İklim Riski Kurumsal Finansal Performansı Etkiliyor mu? Türkiye’den Kanıtlar

Öz

İklim riski sadece canlıları ve doğayı değil aynı zamanda giderek artan oranda işletmeleri de etkilemektedir. Dolayısıyla iklim riskinin işletmeler üzerindeki etkilerinin nicelleştirilmesi ve finansal performansları üzerindeki etkilerinin analiz edilmesi önemli bir araştırma sahası oluşturmaktadır. Bu bağlamda, bu çalışmanın amacı, iklim riskinin kurumsal finansal performans üzerindeki etkilerini araştırmaktır. Çalışmada iklim değişikliği risk ölçüsü olarak Bua vd. (2024) tarafından geliştirilmiş iklim risk endeksleri kullanılmaktadır. Araştırma kapsamında firma verileri olarak ise BIST Sürdürülebilirlik 25 Endeksi’nde yer alan finansal olmayan firmalara ait 2005–2023 dönemini kapsayan panel veri seti kullanılmaktadır. Bu doğrultuda, iklim risklerinin firma performansı üzerindeki etkilerini değerlendirebilmek amacıyla dinamik panel veri analiz tekniklerinden biri olan Sistem Genelleştirilmiş Momentler Yöntemi (System GMM) uygulanmıştır. Çalışma sonuçları hem fiziksel riskin hem de geçiş riskinin kurumsal finansal performans üzerinde olumsuz etkileri olduğunu göstermektedir. Bu çalışma iklim riski ve kurumsal finansal performans açısından politika yapıcılar ve işletmeler için önemli çıkarımlar sunmaktadır.

Anahtar Kelimeler

• Finansal Performans
• İklim Riski
• Sürdürülebilirlik

Does Climate Risk Affect Corporate Financial Performance: Evidence from Türkiye

Öz

Climate risk affects not only living things and nature but also, increasingly, firms. Therefore, quantifying the impacts of climate risk on firms and analyzing their impact on financial performance constitutes an important area of research. In this context, the objective of this study is to investigate the effects of climate risk on corporate financial performance. The research applies climate risk indices developed by Bua et al. (2024) as a proxy for climate change risk. For the purpose of this study, firm data for the BIST Sustainability 25 Index, listed non-financial companies, consisting of a panel data set between 2005 and 2023, is applied. In pursuit of this goal, the System Generalized Method of Moments (System GMM) was used, as it is considered a suitable estimator of dynamic panel data in measuring climate hazard impacts on financial performance. The results of the study show that both physical risk and transition risk have negative effects on corporate financial performance. This study provides important insights for policymakers and enterprises in terms of climate risk and corporate financial performance.

Anahtar Kelimeler

• Financial Performance
• Climate Risk
• Sustainability

Kaynakça

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