BIST Sürdürülebilirlik Endeksi Şirketlerinde Kârlılığı Etkileyen Finansal Oranlar: Panel Veri Analizi Uygulaması

Öz

Bu çalışma, BIST Sürdürülebilirlik Endeksi kapsamında yer alan şirketlerin 2019-2023 dönemine ait finansal oranlarının kârlılık üzerindeki etkisini panel veri regresyon analizi ile incelemektedir. Geleneksel kârlılık analizlerinden farklı olarak, araştırma ÇSY (Çevresel, Sosyal ve Yönetişim) kriterlerini karşılayan şirketleri ele alarak, finansal performansa sürdürülebilirlik odaklı bir bakış açısı sunmaktadır. Bulgular, likidite ve verimlilik oranlarının, özellikle cari oran (CO) ve aktif devir hızı (DV/AK) göstergelerinin, net kâr marjı (NPM) ve aktif kârlılığı (ROA) üzerinde önemli bir etkisi olduğunu ortaya koymaktadır. Çalışma, sürdürülebilirlik odaklı firmaların finansal performans modellerine entegre edilmesiyle literatüre katkı sağlayarak, finansal sürdürülebilirlik ve kârlılık ilişkisine dair ampirik kanıtlar sunmaktadır. Elde edilen bulgular, ESG uyumlu şirketlerin kârlılığı nasıl sağladığını anlamayı güçlendirirken, yatırımcılar, politika yapıcılar ve yöneticiler için finansal başarı ile sürdürülebilirlik hedeflerini uyumlu hale getirme konusunda önemli çıkarımlar sunmaktadır.

Anahtar Kelimeler

• Karlılık
• Sürdürülebilirlik
• Finansal Performans
• Panel Veri Analizi

Financial Ratios Affecting Profitability in BIST Sustainability Index Companies: A Panel Data Analysis

Öz

This study investigates the impact of financial ratios on corporate profitability within the BIST Sustainability Index, covering the 2019–2023 period, through panel data regression analysis. Unlike traditional profitability studies, this research focuses on companies that meet ESG (Environmental, Social, and Governance) criteria, offering a sustainability-oriented perspective on financial performance. Findings reveal that liquidity and efficiency ratios, particularly the current ratio (CO) and asset turnover (DV/AK), significantly influence net profit margin (NPM) and return on assets (ROA), highlighting the financial dynamics of sustainability-driven firms. By integrating sustainability-focused firms into financial performance modeling, this study contributes to the literature by providing empirical evidence on the financial sustainability-performance nexus. The research enhances the understanding of how ESG-compliant companies achieve profitability, offering practical implications for investors, policymakers, and corporate managers aiming to align financial success with sustainability objectives.

Anahtar Kelimeler

• Profitability
• Sustainability
• Financial Performance
• Panel Data Analysis

Kaynakça

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