ÇEVRESEL, SOSYAL VE KURUMSAL YÖNETİŞİM (ESG) SKORLARI VE KAR PAYI KARARLARI ARASINDAKİ İLİŞKİNİN İNCELENMESİ

Öz

Kar payı dağıtım kararları finans literatüründe üzerinde sıklıkla araştırılan alanlardan biridir. Bu çalışmada, kar payı dağıtım kararları kurumsal sürdürülebilirlik kapsamında ele alınarak, ESG skorlarının kar payı dağıtım kararlarına etkisi incelenmiştir. Çalışmada S&P Global tarafından ESG skoru hesaplanan 32 firmanın, 2017-2021 dönemindeki ESG skorlarıyla nakdi kar payı dağıtım oranı arasındaki ilişki panel regresyon yöntemiyle incelenmiştir. Elde edilen sonuçlar ESG skorunun kar payı dağıtımını pozitif yönde etkilediğini göstermiştir. Bu sonuç ESG skoru yüksek firmaların kar payı dağıtımını piyasalara bilgi vermek için kullandığı savını (signaling theory) desteklemektedir.

Anahtar Kelimeler

• Kar Payı Kararları
• ESG
• Sürdürülebilirlik

Investigation of the Relationship Between Environmental, Social and Corporate Governance (ESG) Scores and Dividend Decisions

Öz

Dividend decisions are one of the areas that are frequently researched in the finance literature. In this study, dividend decisions are handled within the scope of corporate sustainability, and the effect of ESG scores on dividend decisions is examined. The study examined the relationship between the ESG scores of 32 firms whose ESG scores have been calculated by S&P global and the cash dividend ratio by panel regression method in 2017-2021. The results showed that the ESG score positively affects the dividend decision. This result supports the argument (signaling theory) that companies with high ESG scores use their dividend distribution to inform the markets.

Anahtar Kelimeler

• Dividend Decision
• Sustainability
• esg

Kaynakça

1. BALASUBRAMANIAN, A. M. D. P. (2019). A Study on Relationship Between Corporate Financial Performance and Environmental Social & Governance Score (Esg Score). International Conference on Fostering Innovation in Financial Inclusion
2. BANSAL P, DESJARDINE MR. 2014. Business Sustainability: It is about Time. Strategic Organ. 12(1):70–78.
3. BARROS, V., MATOS, P. V., & SARMENTO, J. M. (2020). What Firm’s Characteristics Drive the Dividend Policy? A Mixed-Method Study on The Euronext Stock Exchange. Journal of Business Research, 115, 365-377.
4. BENLEMLIH, M. (2019). Corporate Social Responsibility and Dividend Policy. Research in International Business and Finance, 47, 114-138.
5. BHATTACHARYA, S. (1979). Imperfect Information, Dividend Policy, and" The Bird in The Hand" Fallacy. The Bell Journal of Economics, 259-270.
6. CHEUNG, A. W. K. (2016). Corporate Social Responsibility and Corporate Cash Holdings. Journal of Corporate Finance, 37 (C): 412–430.
7. COLEMAN, L., MAHESWARAN, K., & PINDER, S. (2010). Narratives in Managers’ Corporate Finance Decisions. Accounting & Finance, 50(3), 605-633.
8. DUQUE-GRİSALES, E., & AGUILERA-CARACUEL, J. (2021). Environmental, Social and Governance (ESG) Scores and Financial Performance Of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack. Journal of Business Ethics, 168(2), 315-334.

