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The Effects of Environmental, Social, and Governance Performance on Financial Performance: The Case of Borsa Istanbul

Year 2024, Volume: 38 Issue: 1, 48 - 55, 26.01.2024

Abstract

The statements of environmental, social, and governance values, as a concept of investments and a standard of corporate assessment, have recently started to be highly influential on finan- cial decisions. Environmental, social, and governance scores focus on environmental, social, and governance-related performance criteria rather than conventional financial performance crite- ria. This study investigates the effects of the environmental, social, and governance scores of firms whose stocks are traded in Borsa Istanbul on their financial performance using the panel data analysis method. Due to the limited amount of environmental, social, and governance data, the study is conducted for 31 selected firms and covers the period of 2014–2022. In the scope of the study, two models are established, and according to the results of the first model, environ- mental, social, and governance scores, the market-to-book value ratio, and asset growth affect the return on assets positively and significantly. According to the results of the second model, environmental, social, and governance scores and the market-to-book value ratio do not affect the return on equity significantly, while asset growth affects the return on equity positively and significantly.

References

  • Aksoy, L., Buoye, A. J., Fors, M., Keiningham, T. L., & Rosengren, S. (2022). Environmental, Social and Governance (ESG) metrics do not serve services customers: A missing link between sustainability metrics and customer perceptions of social innovation. Journal of Service Management, 33(4/5), 565–577. [CrossRef]
  • Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance, 20(7), 1409–1428. [CrossRef]
  • Almeyda, R., & Darmansya, A. (2019). The Influence of environmental, social, and governance (ESG) disclosure on firm financial perfor- mance. IPTEK Journal of Proceedings Series. IPTEK Journal of Pro- ceedings Series, 5(5), 278–290. [CrossRef]
  • Alshater, M. M., Atayah, o. F., & Hamdan, A. (2023). Journal of Sustainable Finance and Investment: A bibliometric analysis. Journal of Sustain- able Finance and Investment, 13(3), 1131–1152. [CrossRef]
  • Aybars, A., Ataünal, L., & Gürbüz, A. o. (2019). ESG and financial perfor- mance: Impact of environmental, social, and governance issues on corporate performance. In Handbook of research on managerial thinking in global business economics (pp. 520–536). IGI Global. [CrossRef]
  • Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22(2), S119–S127. [CrossRef]
  • Azmi, W., Hassan, M. K., Houston, R., & Karim, M. S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions and Money, 70, 101277. [CrossRef]
  • Bansal, M., Samad, T. A., & Bashir, H. A. (2021). The sustainability reporting- firm performance nexus: Evidence from a threshold model. Journal of Global Responsibility, 12(4), 491–512. [CrossRef]
  • Broadstock, D. C., Chan, K., Cheng, L. T. W., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from CoVID-19 in China. Finance Research Letters, 38, 101716. [CrossRef] Brogi, M., & Lagasio, V. (2019). Environmental, social, and governance and company profitability: Are financial intermediaries different? Corporate Social Responsibility and Environmental Management, 26(3), 576–587. [CrossRef]
  • Buallay, A. (2019). Is sustainability reporting (ESG) associated with perfor- mance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. [CrossRef]
  • Buallay, A., Fadel, S. M., Al-Ajmi, J. Y., & Saudagaran, S. (2020). Sustainabil- ity reporting and performance of MENA banks: Is there a trade-off? Measuring Business Excellence, 24(2), 197–221. [CrossRef]
