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The Effect of ESG Data of Companies on Financial Performance: A Panel Data Analysis on The BIST Sustainability Index

Year 2024, , 125 - 146, 30.07.2024

Filiz Aslan Çetin , Seyhan Öztürk , Osman Nuri Akarsu

https://doi.org/10.17233/sosyoekonomi.2024.03.07

Abstract

The relationship between companies' environmental, social, and governance (ESG) data and their financial performance is of significant interest. The primary aim of this study was to investigate whether the ESG scores of companies in the BIST Sustainability Index impact their financial performance. By analysing the relationship between ESG scores and financial performance indicators of 26 companies, whose ESG scores were calculated by S&P Global for the period 2018-2022, using the panel data analysis method, we found compelling results. ESG factors were found to have a significant and positive effect on return on assets (ROA), return on equity (ROE), net profit margin (NPM), and asset growth (AGR) but a negative effect on the market-to-book ratio (MBR).

Keywords

ESG Sustainability Financial Performance Panel Data Analysis

References

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  • Ağazade, S. et al. (2017), “Türk İmalat Sanayinde Risk ve Performans Arasındaki İlişki”, Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 32(1), 29-56.
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  • Akyıldırım, E. et al. (2022), “Çevresel, Sosyal ve Yönetişim (ESG) Haberlerinin Firmaların Finansal Performansına Etkisi: Borsa İstanbul’dan Kanıt”, Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 24(2), 598-621.
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  • Albayrak, T. & M. Akyol (2020), “Ulusal Varlık Fonları ve Ekonomik Büyüme Arasındaki İlişki: Panel GMM Analizi”, The Journal of International Scientific Researches, 5(3), 368-380.
  • Altiner, A. (2019), “The Relationship between Energy Consumption and Economic Growth in MINT Countries: Panel Causality Analysis”, Gumushane University Journal of Social Sciences, 10(2), 369-378.
  • Arellano, M. & O. Bover (1995), “Another Look at The Tnstrumental Variable Estimation of Error-Components Models”, Journal of Econometrics, 68(1), 29-51.
  • Arellano, M. & S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-297.
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  • Atasel, O.Y. & Y. Güneysu (2023), “ESG Performansı ile Borç Maliyeti Arasındaki İlişki Üzerine Bir Araştırma”, Muhasebe ve Vergi Uygulamaları Dergisi, 16(2), 185-202.
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  • Dorfleitner, G. et al. (2015), “Measuring The Level and Risk of Corporate Responsibility - An Empirical Comparison of Different ESG Rating Approaches”, Journal of Asset Management, 16(7), 450-466.
  • Duque-Grisales, E. & J. Aguilera-Caracuel (2019), “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. & S. Önce (2018), “Sürdürülebilirlik Performans Göstergelerine İlişkin Açıklamaların Finansal Performans Üzerine Etkisi: BİST’te Bir Uygulama”, Muhasebe ve Vergi Uygulamaları Dergisi, 11(1), 93-117.
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  • Emirmahmutoğlu, F. & N. Kose (2011), “Testing for Granger Causality in Heterogeneous Mixed Panels”, Economic Modelling, 28(3), 870-876.
  • Erben-Yavuz, A. (2023), “ESG Skorlarının Firma Karlılığı Üzerindeki Etkisi: Borsa İstanbul Örneği”, Third Sector Social Economic Review, 58(3), 2686-2701.
  • Friede, G. et al. (2015), “ESG and Financial Performance: Aggregated Evidence from More Than 2000 Empirical Studies”, Journal of Sustainable Finance & Investment, 5(4), 210-233.
  • Ganda, F. (2019), “The Environmental Impacts of Financial Development in OECD Countries: A Panel GMM Approach”, Environmental Science and Pollution Research, 26(7), 6758-6772.
  • Giannarakis, G. et al. (2016), “The Impact of Corporate Social Responsibility on Financial Performance”, Investment Management And Financial Innovations, 13[3(1)], 171-182.
  • HBR Türkiye (2023), <https://hbrturkiye.com/blog/gelismekte-olan-piyasalarda-esg-uygulamalari>, 15.11.2023.
  • Houqe, M.N. et al. (2020), “The Effect of Environmental, Social, And Governance Performance Factors on Firms’ Cost of Debt: International Evidence”, The International Journal of Accounting, 55(3), 2050014.
  • Juodis, A. et al. (2021), “A Homogeneous Approach to Testing for Granger Noncausality in Heterogeneous Panels”, Empirical Economics, 60(1), 93-112.
  • Karaçayır, E. & A. Afşar (2024), “Çevresel, Sosyal ve Kurumsal Yönetim Performansının Finansal Performans Üzerine Etkisi: Borsa İstanbul Örneği”, Trends in Business and Economics, 38(1), 48-55.
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  • Küçükaksoy, İ. & G. Akalın (2017), “Fisher Hipotezi'nin Panel Veri Analizi ile Test Edilmesi: OECD Ülkeleri Uygulamasi”, HÜ İİBF Dergisi, 35(1), 19-40.
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  • Minutolo, M.C. et al. (2019), “Exploring Environmental, Social, And Governance Disclosure Effects on The S&P 500 Financial Performance”, Business Strategy And The Environment, 28(6), 1083-1095.
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Şirketlerin ESG Verilerinin Finansal Performans Üzerindeki Etkisi: BİST Sürdürülebilirlik Endeksinde Panel Veri Analizi

