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Çevresel, Sosyal ve Yönetişim (ESG) Haberlerinin Firmaların Finansal Performansına Etkisi: Borsa İstanbul’dan Kanıt

Yıl 2022, , 598 - 621, 27.08.2022
https://doi.org/10.26745/ahbvuibfd.1090499

Öz

Sürdürülebilirlik ile ilgili her geçen gün artan farkındalık, firmaların çevresel (Environmental), sosyal (Social) ve yönetişim (Governance) olarak kısaca ESG olarak adlandırılan sürdürülebilirlik faktörlerini, verdikleri her kararda ve atacakları her adımda dikkate almalarına sebep olmaktadır. Bu çalışmada Borsa İstanbul’da işlem gören firmalar ile ilgili çıkan ESG haberlerinin piyasa tarafından nasıl algılandığı, bu firmaların hisse senedi getirileri kullanılarak olay çalışması metodolojisi ile incelenmiştir. Firmalar hakkında çıkan olumsuz ESG haberlerinin sadece %10’a yakınının firmalar için anormal getiriye neden olduğunu gösteren sonuçlar ESG haberleri içerisinde negatif anormal getiriye neden olan haberlerin oranının pozitif anormal getiriye neden olan haberlerin yüzdesinin iki katı kadar olduğunu da göstermektedir. Türkiye’de borsada işlem gören bazı firmalar için yatırımcıların kararlarında halen firmanın gelecekteki finansal performansının daha önemli olduğu ve artan sürdürülebilirlik farkındalığı ve ESG okuryazarlığına rağmen henüz sürdürülebilirlik ile ilgili haberlerin anormal getiriler üzerinde büyük bir etkisi olmadığını söylemek doğru bir analiz olacaktır.