  • Busch, T., Bauer, R., & orlitzky, M. (2016). Sustainable development and financial markets: old paths and new avenues. Business and Society, 55(3), 303–329. [CrossRef] Chava, S. (2014). Environmental externalities and cost of capital. Manage- ment Science, 60(9), 2223–2247. [CrossRef]
  • Cornett, M. M., Erhemjamts, o., & Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of U.S. commercial banks around the financial crisis. Journal of Banking and Finance, 70, 137–159. [CrossRef]
  • Dalal, K. K., & Thaker, N. (2019). ESG and corporate financial performance: A panel study of Indian companies. IUP Journal of Corporate Govern- ance, 18(1), 44–59.
  • Dhaliwal, D. S., Li, o. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. Accounting Review, 86(1), 59–100. [CrossRef]
  • Di Tommaso, C., & Thornton, J. (2020). Do ESG scores effect bank risk taking and value? Evidence from European banks. Corporate Social Responsibility and Environmental Management, 27(5), 2286–2298. [CrossRef] Dmuchowski, P., Dmuchowski, W., Baczewska-Dąbrowska, A. H., & Gworek, B. (2023). Environmental, social, and governance (ESG) model; impacts and sustainable investment–Global trends and Poland’s perspective. Journal of Environmental Management, 329, 117023. [CrossRef]
  • Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilati- nas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315–334. [CrossRef]
  • Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621–640. [CrossRef]
  • Feng, Z., & Wu, Z. (2021). ESG disclosure, REIT debt financing and firm value. Journal of Real Estate Finance and Economics, 1–35. [CrossRef]
  • Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210–233. [CrossRef]
  • Garcia, A. S., Mendes-Da-Silva, W., & orsato, R. J. (2017). Sensitive indus- tries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135–147. [CrossRef]
  • Giannopoulos, G., Kihle Fagernes, R. V., Elmarzouky, M., & Afzal Hossain, K. A. B. M. (2022). The ESG disclosure and the financial performance of Norwegian listed firms. Journal of Risk and Financial Management, 15(6), 237. [CrossRef]
  • Giese, G., Lee, L. E., Melas, D., Nagy, Z., & Nishikawa, L. (2019). Foundations of ESG investing: How ESG affects equity valuation, risk, and perfor- mance. Journal of Portfolio Management, 45(5), 69–83. [CrossRef]
  • Harris, R. D. F., & Tzavalis, E. (1999). Inference for unit roots in dynamic panels where the time dimension is fixed. Journal of Econometrics, 91(2), 201–226. [CrossRef]
  • ICMA. (2020). Sustainable Finance High-level definitions. International Capital Market Association. https://www.icmagroup.org/sustainab le-finance/
  • Ionescu, G. H., Firoiu, D., Pirvu, R., & Vilag, R. D. (2019). The impact of ESG factors on market value of companies from travel and tourism indus- try. Technological and Economic Development of Economy, 25(5), 820–849. [CrossRef]
  • Korkmaz, T., & Nur, T. (2023). The effect of ESG sustainability on firm per- formance: A view under size and age on Bıst bank ındex firms. Ekonomi, Politika and Finans Araştırmaları Dergisi, 8(2), 208–223. [CrossRef]
  • Koundouri, P., Pittis, N., & Plataniotis, A. (2022). The impact of ESG per- formance on the financial performance of European area companies: An empirical examination. Environmental Sciences Proceedings, 15(1), 13. [CrossRef]
  • Kulalı, G. (2022). Çevresel, sosyalve kurumsalyönetim(ESG) performansının piyasa değeri üzerindeki etkisi: Firma büyüklüğünün rolü. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 17(3), 787–809. [CrossRef]
  • Kumar, S., Sharma, D., Rao, S., Lim, W. M., & Mangla, S. K. (2022). Past, present, and future of sustainable finance: Insights from big data analytics through machine learning of scholarly research. Annals of Operations Research, 1–44. [CrossRef]
