ESG Sürdürülebilirliğinin Firma Performansına Etkisi: BİST Banka Endeksinde Büyüklük ve Yaşa Bağlı Bir İnceleme

Yıl 2023, Cilt: 8 Sayı: 2, 208 - 223, 02.07.2023

Turhan Korkmaz Tuğba Nur

https://doi.org/10.30784/epfad.1278491

Öz

Çalışmada çevresel, sosyal ve kurumsal yönetişim (ESG) skorları ile firma performansı ilişkisi ve bu ilişkide firma büyüklüğü ve firma yaşının moderatör rolünün olup olmadığının araştırılması amaçlanmıştır. Çalışmanın dönemi 2013-2021 olarak belirlenmiş olup, çalışmanın örneklemini BİST Banka Endeksi’nde faaliyet gösteren bankalar oluşturmaktadır. Geçekleştirilen panel veri analizi sonucunda ESG skorları ile firma performansı arasında istatistiksel olarak anlamlı ve pozitif yönlü ilişki, firma yaşı ve büyüklüğün ile firma performansı arasında ise istatistiksel olarak anlamlı ve negatif yönlü ilişki olduğu tespit edilmiştir. Ayrıca ESG skorları ile firma performansı ilişkisinde firma yaşının istatistiksel olarak anlamlı ve pozitif yönlü moderatör etkisi olduğu doğrulanırken, firma büyüklüğünün anlamlı bir moderatör etkisinin olmadığı görülmüştür. Dolayısıyla ilgili dönem ve örneklemde firmaların çevre ve sosyal sorumluluk ve uygun yönetişim gibi faktörler üzerinde çabalarının artmalarının finansal performansa olumlu yönde yansıdığını söylemek mümkündür.

Anahtar Kelimeler

ESG, Sürdürülebilirlik, Firma Performansı, Firma Yaşı, Firma Büyüklüğü, Bankalar

The Effect of ESG Sustainability on Firm Performance: A View under Size and Age on BIST Bank Index Firms

Öz

The goal of this study is to examine the relationship between environmental, social and governance (ESG) scores and firm performance and whether firm size and age moderating role in this relationship. The period of the study was determined as 2013-2021 and the sample is comprised of banks listed in the BIST Bank Index. The panel data analysis found a statistically significant and positive correlation between ESG scores and firm performance and a statistically significant and negative correlation between firm age and size and firm performance. In addition, while it was confirmed that firm age has a statistically significant and positive moderating effect in the relationship between ESG scores and firm performance, it was found that firm size does not have a significant moderating effect. Therefore, it is safe to say for the relevant period and sample that increased efforts of firms in environment, social responsibility, and proper governance have a positive influence on financial performance.

