The Relationship Between Corporate Sustainability Performance and Cost of Debt: The Role of Covid-19

Öz

The aim of this study is to examine the impact of the corporate sustainability performance of non-financial companies listed in the Borsa Istanbul 100 index on their cost of debt. Using the data of firms for the period 2014–2022, analyses were conducted with the panel data analysis method. The sample consists of 58 companies and 316 observations. The environmental, social, and governance scores of the firms were obtained from the Refinitiv Eikon database and used as indicators of sustainability performance. The analysis results show that environmental, social, and governance performance do not have a statistically significant effect on the cost of debt in the overall period. During the period of the study, a Covid-19–related crisis occurred. The results indicate that, during the Covid-19 period, governance performance had a statistically significant and negative effect on the cost of debt, thereby reducing borrowing costs. In contrast, environmental performance had a statistically significant and positive effect, increasing borrowing costs during the Covid-19 period. In addition, firms with a higher proportion of fixed assets were found to have lower borrowing costs, while firms operating in the service sector were found to have higher borrowing costs.

Anahtar Kelimeler

• Corporate sustainability performance
• cost of debt
• Borsa Istanbul
• Covid-19

Kurumsal Sürdürülebilirlik Performansı ile Borçlanma Maliyeti İlişkisi: Kovid-19’un Rolü

Öz

Bu çalışmanın amacı, Borsa İstanbul 100 endeksinde yer alan ve finansal olmayan şirketlerin kurumsal sürdürülebilirlik performansının, borçlanma maliyetleri üzerindeki etkisini incelemektir. Firmaların 2014-2022 yılları arası verileri kullanılarak panel veri analizi yöntemiyle analizler yapılmıştır. Araştırmanın örneklemi, 58 şirket ve 316 gözlemden oluşmaktadır. Refinitiv Eikon veri tabanından firmaların çevresel, sosyal ve yönetişim notlarına ulaşılmıştır ve bu notlar sürdürülebilirlik performans göstergesi olarak kullanılmıştır. Analiz sonuçları, çevresel performans, sosyal performans ve yönetişim performansının, firmaların borçlanma maliyetleri üzerinde istatistiksel olarak anlamlı bir etkisi olmadığını göstermiştir. Çalışmanın yapıldığı dönem aralığında Kovid-19 kaynaklı bir kriz yaşanmıştır. Sonuçlar, Kovid-19 döneminde yönetişim performansının, borçlanma maliyetleri üzerinde istatistiksel olarak anlamlı, negatif ve borçlanma maliyetlerini azaltıcı bir etkisi olduğunu göstermiştir. Çevresel performansın ise Kovid-19 döneminde borçlanma maliyetleri üzerinde istatistiksel olarak anlamlı ve borçlanma maliyetlerini artıran bir etkisi olmuştur. Ayrıca duran varlık oranı yüksek olan firmaların daha düşük, hizmet sektöründe yer alan firmaların ise daha yüksek borçlanma maliyetine sahip olduğu tespit edilmiştir.

Anahtar Kelimeler

• Kurumsal Sürdürülebilirlik Performansı
• Borçlanma Maliyeti
• Borsa İstanbul
• Kovid-19

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