  • Migliorelli, M. (2021). What do we mean by sustainable finance? Assessing existing frameworks and policy risks. Sustainability, 13(2), 975. [CrossRef]
  • Naeem, M., Ullah, H., & Jan, S. (2021). The impact of ESG practices on firm performance: Evidence from emerging countries. Indian Journal of Economics and Business, 20(1), 731–750.
  • Nirino, N., Santoro, G., Miglietta, N., & Quaglia, R. (2021). Corporate con- troversies and company’s financial performance: Exploring the mod- erating role of ESG practices. Technological Forecasting and Social Change, 162, 120341. [CrossRef]
  • Nyantakyi, G., Atta Sarpong, F., Adu Sarfo, P., Uchenwoke ogochukwu, N., & Coleman, W. (2023). A boost for performance or a sense of corpo- rate social responsibility? A bibliometric analysis on sustainability reporting and firm performance research (2000–2022). Cogent Business and Management, 10(2), 2220513. [CrossRef]
  • ould Daoud Ellili, N. (2020). Environmental, social, and governance dis- closure, ownership structure and cost of capital: Evidence from the UAE. Sustainability, 12(18), 7706. [CrossRef]
  • Pesaran, M. H. (2004). General diagnostic tests for cross section depend- ence in panels. SSRN Electronic Journal, 1–42. [CrossRef]
  • Ruan, L., & Liu, H. (2021). Environmental, social, governance activities and firm performance: Evidence from China. Sustainability, 13(2), 767. [CrossRef]
  • Saygili, E., Arslan, S., & Birkan, A. o. (2022). ESG practices and corporate financial performance: Evidence from Borsa Istanbul. Borsa Istanbul Review, 22(3), 525–533. [CrossRef]
  • Shafer, M., & Szado, E. (2020). Environmental, social, and governance practices and perceived tail risk. Accounting and Finance, 60(4), 4195–4224. [CrossRef]
  • Shakil, M. H., Mahmood, N., Tasnia, M., & Munim, Z. H. (2019). Do environ- mental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Management of Environmental Quality: An International Jour- nal, 30(6), 1331–1344. [CrossRef]
  • Shih, C., Gwizdalski, A., & Deng, X. (2023). Building a sustainable future: Exploring green finance, Regenerative Finance, and Green Financial Technology. SSRN Electronic Journal. [CrossRef]
  • Şİşman, M. E., & Çankaya, S. (2021). Çevresel, sosyal ve kurumsal yönetişim (ESG) verilerinin firmaların finansal performansına etkisi: Hava yolu sektörü üzerine bir çalışma. Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(1), 73–91. [CrossRef]
  • Siueia, T. T., Wang, J., & Deladem, T. G. (2019). Corporate social responsibil- ity and financial performance: A comparative study in the Sub-Saha- ran Africa banking sector. Journal of Cleaner Production, 226, 658–668. [CrossRef]
  • Taliento, M., Favino, C., & Netti, A. (2019). Impact of environmental, social, and governance information on economic performance: Evidence of a corporate ‘sustainability advantage’from Europe. Sustainability, 11(6), 1738. [CrossRef]
  • UNEP. (2015). Inquiry/CIGI research convening, towards a theory of sus- tainable finance. https://unepinquiry.org/wp-content/uploads/20 16/02/Sustainable_Finance.pdf
  • Ur Rehman, R., Zhang, J., Uppal, J., Cullinan, C., & Akram Naseem, M. (2016). Are environmental social governance equity indices a better choice for investors? An Asian perspective. Business Ethics: A European Review, 25(4), 440–459. [CrossRef]
  • Velte, P. (2017). Does ESG performance have an impact on financial per- formance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. [CrossRef]
  • Xiao, F., Lan, F. Y., Shi, W., Xiong, H., & Shen, H. Y. (2021). Do ESG ratings of listed companies affect audit fees? A quasi-natural experiment based on ESG rating events. Audit Research, 3, 41–50.
  • Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial perfor- mance? Business Strategy and the Environment, 28(2), 286–300. [CrossRef]