Kaynakça

  • Bassen, A., & Kovács, A. M. (2020). Environmental, social and governance key performance indicators from a capital market perspective. In Wirtschafts-und Unternehmensethik (pp. 809- 820). Springer VS, Wiesbaden.
  • Boffo, R., & Patalano, R. (2020). Esg investing: Practices, progress and challenges. OECD. Available online at https://www. oecd. org/finance/ESG-Investing-Practices-Progress-Challenges. pdf, checked on, 1(10), 2021.
  • Borsa İstanbul, https://www.borsaistanbul.com/tr/sayfa/165/bist-surdurulebilirlik-endeksi, Erisim Tarihi: 01.01.2022). Bowman, R. G. (1983). Understanding and conducting event studies. Journal of Business Finance & Accounting, 10(4), 561-584.
  • Capelle-Blancard, G., & Petit, A. (2016). Every Little Helps? ESG news disclosure and stock market reaction (No. hal-01441809). HAL.
  • Castro, P., Gutiérrez-López, C., Tascón, M. T., & Castaño, F. J. (2021). The impact of environmental performance on stock prices in the green and innovative context. Journal of Cleaner Production, 320, 128868.
  • Clark, G. L., & Viehs, M. (2014). The implications of corporate social responsibility for investors: An overview and evaluation of the existing CSR literature. Available at SSRN 2481877.
  • Crisóstomo, V. L., de Souza Freire, F., & De Vasconcellos, F. C. (2011). Corporate social responsibility, firm value and financial performance in Brazil. Social responsibility journal.
  • Cui, B., & Docherty, P. (2020). Stock price overreaction to esg controversies. Available at SSRN 3559915.
  • Dasgupta, S., Hong, J. H., Laplante, B., & Mamingi, N. (2006). Disclosure of environmental violations and stock market in the Republic of Korea. Ecological economics, 58(4), 759-777.
  • Derrien, F., Krueger, P., Landier, A., & Yao, T. (2021). ESG news, future cash flows, and firm value. Swiss Finance Institute Research Paper No. 21-84.
  • Deák, Z., & Karali, B. (2014). Stock market reactions to environmental news in the food industry. Journal of Agricultural and Applied Economics, 46(2), 209-225.
  • Ding, D. K. (2020). The Effect of Green Announcements on Stock Returns of New Zealand Listed Companies. Journal of Sustainability Research, 4(3).
  • Fama, E.F. and French, K.R. (1993), “Common risk factors in the return on stocks and Bonds”, Journal of Financial Economics, 33(1), 3-56.
  • Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64.
  • Guo, M., Kuai, Y., & Liu, X. (2020). Stock market response to environmental policies: Evidence from heavily polluting firms in China. Economic Modelling, 86, 306-316.
  • Gupta, S., & Goldar, B. (2005). Do stock markets penalize environment-unfriendly behaviour? Evidence from India. Ecological economics, 52(1), 81-95.
  • Holler, J. (2014). Event-study methodology and statistical significance. Germany: O1WIR Publisher for Economics, Computer Science and Law.
  • Jiang, W., Liu, S., & Stark, A. W. (2019). Medıa Reach, Controversıal Industrıes, Esg Performance And The Market Reactıon To Negatıve Esg Medıa Storıes. Chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/viewer.html?pdfurl=https%3A%2F%2Fwww.bayes.city.ac.uk%2F__data%2Fassets%2Fpdf_file%2F0003%2F634341%2FSiqi-Liu.pdf. (Erişim Tarihi: 30.12.2021).
  • Korwatanasakul, U. (2020). Environmental, Social, and Governance Investment: Concepts, Prospects, and the Policy Landscape. Asian Development Bank Institute, 1-32.
  • Landi, G., & Sciarelli, M. (2019). Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal.
  • Lorraine, N. H., Collison, D. J., & Power, D. M. (2004, March). An analysis of the stock market impact of environmental performance information. In Accounting forum, 28(1), 7-26. No longer published by Elsevier.
  • MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of economic literature, 35(1), 13-39.
  • OECD, (2020). Environmental, social and governance (ESG) investing. OECD Business and Finance Outlook 2020 : Sustainable and Resilient Finance. https://www.oecd- ilibrary.org/sites/e9ed300b-en/index.html?itemId=/content/component/e9ed300b- en#endnotea1z2 , (Erişim Tarihi: 02.01.2022).
  • Ramiah, V., Martin, B., & Moosa, I. (2013). How does the stock market react to the announcement of green policies?. Journal of Banking & Finance, 37(5), 1747-1758.
  • Renneboog, L., Ter Horst, J., & Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of banking & finance, 32(9), 1723-1742.
  • Rossi, J. L. (2009). What is the value of corporate social responsibility? An answer from the Brazilian sustainability index. An Answer from the Brazilian Sustainability Index (February 5, 2009).
  • Sahut, J. M., & Pasquini-Descomps, H. (2015). ESG impact on market performance of firms: International Evidence. Management International/International Management/Gestiòn Internacional, 19(2), 40-63.
  • Schmidt, A. (2019). Sustainable News–A Sentiment Analysis of the Effect of ESG Information on Stock Prices. Available at SSRN 3809657.
  • Serafeim, G., & Yoon, A. (2021a). Stock price reactions to esg news: The role of esg ratings and disagreement. Harvard Business School Accounting & Management Unit Working Paper: 21- 079, (1-41).
  • Serafeim, G., & Yoon, A. (2021b). Which Corporate ESG News does the Market React to?. Available at SSRN 3832698.
  • Social Investment Forum. (2006). (Social Investment Forum Industry Research Program), ‘2005 report on socially responsible investing trends in the United States’, http://www.socialinvest.org/ (Erişim Tarihi: 02.01.2022).
  • Tumarkin, R., & Whitelaw, R. F. (2001). News or noise? Internet postings and stock prices. Financial Analysts Journal, 57(3), 41-51.
  • Xu, X. D., Zeng, S. X., & Tam, C. M. (2012). Stock market’s reaction to disclosure of environmental violations: evidence from China. Journal of Business Ethics, 107(2), 227-237.
  • Zehir, E., & Aybars, A. (2020). Is there any effect of ESG scores on portfolio performance? evidence from Europe and Turkey. Journal of Capital Markets Studies, 4(2), 129-143. Emerald Publishing Limited 2514-4774.
  • Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., & Kang, J. (2018). ESG and corporate financial performance: Empirical evidence from China’s listed power generation companies. Sustainability, 10(8), 2607.
  • Zhou, H., & Yin, H. (2018). Stock market reactions to environmental disclosures: New evidence from China. Applied Economics Letters, 25(13), 910-913.
  • Zhou, Y., Cao, J., & Feng, Y. (2021). Stock Market Reactions to Pollution Information Disclosure: New Evidence from the Pollution Blacklist Program in China. Sustainability, 13(4), 2262.