Year 2024, , 125 - 146, 30.07.2024

Filiz Aslan Çetin , Seyhan Öztürk , Osman Nuri Akarsu

https://doi.org/10.17233/sosyoekonomi.2024.03.07

Abstract

Şirketlerin ESG verileri ile finansal performansları ilişkisi son zamanlarda literatürde sıklıkla araştırılan konulardan biridir. Bu çalışmada temel amaç; güncel BIST Sürdürülebilirlik Endeksi’nde yer alan şirketlerin ESG skorlarının finansal performansları üzerinde etkisinin olup olmadığını test etmektir. Bu amaç doğrultusunda; S&P Global tarafından ESG “skoru” hesaplanan 26 firmanın, 2018-2022 dönemindeki ESG skorlarıyla finansal performans göstergeleri arasındaki ilişki panel veri analizi yöntemiyle incelenmiştir. Elde edilen sonuçlar; ESG faktörlerinin; aktif karlılığı (ROA), özsermaye karlılığı (ROE), net kar marjı (NPM), ve aktif büyüme (AGR) üzerinde pozitif yönlü anlamlı bir etki ancak Piyasa Değeri/Defter Değeri (MBR) üzerinde negatif bir etkisi olduğunu göstermiştir.

Keywords

ESG Sürdürülebilirlik Finansal Performans Panel Veri Analizi

References

  • Acaravcı, A. & S. Erdoğan (2017), “Electricity Consumption, Real Income and Openness to Foreign Trade in Turkic Republics: Bootstrap-Granger Causality Approach”, International Journal of Economics and Innovation, 3(2), 73-84.
  • Ağazade, S. et al. (2017), “Türk İmalat Sanayinde Risk ve Performans Arasındaki İlişki”, Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 32(1), 29-56.
  • Ahlklo, Y. & C. Lind (2019), “A Study of ESG Score and Financial Performance”, Master of Science Thesis TRITA-ITM-EX 2019: 12.
  • Akyıldırım, E. et al. (2022), “Çevresel, Sosyal ve Yönetişim (ESG) Haberlerinin Firmaların Finansal Performansına Etkisi: Borsa İstanbul’dan Kanıt”, Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 24(2), 598-621.
  • Akyol, H. (2020), “Teknolojik İnovasyon Sürdürülebilir Kalkınma Üzerinde Teşvik Edici Bir Faktör Müdür?”, Aydın İktisat Fakültesi Dergisi, 5(2), 14-24.
  • Alareeni, B.A. & A. Hamdan (2020), “ESG Impact on Performance of US S&P 500-Listed Firms. Corporate Governance”, The International Journal of Business in Society, 20(7), 1409-1428.
  • Albayrak, T. & M. Akyol (2020), “Ulusal Varlık Fonları ve Ekonomik Büyüme Arasındaki İlişki: Panel GMM Analizi”, The Journal of International Scientific Researches, 5(3), 368-380.
  • Altiner, A. (2019), “The Relationship between Energy Consumption and Economic Growth in MINT Countries: Panel Causality Analysis”, Gumushane University Journal of Social Sciences, 10(2), 369-378.
  • Arellano, M. & O. Bover (1995), “Another Look at The Tnstrumental Variable Estimation of Error-Components Models”, Journal of Econometrics, 68(1), 29-51.
  • Arellano, M. & S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-297.
  • Atan, R. et al. (2018), “The Impacts of Environmental, Social, And Governance Factors on Firm Performance: Panel Study of Malaysian Companies”, Management of Environmental Quality, 29(2), 182-194.
  • Atasel, O.Y. & Y. Güneysu (2023), “ESG Performansı ile Borç Maliyeti Arasındaki İlişki Üzerine Bir Araştırma”, Muhasebe ve Vergi Uygulamaları Dergisi, 16(2), 185-202.
