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Çevresel Açıklama: Belirleyiciler ve Finansal Performans Üzerindeki Etkileri? Türkiye’den Ampirik Bir Kanıt

Year 2020, Volume: 28 Issue: 46, 95 - 115, 31.10.2020
https://doi.org/10.17233/sosyoekonomi.2020.04.05

Abstract

Bu çalışma, çevresel açıklamanın belirleyicileri ve finansal performans üzerindeki etkilerini incelemektedir. Borsa İstanbul’da (BİST) hisse senetleri işlem gören 66 firmanın 2014-2018 yıllarına ait verilerini kullanarak yüksek kaldıraca ve yüksek özkaynağın temsilci (vekalet) maliyetlerine sahip firmalar ve büyük firmaların çevresel bilgiler açıklama olasılığının daha yüksek olduğu tespit edilmiştir. Yine, karlılık, endüstri tipi, bilgi asimetrisi, yatırım fırsatları ve faaliyet riskinin firmanın çevresel bilgiler açıklama ihtimalini etkilemediği ortaya çıkmıştır. Bununla birlikte, çevresel açıklamanın Türk firmaların finansal performansını etkilediği ile ilgili zayıf bir kanıt bulunmuştur.

References

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Environmental Disclosure: Determinants and Effects on Financial Performance? An Empirical Evidence from Turkey

Year 2020, Volume: 28 Issue: 46, 95 - 115, 31.10.2020
https://doi.org/10.17233/sosyoekonomi.2020.04.05

Abstract

This article investigates the determinants of environmental disclosure and its effect on financial performance. Using a sample of 66 firms listed on Istanbul Stock Exchange during the period 2014-2018, we find that highly leveraged and larger firms, and firms with higher equity agency costs are more likely to disclose environmental information. However, the results indicated that profitability, industry type, information asymmetry, investment opportunities and business risk do not affect the probability that the firm will disclose environmental information. Finally, we find a weak evidence that environmental disclosure affects the financial performance of Turkish firms.

References

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  • Ahmadi, A. & A. Bouri (2017), "The Relationship Between Financial Attributes, Environmental Performance and Environmental Disclosure", Management of Environmental Quality, 28(4), 490-506.
  • Akbaş, H. E. & S. Canikli (2019), “Determinants of Voluntary Greenhouse Gas Emission Disclosure: An Empirical Investigation on Turkish Firms”, Sustainability, 11, 107, 1-24.
  • Akbaş, H. E. (2014), “Company Characteristics and Environmental Disclosure: An Empirical Investigation on Companies Listed on Borsa Istanbul 100 Index”, The Journal of Accounting and Finance, 62, 145-164.
  • Akrout, M. M. & H. B. Othman (2016), “Ownership Structure and Environmental Disclosure in Mena Emerging Countries”, Corporate Ownership & Control, 13(4), 381-388.
  • Al-Tuwaijri, S. A. & T. E. Christensen & K. E. Hughes II (2003), “The Relations Among Environmental Disclosure, Environmental Performance, and Economic Performance: A Simultaneous Equations Approach”, http://dx.doi.org/10.2139/ssrn.405643.
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  • Braam, G. & L. Uit de Weerd & M. Hauck & M. Huijbregts (2016), “Determinants of Corporate Environmental Reporting: the importance of environmental performance and assurance”, Journal of Cleaner Production, 129, 724-734.
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  • Dhaliwal, D. S. & O. Z. Li & A. Tsang & Y. G. Yang (2011), “Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting”, The Accounting Review, 86(1), 59-100.
  • Elshabasy, Y. N. (2018), “The impact of corporate characteristics on environmental information disclosure: an empirical study on the listed firms in Egypt”, Journal of Business and Retail Management Research (JBRMR), 12(2), 232-241.
  • Fonseka, M. & T. Rajapakse & G. Richardson (2019), “The Effect of Environmental Information Disclosure and Energy Product Type on the Cost of Debt: Evidence from Energy Firms in China”, Pacific-Basin Finance Journal, 54, 159-182.
  • Fontana, S. & E. D'Amico & D. Coluccia & S. Solimene (2015), "Does Environmental Performance Affect Companies’ Environmental Disclosure?", Measuring Business Excellence, 19(3), 42-57.
  • Freedman, M. & B. Jaggi (2005), “Global warming, commitment to the Kyoto protocol, and accounting disclosures by the largest global public firms from polluting industries”, The International Journal of Accounting, 40, 215– 232.
  • Giannarakis, G. & E. Zafeiriou & G. Arabatzis & X. Partalidou (2017), “Determinants of Corporate Climate Change Disclosure for European Firms”, Corporate Social Responsibility and Environmental Management, 25(3).
  • Gray, R. & M. Javad & D. M. Power & C. D. Sinclair (2001), “Social and Environmental Disclosure and Corporate Characteristics: A Research Note and Extension”, Journal of Business Finance & Accounting, 28(3) & (4), 327-356.
  • Guidry, R. P. & D. M. Patten (2012), “Voluntary Disclosure Theory and Financial Control Variables: An Assessment of Recent Environmental Disclosure Research”, Accounting Forum, 36, 81-90.
  • Hackston. D & M.J. Milne (1996), "Some Determinants of Social and Environmental Disclosures in New Zealand Companies", Accounting, Auditing & Accountability Journal, Vol. 9 Issue: 1, pp.77-108.
  • Hassan, O. A. G. & P. Romilly (2018), “Relations Between Corporate Economic Performance, Environmental Disclosure and Greenhouse Gas Emissions: New Insights”, Business Strategy and the Environment, 27(7), 1–17.
  • Hassan, O. A. G. (2018), “The Impact of Voluntary Environmental Disclosure on Firm Value: Does Organizational Visibility Play a Mediation Role?”, Business Strategy and the Environment, 27(8), 1–14.
  • Huang, C. L. & F. H. Kung (2010), “Drivers of Environmental Disclosure and Stakeholder Expectation: Evidence from Taiwan”, Journal of Business Ethics, 96, 435–451.
  • Ismail, A. H. & A. A.Rahman & A. A. Hezabr (2018), "Determinants of Corporate Environmental Disclosure Quality of Oil And Gas Industry in Developing Countries", International Journal of Ethics and Systems, 34(4), 527-563.
  • Jensen, M. C. & W. H. Meckling (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3(4), 305-360.
  • Jensen, M. C. (1986), “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review, 76(2), 323-329.
  • Juhmani, O. (2014), “Determinants of Corporate Social and Environmental Disclosure on Websites: The Case of Bahrain”, Universal Journal of Accounting and Finance, 2(4), 77-87.
  • Khlif, H. & A. Guidara & M. Souissi (2015), "Corporate Social and Environmental Disclosure and Corporate Performance: Evidence from South Africa and Morocco", Journal of Accounting in Emerging Economies, 5(1), 51-69.
  • Kılıç, M. & C. Kuzey (2019), "The Effect of Corporate Governance on Carbon Emission Disclosures: Evidence from Turkey", International Journal of Climate Change Strategies and Management, 11(1), 35-53.
  • Kolsi, M. C & O. F. Attayah (2018), “Environmental Policy Disclosures and Sustainable Development: Determinants, Measure and Impact on Firm Value for ADX Listed Companies”, Corporate Social Responsibility and Environmental Management, 25(5), 1–12.
  • Kouloukoui, D. & A. M. O. Sant'Anna, S. M. S. Gomes, et al (2019), “Factors Influencing the Level of Environmental Disclosures in Sustainability Reports: Case of Climate Risk Disclosure by Brazilian Companies”, Corporate Social Responsibility and Environmental Management, 26(4), 1–14.
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  • Li, Y. & M. Gong & X. Zhang & L. Koh (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.
  • Lim, T. (2001), “Rationality and Analysts’ Forecast Bias”, The Journal of Finance, 56(1), 369-385.
  • Liu, X. & V. Anbumozhi (2009), “Determinant factors of corporate environmental information disclosure: an empirical study of Chinese listed companies”, Journal of Cleaner Production, 17, 593–600.
  • Longoni, A. & R. Cagliano (2018), "Inclusive Environmental Disclosure Practices and Firm Performance: The Role of Green Supply Chain Management", International Journal of Operations & Production Management, 38(9), 1815-1835.
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There are 80 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

