Çevresel, Sosyal ve Kurumsal Yönetişim (ESG) Verilerinin Firmaların Finansal Performansına Etkisi: Hava Yolu Sektörü Üzerine Bir Çalışma

Öz

Bu çalışmada, havayolu sektöründe yer alan firmaların ESG skorlarının firmaların finansal performansları üzerindeki etkisini test etmek amaçlanmıştır. Bu amaç doğrultusunda havayolu sektöründeki firmalardan 2010-2017 yılları arasında yıllık ESG verilerine ve finansal verilerine ulaşılan 26 havayolu firması araştırmaya dâhil edilmiştir. Çalışmada analiz yöntemi olarak panel regresyon modeli kullanılmıştır. Çalışmada ESG genel skoru ve ayrı ayrı çevresel (E), sosyal (S) ve yönetişim (G) skorlarının, özkaynak karlılığı (ROE), aktif karlılığı (ROA) ve Tobin’s Q oranları üzerindeki etkisi 6 farklı model oluşturularak test edilmiştir. Çalışma sonucunda, ESG skorlarının havayolu sektöründeki firmaların finansal performansı üzerinde istatistiksel olarak anlamlı bir etkisinin olmadığı, sadece ESG genel skoru ile aktif karlılığı (ROA) arasında istatistiksel olarak anlamlı bir ilişkinin olduğu tespit edilmiştir.

Anahtar Kelimeler

• ESG Verileri
• Çevresel, Sosyal ve Yönetişim
• Finansal Performans
• Havayolu Sektörü
• Panel Veri Analizi

The Effect of Environmental, Social and Corporate Governance (ESG) Data on the Financial Performance of Firms: A Study on the Airline Industry

Öz

In this study, it is aimed to test the effect of ESG scores of companies in the airline industry on the financial performance of companies. In line with this purpose, 26 airline companies, whose annual ESG data and financial data were accessed between 2010 and 2017, were included in the study. Panel regression model was used as the analysis method in the study. In the study, the effect of ESG general score and individual environmental (E), social (S) and governance (G) scores on return on equity (ROE), return on assets (ROA) and Tobin's Q ratios were tested by creating 6 different models. As a result of the study, it was determined that the ESG scores do not have a statistically significant effect on the financial performance of companies in the airline industry, and that there is only a statistically significant relationship between the ESG general score and return on assets (ROA).

Anahtar Kelimeler

• ESG Data
• Environmental, Social and Governance
• Financial Performance
• Airline Industry
• Panel Data Analysis

Kaynakça

1. Ahlklo, Y., ve Lind, C. (2019). E, S or G? A study of ESG score and financial performance, Master of Science Thesis TRITA-ITM-EX 2019:12
2. Almeyda, R., ve Darmansya, A. (2019). The Influence of Environmental, Social, and Governance (ESG) Disclosure on Firm Financial Performance. IPTEK Journal of Proceedings Series, (5), 278-290.
3. Atan, R., Alam, M. M., Said, J., ve Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance. Management of Environmental Quality: An International Journal.
4. Balasubramanian, A. M. D. P. (2019). A Study On Relatıonshıp Between Corporate Fınancıal Performance And Envıronmental Socıal & Governance Score (Esg Score). FIFI-2019.
5. Bianchi, R. J., Drew, M. E., ve Walk, A. N. (2010). On the responsible investment disclosure practices of the world's largest pension funds. Accounting Research Journal.
6. Brogi, M., ve Lagasio, V. (2019). Environmental, social, and governance and company profitability: Are financial intermediaries different?. Corporate Social Responsibility and Environmental Management, 26(3), 576-587.
7. Dalal, K. K., ve Thaker, N. (2019). ESG and Corporate Financial Performance: A Panel Study of Indian Companies. IUP Journal of Corporate Governance, 18(1), 44-59.
8. Duque-Grisales, E., ve Aguilera-Caracuel, J. (2019). Environmental, social and governance (ESG) scores and financial performance of Multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 1-20.

9. Düzer, M., ve Saime, Ö. N. C. E. (2018). Sürdürülebilirlik Performans Göstergelerine İlişkin Açıklamaların Finansal Performans Üzerine Etkisi: Bist’te Bir Uygulama. Muhasebe ve Vergi Uygulamaları Dergisi, 11(1), 93-117.
10. Giannarakis, G., Konteos, G., Zafeiriou, E., ve Partalidou, X. (2016). The impact of corporate social responsibility on financial performance. Investment management and financial innovations, (13, Iss. 3 (contin. 1)), 171-182.
11. Gujarati, D. N. (2009). Basic Econometrics. Tata McGraw-Hill Education.
12. Hassan, Y., ve Roychowdhury, S. (2019). Nexus between sustainability management and financial performance-study on manufacturing firms from global emerging market. International Journal of Environment, Workplace and Employment, 5(3), 206-219.
13. Lee, J. H., Kang, Y. S., ve Kim, S. S. (2018). Corporate social responsibility and financial performance in Korean retail firms. Journal of Distribution Science, 16(5).
14. Li, Y., Gong, M., Zhang, X. Y., ve Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British Accounting Review, 50(1), 60-75.
15. Manrique, S. ve Martí-Ballester, C. P. (2017). Analyzing the effect of corporate environmental performance on corporate financial performance in developed and developing countries. Sustainability, 9(11), 1957.
16. Minutolo, M. C., Kristjanpoller, W. D., ve Stakeley, J. (2019). Exploring environmental, social, and governance disclosure effects on the S&P 500 financial performance. Business Strategy and the Environment, 28(6), 1083-1095.
17. Nollet, J., Filis, G., ve Mitrokostas, E. (2016). Corporate social responsibility and financial performance: A non-linear and disaggregated approach. Economic Modelling, 52, 400-407.
18. Ortas, E., Álvarez, I., ve Garayar, A. (2015). The environmental, social, governance, and financial performance effects on companies that adopt the United Nations Global Compact. Sustainability, 7(2), 1932-1956.
19. Peıro, S. A., Segarra, O. M., Mondejar, J. J., ve Vargas, V. M. (2013). Influence of the environmental, social and corporate governance ratings on the economic performance of companies: An overview.
20. Ting, I. W. K., Azizan, N. A., Bhaskaran, R. K., ve Sukumaran, S. K. (2020). Corporate Social Performance and Firm Performance: Comparative Study among Developed and Emerging Market Firms. Sustainability, 12(1), 26.
21. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility.
22. Yoon, B., Lee, J. H., ve Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10(10), 3635.
23. Yu, E. P. Y., Guo, C. Q., ve Luu, B. V. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987-1004.
24. Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., ve Kang, J. (2018). ESG and corporate financial performance: empirical evidence from China’s listed power generation companies. Sustainability, 10(8), 2607.