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

Yıl 2026, Cilt: 21 Sayı: Special Issue on 24th International Business Congress, 16 - 34, 27.03.2026

Ceren Dirik Ayvaz , Selda Korga

https://doi.org/10.19168/jyasar.1777437
https://izlik.org/JA79EP97PU

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

Kaynakça

  • Almulhim, T., Almubarak, N., & Aljabr, N. (2024). How to comprehensively evaluate firm performance from operational, financial, and sustainability perspectives? A two-stage data envelopment analysis approach. Emerging Markets Finance and Trade, 60(7), 1447-1467. https://doi.org/10.1080/1540496X.2023.2278651
  • Andrade, R. M. D., Lee, S., Lee, P. T. W., Kwon, O. K., & Chung, H. M. (2019). Port efficiency incorporating service measurement variables by the BIO-MCDEA: Brazilian case. Sustainability, 11(16), 4340. https://doi.org/10.3390/su11164340
  • Antunes, J., Wanke, P., Fonseca, T., & Tan, Y. (2023). Do ESG risk scores influence financial distress? Evidence from a dynamic NDEA approach. Sustainability, 15(9), 7560. https://doi.org/10.3390/su15097560
  • Arunkumar, O. N., Divya, D., & Chandan. (2025). ESG efficiency analysis in the IT industry: A DEA-based approach. Cogent Business & Management, 12(1), 1-15. https://doi.org/10.1080/23311975.2025.2450092
  • Banker, R. D., Charnes, A., & Cooper, W. W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 30(9), 1078-1092. https://doi.org/10.1287/mnsc.30.9.1078
  • Banker, R. D., Charnes, A., Cooper, W. W., Swarts, J., & Thomas, D. (1989). An introduction to data envelopment analysis with some of its models and their uses. Research in Governmental and Nonprofit Accounting, 5(1), 125-163.
  • Batı, G. B., Usman, Ö., & Ateş, S. (2024). Firmaların sürdürülebilirlik performansları bağlamında etkinliklerinin veri zarflama analizi ile ölçülmesi. Journal of Research in Business, 9(1), 18-38. https://doi.org/10.54452/jrb.1275270
  • Behl, A., Kumari, P. R., Makhija, H., & Sharma, D. (2022). Exploring the relationship of ESG score and firm value using cross-lagged panel analyses: Case of the Indian energy sector. Annals of Operations Research, 313(1), 231-256. https://doi.org/10.1007/s10479-021-04189-8
  • Cao, R. Q., Zhou, S. B., & Gu, V. C. (2025). Exploring the relationship between managerial ability and ESG performance: A stochastic data envelopment analysis approach. Annals of Operations Research, 1-21. https://doi.org/10.1007/s10479-025-06569-w
  • Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2(6), 429-444. https://doi.org/10.1016/0377-2217(78)90138-8
  • Çetenak, E. H., Ersoy, E., & Işık, Ö. (2022). ESG (çevresel, sosyal ve kurumsal yönetim) skorunun firma performansına etkisi: Türk bankacılık sektörü örneği. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (63), 75-82. https://doi.org/10.18070/erciyesiibd.1212587
  • D'Amato, V., D'Ecclesia, R., & Levantesi, S. (2024). Firms' profitability and ESG score: A machine learning approach. Applied Stochastic Models in Business and Industry, 40(2), 243-261. https://doi.org/10.1002/asmb.2758
  • Drempetic, S., Klein, C., & Zwergel, B. (2020). The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of Business Ethics, 167(2), 333-360. https://doi.org/10.1007/s10551-019-04164-1
  • Ghasemi, M. R., Ignatius, J., & Emrouznejad, A. (2014). A bi-objective weighted model for improving the discrimination power in MCDEA. European Journal of Operational Research, 233(3), 640-650. https://doi.org/10.1016/j.ejor.2013.08.041
  • Golany, B., & Roll, Y. (1989). An application procedure for DEA. Omega, 17(3), 237-250. https://doi.org/10.1016/0305-0483(89)90029-7
  • Iazzolino, G., Bruni, M. E., Veltri, S., Morea, D., & Baldissarro, G. (2023). The impact of ESG factors on financial efficiency: An empirical analysis for the selection of sustainable firm portfolios. Corporate Social Responsibility and Environmental Management, 30(4), 1917-1927. https://doi.org/10.1002/csr.2463 Kalia, D., & Aggarwal, D. (2023). Examining impact of ESG score on financial performance of healthcare companies. Journal of Global Responsibility, 14(1), 155-176. https://doi.org/10.1108/JGR-05-2022-0045
  • Kweh, Q. L., Ting, I. W. K., Asif, J., & Lu, W. M. (2024). Environmental, social, and governance and hierarchical network data envelopment analysis firm efficiencies of Japan Airlines' supply chain. Business Strategy and the Environment, 33(7), 7060-7076. https://doi.org/10.1002/bse.3861
  • Li, X. B., & Reeves, G. R. (1999). A multiple criteria approach to data envelopment analysis. European Journal of Operational Research, 115(3), 507-517. https://doi.org/10.1016/S0377-2217(98)00130-1
  • Petridis, K., Kiosses, N., Tampakoudis, I., & Ben Abdelaziz, F. (2023). Measuring the efficiency of mutual funds: Does ESG controversies score affect the mutual fund performance during the COVID-19 pandemic?. Operational Research, 23(3), 54. https://doi.org/10.1007/s12351-023-00795-5
  • Shahrour, M. H. (2022). Measuring the financial and social performance of French mutual funds: A data envelopment analysis approach. Business Ethics, The Environment & Responsibility, 31(2), 398-418. https://doi.org/10.1111/beer.12424
  • Sutiene, K., Vaz, C. B., & Vaitiekuniene, R. (2025). Determinants of sustainability performance of manufacturing companies using two-stage data envelopment analysis. Environmental and Ecological Statistics, 32(2), 675-706. https://doi.org/10.1007/s10651-025-00659-5
  • Şeker, Y., & Şengür, E. (2022). Çevresel, sosyal ve kurumsal yönetim (ESG) performansı: Uluslararası bir araştırma. Journal of Accounting and Taxation Studies, 15(2), 349-387. https://doi.org/10.29067/muvu.1066216
  • Tampakoudis, I., Kiosses, N., & Petridis, K. (2023). The impact of mutual funds’ ESG scores on their financial performance during the COVID-19 pandemic. A data envelopment analysis. Corporate Governance: The International Journal of Business in Society, 23(7), 1457-1483. https://doi.org/10.1108/CG-12-2022-0491
  • Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance?. Business Strategy and the Environment, 28(2), 286-300. https://doi.org/10.1002/bse.2224
  • Veltri, S., Bruni, M. E., Iazzolino, G., Morea, D., & Baldissarro, G. (2023). Do ESG factors improve utilities corporate efficiency and reduce the risk perceived by credit lending institutions? An empirical analysis. Utilities Policy, 81, 101520. https://doi.org/10.1016/j.jup.2023.101520