Çevresel, Sosyal ve Kurumsal Yönetim Performansının Finansal Performans Üzerine Etkisi: Borsa İstanbul Örneği

Year 2024, Volume: 38 Issue: 1, 48 - 55, 26.01.2024

Abstract

Bir yatırım konsepti ve kurumsal değerlendirme standardı olan çevresel, Sosyal ve Kurumsal Yönetim açıklamaları son yıllarda finansal kararlar üzerinde oldukça etkili olmaya başlamıştır. Çevresel, sosyal ve kurumsal yönetim puanları geleneksel finansal performans yerine çevresel, sosyal ve kurumsal yönetim performansına odaklanmaktadır. Çalışma Borsa İstanbul’da işlem gören firmaların çevresel, sosyal ve kurumsal yönetim puanlarının finansal performans üzerindeki etkisini panel veri analizi ile araştırmaktadır. Çalışma çevresel, sosyal ve kurumsal yönetim verile- rinin kısıtlılığı nedeniyle seçilmiş 31 firma için yapılmış ve 2014–2022 dönemini kapsamaktadır. Çalışma kapsamında iki model kurulmuş olup, ilk model sonucuna göre çevresel, sosyal ve kurumsal yönetim puanlarının, piyasa değeri/defter değeri oranının ve aktiflerdeki büyümenin aktif kârlılığı pozitif ve anlamlı etkilediğine ulaşılmıştır. İkinci modelde evresel, sosyal ve kurumsal yönetim puanlarının ve piyasa değeri/defter değeri oranının özsermaye kârlılığı üzerindeki etkisi anlamsız tespit edilirken, aktiflerdeki büyümenin özsermaye kârlılığını anlamlı ve pozitif yönde etkilediği sonucuna ulaşılmıştır.

