küçüker, M. (2017). Kurumsal sürdürülebilirlik ile ilgili raporlama çerçeveleri ve sürdürülebilirlik raporlamasında muhasebenin rolü. İşletme Bilimi Dergisi, 5(1), 101-115.
  • Shakil, M. H., Mahmood, N., Tasnia, M., & Munim, Z. H. (2019). Do environmental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Management of Environmental Quality: An International Journal, 30(6), 1331-1344.
  • Shen, X., Ho, K. C., Yang, L., & Wang, L. F. S. (2021). Corporate social responsibility, market reaction and accounting conservatism. Kybernetes, 50(6), 1837-1872.
  • Tekin, B., & Gör, Y. (2018). Şirketlerde kâr payı dağıtım kararı ile muhasebede muhafazakârlık kavramı arasındaki ilişkinin analizi: BİST100 örneği. Uluslararası Yönetim ve Sosyal Araştırmalar Dergisi, 5(9), 47-58.
  • Temiz, H., Acar, M., & Dalkılıç, E. (2019). Muhafazakâr muhasebe ve yönetim kurulu yapısı ilişkisinin incelenmesi.Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 6(2), 351-369.
  • Türkoğlu, K., & Bekci, İ. (2023). İşletmelerin finansal performansı üzerine muhafazakâr muhasebenin etkisi: BİST’te bir araştırma.Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 16(2), 479-498.
  • Türkoğlu, K., Gürbüz, C., & Bekci, İ. (2022). Kurumsal yönetim, muhafazakâr muhasebe ve şirket büyüklüğünün kazanç kalitesi üzerine etkisi. Ekonomi Politika ve Finans Araştırmaları Dergisi, 7(3), 726-740.
  • Wibowo, I. (2023). Determinants of good corporate governance, capital structure and accounting conservatism in influencing the financial performance of IPO companies. Jurnal Ilmiah Global Education, Jurnal Ilmiah Global Education, 4(4), 2265-2276.
  • Yıldız, F. (2024). Kurumsal sosyal sorumluluk ve çevresel maliyet ı̇lişkisi. Academic Research and Evaluations in the Field of Social Sciences-II. Özgür Yayınevi.
  • Zou, J. (2023, June). Strategic deviance and accounting conservatism from the perspective of nonlinearity. InProceedings of the 3rd International Conference on Big Data Economy and Information Management, BDEIM 2022, December 2-3, 2022, Zhengzhou, China.

ÇEVRESEL, SOSYAL VE YÖNETİŞİM PUANLARI VE ÇEVRESEL HARCAMALARIN MUHASEBE MUHAFAZAKARLIĞI ÜZERİNDEKİ ETKİSİ

Year 2025, Volume: 27 Issue: 2, 57 - 76, 30.06.2025

Meltem Altın

https://doi.org/10.31460/mbdd.1627372

Abstract

Bu çalışma, 2014-2023 yılları arasında Borsa İstanbul’da (BIST) işlem gören firmaların ESG (Çevresel, Sosyal ve Yönetişim) puanları ile çevresel harcamalarının muhasebe muhafazakarlığı üzerindeki etkilerini incelemektedir. Çalışmada, muhasebe muhafazakarlığını ölçmek için Ball ve Shivakumar (2005) modeli temel alınmıştır. Firma büyüklüğü, borç/özsermaye oranı, denetim firması büyüklüğü ve aktif kârlılık oranı kontrol değişkenleri olarak değerlendirilmiştir. Araştırma bulgularına göre, ESG puanlarının ve çevresel harcamaların muhasebe muhafazakarlığı üzerinde negatif bir etkisi bulunmaktadır. Ayrıca, firmanın büyüklüğünün muhasebe muhafazakarlığı üzerinde negatif, kârlılığın ise pozitif bir etkiye sahip olduğunu ortaya koymaktadır. Denetim firması büyüklüğünün muhasebe muhafazakarlığı üzerinde anlamlı bir etkisi bulunmamıştır.