  • Blundell, R. & S. Bond (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87(1), 115-143.
  • Broadstock, D.C. et al. (2021), “The Role of ESG Performance During Times of Financial Crisis: Evidence from COVID-19 in China”, Finance Research Letters, 38, 101716.
  • Buallay, A. (2019), “Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector”, Management of Environmental Quality, 30(1), 98-115.
  • Buallay, A. et al. (2020), “Sustainability reporting and performance of MENA banks: is there a trade-off?”, Measuring Business Excellence, 24(2), 197-221.
  • Clark, G.L. & M. Viehs (2014), The implications of corporate social responsibility for investors: An overview and evaluation of the existing CSR literature, Available at SSRN 2481877.
  • Coşkun, A. (2007), Stratejik Performans Yönetimi ve Performans Karnesi, İstanbul: Literatür Yayıncılık.
  • Çeştepe, H. et al. (2020), “Türkiye’de Sağlığın Ekonomik Büyümeye Etkisi: 81 İl Düzeyinde Panel GMM Kanıtları”, Uluslararası İktisadi ve İdari İncelemeler Dergisi, (28), 175-192.
  • Çetenak, E.H. et al. (2022), “ESG (Çevresel, Sosyal ve Kurumsal Yönetim) Skorunun Firma Performansına Etkisi: Türk Bankacılık Sektörü Örneği”, Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (63), 75-82.
  • Çetenak, E.H. et al. (2023), “Çevresel, Sosyal ve Kurumsal Yönetişim (ESG) Değerlerinin Banka Performansı Üzerine Etkisi: ABD Bankaları Örneği”, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 32(2), 424-434.
  • Doğan, M. et al. (2022) “ESG Skorları ile Firma Performansı Arasındaki İlişki: BRICS Ülkelerinden Kanıtlar”, 25. Finans Sempozyumu Bildiri Kitabı.
  • Dorfleitner, G. et al. (2015), “Measuring The Level and Risk of Corporate Responsibility - An Empirical Comparison of Different ESG Rating Approaches”, Journal of Asset Management, 16(7), 450-466.
  • Duque-Grisales, E. & J. Aguilera-Caracuel (2019), “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. & S. Önce (2018), “Sürdürülebilirlik Performans Göstergelerine İlişkin Açıklamaların Finansal Performans Üzerine Etkisi: BİST’te Bir Uygulama”, Muhasebe ve Vergi Uygulamaları Dergisi, 11(1), 93-117.
  • Easton, D.P. et al. (2018), Financial Statement Analysis & Valuation, United States of America: Cambridge Business Publishers.
  • Ecobuild (2023), <https://www.ecobuild.com.tr/post/esg-ne-anlama-geliyor-ve-nedenönemli>, 19.11.2023.
  • Emirmahmutoğlu, F. & N. Kose (2011), “Testing for Granger Causality in Heterogeneous Mixed Panels”, Economic Modelling, 28(3), 870-876.
  • Erben-Yavuz, A. (2023), “ESG Skorlarının Firma Karlılığı Üzerindeki Etkisi: Borsa İstanbul Örneği”, Third Sector Social Economic Review, 58(3), 2686-2701.
  • Friede, G. et al. (2015), “ESG and Financial Performance: Aggregated Evidence from More Than 2000 Empirical Studies”, Journal of Sustainable Finance & Investment, 5(4), 210-233.
  • Ganda, F. (2019), “The Environmental Impacts of Financial Development in OECD Countries: A Panel GMM Approach”, Environmental Science and Pollution Research, 26(7), 6758-6772.
  • Giannarakis, G. et al. (2016), “The Impact of Corporate Social Responsibility on Financial Performance”, Investment Management And Financial Innovations, 13[3(1)], 171-182.
