The Impact of Carbon Emissions on Firms’ Financial Performance: An Application in BIST Sustainability Index

Year 2024, Volume: 38 Issue: 1, 39 - 47, 26.01.2024

İbrahim Sakın , İlker Kefe

Abstract

The purpose of this study is to examine the carbon emission data of the firms listed in the Borsa Istanbul Sustainability Index in Turkey and analyze the relationship between carbon emissions and the financial performance of these firms. In this research, annual data for 31 firms listed in the Borsa Istanbul Sustainability Index for the period 2017–2020 were used. The relationship between the financial performance indicators of the firms and their carbon emissions was analyzed using a random effects panel data model. The dependent variables identified were return on assets and return on equity as measures of financial performance, while carbon emissions were consid- ered as the independent variable, along with control variables such as firm size, leverage ratio, firm growth, and firm value. The research findings indicate that carbon emissions have a negative impact on both return on assets and return on equity.

Keywords

BIST Sustainability Index, carbon emission, financial performance, panel data analysis, sustainability reporting

Karbon Emisyonlarının Firmaların Finansal Performansına Etkisi: BIST Sürdürülebilirlik Endeksinde Bir Uygulama

Abstract

Bu çalışmanın amacı, Türkiye’de Borsa İstanbul Sürdürülebilirlik Endeksi’nde listelenen firmala- rın karbon emisyon verilerini incelemek ve bu firmaların finansal performansı ile karbon emis- yonları arasındaki ilişkiyi analiz etmektir. Bu araştırmada, 2017–2020 dönemi için Borsa İstanbul Sürdürülebilirlik Endeksi’nde yer alan 31 firmanın yıllık verileri kullanılmıştır. Firmaların finansal performans göstergeleri ile karbon emisyonları arasındaki ilişki rassal etkiler panel veri modeli kullanılarak analiz edilmiştir. Finansal performansın ölçütleri olarak varlık getirisi ve özkaynak geti- risi belirlenirken, bağımsız değişken olarak karbon emisyonları yanında firma büyüklüğü, kaldıraç oranı, firma büyümesi ve firma değeri gibi kontrol değişkenleri de ele alınmıştır. Araştırma bulgu- ları, karbon emisyonlarının hem varlık getirisi hem de özkaynak getirisi üzerinde olumsuz bir etkisi olduğunu göstermektedir.

Keywords

BIST Sürdürülebilirlik Endeksi, karbon emisyonu, finansal performans, panel veri analizi, sürdürülebilirlik raporlaması

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