References

  • Aksoy, L., Buoye, A. J., Fors, M., Keiningham, T. L., & Rosengren, S. (2022). Environmental, Social and Governance (ESG) metrics do not serve services customers: A missing link between sustainability metrics and customer perceptions of social innovation. Journal of Service Management, 33(4/5), 565–577. [CrossRef]
  • Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance, 20(7), 1409–1428. [CrossRef]
  • Almeyda, R., & Darmansya, A. (2019). The Influence of environmental, social, and governance (ESG) disclosure on firm financial perfor- mance. IPTEK Journal of Proceedings Series. IPTEK Journal of Pro- ceedings Series, 5(5), 278–290. [CrossRef]
  • Alshater, M. M., Atayah, o. F., & Hamdan, A. (2023). Journal of Sustainable Finance and Investment: A bibliometric analysis. Journal of Sustain- able Finance and Investment, 13(3), 1131–1152. [CrossRef]
  • Aybars, A., Ataünal, L., & Gürbüz, A. o. (2019). ESG and financial perfor- mance: Impact of environmental, social, and governance issues on corporate performance. In Handbook of research on managerial thinking in global business economics (pp. 520–536). IGI Global. [CrossRef]
  • Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22(2), S119–S127. [CrossRef]
  • Azmi, W., Hassan, M. K., Houston, R., & Karim, M. S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions and Money, 70, 101277. [CrossRef]
  • Bansal, M., Samad, T. A., & Bashir, H. A. (2021). The sustainability reporting- firm performance nexus: Evidence from a threshold model. Journal of Global Responsibility, 12(4), 491–512. [CrossRef]
  • Broadstock, D. C., Chan, K., Cheng, L. T. W., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from CoVID-19 in China. Finance Research Letters, 38, 101716. [CrossRef] Brogi, M., & Lagasio, V. (2019). Environmental, social, and governance and company profitability: Are financial intermediaries different? Corporate Social Responsibility and Environmental Management, 26(3), 576–587. [CrossRef]
  • Buallay, A. (2019). Is sustainability reporting (ESG) associated with perfor- mance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. [CrossRef]
  • Buallay, A., Fadel, S. M., Al-Ajmi, J. Y., & Saudagaran, S. (2020). Sustainabil- ity reporting and performance of MENA banks: Is there a trade-off? Measuring Business Excellence, 24(2), 197–221. [CrossRef]
  • Busch, T., Bauer, R., & orlitzky, M. (2016). Sustainable development and financial markets: old paths and new avenues. Business and Society, 55(3), 303–329. [CrossRef] Chava, S. (2014). Environmental externalities and cost of capital. Manage- ment Science, 60(9), 2223–2247. [CrossRef]
  • Cornett, M. M., Erhemjamts, o., & Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of U.S. commercial banks around the financial crisis. Journal of Banking and Finance, 70, 137–159. [CrossRef]
  • Dalal, K. K., & Thaker, N. (2019). ESG and corporate financial performance: A panel study of Indian companies. IUP Journal of Corporate Govern- ance, 18(1), 44–59.
  • Dhaliwal, D. S., Li, o. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. Accounting Review, 86(1), 59–100. [CrossRef]
  • Di Tommaso, C., & Thornton, J. (2020). Do ESG scores effect bank risk taking and value? Evidence from European banks. Corporate Social Responsibility and Environmental Management, 27(5), 2286–2298. [CrossRef] Dmuchowski, P., Dmuchowski, W., Baczewska-Dąbrowska, A. H., & Gworek, B. (2023). Environmental, social, and governance (ESG) model; impacts and sustainable investment–Global trends and Poland’s perspective. Journal of Environmental Management, 329, 117023. [CrossRef]
  • Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilati- nas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315–334. [CrossRef]
  • Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621–640. [CrossRef]
  • Feng, Z., & Wu, Z. (2021). ESG disclosure, REIT debt financing and firm value. Journal of Real Estate Finance and Economics, 1–35. [CrossRef]
  • Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210–233. [CrossRef]
  • Garcia, A. S., Mendes-Da-Silva, W., & orsato, R. J. (2017). Sensitive indus- tries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135–147. [CrossRef]
  • Giannopoulos, G., Kihle Fagernes, R. V., Elmarzouky, M., & Afzal Hossain, K. A. B. M. (2022). The ESG disclosure and the financial performance of Norwegian listed firms. Journal of Risk and Financial Management, 15(6), 237. [CrossRef]
  • Giese, G., Lee, L. E., Melas, D., Nagy, Z., & Nishikawa, L. (2019). Foundations of ESG investing: How ESG affects equity valuation, risk, and perfor- mance. Journal of Portfolio Management, 45(5), 69–83. [CrossRef]
  • Harris, R. D. F., & Tzavalis, E. (1999). Inference for unit roots in dynamic panels where the time dimension is fixed. Journal of Econometrics, 91(2), 201–226. [CrossRef]
  • ICMA. (2020). Sustainable Finance High-level definitions. International Capital Market Association. https://www.icmagroup.org/sustainab le-finance/
  • Ionescu, G. H., Firoiu, D., Pirvu, R., & Vilag, R. D. (2019). The impact of ESG factors on market value of companies from travel and tourism indus- try. Technological and Economic Development of Economy, 25(5), 820–849. [CrossRef]