  • HBR Türkiye (2023), <https://hbrturkiye.com/blog/gelismekte-olan-piyasalarda-esg-uygulamalari>, 15.11.2023.
  • Houqe, M.N. et al. (2020), “The Effect of Environmental, Social, And Governance Performance Factors on Firms’ Cost of Debt: International Evidence”, The International Journal of Accounting, 55(3), 2050014.
  • Juodis, A. et al. (2021), “A Homogeneous Approach to Testing for Granger Noncausality in Heterogeneous Panels”, Empirical Economics, 60(1), 93-112.
  • Karaçayır, E. & A. Afşar (2024), “Çevresel, Sosyal ve Kurumsal Yönetim Performansının Finansal Performans Üzerine Etkisi: Borsa İstanbul Örneği”, Trends in Business and Economics, 38(1), 48-55.
  • Karyağdı, N.G. & A. Şit (2023), “İşletmelerin ESG Performanslarının Sermaye Maliyeti ve Finansal Performansına Etkisi: BİST Sürdürebilirlik-25 Endeksi Üzerine Bir Uygulama”, Bucak İşletme Fakültesi Dergisi, 6(2), 277-292.
  • Kaya, Y. (2022), “Finansal Performans Ölçüm Yöntemleri”, in: K. Keskendir (ed.), Muhasebe ve Finans Alanlarında Seçme Konular-2 (59-88), EfeAkademi Yayınları.
  • Korkmaz, T. & T. Nur (2023), “ÇSY Sürdürülebilirliğinin Firma Performansına Etkisi: BIST Banka Endeks Firmalarına Büyüklük ve Yaş Kapsamında Bir Bakış”, Ekonomi Politikası ve Finans Araştırmaları Dergisi, 8(2), 208-223.
  • Korwatanasakul, U. (2020), Environmental, Social, and Governance Investment: Concepts, Prospects, and the Policy Landscape, Asian Development Bank Institute.
  • Kuiper, C. & A. Galzev (2020), “The effect of ESG on stock prices An event study on the S&P 500”, Masters’ Thesis, Linnaeus University, Sweden.
  • Küçükaksoy, İ. & G. Akalın (2017), “Fisher Hipotezi'nin Panel Veri Analizi ile Test Edilmesi: OECD Ülkeleri Uygulamasi”, HÜ İİBF Dergisi, 35(1), 19-40.
  • Legal (2023), <https://legal.com.tr/blog/ekonomi/guclu-esg-uygulamalari-sirketlere-ve-yatirimcilara-nasil-fayda-saglayabilir>, 15.11.2023.
  • Legal (2023), <https://legal.com.tr/blog/genel/esg-cevresel-sosyal-ve-kurumsal-yonetisim-denetimleri>, 17.11.2023.
  • Li, Y. et al. (2018), “The Impact of Environmental, Social, And Governance Disclosure on Firm Value: The Role of CEO Power”, The British Accounting Review, 50(1), 60-75.
  • Minutolo, M.C. et al. (2019), “Exploring Environmental, Social, And Governance Disclosure Effects on The S&P 500 Financial Performance”, Business Strategy And The Environment, 28(6), 1083-1095.
  • Nasdaq (2019), ESG Reporting Guide 2.0 - A support Resources for Companies, <https://www.nasdaq.com/docs/2019/11/26/2019-ESG-Reporting-Guide.pdf>, 12.04.2021.
  • Nazlıoğlu, Ş. & Ç. Karul (2023), “Yatay Kesit Bağımlılığı Olan Heterojen Panellerde Granger Nedenselliğin Test Edilmesi: İhracat ve Büyüme Arasındaki Nedensellik İlişkisi”, International Congress On Eurasian Economies (215-223).
  • Nollet, J. et al. (2016), “Corporate Social Responsibility And Financial Performance: A Non-Linear And Disaggregated Approach”, Economic Modelling, 52, 400-407.
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There are 64 citations in total.