Keywords

Muhasebe muhafazakarlığı çevresel sosyal ve yönetişim çevresel harcamalar

References

  • Acar, M., Durmaz, Ş., & Coşgunaras, Ş. (2021). A research on financial and non-financial determinants of sustainability performance: bist sustainability index case. Muhasebe ve Vergi Uygulamaları Dergisi, 14(1), 129-160.
  • Alrazi, B., Mat Husin, N., & Mohd Nor, M. N. (2023). Chief financial officers and environmental, social and governance: Preliminary evidence from Malaysia.European Proceedings of Finance and Economics.
  • Ay, Z., & Pamukçu, A. (2019). Çevresel maliyetlerin değişiminde teknolojik gelişmelerin rolü. İşletme Araştırmaları Dergisi, 11(1), 72-87.
  • Azarıfar, D., & Ayanoğlu, Y. (2020). Koşullu ve koşulsuz muhafazakârlığın kazanç kalitesi üzerine etkisi: bist100’de bir araştırma. Muhasebe ve Denetime Bakış, 20(61), 37-54.
  • Ball, R., & Shivakumar, L. (2005). Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1), 83-128.
  • Beaver, W. H., & Ryan, S. G. (2005). Conditional and unconditional conservatism: Concepts and modeling. Review of Accounting Studies, 10, 269-309.
  • Brizolla, M. M. B., & Klann, R. C. (2019). Influence of environmental expenditures and environmental disclosure in the quality of accounting information. Environmental Quality Management, 28(4), 37-47.
  • Caglar, A. E., & Yavuz, E. (2023). The role of environmental protection expenditures and renewable energy consumption in the context of ecological challenges: Insights from the European Union with the novel panel econometric approach. Journal of Environmental Management, 331, 117317.
  • Demircioğlu, E., & Ever, D. (2020). Karbon maliyetlerinin belirlenmesine ilişkin demir çelik işletmesinde uygulama. İşletme Araştırmaları Dergisi, 12(1), 649-662.
  • Düzer, M. (2023). Muhasebe ı̇htiyatlılığı ve sürdürülebilirlik: BİST 100’de bir araştırma. Muhasebe ve Finansman Dergisi, (100), 39-56.
  • Ekinler, F., & Tanç, Ş. G. (2022). Çevre ve muhasebe arasındaki ilişki: Literatüre dayalı bir araştırma. International Review of Economics and Management, 10(2), 50-68.
  • Gerged, A. M., Mahamat, B. B., & Elmghaamez, I. K. (2020). Did corporate governance compliance have an impact on auditor selection and quality? Evidence from FTSE 350. International Journal of Disclosure and Governance, 17(2), 51-60.
  • Gör, Y. (2019). Muhafazakâr muhasebe anlayışının finansal başarısızlığı önlemedeki yeri üzerine bir araştırma. Sosyal Araştırmalar ve Davranış Bilimleri, 5(8), 564-571.
  • Gör, Y., & Tekin, B. (2018). Muhafazakâr muhasebe uygulamalarının kurumsallaşmış şirketlerdeki etkisi üzerine bir araştırma. İşletme Araştırmaları Dergisi, 10(2), 13-26.
  • Gujarati, D. N. (2003). Basic econometrics, Fourth Edition, McGraw-Hill,Inc, New York.
  • Hong, S. (2020). Corporate social responsibility and accounting conservatism. International Journal of Economics and Business Research, 19(1), 1-18.
  • İçöz, A., & Kılınç, Y. (2016). Çevre malı̇yetlerı̇ muhasebesı̇ ve raporlanmasi. Journal of International Social Research, 9(42), 1517-1517.
  • Karakuş, G., & Erdirençelebi, M. (2018). İşletmelerin yeşil yönetim algılarının işletme performansı üzerindeki etkisini ölçmeye yönelik bir araştırma. Journal of Business Research Turk, 10(4), 681-704.
  • Kayıhan, B., & Akbaba, C. (2022). Üretim işletmelerinde kurumsal yönetim ve kârlılığın muhafazakâr muhasebe uygulamalarına etkisi. Muhasebe ve Denetime Bakış, 21(65), 179-201.
  • Kim, J. B., & Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm‐level evidence. Contemporary Accounting Research, 33(1), 412-441.
  • Kim, J., & Kim, J. (2018). Corporate sustainability management and its market benefits. Sustainability, 10(5), 1455.
  • Krishnan, G., & Visvanathan, G. (2008). Does the sox definition of an accounting expert matter? The association between audit committee directors' accounting expertise and accounting conservatism. Contemporary Accounting Research, 25(3).
  • Kulova, I., & Nikolova-Alexieva, V. (2023). ESG strategy: Pivotal in cultivating stakeholder trust and ensuring customer loyalty. In E3S Web of Conferences (Vol. 462, p. 03035). EDP Sciences.
  • Lara, J. M. G., Osma, B. G., & Penalva, F. (2016). Accounting conservatism and firm investment efficiency. Journal of accounting and economics, 61(1), 221-238.
  • Lara, J., Osma, B., & Peñalva, F. (2014). Information consequences of accounting conservatism. European Accounting Review, 23(2), 173-198.
  • Li, H., Henry, D., & Wu, X. (2020). The effects of accounting conservatism on executive compensation. International Journal of Managerial Finance, 16(3), 393-411.
  • Li, M. (2024). A study of the relationship between ESG performance and firm valuation. Advances in Economics, Management and Political Sciences, 74, 259-267.
