ESG Performansı ile Borç Maliyeti Arasındaki İlişki Üzerine Bir Araştırma

Year 2023, , 185 - 202, 01.08.2023

Oğuz Yusuf Atasel , Yusuf Güneysu

https://doi.org/10.29067/muvu.1196945

Cited By: 4

Abstract

Bu çalışmanın amacı, BIST Tüm Endeksi’ndeki şirketlerin borç maliyeti ile Environmental (çevresel), Social (sosyal) ve Governance (kurumsal yönetim) – ESG performansı arasındaki ilişkiyi incelemektir. Araştırma kapsamında 2015-2021 yılları arasında söz konusu endekste verisine ulaşılabilen 66 şirket örneklem olarak belirlenmiştir. Değişkenler arasındaki ilişkinin tespiti için regresyon modelleri kurulmuş olup panel regresyon analizi yapılmıştır. Yapılan analizlerin sonucunda, borç maliyeti ile çevresel performans, sosyal performans ve toplam ESG performansı arasında anlamlı negatif yönlü bir ilişki tespit edilmiştir. Borç maliyeti ile kurumsal yönetim performansı arasında ise istatistiki olarak anlamlı bir ilişki kurulamamıştır. Kontrol değişkenleri açısından bakıldığında ise borç maliyeti ile şirket büyüklüğü ve aktif kârlılığı arasında anlamlı negatif yönlü bir ilişki olduğu belirlenmiştir. Borç maliyeti ile kaldıraç oranı arasında ise anlamlı ve pozitif yönlü bir ilişki bulunmuştur. Sonuç olarak çevresel performans, sosyal performans ve toplam ESG performansının borç maliyetini azalttığı söylenebilir. Bunun nedeni daha yüksek ESG performansına sahip şirketlerin daha fazla dış finansman kaynağına erişebildiği ve daha düşük maliyetli borç maliyetinden yararlanabildiği şeklinde açıklanabilir.

Keywords

ESG Performansı, Borç Maliyeti, BIST Tüm

Supporting Institution

Yok

A Research on The Relationship Between ESG Performance and Cost of Debt

Abstract

The objective of this study is to analyze the relationship between the cost of debt (COD) and the environmental, social, and governance (ESG) performance of companies in the BIST All Shares Index. In the study, 66 companies whose data are retrievable in the index between the years 2015-2021 were determined as the sample. Regression models were built to determine the relationship between variables, and panel regression analysis was performed. As a result, a significant negative relationship was found between the COD and environmental performance, social performance, and overall ESG performance. No relationship was found between the COD and governance performance. As for the control variables, there is a significant negative relationship between the COD and firm size (SIZE) and return on assets (ROA). However, a significant positive relationship was found between the COD and the leverage ratio. It can be concluded that environmental and social performance and overall ESG performance reduce the COD. This can be explained by the fact that companies with higher ESG performance have access to more external financing sources and benefit from lower cost of debt.

Keywords

ESG Performance, Cost of Debt, BIST All Shares

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