Kurumsal Yeşil Tahviller ve Firma Değeri: Türkiye Uygulamaları

Öz

Değişen iklim ve küresel ısınmanın insanlık için yarattığı tehditler sürdürülebilirlik kavramının önemini her geçen gün artırmaktadır. Şirketlerin sürdürülebilirlik kapsamında gerçekleştirmeyi planladıkları yeşil yatırımlar ve projeler için finansman ihtiyacı ortaya çıkmaktadır. Çevrenin korunması ile birlikte ekonomik kalkınmaya da destek verme amacıyla kullanılan finansman araçlarından birisi de yeşil tahvillerdir. Türkiye’de yeşil tahvil ihraçları yıllar itibariyle artış göstermiş olsa da dünya geneli ile kıyaslandığında beklenen seviyede olmadığı söylenebilir. Bu çalışmada, yeşil tahvil ihraçlarının şirketlerin pay senedi getirisi üzerindeki etkisi incelenmektedir. Yeşil tahvil ihracını takip eden 1. günde şirketlerin pay senetlerinde anlamlı pozitif getiriler tespit edilmiştir. Bu çalışma, Türkiye yazınında yeşil tahvil ihracı ve finansal performans arasındaki ilişkiyi inceleyen ilk örneklerden olup gelecek çalışmalara zemin hazırlamak bakımından dikkate değer bulgular ortaya koymaktadır.

Anahtar Kelimeler

• Yeşil tahvil
• yeşil finansman
• anormal getiri
• olay çalışması

Corporate Green Bonds and Firm Value: Evidence from Turkey

Öz

The threats posed by the changing climate and global warming for humanity increase the importance of sustainability day by day. Green investments and projects that companies plan to realize within the scope of sustainability need financing. Green bonds are one of the financing tools used to support economic development and environmental protection. Although green bond issuances have increased in Turkey over the years, the amount is still low compared to the globe. This study examines the effect of green bond issuances on companies' stock returns. The results indicate that companies experience positive abnormal returns following the issuance of green bonds first day. The study is among the first in Turkish literature related to green bond issuance in Turkey, and its findings provide ground for future research.

Anahtar Kelimeler

• Green bonds
• green financing
• abnormal return
• event study
• environment

Kaynakça

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