Does ESG Performance Influence Economic Growth? The Role of Financial Reporting Environment and IFRS Adoption in Türkiye and Selected Turkic Economies

Öz

This study examines the impact of Environmental, Social, and Governance (ESG) performance on economic growth in Türkiye and selected Turkic economies, with particular emphasis on the financial reporting environment and IFRS adoption. Despite growing interest in the macroeconomic implications of sustainability, empirical evidence from emerging and transition economies remains limited, particularly regarding how financial reporting and institutional environments shape the ESG–growth nexus. Using annual panel data for 2000–2024, the study investigates the effect of ESG performance on GDP growth while controlling for key macroeconomic and financial variables. Regulatory quality is employed as a proxy for the institutional environment supporting financial reporting quality, whereas IFRS adoption captures countries’ alignment with internationally recognized financial reporting standards. Given the presence of cross-sectional dependence, the analysis employs the Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) estimator. The results indicate that ESG performance has a positive and statistically significant effect on economic growth. Although IFRS adoption and regulatory quality exhibit positive coefficients, neither is statistically significant. Overall, the findings highlight the importance of ESG performance for long-run economic growth while suggesting that stronger financial reporting and institutional environments may provide supportive conditions for sustainable economic development.

Anahtar Kelimeler

• ESG Performance
• Financial Reporting Environment
• Regulatory Quality
• IFRS Adoption
• Economic Growth
• Turkic Economies

ESG Performansı Ekonomik Büyümeyi Etkiler mi? Türkiye ve Seçili Türk Dünyası Ekonomilerinde Finansal Raporlama Ortamı ve UFRS Benimsenmesinin Rolü

Öz

Bu çalışma, Türkiye ve seçili Türk Dünyası ekonomilerinde Çevresel, Sosyal ve Yönetişim (ESG) performansının ekonomik büyüme üzerindeki etkisini, finansal raporlama ortamı ve IFRS uygulaması çerçevesinde incelemektedir. Sürdürülebilirliğin makroekonomik etkilerine yönelik ilginin artmasına rağmen, gelişmekte olan ve geçiş ekonomilerinde finansal raporlama ve kurumsal çevrenin ESG–ekonomik büyüme ilişkisini nasıl şekillendirdiğine ilişkin ampirik kanıtlar sınırlıdır. 2000–2024 dönemine ait yıllık panel veriler kullanılarak ESG performansının ekonomik büyüme üzerindeki etkisi, temel makroekonomik ve finansal kontrol değişkenleri dikkate alınarak analiz edilmiştir. Düzenleme kalitesi, finansal raporlama kalitesini destekleyen kurumsal çevrenin göstergesi olarak modele dâhil edilirken, IFRS uygulaması uluslararası finansal raporlama standartlarına uyum düzeyini temsil etmektedir. Yatay kesit bağımlılığı dikkate alınarak analizde Yatay Kesit Genişletilmiş Otoregresif Dağıtılmış Gecikme (CS-ARDL) tahmincisi kullanılmıştır. Bulgular ESG performansının ekonomik büyüme üzerinde pozitif ve istatistiksel olarak anlamlı bir etkiye sahip olduğunu göstermektedir. Buna karşılık, IFRS uygulaması ve düzenleme kalitesi pozitif katsayılara sahip olmakla birlikte istatistiksel olarak anlamlı değildir. Sonuçlar, ESG performansının uzun dönem ekonomik büyümeyi desteklediğini, finansal raporlama ve kurumsal çevrenin ise sürdürülebilir kalkınmayı destekleyen tamamlayıcı koşullar sağlayabileceğini göstermektedir.

Anahtar Kelimeler

• ESG Performansı
• Finansal Raporlama Ortamı
• Düzenleme Kalitesi
• IFRS Uygulaması
• Ekonomik Büyüme
• Türk Dünyası Ekonomileri

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