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

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

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

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