FİNANSAL ETKİNLİK ÖLÇÜMÜNDE ESG SKORUNUN ROLÜ: BIO-MCDEA YAKLAŞIMIYLA ENERJİ SEKTÖRÜ ÜZERİNE BİR UYGULAMA

Öz

Bu çalışmanın amacı, çevresel, sosyal ve kurumsal yönetişim (ESG) skorunun finansal etkinlik analizine dâhil edilmesinin, firmaların etkinlik düzeyleri ve sıralamaları üzerindeki etkilerini çok amaçlı-çok kriterli veri zarflama analizi (BIO-MCDEA) yaklaşımıyla araştırmaktır. Bu amaç çerçevesinde, Borsa İstanbul (BİST)’da işlem gören 14 enerji firması çalışma kapsamına alınmıştır. Karşılaştırmalı analizde, klasik veri zarflama analizi (SDEA) yaklaşımı ile sınırlı sayıda karar birimiyle çalışmaya olanak tanıyan ve daha esnek bir yapıya sahip olan BIO-MCDEA yaklaşımı birlikte değerlendirilmiştir. Bulgular, BIO-MCDEA modelinin, SDEA modeline kıyasla daha yüksek ayırt edicilik sunduğunu, öte yandan firmaların büyük çoğunluğu açısından ESG skorunun analize dâhil edilmesinin, finansal etkinlik skorları üzerinde kayda değer bir etki yaratmadığını ortaya koymaktadır.

Anahtar Kelimeler

• BIO-MCDEA
• DEA
• ESG Skoru
• Finansal Etkinlik
• Enerji Sektörü

THE ROLE OF ESG SCORE IN FINANCIAL EFFICIENCY MEASUREMENT: AN APPLICATION TO THE ENERGY SECTOR WITH BIO-MCDEA APPROACH

Öz

The purpose of this study is to investigate the effects of the inclusion of environmental, social, and corporate governance (ESG) score in the financial efficiency analysis on the efficiency levels and rankings of firms using a bi-objective multi-criteria data envelopment analysis (BIO-MCDEA) approach. For this purpose, 14 energy firms traded in Borsa Istanbul (BIST) are included in the study. In the comparative analysis, the standard data envelopment analysis (SDEA) approach and the BIO-MCDEA approach, which allows working with a limited number of decision units and has a more flexible structure, are evaluated together. The findings reveal that the BIO-MCDEA model offers higher discrimination than the SDEA model, whereas the ESG score does not have a remarkable impact on financial efficiency scores for the majority of firms.

Anahtar Kelimeler

• BIO-MCDEA
• DEA
• ESG Score
• Financial Efficiency
• Energy Sector

Kaynakça

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