9. ERHEMJAMTS, O., & HUANG, K. (2019). Institutional Ownership Horizon, Corporate Social Responsibility and Shareholder Value. Journal of Business Research, 105, 61-79.
10. FREEMAN, R. E. (1998), A Stakeholder Theory of the Modern Corporation, in Pincus, L. B. (Ed.), Perspectives in Business Ethics, Mcgraw-Hill, Singapore, pp. 171-181.
11. FRIEDE, G., BUSCH, T., & BASSEN, A. (2015). ESG and Financial Performance: Aggregated Evidence from More Than 2000 Empirical Studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.
12. FRIEDMAN, M. (1998). The Social Responsibility of Business is to İncrease its Profits, in Pincus, L. B. (Ed.), Perspectives in Business Ethics, McGraw-Hill, Singapore, 246-251.
13. GILLAN, S. L., KOCH, A., & STARKS, L. T. (2021). Firms and Social Responsibility: A Review of ESG and CSR Research in Corporate Finance. Journal of Corporate Finance, 101889.
14. GRANGER, C. W., & NEWBOLD, P. (1974). Spurious regressions in econometrics. Journal of econometrics, 2(2), 111-120. GUJARATI, D.N. (1999) Essentials of Econometrics. 2nd Edition, McGraw-Hill, New York.
15. HARRİSON, J. S., & FREEMAN, R. E. (1999). Stakeholders, Social Responsibility, and Performance: Empirical Evidence and Theoretical Perspectives. Academy of Management Journal, 42(5), 479-485.
16. HASSAN, Y., & ROYCHOWDHURY, S. (2019). Nexus Between Sustainability Management and Financial Performance-Study on Manufacturing Firms from Global Emerging Market. International Journal of Environment, Workplace and Employment, 5(3), 206-219.
17. S&P Global (2022). https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-dji-esg-score.pdf
18. JENSEN, M. (2001). Value Maximisation, Stakeholder Theory, and the Corporate Objective Function. European Financial Management, 7(3), 297-317.
19. JENSEN, M. C., & Meckling, W. H. (1979). Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination. Journal of Business, 469-506. KOH, S., LIMKRIANGKRAI, M., & DURAND, R. (2016). Environmental, Social, And Governance (Esg) Profiles, Stock Returns, and Financial Policy: Australian Evidence. International Review of Finance, 17. LINTNER, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, And Taxes. The American Economic Review, 46(2), 97-113. LUO, X., & BHATTACHARYA, C. B. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(4), 1-18.
20. MANRIQUE, S., & MARTÍ-BALLESTER, C. P. (2017). Analyzing the Effect of Corporate Environmental Performance on Corporate Financial Performance in Developed and Developing Countries. Sustainability, 9(11), 1957.
21. MILLER, M. H., & ROCK, K. (1985). Dividend Policy Under Asymmetric İnformation. The Journal of Finance, 40(4), 1031-1051.
22. NI, X., & ZHANG, H. (2019). Mandatory Corporate Social Responsibility Disclosure and Dividend Payouts: Evidence from A Quasi‐Natural Experiment. Accounting & Finance, 58(5), 1581-1612.
23. NİCCOLÒ, N., BATTISTI, E., PAPA, A., & MIGLIETTA, N. (2020). Shareholder Value and Dividend Policy: The Role of ESG Strategies. In 2020 IEEE International Conference on Technology Management, Operations and Decisions (ICTMOD).
24. NIRINO, N., SANTORO, G., MIGLIETTA, N., & QUAGLIA, R. (2021). Corporate Controversies and Company's Financial Performance: Exploring the Moderating Role of ESG Practices. Technological Forecasting and Social Change, 162, 120341.
25. NOLLET, J., FILIS, G., & MITROKOSTAS, E. (2016). Corporate Social Responsibility and Financial Performance: A Non-Linear and Disaggregated Approach. Economic Modelling, 52, 400-407.
26. OH, H., & PARK, S. (2021). Corporate Sustainable Management, Dividend Policy and Chaebol. Sustainability, 13(13), 7495.
27. ORTAS, E., GALLEGO‐ALVAREZ, I., & ÁLVAREZ ETXEBERRIA, I. (2015). Financial Factors İnfluencing the Quality of Corporate Social Responsibility and Environmental Management Disclosure: A Quantile Regression Approach. Corporate Social Responsibility and Environmental Management, 22(6), 362-380.
28. PEIRO, S. A., SEGARRA, O. M., MONDEJAR, J. J., & VARGAS, V. M. (2013). Influence of The Environmental, Social and Corporate Governance Ratings on the Economic Performance of Companies: An overview. Int. J. Environ. Res., 7(1):105-112
29. RAKOTOMAVO, M. T. (2012). Corporate Investment in Social Responsibility Versus Dividends?. Social Responsibility Journal. Corporate İnvestment in Social Responsibility Versus Dividends?. Social Responsibility Journal. 199-207.
30. SALAH, O. B., & AMAR, A. B. (2022). Does Corporate Social Responsibility Affect Dividend Policy? Empirical Evidence in The French Context. Journal of Global Responsibility.
31. SALZMANN, O., (2005). Corporate Sustainability Management in the Energy Sector: Drivers, Practices and Outcome, Fakulta¨t Wirtschaft und Management. Technische Universita¨t Berlin, Berlin
32. SANTIS, P., ALBUQUERQUE, A., & LIZARELLI, F. (2016). Do Sustainable Companies Have a Better Financial Performance? A Study on Brazilian Public Companies. Journal of Cleaner Production, 133, 735-745.
33. ŞİŞMAN, M. E., & ÇANKAYA, S. (2019). Çevresel, Sosyal ve Kurumsal Yönetişim (Esg) Verilerinin Firmaların Finansal Performansına Etkisi: Hava Yolu Sektörü Üzerine Bir Çalışma. Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(1), 73-91.
34. TING, I. W., AZIZAN, N. A., BHASKARAN, R. K., & SUKUMARAN, S. K. (2020). Corporate Social Performance and Firm Performance: Comparative Study Among Developed and Emerging Market Firms. Sustainability, 12(1), 26. https://doi.org/10.3390/su12010026
35. TRIHERMANTO, F., AND Y. A. NAINGGOLAN (2018). Corporate Life Cycle. Csr, and Dividend Policy: Empirical Evidence of Indonesian Listed Firms. Social Responsibility Journal, 16 (2): 159–178.
36. VELTE, P. (2017). Does ESG Performance Have an Impact on Financial Performance? Evidence from Germany. Journal of Global Responsibility. 8, 2, 169-178.
37. YILMAZ, M. K., AKSOY, M., & KHAN, A. (2022). Moderating Role of Corporate Governance and Ownership Structure on the Relationship of Corporate Sustainability Performance And Dividend Policy. Journal of Sustainable Finance & Investment, 1-30.
38. YOON, B., LEE, J. H., & BYUN, R. (2018). Does ESG Performance Enhance Firm Value? Evidence from Korea. Sustainability, 10(10), 3635. https://www.finnet.com.tr/FinnetStore/tr/, Erişim tarihi, 09.09.2022 https://www.spglobal.com/esg/solutions/data-intelligence-esg-scores, Erişim tarihi, 09.09.2022