  • Korkmaz, T., & Nur, T. (2023). The effect of ESG sustainability on firm per- formance: A view under size and age on Bıst bank ındex firms. Ekonomi, Politika and Finans Araştırmaları Dergisi, 8(2), 208–223. [CrossRef]
  • Koundouri, P., Pittis, N., & Plataniotis, A. (2022). The impact of ESG per- formance on the financial performance of European area companies: An empirical examination. Environmental Sciences Proceedings, 15(1), 13. [CrossRef]
  • Kulalı, G. (2022). Çevresel, sosyalve kurumsalyönetim(ESG) performansının piyasa değeri üzerindeki etkisi: Firma büyüklüğünün rolü. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 17(3), 787–809. [CrossRef]
  • Kumar, S., Sharma, D., Rao, S., Lim, W. M., & Mangla, S. K. (2022). Past, present, and future of sustainable finance: Insights from big data analytics through machine learning of scholarly research. Annals of Operations Research, 1–44. [CrossRef]
  • Migliorelli, M. (2021). What do we mean by sustainable finance? Assessing existing frameworks and policy risks. Sustainability, 13(2), 975. [CrossRef]
  • Naeem, M., Ullah, H., & Jan, S. (2021). The impact of ESG practices on firm performance: Evidence from emerging countries. Indian Journal of Economics and Business, 20(1), 731–750.
  • Nirino, N., Santoro, G., Miglietta, N., & Quaglia, R. (2021). Corporate con- troversies and company’s financial performance: Exploring the mod- erating role of ESG practices. Technological Forecasting and Social Change, 162, 120341. [CrossRef]
  • Nyantakyi, G., Atta Sarpong, F., Adu Sarfo, P., Uchenwoke ogochukwu, N., & Coleman, W. (2023). A boost for performance or a sense of corpo- rate social responsibility? A bibliometric analysis on sustainability reporting and firm performance research (2000–2022). Cogent Business and Management, 10(2), 2220513. [CrossRef]
  • ould Daoud Ellili, N. (2020). Environmental, social, and governance dis- closure, ownership structure and cost of capital: Evidence from the UAE. Sustainability, 12(18), 7706. [CrossRef]
  • Pesaran, M. H. (2004). General diagnostic tests for cross section depend- ence in panels. SSRN Electronic Journal, 1–42. [CrossRef]
  • Ruan, L., & Liu, H. (2021). Environmental, social, governance activities and firm performance: Evidence from China. Sustainability, 13(2), 767. [CrossRef]
  • Saygili, E., Arslan, S., & Birkan, A. o. (2022). ESG practices and corporate financial performance: Evidence from Borsa Istanbul. Borsa Istanbul Review, 22(3), 525–533. [CrossRef]
  • Shafer, M., & Szado, E. (2020). Environmental, social, and governance practices and perceived tail risk. Accounting and Finance, 60(4), 4195–4224. [CrossRef]
  • Shakil, M. H., Mahmood, N., Tasnia, M., & Munim, Z. H. (2019). Do environ- mental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Management of Environmental Quality: An International Jour- nal, 30(6), 1331–1344. [CrossRef]
  • Shih, C., Gwizdalski, A., & Deng, X. (2023). Building a sustainable future: Exploring green finance, Regenerative Finance, and Green Financial Technology. SSRN Electronic Journal. [CrossRef]
  • Şİşman, M. E., & Çankaya, S. (2021). Çevresel, sosyal ve kurumsal yönetişim (ESG) verilerinin firmaların finansal performansına etkisi: Hava yolu sektörü üzerine bir çalışma. Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(1), 73–91. [CrossRef]
  • Siueia, T. T., Wang, J., & Deladem, T. G. (2019). Corporate social responsibil- ity and financial performance: A comparative study in the Sub-Saha- ran Africa banking sector. Journal of Cleaner Production, 226, 658–668. [CrossRef]
  • Taliento, M., Favino, C., & Netti, A. (2019). Impact of environmental, social, and governance information on economic performance: Evidence of a corporate ‘sustainability advantage’from Europe. Sustainability, 11(6), 1738. [CrossRef]
  • UNEP. (2015). Inquiry/CIGI research convening, towards a theory of sus- tainable finance. https://unepinquiry.org/wp-content/uploads/20 16/02/Sustainable_Finance.pdf
  • Ur Rehman, R., Zhang, J., Uppal, J., Cullinan, C., & Akram Naseem, M. (2016). Are environmental social governance equity indices a better choice for investors? An Asian perspective. Business Ethics: A European Review, 25(4), 440–459. [CrossRef]
  • Velte, P. (2017). Does ESG performance have an impact on financial per- formance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. [CrossRef]
  • Xiao, F., Lan, F. Y., Shi, W., Xiong, H., & Shen, H. Y. (2021). Do ESG ratings of listed companies affect audit fees? A quasi-natural experiment based on ESG rating events. Audit Research, 3, 41–50.
  • Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial perfor- mance? Business Strategy and the Environment, 28(2), 286–300. [CrossRef]

Details

Primary Language Turkish
Subjects Financial Economy
Journal Section Research Articles
Authors

Emine KARAÇAYIR 0000-0003-0512-9084

Aslı AFŞAR 0000-0001-7031-1419

Publication Date January 26, 2024
Published in Issue Year 2024 Volume: 38 Issue: 1

Cite

APA KARAÇAYIR, E., & AFŞAR, A. (2024). Çevresel, Sosyal ve Kurumsal Yönetim Performansının Finansal Performans Üzerine Etkisi: Borsa İstanbul Örneği. Trends in Business and Economics, 38(1), 48-55.

Content of this journal is licensed under a Creative Commons Attribution 4.0 International License

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