COVID-19 KRİZİNDE SÜRDÜREBİLİRLİK PERFORMANSI VE ANORMAL PAY GETİRİSİ

Year 2021, Volume: 3 Issue: 1, 83 - 102, 31.07.2021

Emrah KELEŞ

Abstract

Bu çalışmada sürdürebilirlik performansının finansal performans üzerine etkisi araştırılmaktadır. Çalışmada BIST Sürdürebilirlik Endeksine dahil olan ve olmayan firmalara odaklanılmaktadır. Bu firmaların anormal pay getirilerinin karşılaştırılması için olay çalışması yönteminden yararlanılmıştır. Çalışma kapsamında Covid-19 krizinde önemli tarihler – ilk vaka, ilk tedbirler ve ilk ölüm – dikkate alınmış ve incelenmiştir. Çalışma sonuçları BIST Sürdürebilirlik endeksine dahil olan firmaların kayıplarının olmayanlara göre daha az olduğunu göstermektedir. Bu da krizin ortaya çıkış dönemi sırasında yatırımcıların firmaların sürdürebilirlik performanslarını dikkate aldığını ortaya koymaktadır.

Keywords

Covid-19, sürdürebilirlik, anormal pay getirileri, olay çalışması, krizler

Sustainability Performance and Abnormal Stock Returns During the COVID-19 crises

Abstract

This study examines the effect of sustainability performance on financial performance. Specifically, this paper focuses on firms included and excluded in the Istanbul Stock Exchange BIST Sustainability Index. The event study methodology is applied to compare the abnormal stock returns for these firms. Three critical days -first case, first measures, first death- during the Covid-19 crisis are considered and investigated. The results show that firms included in the BIST Sustainability Index experience fewer loss comparing to the excluded ones, suggesting that investors value firms' sustainability performance during the crisis outbreak period.

Keywords

Covid-19, sustainability, abnormal stock return, event study, crises

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