Enerji Sektöründe ESG (ÇSY) Tartışmalarının Piyasa Değeri Üzerindeki Etkisi

Yıl 2025, Cilt: 10 Sayı: Özel Sayı, 305 - 317, 31.10.2025

Özlem Sayılır , Muhammed Aslam Chelery Komath , İbrahim Karaaslan

https://doi.org/10.30784/epfad.1697801

Öz

The energy sector has relatively higher exposure to controversial publicity due to the nature of industry operations. For this reason, this study focuses on the energy sector and aims to evaluate the impact of ESG controversies scores (Environmental Controversies, Social Controversies and Governance Controversies) of LSEG (former Refinitiv EIKON) database on market value of firms. We investigate the relationship between ESG controversies and the market value of 393 firms in 2018-2022 using Dynamic Panel Data Regression Models. The findings of the study, carried out with system GMM, reveal that the market value of firms in the previous period has had a statistically significant positive effect on the market value of firms in the current period. There is a positive and statistically significant relationship between market value and governance controversies. Yet, no statistically significant relationship was detected between market value and environmental controversies (CE), or market value and social controversies.

Anahtar Kelimeler

Environmental Controversies , Social Controversies , Governance Controversies , Market Value , Energy Sector

Proje Numarası

NA

The Impact of ESG Controversies on the Market Value in the Energy Sector

Öz

The energy sector has relatively higher exposure to controversial publicity due to the nature of industry operations. For this reason, this study focuses on the energy sector and aims to evaluate the impact of ESG controversies scores (Environmental Controversies, Social Controversies and Governance Controversies) of LSEG (former Refinitiv EIKON) database on market value of firms. We investigate the relationship between ESG controversies and the market value of 393 firms in 2018-2022 using Dynamic Panel Data Regression Models. The findings of the study, carried out with system GMM, reveal that the market value of firms in the previous period has had a statistically significant positive effect on the market value of firms in the current period. There is a positive and statistically significant relationship between market value and governance controversies. Yet, no statistically significant relationship was detected between market value and environmental controversies (CE), or market value and social controversies.

Anahtar Kelimeler

Environmental Controversies , Social Controversies , Governance Controversies , Market Value , Energy Sector

Etik Beyan

NA

Destekleyen Kurum

NA

Proje Numarası

NA

Teşekkür

NA

Kaynakça

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