Türkiye'de Halka Açık Şirketlerin Çevresel, Sosyal ve Yönetişim (ESG) Puanları ve Finansal Performansı

Year 2023, , 337 - 353, 01.08.2023

Gökhan Özer , Nagihan Aktaş , İlhan Çam

https://doi.org/10.17153/oguiibf.1239759

Cited By: 3

Abstract

Bu çalışmada işletmelerin çevresel, sosyal ve kurumsal yönetim (ESG) yatırımlarına yönelik çabalarının finansal performanslarına da yansıyıp yansımadığı sorusuna cevap aranmıştır. Bu çerçevede 2009-2019 yılları arasında finans sektörü dışında yer alan firmaların ESG puanlarının piyasa temelli ve muhasebe temelli performans göstergeleri üzerindeki etkileri incelenmiştir. Elde edilen bulgulara göre ESG uygulamaları firmaların performans göstergeleri üzerinde pozitif bir etkiye sahiptir. ESG’nin alt bileşenleri kullanılarak gerçekleştirilen ek analizlerin sonuçlarına göre ise çevresel boyutun her üç bileşeni de performansı pozitif etkilerken, sosyal ve kurumsal yönetim boyutları ile ilgili bazı alt bileşenlerin performans ile istatistiksel olarak ilişki olmadıkları bulgusuna ulaşılmıştır.

Keywords

Çevresel, sosyal ve kurumsal yönetim (ESG), Performans, Tobin q, Aktif kârlılığı, Özkaynak kârlılığı

Supporting Institution

Gebze Teknik Üniversitesi

Project Number

2022-A-113-05

Environmental, Social, and Governance (ESG) Scores and Financial Performance of Publicly Listed Companies in Turkey

Abstract

In this paper, the question of whether the efforts of businesses on environmental, social and corporate governance (ESG) investments are also reflected in their financial performance is tried to be answered. In this context, the effects of ESG scores of non-financial firms between 2009-2019 on market-based and accounting-based performance indicators were examined. According to the findings, ESG scores positively affect the performance indicators of companies. According to the results of the additional analyzes using the sub-components of the ESG, it was found that while all three components of the environmental dimension affect performance positively, some sub-components related to the social and corporate governance dimensions are not statistically related to performance.

Keywords

Environmental, social, and governance (ESG), Performance, Tobin’s Q, Return of assets, Return of equity

