THE RELATIONSHIP BETWEEN FIRMS’ CARBON EMISSIONS AND CAPITAL COSTS: THE EVIDENCE FROM TURKEY

Öz

Firms have to take responsibility with the increasing social concern about environmental, social and corporate governance issues. As a result of these responsibilities, firms' carbon emissions have become an important factor in gaining competitive advantage. In this context, the study examines the impact of firms' carbon emissions on their debt and equity costs. In the study, out of 476 firms in the BIST All Shares Index (XUTUM), 33 firms that have disclosed their carbon emission amounts between 2017-2021 are included in the scope of the analysis. After the pre-tests, the Driscoll-Kraay estimator was applied to the models. According to the findings of the study, firms' carbon emissions positively affect their debt costs. On the other hand, the effect of carbon emissions on equity costs is not statistically significant. According to the findings, firms with high carbon emissions are expected to incur high debt costs in their use of financial resources.

Anahtar Kelimeler

• Carbon Emissions
• Cost of Capital
• Panel Data Analysis
• Sustainability

FİRMALARIN KARBON EMİSYONLARI İLE SERMAYE MALİYETLERİ İLİŞKİSİ: TÜRKİYE ÖRNEĞİ

Öz

Çevre, sosyal ve kurumsal yönetim konularında artan toplumsal endişe ile firmalar sorumluluk almak durumunda kalmıştır. Alınan sorumluluklar neticesinde firmaların karbon emisyonları da rekabet avantajı elde etme noktasında önemli bir unsur haline gelmiştir. Bu bağlamda, çalışmada firmaların karbon emisyonlarının, borçlanma ve özsermaye maliyetleri üzerindeki etkisi incelenmiştir. Çalışmada BIST Tüm Endeksi (XUTUM)’nde yer alan 476 firmadan karbon emisyon miktarlarını 2017-2021 yılları arasında yayımlamış olan 33 firma analiz kapsamına alınmıştır. Yapılan ön testlerin ardından modellere Driscoll-Kraay tahmincisi uygulanmıştır. Çalışmanın bulgularına göre, firmaların karbon emisyonları borçlanma maliyetlerini pozitif yönde etkilemektedir. Diğer taraftan karbon emisyonlarının özsermaye maliyetleri üzerindeki etkisi istatistiksel olarak anlamlı değildir. Bulgulara göre, yüksek karbon emisyonuna sahip işletmelerin yabancı kaynak kullanımlarında yüksek borç maliyetine katlanması beklenmektedir.

Anahtar Kelimeler

• Karbon Emisyonları
• Sermaye Maliyeti
• Panel Veri Analizi
• Sürdürülebilirlik

Kaynakça

1. Al-Fakir Al Rabab’a, E., Rashid, A. ve Shams, S. (2023). Corporate Carbon Performance and Cost of Debt: Evidence from Asia-Pacific Countries. International Review of Financial Analysis, 88(September 2022), 102641.
2. Albarrak, M. S., Elnahass, M. ve Salama, A. (2019). The Effect of Carbon Dissemination on Cost of Equity. Business Strategy and the Environment, 28(6), 1179–1198.
3. Atasel, O. Y., Guneysu, Y. ve Unal, H. (2020). Impact of Environmental Information Disclosure on Cost of Equity and Financial Performance in an Emerging Market: Evidence from Turkey. Ekonomika, 99(2), 76–91.
4. Baltagi, B. ve Wu, P. (1999). Unequally Spaced Panel Data Regressions with AR(1) Disturbances. Econometric Theory, 15(6), 814–823.
5. Bhargava, A., Franzini, L. ve Narendranathan, W. (1982). Serial Correlation and the Fixed Effects Model. Review of Economic Studies, 49(4), 533–549.
6. Botosan, C. A. ve Plumlee, M. A. (2002). A Re-examination of Disclosure Level and the Expected Cost of Equity Capital. Journal of Accounting Research, 40(1), 21–40.
7. Breusch, A. T. S. ve Pagan, A. R. (1979). A Simple Test for Heteroscedasticity and Random Coefficient Variation. Econometrica, 47(5), 1287–1294.
8. Butselaar, S. (2020). The Effect of Carbon Emissions on Firm Performance and the Moderating Effect of Innovation. Nijmegen School of Management.