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

Yıl 2026, Cilt: 21 Sayı: Special Issue on 24th International Business Congress, 16 - 34, 27.03.2026

Ceren Dirik Ayvaz , Selda Korga

https://doi.org/10.19168/jyasar.1777437
https://izlik.org/JA79EP97PU

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

  • Almulhim, T., Almubarak, N., & Aljabr, N. (2024). How to comprehensively evaluate firm performance from operational, financial, and sustainability perspectives? A two-stage data envelopment analysis approach. Emerging Markets Finance and Trade, 60(7), 1447-1467. https://doi.org/10.1080/1540496X.2023.2278651
  • Andrade, R. M. D., Lee, S., Lee, P. T. W., Kwon, O. K., & Chung, H. M. (2019). Port efficiency incorporating service measurement variables by the BIO-MCDEA: Brazilian case. Sustainability, 11(16), 4340. https://doi.org/10.3390/su11164340
  • Antunes, J., Wanke, P., Fonseca, T., & Tan, Y. (2023). Do ESG risk scores influence financial distress? Evidence from a dynamic NDEA approach. Sustainability, 15(9), 7560. https://doi.org/10.3390/su15097560
  • Arunkumar, O. N., Divya, D., & Chandan. (2025). ESG efficiency analysis in the IT industry: A DEA-based approach. Cogent Business & Management, 12(1), 1-15. https://doi.org/10.1080/23311975.2025.2450092
  • Banker, R. D., Charnes, A., & Cooper, W. W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 30(9), 1078-1092. https://doi.org/10.1287/mnsc.30.9.1078
  • Banker, R. D., Charnes, A., Cooper, W. W., Swarts, J., & Thomas, D. (1989). An introduction to data envelopment analysis with some of its models and their uses. Research in Governmental and Nonprofit Accounting, 5(1), 125-163.
  • Batı, G. B., Usman, Ö., & Ateş, S. (2024). Firmaların sürdürülebilirlik performansları bağlamında etkinliklerinin veri zarflama analizi ile ölçülmesi. Journal of Research in Business, 9(1), 18-38. https://doi.org/10.54452/jrb.1275270
  • Behl, A., Kumari, P. R., Makhija, H., & Sharma, D. (2022). Exploring the relationship of ESG score and firm value using cross-lagged panel analyses: Case of the Indian energy sector. Annals of Operations Research, 313(1), 231-256. https://doi.org/10.1007/s10479-021-04189-8
  • Cao, R. Q., Zhou, S. B., & Gu, V. C. (2025). Exploring the relationship between managerial ability and ESG performance: A stochastic data envelopment analysis approach. Annals of Operations Research, 1-21. https://doi.org/10.1007/s10479-025-06569-w
  • Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2(6), 429-444. https://doi.org/10.1016/0377-2217(78)90138-8
  • Çetenak, E. H., Ersoy, E., & Işık, Ö. (2022). ESG (çevresel, sosyal ve kurumsal yönetim) skorunun firma performansına etkisi: Türk bankacılık sektörü örneği. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (63), 75-82. https://doi.org/10.18070/erciyesiibd.1212587
  • D'Amato, V., D'Ecclesia, R., & Levantesi, S. (2024). Firms' profitability and ESG score: A machine learning approach. Applied Stochastic Models in Business and Industry, 40(2), 243-261. https://doi.org/10.1002/asmb.2758
  • Drempetic, S., Klein, C., & Zwergel, B. (2020). The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of Business Ethics, 167(2), 333-360. https://doi.org/10.1007/s10551-019-04164-1