Details

Primary Language English
Subjects Sustainable Development
Journal Section Articles
Authors

Filiz Aslan Çetin 0000-0002-8210-799X

Seyhan Öztürk 0000-0003-1458-840X

Osman Nuri Akarsu 0000-0002-5393-956X

Early Pub Date July 21, 2024
Publication Date July 30, 2024
Submission Date December 8, 2023
Acceptance Date June 5, 2024
Published in Issue Year 2024

Cite

APA Aslan Çetin, F., Öztürk, S., & Akarsu, O. N. (2024). The Effect of ESG Data of Companies on Financial Performance: A Panel Data Analysis on The BIST Sustainability Index. Sosyoekonomi, 32(61), 125-146. https://doi.org/10.17233/sosyoekonomi.2024.03.07
AMA Aslan Çetin F, Öztürk S, Akarsu ON. The Effect of ESG Data of Companies on Financial Performance: A Panel Data Analysis on The BIST Sustainability Index. Sosyoekonomi. July 2024;32(61):125-146. doi:10.17233/sosyoekonomi.2024.03.07
Chicago Aslan Çetin, Filiz, Seyhan Öztürk, and Osman Nuri Akarsu. “The Effect of ESG Data of Companies on Financial Performance: A Panel Data Analysis on The BIST Sustainability Index”. Sosyoekonomi 32, no. 61 (July 2024): 125-46. https://doi.org/10.17233/sosyoekonomi.2024.03.07.
EndNote Aslan Çetin F, Öztürk S, Akarsu ON (July 1, 2024) The Effect of ESG Data of Companies on Financial Performance: A Panel Data Analysis on The BIST Sustainability Index. Sosyoekonomi 32 61 125–146.
IEEE F. Aslan Çetin, S. Öztürk, and O. N. Akarsu, “The Effect of ESG Data of Companies on Financial Performance: A Panel Data Analysis on The BIST Sustainability Index”, Sosyoekonomi, vol. 32, no. 61, pp. 125–146, 2024, doi: 10.17233/sosyoekonomi.2024.03.07.
ISNAD Aslan Çetin, Filiz et al. “The Effect of ESG Data of Companies on Financial Performance: A Panel Data Analysis on The BIST Sustainability Index”. Sosyoekonomi 32/61 (July 2024), 125-146. https://doi.org/10.17233/sosyoekonomi.2024.03.07.
JAMA Aslan Çetin F, Öztürk S, Akarsu ON. The Effect of ESG Data of Companies on Financial Performance: A Panel Data Analysis on The BIST Sustainability Index. Sosyoekonomi. 2024;32:125–146.
MLA Aslan Çetin, Filiz et al. “The Effect of ESG Data of Companies on Financial Performance: A Panel Data Analysis on The BIST Sustainability Index”. Sosyoekonomi, vol. 32, no. 61, 2024, pp. 125-46, doi:10.17233/sosyoekonomi.2024.03.07.
Vancouver Aslan Çetin F, Öztürk S, Akarsu ON. The Effect of ESG Data of Companies on Financial Performance: A Panel Data Analysis on The BIST Sustainability Index. Sosyoekonomi. 2024;32(61):125-46.