  • Liu, J. (2023). Role of environmental, social, and governance rating data in predicting financial risk and risk management. Corporate Social Responsibility and Environmental Management, 31(1), 260-273.
  • Loan, B. (2024). ESG disclosure and financial performance: Empirical study of vietnamese commercial banks. Banks and Bank Systems, 19(1), 208-220.
  • Niu, X., Dong, W., Niu, X., & Zafar, M. W. (2024). The transition to clean energy and the external balance of goods and services as determinants of energy and environmental sustainability.Gondwana Research, 127, 77-87.
  • Park, Y., & Chen, K. (2011). The effect of accounting conservatism and life-cycle stages on firm valuation. Journal of Applied Business Research, 22(3).
  • Parlak, N. (2020). İşletmelerin çevresel yaklaşımları ve çevre muhasebesine verdikleri önem: Ordu il ve ilçelerindeki organize sanayi bölgeleri üzerine bir araştırma. Muhasebe ve Finansman Dergisi, (86), 125- 140.
  • Pereira, C., Monteiro, A. P., Barbosa, F., & Coutinho, C. (2021). Environmental sustainability disclosure and accounting conservatism. International Journal of Advanced and Applied Sciences, 8(9), 63-74.
  • Pratama, A., Jaenudin, E., & Anas, S. (2022). Environmental, social, governance sustainability disclosure using international financial reporting sustainability standards S1 in Southeast Asian companies: a preliminary assessment. International Journal of Energy Economics and Policy, 12(6), 456-472.
  • Pyo, G., & Lee, H. Y. (2013). The association between corporate social responsibility activities and earnings quality: Evidence from donations and voluntary issuance of CSR reports. Journal of Applied Business Research, 29(3), 945-962.
  • Ramadhan, Y., Resca, Y., Saputra, S., Diana, W., & Qamar, S. (2023). Literature study: The role of accountants in reporting environmental, social, and governance information. International Journal of Social Service and Research, 3(5), 1285-1289.
  • Robinson, C., & Schumacker, R. E. (2009). Interaction effects: centering, variance inflation factor, and interpretation issues. Multiple Linear Regression Viewpoints, 35(1), 6-11.
  • Saban, M., Küçüker, H., & Küçüker, M. (2017). Kurumsal sürdürülebilirlik ile ilgili raporlama çerçeveleri ve sürdürülebilirlik raporlamasında muhasebenin rolü. İşletme Bilimi Dergisi, 5(1), 101-115.
  • Shakil, M. H., Mahmood, N., Tasnia, M., & Munim, Z. H. (2019). Do environmental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Management of Environmental Quality: An International Journal, 30(6), 1331-1344.
  • Shen, X., Ho, K. C., Yang, L., & Wang, L. F. S. (2021). Corporate social responsibility, market reaction and accounting conservatism. Kybernetes, 50(6), 1837-1872.
  • Tekin, B., & Gör, Y. (2018). Şirketlerde kâr payı dağıtım kararı ile muhasebede muhafazakârlık kavramı arasındaki ilişkinin analizi: BİST100 örneği. Uluslararası Yönetim ve Sosyal Araştırmalar Dergisi, 5(9), 47-58.
  • Temiz, H., Acar, M., & Dalkılıç, E. (2019). Muhafazakâr muhasebe ve yönetim kurulu yapısı ilişkisinin incelenmesi.Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 6(2), 351-369.
  • Türkoğlu, K., & Bekci, İ. (2023). İşletmelerin finansal performansı üzerine muhafazakâr muhasebenin etkisi: BİST’te bir araştırma.Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 16(2), 479-498.
  • Türkoğlu, K., Gürbüz, C., & Bekci, İ. (2022). Kurumsal yönetim, muhafazakâr muhasebe ve şirket büyüklüğünün kazanç kalitesi üzerine etkisi. Ekonomi Politika ve Finans Araştırmaları Dergisi, 7(3), 726-740.
  • Wibowo, I. (2023). Determinants of good corporate governance, capital structure and accounting conservatism in influencing the financial performance of IPO companies. Jurnal Ilmiah Global Education, Jurnal Ilmiah Global Education, 4(4), 2265-2276.
  • Yıldız, F. (2024). Kurumsal sosyal sorumluluk ve çevresel maliyet ı̇lişkisi. Academic Research and Evaluations in the Field of Social Sciences-II. Özgür Yayınevi.
  • Zou, J. (2023, June). Strategic deviance and accounting conservatism from the perspective of nonlinearity. InProceedings of the 3rd International Conference on Big Data Economy and Information Management, BDEIM 2022, December 2-3, 2022, Zhengzhou, China.
There are 47 citations in total.

Details

Primary Language Turkish
Subjects Sustainability Accounting and Reporting, Accounting, Auditing and Accountability (Other)
Journal Section MAIN SECTION
Authors

Meltem Altın 0000-0001-6673-3627

Early Pub Date June 30, 2025
Publication Date June 30, 2025
Submission Date January 26, 2025
Acceptance Date April 21, 2025
Published in Issue Year 2025 Volume: 27 Issue: 2

Cite

APA Altın, M. (2025). ÇEVRESEL, SOSYAL VE YÖNETİŞİM PUANLARI VE ÇEVRESEL HARCAMALARIN MUHASEBE MUHAFAZAKARLIĞI ÜZERİNDEKİ ETKİSİ. Muhasebe Bilim Dünyası Dergisi, 27(2), 57-76. https://doi.org/10.31460/mbdd.1627372
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