  • Ghasemi, M. R., Ignatius, J., & Emrouznejad, A. (2014). A bi-objective weighted model for improving the discrimination power in MCDEA. European Journal of Operational Research, 233(3), 640-650. https://doi.org/10.1016/j.ejor.2013.08.041
  • Golany, B., & Roll, Y. (1989). An application procedure for DEA. Omega, 17(3), 237-250. https://doi.org/10.1016/0305-0483(89)90029-7
  • Iazzolino, G., Bruni, M. E., Veltri, S., Morea, D., & Baldissarro, G. (2023). The impact of ESG factors on financial efficiency: An empirical analysis for the selection of sustainable firm portfolios. Corporate Social Responsibility and Environmental Management, 30(4), 1917-1927. https://doi.org/10.1002/csr.2463 Kalia, D., & Aggarwal, D. (2023). Examining impact of ESG score on financial performance of healthcare companies. Journal of Global Responsibility, 14(1), 155-176. https://doi.org/10.1108/JGR-05-2022-0045
  • Kweh, Q. L., Ting, I. W. K., Asif, J., & Lu, W. M. (2024). Environmental, social, and governance and hierarchical network data envelopment analysis firm efficiencies of Japan Airlines' supply chain. Business Strategy and the Environment, 33(7), 7060-7076. https://doi.org/10.1002/bse.3861
  • Li, X. B., & Reeves, G. R. (1999). A multiple criteria approach to data envelopment analysis. European Journal of Operational Research, 115(3), 507-517. https://doi.org/10.1016/S0377-2217(98)00130-1
  • Petridis, K., Kiosses, N., Tampakoudis, I., & Ben Abdelaziz, F. (2023). Measuring the efficiency of mutual funds: Does ESG controversies score affect the mutual fund performance during the COVID-19 pandemic?. Operational Research, 23(3), 54. https://doi.org/10.1007/s12351-023-00795-5
  • Shahrour, M. H. (2022). Measuring the financial and social performance of French mutual funds: A data envelopment analysis approach. Business Ethics, The Environment & Responsibility, 31(2), 398-418. https://doi.org/10.1111/beer.12424
  • Sutiene, K., Vaz, C. B., & Vaitiekuniene, R. (2025). Determinants of sustainability performance of manufacturing companies using two-stage data envelopment analysis. Environmental and Ecological Statistics, 32(2), 675-706. https://doi.org/10.1007/s10651-025-00659-5
  • Şeker, Y., & Şengür, E. (2022). Çevresel, sosyal ve kurumsal yönetim (ESG) performansı: Uluslararası bir araştırma. Journal of Accounting and Taxation Studies, 15(2), 349-387. https://doi.org/10.29067/muvu.1066216
  • Tampakoudis, I., Kiosses, N., & Petridis, K. (2023). The impact of mutual funds’ ESG scores on their financial performance during the COVID-19 pandemic. A data envelopment analysis. Corporate Governance: The International Journal of Business in Society, 23(7), 1457-1483. https://doi.org/10.1108/CG-12-2022-0491
  • Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance?. Business Strategy and the Environment, 28(2), 286-300. https://doi.org/10.1002/bse.2224
  • Veltri, S., Bruni, M. E., Iazzolino, G., Morea, D., & Baldissarro, G. (2023). Do ESG factors improve utilities corporate efficiency and reduce the risk perceived by credit lending institutions? An empirical analysis. Utilities Policy, 81, 101520. https://doi.org/10.1016/j.jup.2023.101520
Toplam 25 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Çevre ve İklim Finansmanı
Bölüm Araştırma Makalesi
Yazarlar