The Impact of Environmental, Social, and Governance (ESG) News on Financial Performance of Firms: Evidence From Borsa İstanbul

Yıl 2022, , 598 - 621, 27.08.2022
https://doi.org/10.26745/ahbvuibfd.1090499

Öz

The increasing awareness about sustainability leads companies to consider the sustainability factors, namely environmental, social, and governance (ESG hereafter), in every decision they make and in every step they take. In this study, how the ESG news about companies trading in BIST are perceived by the market is examined using the stock returns of these companies with the event study methodology. While the results show that only about 10% of negative ESG news about companies cause abnormal returns, they also present that the rate of news that causes negative abnormal returns in ESG news is twice as much as the percentage of news that causes positive abnormal returns. It would be fair to say that investors still consider only the future financial performances of the companies as the main indicator in their investing decisions for some BIST companies in Turkey, and that despite the increasing awareness of sustainability and ESG literacy, news about sustainability has not yet had a major impact on abnormal returns.

Kaynakça

  • Bassen, A., & Kovács, A. M. (2020). Environmental, social and governance key performance indicators from a capital market perspective. In Wirtschafts-und Unternehmensethik (pp. 809- 820). Springer VS, Wiesbaden.
  • Boffo, R., & Patalano, R. (2020). Esg investing: Practices, progress and challenges. OECD. Available online at https://www. oecd. org/finance/ESG-Investing-Practices-Progress-Challenges. pdf, checked on, 1(10), 2021.
  • Borsa İstanbul, https://www.borsaistanbul.com/tr/sayfa/165/bist-surdurulebilirlik-endeksi, Erisim Tarihi: 01.01.2022). Bowman, R. G. (1983). Understanding and conducting event studies. Journal of Business Finance & Accounting, 10(4), 561-584.
  • Capelle-Blancard, G., & Petit, A. (2016). Every Little Helps? ESG news disclosure and stock market reaction (No. hal-01441809). HAL.
  • Castro, P., Gutiérrez-López, C., Tascón, M. T., & Castaño, F. J. (2021). The impact of environmental performance on stock prices in the green and innovative context. Journal of Cleaner Production, 320, 128868.
  • Clark, G. L., & Viehs, M. (2014). The implications of corporate social responsibility for investors: An overview and evaluation of the existing CSR literature. Available at SSRN 2481877.
  • Crisóstomo, V. L., de Souza Freire, F., & De Vasconcellos, F. C. (2011). Corporate social responsibility, firm value and financial performance in Brazil. Social responsibility journal.
  • Cui, B., & Docherty, P. (2020). Stock price overreaction to esg controversies. Available at SSRN 3559915.
  • Dasgupta, S., Hong, J. H., Laplante, B., & Mamingi, N. (2006). Disclosure of environmental violations and stock market in the Republic of Korea. Ecological economics, 58(4), 759-777.
  • Derrien, F., Krueger, P., Landier, A., & Yao, T. (2021). ESG news, future cash flows, and firm value. Swiss Finance Institute Research Paper No. 21-84.
  • Deák, Z., & Karali, B. (2014). Stock market reactions to environmental news in the food industry. Journal of Agricultural and Applied Economics, 46(2), 209-225.
  • Ding, D. K. (2020). The Effect of Green Announcements on Stock Returns of New Zealand Listed Companies. Journal of Sustainability Research, 4(3).
  • Fama, E.F. and French, K.R. (1993), “Common risk factors in the return on stocks and Bonds”, Journal of Financial Economics, 33(1), 3-56.
  • Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64.
  • Guo, M., Kuai, Y., & Liu, X. (2020). Stock market response to environmental policies: Evidence from heavily polluting firms in China. Economic Modelling, 86, 306-316.
  • Gupta, S., & Goldar, B. (2005). Do stock markets penalize environment-unfriendly behaviour? Evidence from India. Ecological economics, 52(1), 81-95.
  • Holler, J. (2014). Event-study methodology and statistical significance. Germany: O1WIR Publisher for Economics, Computer Science and Law.