İsmail Kalash 0000-0002-0674-0136

Publication Date October 31, 2020
Submission Date July 29, 2019
Published in Issue Year 2020 Volume: 28 Issue: 46

Cite

APA Kalash, İ. (2020). Environmental Disclosure: Determinants and Effects on Financial Performance? An Empirical Evidence from Turkey. Sosyoekonomi, 28(46), 95-115. https://doi.org/10.17233/sosyoekonomi.2020.04.05
AMA Kalash İ. Environmental Disclosure: Determinants and Effects on Financial Performance? An Empirical Evidence from Turkey. Sosyoekonomi. October 2020;28(46):95-115. doi:10.17233/sosyoekonomi.2020.04.05
Chicago Kalash, İsmail. “Environmental Disclosure: Determinants and Effects on Financial Performance? An Empirical Evidence from Turkey”. Sosyoekonomi 28, no. 46 (October 2020): 95-115. https://doi.org/10.17233/sosyoekonomi.2020.04.05.
EndNote Kalash İ (October 1, 2020) Environmental Disclosure: Determinants and Effects on Financial Performance? An Empirical Evidence from Turkey. Sosyoekonomi 28 46 95–115.
IEEE İ. Kalash, “Environmental Disclosure: Determinants and Effects on Financial Performance? An Empirical Evidence from Turkey”, Sosyoekonomi, vol. 28, no. 46, pp. 95–115, 2020, doi: 10.17233/sosyoekonomi.2020.04.05.
ISNAD Kalash, İsmail. “Environmental Disclosure: Determinants and Effects on Financial Performance? An Empirical Evidence from Turkey”. Sosyoekonomi 28/46 (October 2020), 95-115. https://doi.org/10.17233/sosyoekonomi.2020.04.05.
JAMA Kalash İ. Environmental Disclosure: Determinants and Effects on Financial Performance? An Empirical Evidence from Turkey. Sosyoekonomi. 2020;28:95–115.
MLA Kalash, İsmail. “Environmental Disclosure: Determinants and Effects on Financial Performance? An Empirical Evidence from Turkey”. Sosyoekonomi, vol. 28, no. 46, 2020, pp. 95-115, doi:10.17233/sosyoekonomi.2020.04.05.
Vancouver Kalash İ. Environmental Disclosure: Determinants and Effects on Financial Performance? An Empirical Evidence from Turkey. Sosyoekonomi. 2020;28(46):95-115.