Investigating the Sheltering Effect of Sustainability Indices During the Coronavirus Crash

Year 2023, Volume: 5 Issue: 3, 182 - 194, 30.09.2023

Burcu Tosun , Pelin Özgen

https://doi.org/10.54821/uiecd.1345196

Abstract

This study aims to demonstrate that making sustainability investments benefits a firm not just in terms of enhanced investor trust and visibility, but also in terms of providing a safe haven for them during difficult times. For this purpose, the abnormal returns of the companies which are listed in the Sustainability Index of Borsa Istanbul are compared with the rest of the companies during the “Coronavirus crash” which took hold of every financial market in the world. To determine if the businesses represented by the BIST SI are less impacted by the Covid-19 crash than the rest, an independent samples t-test is used. The primary approach used is event study methodology, where the Leybourne, Newbold & Vougas (LNV) test for the BIST100 index is applied to confirm the impact of the "event" in question. Findings show that, like other financial markets, Borsa Istanbul had a price drop in March 2020. Also, it was observed that inclusion in the Sustainability Index reduced average loss. This implies that it is reasonable to make sustainable investments and, as a result, to be included in the sustainability indexes, as inclusion has been found to be particularly helpful in reducing loss during crisis times.

Keywords

Sustainability Index, Coronavirus Crash, Event Study Methodology, Corporate Social Responsibility

Koronavirüs Çöküşü Sırasında Sürdürülebilirlik Endekslerinin Koruma Etkisinin İncelenmesi

Abstract

Bu çalışma, kurumların gerçekleştirdiği sürdürülebilirlik yatırımlarının sadece yatırımcı güvenini ve firma görünürlüğünü artırmakla kalmayıp, aynı zamanda onlara zorlu zamanlarda güvenli bir sığınak sağlama konusunda da fayda sağladığını göstermeyi amaçlamaktadır. Bu amaç doğrultusunda, Borsa İstanbul Sürdürülebilirlik Endeksi'nde listelenen şirketlerin, dünya finans piyasalarını etkileyen "Koronavirüs çöküşü" sırasında elde ettikleri anormal getirileri diğer şirketlerle karşılaştırmaktadır. Bu amaçla, öncelikli olarak BIST SE kapsamındaki şirketlerin Covid-19 çöküşünden etkilenme derecelerinin diğerlerine göre daha düşük olup olmadığını belirlemek için bağımsız örneklemler t-testi kullanılmıştır. Çalışmada kullanılan temel yaklaşım, BIST100 endeksi kapsamında (Leybourne, Newbold ve Vougas) LNV testinin uygulandığı olay çalışması metodolojisine dayanmaktadır. Bulgular, diğer finansal piyasalar gibi Borsa İstanbul'un da Mart 2020'de değer kaybına uğradığını göstermektedir. Ayrıca, Sürdürülebilirlik Endeksi'nde yer almanın ortalama kaybı azalttığı gözlemlenmiştir. Bu durum, sürdürülebilir yatırımların mantıklı bir tercih olduğunu ve kriz dönemlerinde kaybı azaltmada özellikle yardımcı bir rol oynadığını belirtmektedir.

Keywords

Sürdürülebilirlik Endeksi, Koronavirüs Çöküşü, Olay Çalışması, Kurumsal Sosyal Sorumluluk

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