ÇEVRESEL, SOSYAL VE KURUMSAL YÖNETİŞİM (ESG) DEĞERLERİNİN BANKA PERFORMANSI ÜZERİNE ETKİSİ: ABD BANKALARI ÖRNEĞİ

Öz

Son yıllarda firmalar belirsiz iş ve piyasa koşullarının zorlukları ile daha kolay baş edebilmek ve paydaşlarının çeşitli taleplerini karşılamak amacıyla raporlama ve iş modelleri geliştirme konusunda yeni arayışlar içerisine girmiştir. Firmaların çevresel, sosyal ve yönetişim (Environmental, Social, and Corporate Governance - ESG) ile ilgili faaliyetlerinden hareketle kurumsal sürdürülebilirliği değerlendirmek için kullanılan bir ölçüt olan ESG skorları, bu ihtiyaca cevap olarak ortaya çıkmış ve günden güne tüm paydaşların finansal kararları üzerinde daha belirleyici olmaya başlamıştır. Ekonomik kalkınma ve küresel ekonominin finansal istikrarında en önemli aktörlerden biri olan bankalar sahip oldukları önem ve sorumluluk nedeniyle bu gelişmelerin dışında kalmamış, geçmiş bankacılık skandallarının da etkisiyle çevre koruma, sosyal katılım ve kurumsal yönetim çalışmalarına odaklanmıştır. Çalışmada, ABD’de faaliyet gösteren ticari bankaların ESG skorlarının finansal performans üzerindeki etkisi incelenmiştir. 2016-2020 yılları arasında ABD’de faaliyet gösteren ve SIC kodu 6021 olan 183 ticari bankanın verilerinden yararlanılarak yapılan analizlerde ESG skorları ile bankaların aktif kârlılığı ve piyasa performansı arasında ters U şeklinde doğrusal olmayan ilişki olduğu, belirli bir ESG seviyesine kadar performansın pozitif daha sonra negatif etkilendiği sonucu elde edilmiştir.

Anahtar Kelimeler

• Çevresel
• Sosyal ve Kurumsal Yönetişim (ESG)
• Bankacılık Sektörü
• Banka performansı

THE EFFECT OF ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE (ESG) VALUES ON BANK PERFORMANCE: THE CASE OF US BANKS

Öz

In recent years, companies have been in search of new reporting and business models to cope with the difficulties of uncertain business and market conditions more easily and to meet the various demands of their stakeholders. ESG scores, which is a criterion used to evaluate corporate sustainability based on the environmental, social and governance activities of companies, has emerged as a response to this need and has become more and more decisive in the financial decisions of all stakeholders. Banks, one of the most important actors in economic development and financial stability of the global economy, have not been left out of these developments due to their importance and responsibility, and have focused on environmental protection, social participation and corporate governance with the effect of past banking scandals. This study examines the effect of ESG scores on the financial performance of commercial banks operating in the USA. Analyzes was made using the data of 183 commercial banks (SIC code 6021) operating in the USA between 2016 and 2020. The analysis reveals that there is an inverted U-shaped relationship between the ESG scores and the return on assets and market performance of the banks; in other words, the effect of ESG on performance is first positive and then negative after a certain ESG level.

Anahtar Kelimeler

• Environmental
• Social and Corporate Governance (ESG)
• Banking Sector
• Bank Performance

Kaynakça

1. Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector, Management of Environmental Quality: An International Journal, 30(1), 98-115
2. Buallay, A., Fadel, S.M., Al-Ajmi, J.Y. & Saudagaran, S. (2020). Sustainability reporting and performance of MENA banks: is there a trade-off?, Measuring Business Excellence, 24(2), 197-221
3. Chollet, P. & Sandwidi, B.W. (2018). CSR engagement and financial risk: A virtuous circle? International evidence, Global Finance Journal, 38, 65-81
4. Clubb, R., Takahashi, Y., & Tiburzio, P. (2016). Evaluating the Relationship Between ESG and Corparate Fixed Income. Management Sloan School.
5. Celik, S., Aktan, B., Tvaronaviciene, M., & Bengitoz, P. (2017). Linkage between company scores and stock returns. Journal of International Studies, 10(4), 219-232.
6. Dufwa, L., & Hammarström, M. (2015). Corporate Sustainability and the Financial Implications for the European Basic Materials Industry. Bachelor thesis. University of Gothenburg, Gothenburg.
7. Elgergeni, S.- Khan, N. & Kakabadse, N.K. (2018), Firm Ownership Structure Impact on Corporate Social Responsibility: Evidence From Austerity UK, International Journal of Sustainable Development & World Ecology, 25(7), 602-618.
8. Esteban-Sanchez, P., de la Cuesta-Gonzalez, M. & Paredes-Gazquez, J.D. (2017). Corporate social performance and its relation with corporate financial performance: International Evidence In The Banking İndustry, Journal of Cleaner Production, 162, 1102-1110

9. Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pitman Publishing Inc.
10. Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.
11. Giannarakis, G., Konteos, G., Zafeiriou, E., & Partalidou, X. (2016). The impact of corporate social responsibility on financial performance. Investment Management and Financial Innovations, (13, Iss. 3 (contin. 1)), 171-182.
12. Hedqvist, L. & Larson, A. (2020). ESG or Financial Performance- Does It Have to be Choice?
13. Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm. Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
14. Kar, Y., Li, S. (2014). Market Response to Environmental, Social, Governace and Sustainability Initiatives undertaken by listed companies in Hong Kong.
15. Kuiper, C., & Galzev, A. (2020). The effect of ESG on stock prices An event study on the S&P 500.
16. Kuruusman, A., & Afroz, Z. (2019). The effect of the ESG score on the stock Price Jumps: A Quantitative Study on Nordic Countries.
17. Landi, G., & Sciarelli, M. (2018). Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal, 15, 11–27.
18. 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), 31-43.
19. 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.
20. Lundin, F., & Olandersson, M. (2019). Sustainability and Profitability in Sweden: A Quantitative Study of Swedish Firms.
21. Maama, H.-Appiah, K.O. (2019). Green Accounting Practices: Lesson From An Emerging Economy, Qualitative Research in Financial Markets, 11(4), 456-478
22. Malik, M. (2015). Value-enhancing capabilities of CSR: A brief review of contemporary literature. Journal of Business Ethics, 127(2), 419–438.
23. Mans-Kemp, N. (2014). Corporate governance and the financial performance of selected Johannesburg Stock Exchange industries, Doctoral dissertation, Stellenbosch: Stellenbosch University.
24. Mervelskemper, L., & Steit D. (2017). Enhancing Market Valuation of ESG Performance: Is Integrated Reporting Keeping its Promise? Busines Strategy and the Environment. 26(4), 536-549.
25. 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.
26. Nazari, J. A., Herremans, I. M., & Warsame, H. A. (2015). Sustainability reporting: External motivators and internal facilitators. Corporate Governance, 15(3), 375-390.
27. Nizam, E., Ng, A., Dewandaru, G., Nagayev, R. & Nkoba, M.A. (2019) The impact of social and environmental sustainability on financial performance: A global analysis of the banking sector, Journal of Multinational Financial Management, 49, 35-53
28. Nollet, J., Filis, G., & Mitrokostas, E. (2016). Corporate social responsibility and financial performance: A non-linear and disaggregated approach. Economic Modelling, 52, 400-407
29. Peiro, S.A., Segarra, O.M., Mondejar, J.J., & Vargas, V.M. (2013). Influence of the environmental, social and corporate governance ratings on the economic performance of companies: An overview.
30. Peylo, B. T. (2012). A Synthesis of Modern Portfolio Theoryand Sustainable Investment. The Journal of Investing, 21(4), 33–46.
31. Schaltegger, S., & Synnestvedt, T. (2002). The link between ‘green’and economic success: Environmental management as the crucial trigger between environmental and economic performance. Journal of Environmental Management, 65(4), 339–346.
32. Siueia, T.T., Wang, J. & Deladem, T.G. (2019). Corporate social responsibility and financial performance: A comparative study in the Sub-Saharan Africa banking sector, Journal of Cleaner Production, 226, 658-668
33. Sjögren, R., & Wickström, J. (2019). A study of ESG's contribution to firm performance Evidence from the European region.
34. Şeker,Y. (2020). Finansal Rapolarlama Kalitesi ile Çevresel Sosyal ve Kurumsal Yönetim (ESG) Performansı Arasındaki İlişkinin İncelenmesine Yönelik Uluslararası Bir Araştırma. Doktora Tezi, İstanbul Üniversitesi /Sosyal Bilimler Enstitüsü, İstanbul.
35. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169-178.
36. Velte, P. (2019). The bidirectional relationship between ESG performance and earnings management–empirical evidence from Germany. Journal of Global Responsibility, 10(4), 322-338.
37. Venturelli, A., Cosma, S. & Leopizzi, R. (2018). Stakeholder engagement: An Evaluation of European Banks, Corporate Social Responsibility and Environmental Management, 25(4), 690-703
38. Whelan, T., Atz, U., Van Holt, T., & Clark, C. (2021). ESG and financial performance. Uncovering the Relationship by Aggregating Evidence from, 1, 2015-2020.
39. Whitelock, V. G. (2019). Multidimensional environmental social governance sustainability framework: Integration, using a purchasing, operations, and supply chain management context. Sustainable Development, 27(5), 923–931.
40. Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10(10), 3635.