Evaluating ESG Sustainability Performance in the Turkish Banking Industry: A Grey LOPCOW-MSD-PIV Approach

Öz

This study introduces a novel grey-based multi-criteria decision-making (MCDM) framework designed to assess the Environmental, Social, and Governance (ESG) sustainability performance of banks listed on Borsa İstanbul (BIST). The suggested hybrid grey-based model integrates two objective weighting techniques—Grey Logarithmic Percentage Change-Driven Objective Weighting (G-LOPCOW) and Grey Modified Standard Deviation (G-MSD)—with the Grey Preference Index Value (G-PIV) ranking procedure to effectively manage epistemic uncertainty inherent in sustainability data. Ten ESG indicators obtained from the Refinitiv Eikon database for the 2021–2023 period form the analytical foundation of the sustainability assessment. The integrated weighting process identifies community engagement, product responsibility, and shareholder relations as the most influential determinants shaping banks’ sustainability profiles. Based on the G-PIV results, İşbank, Yapı Kredi, and TSKB rank as the top-performing institutions. The empirical findings not only provide valuable insights into the ESG positioning of Turkish banks but also offer a replicable methodological framework for practitioners and policymakers seeking data-driven sustainability benchmarking. Furthermore, the study contributes to the growing body of literature on grey system-based decision models, reinforcing their utility in addressing ambiguity and partial information in complex financial and sustainability evaluations.

Anahtar Kelimeler

• ESG Sustainability
• G-LOPCOW
• G-MSD
• G-PIV
• Grey System Theory
• Turkish banks

Türk Bankacılık Sektöründe ESG Sürdürülebilirlik Performansının Değerlendirilmesi: Gri LOPCOW–MSD–PIV Yaklaşımı

Öz

Bu çalışma, Borsa İstanbul'da (BIST) işlem gören bankaların Çevresel, Sosyal ve Yönetişim (ESG) sürdürülebilirlik performansını değerlendirmek üzere tasarlanmış yeni bir gri tabanlı çok kriterli karar verme (ÇKKV) çerçevesi sunmaktadır. Önerilen hibrit gri tabanlı model, sürdürülebilirlik verilerinde bulunan epistemik belirsizliği etkin bir şekilde yönetmek için iki nesnel ağırlıklandırma tekniği olan Gri Logaritmik Yüzde Değişim Odaklı Nesnel Ağırlıklandırma (G-LOPCOW) ve Gri Değiştirilmiş Standart Sapma'yı (G-MSD) Gri Tercih Endeksi Değeri (G-PIV) sıralama prosedürüyle birleştirir. Refinitiv Eikon veri tabanından 2021-2023 dönemi için elde edilen on ESG göstergesi, sürdürülebilirlik değerlendirmesinin analitik temelini oluşturmaktadır. Entegre ağırlıklandırma süreci, topluluk katılımını, ürün sorumluluğunu ve hissedar ilişkilerini bankaların sürdürülebilirlik profillerini şekillendiren en etkili belirleyiciler olarak belirlemiştir. G-PIV sonuçlarına göre, İş Bankası, Yapı Kredi ve TSKB en iyi performans gösteren kurumlar olarak sıralanmaktadır. Ampirik bulgular, Türk bankalarının ESG konumlandırmasına dair değerli bilgiler sağlamanın yanı sıra, veri odaklı sürdürülebilirlik kıyaslamasına odaklanan uygulayıcılar ve politika yapıcılar için tekrarlanabilir bir metodolojik çerçeve de sunmaktadır. Ayrıca, çalışma, gri sistem tabanlı karar modelleri hakkındaki giderek artan literatüre katkıda bulunarak, karmaşık finansal ve sürdürülebilirlik değerlendirmelerinde belirsizlik ve kısmi bilginin ele alınmasındaki faydalarını pekiştirmektedir.

Anahtar Kelimeler

• ESG Sürdürülebilirliği
• G-LOPCOW
• G-MSD
• G-PIV
• Gri Sistem Teorisi
• Türk Bankaları

Kaynakça

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