Yeşil Finans ve Sürdürülebilirlik Performansı: Paydaş Baskısının Düzenleyici Rolü

Öz

Amaç: Yeşil finans, son yirmi yılda sürdürülebilirlik sonuçlarını teşvik eden bir finansal araç olarak artan bir eğilim göstermektedir. Özellikle, yeşil finans hizmetleri ve ürünleri, yenilenebilir enerjinin finansmanı, emisyonların azaltılması ve daha az kirliliğe yol açan proje yatırımları gibi çevre ve ekonomi için faydalar sağladıkları için şirketlerin Sürdürülebilir Kalkınma Amaçları'nı (SKH) destek olmaktadır. Bu çalışma, yeşil finansın şirketlerin ekonomik ve çevresel sürdürülebilirlik performansı üzerindeki etkisini incelemekle beraber, birincil ve ikincil paydaş baskılarını bu ilişki üzerindeki kaldıraç etkisi moderatör olarak ele alınmaktadır. Yöntem: Çalışma, farklı sektörlerdeki 82 Türk firmasını nicel yöntemlerle incelemiştir. Veri analizi sürecinde doğrudan ilişkiler regresyon analiziyle incelenmiş, moderasyon etkisi ise Hayes’in geliştirdiği PROCESS makrosu kullanılarak test edilmiştir. Bulgular: Çalışmanın bulguları, yeşil finansın firmaların hem çevresel hem de ekonomik performansıyla pozitif korelasyon gösterdiğini; çalışanlar, müşteriler ve yatırımcılardan oluşan birincil paydaşların ise yeşil finans ve ekonomik sürdürülebilirlik arasındaki ilişkiyi güçlendirdiğini ortaya koymaktadır. Ancak, çalışan baskısı, müşteri/yatırımcı baskılarının yeşil finans ve çevresel sürdürülebilirlik arasındaki bağı modere etmediği bulunmuştur. Buna karşılık, medya ve STK'lardan oluşan ikincil paydaş baskılarının, yeşil finans ile firmaların ekonomik ve çevresel sürdürülebilirlik performansı arasındaki ilişkide moderatör olarak anlamlı bir etkisi olmadığı görülmüştür. Sonuç: Bu çalışma, yeşil finansın sürdürülebilir kalkınmayı teşvik etmede etkili bir role sahip olduğunu, paydaş baskısının ise yeşil finans stratejisi için önemli bir faktör olmaya devam ettiğini ortaya koymaktadır.

Anahtar Kelimeler

• Yeşil Finansman
• Sürdürülebilirlik Performansı
• Paydaş Baskısı
• Çevresel Yönetim
• Moderatör Analizi

Green Finance and Sustainability Performance: The Moderating Role of Stakeholder Pressure

Öz

Aim: Green finance has been a growing trend as a financial instrument for promoting sustainability outcomes in the last two decades. Specifically, green finance services and products can promote SDGs of the companies as they bring about benefits for the environment and economy such as funding renewable energy, reducing emissions, and less contamination project investment. This study explores the effect of green finance on companies' economic and environmental sustainability performance, examining the primary and secondary stakeholder pressures as moderators due to its leverage effect on this relationship. Method: The study investigates 82 Turkish firms in different industries, with quantitative methods. The collected data was used in regression analysis for direct hypothesis and moderation analysis conducted through Hayes’ PROCESS macro. Results: The findings of the study reveals that green finance positively correlates with both environmental and economic performance of the firms; whereas primary stakeholders which are employees, customers and investors reinforce the relationship of green finance and economic sustainability. However, it was found that employee pressure, customer/investor pressures did not moderate the link of green-finance and environmental sustainability. In contrast, secondary stakeholder pressures that are media and NGOs were insignificant as a moderator in the relationship of green finance and firms economic and environmental sustainability performance. Conclusion: This study reveals that green finance has an effective role to promote sustainable development whereas stakeholder pressure remains as prominent factor for green finance strategy.

Anahtar Kelimeler

• Green Finance; Sustainability Performance
• Stakeholder Pressure
• Environmental Management
• Moderation Analysis

Kaynakça

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