BORSA İSTANBUL'DA ESG RAPORLAMASININ FİNANSAL PERFORMANS VE PİYASA TEPKİLERİ ÜZERİNDEKİ ETKİLERİ: PANEL VERİ VE OLAY ÇALIŞMASI ANALİZİ

Öz

Bu çalışma, Borsa İstanbul'da işlem gören ve 2018–2025 döneminde ESG (Çevresel, Sosyal ve Yönetişim) raporlaması yapan firmalarda ESG performansının finansal performans ve yatırımcı tepkileri üzerindeki etkilerini incelemektedir. ESG performansının muhasebe temelli göstergeler (ROA ve ROE) ile piyasa temelli gösterge (Tobin's Q) üzerindeki etkileri panel veri analizi ile test edilmiştir. Analizlerde firma heterojenliği ve olası içsellik problemleri dikkate alınmış; sabit etkiler ve dinamik panel veri yaklaşımları kullanılmıştır. Heteroskedastisite ve otokorelasyon gibi ekonometrik sorunlara karşı dayanıklı standart hatalar tercih edilmiştir. Analiz 456 firma-yıl gözleminden oluşan veri seti ile gerçekleştirilmiş olup ESG verileri Refinitiv, Bloomberg ve MSCI; finansal veriler ise Kamuyu Aydınlatma Platformu (KAP) ve firma finansal tablolarından elde edilmiştir. Bulgular, ESG performansının tüm finansal performans göstergeleri üzerinde pozitif ve istatistiksel olarak anlamlı etkiler oluşturduğunu göstermektedir. Özellikle yönetişim ve çevresel boyutların etkisinin daha güçlü olduğu tespit edilmiştir. Ayrıca olay çalışması analizleri, ESG açıklamalarının ardından hisse senetlerinde pozitif ve anlamlı kümülatif anormal getiriler oluştuğunu ortaya koymaktadır. Sonuçlar, ESG raporlamasının yatırımcılar tarafından uzun vadeli değer ve kurumsal sürdürülebilirlik açısından önemli bir sinyal olarak değerlendirildiğini göstermektedir.

Anahtar Kelimeler

• ESG Raporlaması
• Finansal Performans
• Piyasa Tepkileri

THE EFFECTS OF ESG REPORTING ON FINANCIAL PERFORMANCE AND MARKET REACTIONS: EVIDENCE FROM BORSA ISTANBUL USING PANEL DATA AND EVENT STUDY ANALYSIS

Öz

This study examines the effects of ESG (Environmental, Social, and Governance) reporting on financial performance and investor reactions for firms listed on Borsa Istanbul over the 2018–2025 period. The impact of ESG performance on accounting-based indicators (ROA and ROE) and a market-based indicator (Tobin's Q) is analyzed using panel data methods. The analysis accounts for firm heterogeneity and potential endogeneity issues through fixed effects and dynamic panel data approaches. Robust standard errors are used to address heteroskedasticity and autocorrelation problems. The dataset consists of 456 firm-year observations. ESG data are obtained from Refinitiv, Bloomberg, and MSCI, while financial data are collected from the Public Disclosure Platform (KAP) and firm financial statements. The results indicate that ESG performance has a positive and statistically significant effect on all financial performance measures. In particular, governance and environmental dimensions show stronger effects. Event study results further reveal significant positive cumulative abnormal returns following ESG disclosures. Overall, the findings suggest that ESG reporting is perceived by investors as an important signal of long-term value and corporate sustainability.

Anahtar Kelimeler

• ESG Reporting
• Financial Performance
• Market Reactions

Kaynakça

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