Ceren Dirik Ayvaz 0000-0001-6762-8933

Selda Korga 0000-0002-8868-0957

Gönderilme Tarihi 3 Eylül 2025
Kabul Tarihi 16 Aralık 2025
Yayımlanma Tarihi 27 Mart 2026
DOI https://doi.org/10.19168/jyasar.1777437
IZ https://izlik.org/JA79EP97PU
Yayımlandığı Sayı Yıl 2026 Cilt: 21 Sayı: Special Issue on 24th International Business Congress

Kaynak Göster

APA Dirik Ayvaz, C., & Korga, S. (2026). FİNANSAL ETKİNLİK ÖLÇÜMÜNDE ESG SKORUNUN ROLÜ: BIO-MCDEA YAKLAŞIMIYLA ENERJİ SEKTÖRÜ ÜZERİNE BİR UYGULAMA. Yaşar Üniversitesi E-Dergisi, 21(Special Issue on 24th International Business Congress), 16-34. https://doi.org/10.19168/jyasar.1777437
AMA 1.Dirik Ayvaz C, Korga S. FİNANSAL ETKİNLİK ÖLÇÜMÜNDE ESG SKORUNUN ROLÜ: BIO-MCDEA YAKLAŞIMIYLA ENERJİ SEKTÖRÜ ÜZERİNE BİR UYGULAMA. Yaşar Üniversitesi E-Dergisi. 2026;21(Special Issue on 24th International Business Congress):16-34. doi:10.19168/jyasar.1777437
Chicago Dirik Ayvaz, Ceren, ve Selda Korga. 2026. “FİNANSAL ETKİNLİK ÖLÇÜMÜNDE ESG SKORUNUN ROLÜ: BIO-MCDEA YAKLAŞIMIYLA ENERJİ SEKTÖRÜ ÜZERİNE BİR UYGULAMA”. Yaşar Üniversitesi E-Dergisi 21 (Special Issue on 24th International Business Congress): 16-34. https://doi.org/10.19168/jyasar.1777437.
EndNote Dirik Ayvaz C, Korga S (01 Mart 2026) FİNANSAL ETKİNLİK ÖLÇÜMÜNDE ESG SKORUNUN ROLÜ: BIO-MCDEA YAKLAŞIMIYLA ENERJİ SEKTÖRÜ ÜZERİNE BİR UYGULAMA. Yaşar Üniversitesi E-Dergisi 21 Special Issue on 24th International Business Congress 16–34.
IEEE [1]C. Dirik Ayvaz ve S. Korga, “FİNANSAL ETKİNLİK ÖLÇÜMÜNDE ESG SKORUNUN ROLÜ: BIO-MCDEA YAKLAŞIMIYLA ENERJİ SEKTÖRÜ ÜZERİNE BİR UYGULAMA”, Yaşar Üniversitesi E-Dergisi, c. 21, sy Special Issue on 24th International Business Congress, ss. 16–34, Mar. 2026, doi: 10.19168/jyasar.1777437.
ISNAD Dirik Ayvaz, Ceren - Korga, Selda. “FİNANSAL ETKİNLİK ÖLÇÜMÜNDE ESG SKORUNUN ROLÜ: BIO-MCDEA YAKLAŞIMIYLA ENERJİ SEKTÖRÜ ÜZERİNE BİR UYGULAMA”. Yaşar Üniversitesi E-Dergisi 21/Special Issue on 24th International Business Congress (01 Mart 2026): 16-34. https://doi.org/10.19168/jyasar.1777437.
JAMA 1.Dirik Ayvaz C, Korga S. FİNANSAL ETKİNLİK ÖLÇÜMÜNDE ESG SKORUNUN ROLÜ: BIO-MCDEA YAKLAŞIMIYLA ENERJİ SEKTÖRÜ ÜZERİNE BİR UYGULAMA. Yaşar Üniversitesi E-Dergisi. 2026;21:16–34.
MLA Dirik Ayvaz, Ceren, ve Selda Korga. “FİNANSAL ETKİNLİK ÖLÇÜMÜNDE ESG SKORUNUN ROLÜ: BIO-MCDEA YAKLAŞIMIYLA ENERJİ SEKTÖRÜ ÜZERİNE BİR UYGULAMA”. Yaşar Üniversitesi E-Dergisi, c. 21, sy Special Issue on 24th International Business Congress, Mart 2026, ss. 16-34, doi:10.19168/jyasar.1777437.
Vancouver 1.Ceren Dirik Ayvaz, Selda Korga. FİNANSAL ETKİNLİK ÖLÇÜMÜNDE ESG SKORUNUN ROLÜ: BIO-MCDEA YAKLAŞIMIYLA ENERJİ SEKTÖRÜ ÜZERİNE BİR UYGULAMA. Yaşar Üniversitesi E-Dergisi. 01 Mart 2026;21(Special Issue on 24th International Business Congress):16-34. doi:10.19168/jyasar.1777437