Project Number

2022-A-113-05

References

• Alsayegh, M. F.; Abdul Rahman, R.; Homayoun, S. (2020), “Corporate Economic, Environmental, and Social Sustainability Performance Transformation Through ESG Disclosure”, Sustainability, 12(9): 3910.
• Amel-Zadeh, A.; Serafeim, G. (2018), “Why and How Investors Use ESG Information: Evidence from a Global Survey”, Financial Analysts Journal, 74(3): 87-103.
• Aras, G.; Crowther, D. (2008), “Evaluating Sustainability: A Need For Standards”, Issues in Social and Environmental Accounting. 2(1): 19-35.
• Aras, G.; Sarıoğlu, G. U. (2015), “Kurumsal Raporlamada Yeni Dönem: Entegre Raporlama”, TÜSİAD Yayını, 21-85. Atan, R.; Alam, M. M.; Said, J.; Zamri, M. (2018), “The Impacts Of Environmental, Social, and Governance Factors on Firm Performance: Panel Study of Malaysian Companies”, Management of Environmental Quality: An International Journal. 29(2): 182-194.
• Ateş, Sinem (2021), “Kurumsal Sosyal Performansa Piyasa Tepkisi: BIST Örneği”, Muhasebe ve Finansman Dergisi, (90): 149-164.
• Bahadori, N.; Kaymak, T.; Seraj, M. (2021), “Environmental, Social, and Governance Factors in Emerging Markets: The Impact on Firm Performance”, Business Strategy & Development, 4(4): 411-422.
• Barney, J. (1991), “Firm Resources and Sustained Competitive Advantage”, Journal of Management, 17(1): 99-120. Boffo, R.; Patalano, R. (2020), " ESG Investing: Practices, Progress and Challenges", OECD, https://www.oecd.org/finance/ESG-Investing-Practices-Progress-Challenges.pdf, (Erişim: 16.03.2023).
• Branco, M. C.; Rodrigues, L. L. (2008), “Social Responsibility Disclosure: A Study of Proxies for the Public Visibility of Portuguese Banks”, The British Accounting Review, 40(2): 161-181.
• Chouaibi, S.; Chouaibi, J.; Rossi, M. (2021), “ESG and Corporate Financial Performance: The Mediating Role of Green Innovation: UK Common Law Versus Germany Civil Law”, EuroMed Journal of Business. 17(1): 46-71.
• Çimen, A. (2019), “The Impact of Sustainability Index on Firm Performance: An Event Study”, International Journal of Contemporary Economics and Administrative Sciences, 9(1): 170-183.
• Duque-Grisales, E.; Aguilera-Caracuel, J. (2021), “Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack”, Journal of Business Ethics, 168(2): 315-334.
• Düzer, M.; Önce, S. (2018), “Sürdürülebilirlik Performans Göstergelerine İlişkin Açıklamaların Finansal Performans Üzerine Etkisi: BİST’te Bir Uygulama”, Muhasebe ve Vergi Uygulamaları Dergisi, 11(1): 93-117.
• Fatemi, A.; Fooladi, I.; Tehranian, H. (2015), “Valuation Effects of Corporate Social Responsibility”, Journal of Banking & Finance, 59: 182-192.
• Galbreath, J. (2013), “ESG in Focus: The Australian Evidence”, Journal of Business Ethics, 118(3): 529-541.
• Gillan, S.; Hartzell, J. C.; Koch, A.; Starks, L. T. (2010), “Firms’ Environmental, Social and Governance (ESG) Choices, Performance and Managerial Motivation”, Unpublished working paper, 10.
• Gürünlü, M. (2019), “Sürdürülebilirlik ve Finansal Performans Arasındaki İlişki: BİST Şirketleri Üzerine Bir Araştırma”, Muhasebe ve Finansman Dergisi, (84): 177-190.
• Hamilton, S.; Jo, H.; Statman, M. (1993), “Doing Well While Doing Good? The Investment Performance of Socially Responsible Mutual Funds”, Financial Analysts Journal, 49(6): 62-66.
• Hoechle, D. (2007), “Robust Standard Errors for Panel Regressions With Cross-Sectional Dependence”, The Stata Journal, 7(3): 281-312.
• Jo, H.; Harjoto, M. A. (2012), “The Causal Effect of Corporate Governance on Corporate Social Responsibility” Journal of Business Ethics, 106(1): 53-72.
• Kulalı, G. (2022), “Çevresel, Sosyal ve Kurumsal Yönetim (ESG) Performansının Piyasa Değeri Üzerindeki Etkisi: Firma Büyüklüğünün Rolü”, Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 17(3): 787-809.
• Lee, D. D.; Faff, R. W. (2009), “Corporate Sustainability Performance and Idiosyncratic Risk: A Global Perspective”, Financial Review, 44(2): 213-237.
• Mohammad, W. M. W.; Wasiuzzaman, S. (2021), “Environmental, Social and Governance (ESG) Disclosure, Competitive Advantage And Performance of Firms in Malaysia”, Cleaner Environmental Systems, 2: 100015.
• Nasdaq (2019), “ESG Reporting Guide 2.0”.
• PwC (2022), “Asset and Wealth Management Revolution 2022: Exponential Expectations for ESG”, https://www.pwc.com/awm-revolution-2022, (Erişim: 16.03.2023).
• Saygılı, E.; Arslan, S.; Birkan, A. O. (2021), “ESG Practices and Corporate Financial Performance: Evidence From Borsa Istanbul”, Borsa Istanbul Review, 22(3): 525-533.
• Semenova, N.; Hassel, L. G.; Nilsson, H. (2010), “The Value Relevance of Environmental and Social Performance: Evidence from Swedish SIX 300 Companies”, Liiketaloudellinen Aikakauskirja, (3): 265-292.
• 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 İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(1): 73-91.
• Taliento, M.; Favino, C.; Netti, A. (2019), “Impact of Environmental, Social, and Governance İnformation on Economic Performance: Evidence of a Corporate ‘Sustainability Advantage’ from Europe”, Sustainability, 11(6): 1738.
• Tanç, Ş. G. (2019), “Kurumsal Sürdürülebilirlik Faaliyetlerinin Firma Değeri Üzerine Etkisi: Bist 100 Örneği”, İşletme Araştırmaları Dergisi, 11(3): 2076-2083.
• Tarmuji, I.; Maelah, R.; Tarmuji, N. H. (2016), “The İmpact of Environmental, Social and Governance Practices (ESG) on Economic Performance: Evidence from ESG Score”, International Journal of Trade, Economics and Finance, 7(3): 67.
• 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.
• Velte, P. (2017), “Does ESG Performance Have an İmpact on Financial Performance? Evidence from Germany”, Journal of Global Responsibility. 80(2): 169-178.
• Waddock, S. A.; Graves, S. B. (1997), “The Corporate Social Performance–Financial Performance Link”, Strategic Management Journal, 18(4): 303-319.
• Wang, Z.; Sarkis, J. (2017), “Corporate Social Responsibility Governance, Outcomes, and Financial Performance”, Journal of Cleaner Production, 162: 1607-1616.
• Workiva (2022), “ESG Reporting Global Insights: Current Challenges, Planned Investments and Technology Opportunities”, Workiva Inc. https://www.workiva.com/sites/workiva/files/pdfs/esg-reporting-global-insights-full-report-en.pdf, (Erişim: 16.03.2023).
• Yen-Yen, Y. (2019), “The Value Relevance of ESG Disclosure Performance in Influencing The Role of Structured Warrants in Firm Value Creation”, Polish Journal of Management Studies, 20: 468-477.
• Yılmaz, M. K.; Aksoy, M.; Tatoglu, E. (2020), “Does the Stock Market Value İnclusion in a Sustainability Index? Evidence From Borsa Istanbul”, Sustainability, 12(2): 483-505.
• Zuraida, Z.; Houqe, M. N.; Van Zijl, T. (2018), “Value Relevance of Environmental, Social and Governance Disclosure” In Research handbook of finance and sustainability. Edward Elgar Publishing: 458-483.