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

Yıl 2021, Cilt: 25 Sayı: 1, 73 - 91, 30.06.2021

Muhammet Emin Şişman , Serkan Çankaya

https://doi.org/10.51945/cuiibfd.880468

Cited By: 11

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

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