Anahtar Kelimeler

ESG, Sustainability, Firm Performance, Firm Age, Firm Size, Banks

Kaynakça

• Abdi, Y., Li, X. and Càmara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: The moderating role of size and age. Environment, Development and Sustainability, 24(4), 5052-5079. https://doi.org/10.1007/s10668-021-01649-w
• Akyildirim, E., Coskun, A., Celik, I. and Ozdemir Hol, A. (2022). The impact of environmental, social, and governance (ESG) news on financial performance of firms: Evidence from Borsa Istanbul. Ankara Haci Bayram Veli University Journal of the Faculty of Economics and Administrative Sciences, 24(2), 598-621. https://doi.org/10.26745/ahbvuibfd.1090499
• Al Hawaj, A.Y. and Buallay, A.M. (2022). A worldwide sectorial analysis of sustainability reporting and its impact on firm performance. Journal of Sustainable Finance & Investment, 12(1), 62-86. https://doi.org/10.1080/20430795.2021.1903792
• Alareeni, B.A. and Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance: The International Journal of Business in Society, 20(7), 1409-1428. https://doi.org/10.1108/CG-06-2020-0258
• Albitar, K., Hussainey, K., Kolade, N. and Gerged, A.M. (2020). ESG disclosure and firm performance before and after IR: The moderating role of governance mechanisms. International Journal of Accounting & Information Management, 28(3), 429-444. https://doi.org/10.1108/IJAIM-09-2019-0108
• Atan, R., Alam, M.M., Said, J. and Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance: Panel study of Malaysian companies. Management of Environmental Quality: An International Journal, 29(2), 182-194. https://doi.org/10.1108/MEQ-03-2017-0033
• Atan, R., Razali, F., Said, Said, J. and Zainun, S. (2016). Environmental, social and governance (ESG) disclosure and its effect on firm’s performance: A comparative study. International Journal of Economics and Management, 10(2), 355-375. Retrieved from http://www.econ.upm.edu.my/ijem
• Aydogmus, M., Gulay, G. and Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22(2), 119-129. https://doi.org/10.1016/j.bir.2022.11.006
• Azmi, W., Hassan, M.K., Houston, R. and Karim, M.S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions and Money, 70, 101277. https://doi.org/10.1016/j.intfin.2020.101277
• Bahadori, N., Kaymak, T. and Seraj, M. (2021). Environmental, social, and governance factors in emerging markets: The impact on firm performance. Business Strategy & Development, 4(4), 411-422. https://doi.org/10.1002/bsd2.167
• Baltagi, B. and Li, Q. (1991). A joint test for serial correlation and random individual effects. Statistics and Probability Letters, 11, 277-280. https://doi.org/10.1016/0167-7152(91)90156-L
• Baltagi, B.H. (2005). Econometric analysis of panel data. England: John Wiley & Sons, Ltd.
• Breusch, T.S. and Pagan, A.R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
• 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. https://doi.org/10.1108/MEQ-12-2017-0149
• Cetenak, E.H., Ersoy, E. and Isik, O. (2022). The effect of ESG (environmental, social and governance) scores on firm performance: Evidence from Turkish banking industry. Erciyes University Journal of Faculty of Economics and Administrative Sciences, 63, 75-82. https://doi.org/10.18070/erciyesiibd.1212587
• Cho, Y. (2022). ESG and firm performance: Focusing on the environmental strategy. Sustainability, 14(13), 7857. https://doi.org/10.3390/su14137857
• Di Tommaso, C. and Thornton, J. (2020). Do ESG scores effect bank risk taking and value? Evidence from European banks. Corporate Social Responsibility and Environmental Management, 27(5), 2286-2298. https://doi.org/10.1002/csr.1964
• Ersoy, E., Swiecka, B., Grima, S., Özen, E. and Romanova, I. (2022). The impact of ESG scores on bank market value? Evidence from the US banking industry. Sustainability, 14(15), 1-14. https://doi.org/10.3390/su14159527
• Honda, Y. (1985). Testing the error components model with non-normal disturbances. Review of Economic Studies, 52, 681-690. https://doi.org/10.2307/2297739
• Kim, B. and Lee, S. (2020). The impact of material and immaterial sustainability on firm performance: The moderating role of franchising strategy. Tourism Management, 77, 103999. https://doi.org/10.1016/j.tourman.2019.103999
• Kulali, G. (2022). Impacts of environmental, social and governance (ESG) performance on market value: The role of firm size. Eskişehir Osmangazi University Journal of Economics and Administrative Sciences, 17(3), 787-809. https://doi.org/10.17153/oguiibf.1098419
• Mohammad, W.M.W. and Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2, 100015. https://doi.org/10.1016/j.cesys.2021.100015
• Nguyen, D.T., Hoang, T.G. and Tran, H.G. (2022). Help or hurt? The impact of ESG on firm performance in S&P 500 non-financial firms. Australasian Accounting, Business and Finance Journal, 16(2), 91-102. https://doi.org.10.14453/aabfj.v16i2.7
• Pesaran, M.H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
• Pesaran, M.H. and Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010
• Pesaran, M.H. (2004). General diagnostic tests for cross section dependence in panels (Cambridge Working Paper in Economics No. 0435). https://doi.org/10.17863/CAM.5113
• Pesaran, M.H., Ullah, A. and Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
• Pulino, S.C., Ciaburri, M., Magnanelli, B.S. and Nasta, L. (2022). Does ESG disclosure influence firm performance? Sustainability, 14(13), 1-18. https://doi.org/10.3390/su14137595
• Ruan, L. and Liu, H. (2021). Environmental, social, governance activities and firm performance: Evidence from China. Sustainability, 13(2), 767. https://doi.org/10.3390/su13020767
• Sisman, M.E. and Cankaya, S. (2021). The effect of environmental, social and corporate governance (ESG) data on the financial performance of firms: A study on the airline industry. Journal of Cukurova University Faculty of Economics and Administrative Sciences, 25(1), 73-91. https://doi.org/10.51945/cuiibfd.880468
• Ting, I.W.K., Azizan, N.A., Bhaskaran, R.K. and Sukumaran, S.K. (2019). Corporate social performance and firm performance: Comparative study among developed and emerging market firms. Sustainability, 12(1), 26. https://doi.org/10.3390/su12010026
• Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 80(2), 169-178. https://doi.org/10.1108/JGR-11-2016-0029
• Yoon, S. and Chun, D. (2022). The effect of ESG on management efficiency: Focusing on the moderating effect of the firm size. Korean Management Review, 51(5), 1221-1241. Retrieved from https://www.dbpia.co.kr/
• Zahid, R.A., Khan, M.K., Anwar, W. and Maqsood, U.S. (2022). The role of audit quality in the ESG-corporate financial performance nexus: Empirical evidence from Western European companies. Borsa Istanbul Review, 22(2), 200-212. https://doi.org/10.1016/j.bir.2022.08.011