ESG Boyutlarının Şirket Performansına Etkisi: Makroekonomik Risk Ortamının Rolü Borsa İstanbul İmalat Sanayii Üzerine Bir Araştırma

Öz

Bu çalışmanın amacı, çevresel, sosyal ve yönetişim (ESG) performansının ve bu performansı oluşturan boyutların şirket performansı üzerindeki etkisini, makroekonomik risk ortamı dikkate alınarak incelemektir. Çalışmada Borsa İstanbul Sınai Endeksi'nde (XUSIN) yer alan 10 imalat şirketinin 2013-2023 dönemini kapsayan dengesiz panel veri seti kullanılmıştır. Performans ölçütü olarak varlıkların kârlılık oranı (ROA) ve Tobin's Q oranı seçilmiş; genel ESG skoru ile çevresel (E), sosyal (S) ve yönetişim (G) boyutları ayrı modellerde bağımsız değişken olarak kullanılmıştır. Firmaya özgü kontrol değişkenlerinin yanı sıra reel efektif döviz kuru, ekonomik büyüme ve enflasyondan oluşan bir makroekonomik kontrol bloğu modellere dâhil edilmiştir. Modeller, değişen varyans, otokorelasyon ve birimler arası korelasyona karşı dirençli Driscoll-Kraay [1] standart hatalarıyla tahmin edilmiştir. Bulgulara göre ESG ve boyutlarının ROA üzerinde istatistiki olarak anlamlı bir etkisi bulunmamaktadır. Tobin's Q üzerinde ise genel ESG skoru %90 güven düzeyinde anlamlı ve negatif etki göstermekte; bu etkinin tamamı sosyal ve yönetişim boyutlarından kaynaklanmakta, çevresel boyut anlamsız kalmaktadır. Ayrıca muhasebe temelli performansı firmaya özgü finansal değişkenlerin, piyasa temelli performansı ise makroekonomik göstergelerin yönlendirdiği saptanmıştır. Bulgular, genel ESG skorunun boyutlar arası heterojenliği perdelediğine ve sürdürülebilirlik performansının piyasa değerlemesindeki karşılığının makroekonomik koşullara bağlı olduğuna işaret etmektedir.

Anahtar Kelimeler

• Sürdürülebilirlik
• ESG
• Şirket Performansı
• Panel Veri Analizi
• Enflasyon
• Borsa İstanbul.

The Impact of ESG Dimensions on Corporate Performance: The Role of the Macroeconomic Risk Environment-A Study on the Manufacturing Sector on the Borsa Istanbul

Öz

This study examines the effect of environmental, social and governance (ESG) performance and its individual pillars on firm performance, taking the macroeconomic risk environment into account. An unbalanced panel dataset covering ten manufacturing companies listed in the BIST Industrial Index (XUSIN) over the 2013-2023 period is employed. Return on assets (ROA) and Tobin's Q are used as performance measures, while the aggregated ESG score and its environmental (E), social (S) and governance (G) pillars enter separate models as independent variables. In addition to firm-specific controls, a macroeconomic control block consisting of the real effective exchange rate, economic growth and inflation is included. Models are estimated using Driscoll-Kraay [1] standard errors, which are robust to heteroskedasticity, autocorrelation and cross-sectional dependence. The findings indicate that neither the aggregated ESG score nor its pillars have a statistically significant effect on ROA. For Tobin's Q, the aggregated ESG score has a significant and negative effect at the 10% level; this effect stems entirely from the social and governance pillars, while the environmental pillar remains insignificant. Furthermore, accounting-based performance is driven by firm-specific financial variables, whereas market-based performance is driven by macroeconomic indicators. The results suggest that the aggregated ESG score masks heterogeneity across pillars, and that the valuation implications of sustainability performance are conditional on macroeconomic circumstances.

Anahtar Kelimeler

• Sustainability
• ESG
• Firm Performance
• Panel Data Analysis
• Inflation
• Borsa Istanbul.

Kaynakça

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