THE IMPACT OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) PERFORMANCE ON CAPITAL STRUCTURE: A STUDY ON BRICS-T COUNTRIES

Yıl 2024, Cilt: 12 Sayı: 1, 90 - 112, 09.12.2024

Cengiz Kalyoncu , Ayşe Tansel Çetin

https://doi.org/10.18825/iremjournal.1515502

Öz

The performance of enterprises in environmental, social, and governance (ESG) areas affects all other stakeholders, especially investors. As a result, the financial structures of enterprises are affected by this situation. This study examines the impact of environmental, social, and governance performance on capital structure. For this purpose, the data of firms operating outside the financial sector in BRICS-T countries (Brazil, Russia, India, People's Republic of China, South Africa and Turkey) between 2014 and 2021 are taken into account, and a panel data analysis is conducted over a total of 6230 firm-year observations. As a result of the study, it is concluded that environmental performance score, social performance score, and ESG score have a negative and statistically significant effect on long-term debt ratio. However, the impact of governance performance score on long-term debt ratio is statistically insignificant.

Anahtar Kelimeler

Corporate Sustainability, ESG Performance, Capital Structure, Corporate Social Responsibility

ÇEVRESEL, SOSYAL VE YÖNETİŞİM (ESG) PERFORMANSININ SERMAYE YAPISI ÜZERİNDEKİ ETKİSİ: BRICS-T ÜLKELERİ ÜZERİNE BİR İNCELEME

Öz

İşletmelerin çevresel, sosyal ve yönetişim (ESG) alanlarında göstermiş olduğu performans başta yatırımcılar olmak üzere diğer tüm paydaşları etkilemekte ve bunun sonucu olarak işletmelerin finansal yapıları bu durumdan etkilenmektedir. Bu çalışmanın amacı çevresel, sosyal ve yönetişim performansının sermaye yapısı üzerindeki etkisini incelemektir. Bu amaç doğrultusunda, BRICS-T ülkelerinde (Brezilya, Rusya, Hindistan, Çin Halk Cumhuriyeti, Güney Afrika ve Türkiye) finansal sektör dışında faaliyet gösteren firmaların 2014-2021 yılları arası verileri dikkate alınmış ve toplam 6230 firma-yıl gözlemi üzerinden panel veri analizi yapılmıştır. Çalışma sonucunda çevresel performans skoru, sosyal performans skoru ve ESG skorunun uzun vadeli borç oranını negatif yönde ve istatistiksel olarak anlamlı şekilde etkilediği sonucuna ulaşılmıştır. Ancak, yönetişim performans skorunun uzun vadeli borç oranı üzerindeki etkisi istatistiksel olarak anlamsız bulunmuştur.

Anahtar Kelimeler

Kurumsal Sürdürülebilirlik, ESG Performansı, Sermaye Yapısı, Kurumsal Sosyal Sorumluluk

Kaynakça

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