  • Jiang, W., Liu, S., & Stark, A. W. (2019). Medıa Reach, Controversıal Industrıes, Esg Performance And The Market Reactıon To Negatıve Esg Medıa Storıes. Chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/viewer.html?pdfurl=https%3A%2F%2Fwww.bayes.city.ac.uk%2F__data%2Fassets%2Fpdf_file%2F0003%2F634341%2FSiqi-Liu.pdf. (Erişim Tarihi: 30.12.2021).
  • Korwatanasakul, U. (2020). Environmental, Social, and Governance Investment: Concepts, Prospects, and the Policy Landscape. Asian Development Bank Institute, 1-32.
  • Landi, G., & Sciarelli, M. (2019). Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal.
  • Lorraine, N. H., Collison, D. J., & Power, D. M. (2004, March). An analysis of the stock market impact of environmental performance information. In Accounting forum, 28(1), 7-26. No longer published by Elsevier.
  • MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of economic literature, 35(1), 13-39.
  • OECD, (2020). Environmental, social and governance (ESG) investing. OECD Business and Finance Outlook 2020 : Sustainable and Resilient Finance. https://www.oecd- ilibrary.org/sites/e9ed300b-en/index.html?itemId=/content/component/e9ed300b- en#endnotea1z2 , (Erişim Tarihi: 02.01.2022).
  • Ramiah, V., Martin, B., & Moosa, I. (2013). How does the stock market react to the announcement of green policies?. Journal of Banking & Finance, 37(5), 1747-1758.
  • Renneboog, L., Ter Horst, J., & Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of banking & finance, 32(9), 1723-1742.
  • Rossi, J. L. (2009). What is the value of corporate social responsibility? An answer from the Brazilian sustainability index. An Answer from the Brazilian Sustainability Index (February 5, 2009).
  • Sahut, J. M., & Pasquini-Descomps, H. (2015). ESG impact on market performance of firms: International Evidence. Management International/International Management/Gestiòn Internacional, 19(2), 40-63.
  • Schmidt, A. (2019). Sustainable News–A Sentiment Analysis of the Effect of ESG Information on Stock Prices. Available at SSRN 3809657.
  • Serafeim, G., & Yoon, A. (2021a). Stock price reactions to esg news: The role of esg ratings and disagreement. Harvard Business School Accounting & Management Unit Working Paper: 21- 079, (1-41).
  • Serafeim, G., & Yoon, A. (2021b). Which Corporate ESG News does the Market React to?. Available at SSRN 3832698.
  • Social Investment Forum. (2006). (Social Investment Forum Industry Research Program), ‘2005 report on socially responsible investing trends in the United States’, http://www.socialinvest.org/ (Erişim Tarihi: 02.01.2022).
  • Tumarkin, R., & Whitelaw, R. F. (2001). News or noise? Internet postings and stock prices. Financial Analysts Journal, 57(3), 41-51.
  • Xu, X. D., Zeng, S. X., & Tam, C. M. (2012). Stock market’s reaction to disclosure of environmental violations: evidence from China. Journal of Business Ethics, 107(2), 227-237.
  • Zehir, E., & Aybars, A. (2020). Is there any effect of ESG scores on portfolio performance? evidence from Europe and Turkey. Journal of Capital Markets Studies, 4(2), 129-143. Emerald Publishing Limited 2514-4774.
  • Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., & Kang, J. (2018). ESG and corporate financial performance: Empirical evidence from China’s listed power generation companies. Sustainability, 10(8), 2607.
  • Zhou, H., & Yin, H. (2018). Stock market reactions to environmental disclosures: New evidence from China. Applied Economics Letters, 25(13), 910-913.
  • Zhou, Y., Cao, J., & Feng, Y. (2021). Stock Market Reactions to Pollution Information Disclosure: New Evidence from the Pollution Blacklist Program in China. Sustainability, 13(4), 2262.
Toplam 37 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Ana Bölüm
Yazarlar

Erdinç Akyıldırım 0000-0003-0102-4111

Ali Coşkun 0000-0003-1723-1107

İsmail Çelik 0000-0002-6330-754X

Arife Özdemir Höl 0000-0002-9902-9174

Yayımlanma Tarihi 27 Ağustos 2022
Yayımlandığı Sayı Yıl 2022

Kaynak Göster

APA Akyıldırım, E., Coşkun, A., Çelik, İ., Özdemir Höl, A. (2022). Çevresel, Sosyal ve Yönetişim (ESG) Haberlerinin Firmaların Finansal Performansına Etkisi: Borsa İstanbul’dan Kanıt. Ankara Hacı Bayram Veli Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 24(2), 598-621. https://doi.org/10.26745/ahbvuibfd.1090499