9. Caragnano, A., Mariani, M., Pizzutilo, F., ve Zito, M. (2020). Is It Worth Reducing GHG Emissions? Exploring The Effect on The Cost of Debt Financing. Journal of Environmental Management, 270, 110860.
10. Chen, S., Mao, H. ve Sun, J. Low-Carbon City Construction and Corporate Carbon Reduction Performance: Evidence From a Quasi-Natural Experiment in China. J Bus Ethics 180, 125–143 (2022).
11. Cheng, B., Ioannou, I. ve Serafeim, G. (2014). Corporate Social Responsibility and Access to Finance. Strategic Management Journal, 35(1), 1–23.
12. Cook, D. ve Weisberg, S. (1983). Diagnostics for Heteroscedasticity in Regression. Biometrika, 70(1), 1–10. https://www.jstor.org/stable/2335938 adresinden erişildi.
13. Downar, B., Ernstberger, J., Reichelstein, S., Schwenen, S. ve Zaklan, A. (2021). The Impact of Carbon Disclosure Mandates on Emissions and Financial Operating Performance. Review of Accounting Studies, 26(3), 1137–1175.
14. Driscoll, J. C. ve Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. Review of Economics and Statistics, 80(4), 549–559.
15. El Ghoul, S., Guedhami, O., Kwok, C. C. Y. ve Mishra, D. R. (2011). Does Corporate Social Responsibility Affect The Cost of Capital? Journal of Banking and Finance, 35(9), 2388–2406.
16. Fama, E. ve French, K. (1992). The Cross-Section of Expected Stock Returns. The Journal of Finance, (2), 427– 465.
17. Garzón-Jiménez, R. ve Zorio-Grima, A. (2021). Effects of Carbon Emissions, Environmental Disclosures and CSR Assurance on Cost of Equity in Emerging Markets. Sustainability (Switzerland), 13(2), 1–11.
18. Gerged, A. M., Matthews, L. ve Elheddad, M. (2021). Mandatory Disclosure, Greenhouse Gas Emissions and The Cost of Equity Capital: UK Evidence of A U-Shaped Relationship. Business Strategy and the Environment, 30(2), 908–930.
19. Güneysu, Y. ve Atasel, O. Y. (2022). Karbon Emi̇syonlari İle Fi̇nansal Performans Arasindaki İli̇şki̇ni̇n İncelenmesi̇: Bist100 Endeksi̇nde Bi̇r Araştırma. Fırat Üniversitesi Sosyal Bilimler Dergisi, 32(3), 1183–1193.
20. Gupta, K. (2018). Environmental Sustainability and Implied Cost of Equity: International Evidence. Journal of Business Ethics, 147(2), 343–365.
21. Ramsey, J. B. (1969). Tests for Specification Errors in Classical Linear Least-Squares Regression Analysis. Society, Royal Statistical, 31(2), 350–371.
22. Jung, J., Herbohn, K. ve Clarkson, P. (2018). Carbon Risk, Carbon Risk Awareness and the Cost of Debt Financing. Journal of Business Ethics, 150(4), 1151–1171.
23. Kim, Y. B., An, H. T. ve Kim, J. D. (2015). The Effect of Carbon Risk on The Cost of Equity Capital. Journal of Cleaner Production, 93, 279–287.
24. Kleimeier, S. ve Viehs, M. (2018). Carbon Disclosure, Emission Levels, and the Cost of Debt. SSRN Electronic Journal, January 7, 1–42.
25. Kozak, S. (2021). Will The Reduction of CO2 Emissions Lower The Cost of Debt Financing? The Case of Eu Countries. Energies, 14(24).
26. Larsson, F. ve Larsson, H. (2023). Impact of ESG Performance and Carbon Emissions on Cost of Debt: A Study of The Nordic Markets. https://www.diva-portal.org/smash/get/diva2:1775321/FULLTEXT01.pdf adresinden erişildi.
27. Li, Y., Eddie, I. ve Liu, J. (2014). Carbon Emissions and The Cost of Capital: Australian Evidence. Review of Accounting and Finance, 13(4), 400–420.
28. Maaloul, A. (2018). The Effect of Greenhouse Gas Emissions on Cost of Debt: Evidence from Canadian Firms. Corporate Social Responsibility and Environmental Management.
29. Matsumura, E. M., Prakash, R., ve Vera-Munoz, S. C. (2014). Firm-Value Effects of Carbon Emissions and Carbon Disclosures. The Accounting Review, 89(2), 695-724.
30. Ng, A. C. ve Rezaee, Z. (2015). Business Sustainability Performance and Cost of Equity Capital. Journal of Corporate Finance, 34, 128–149.
31. Palea, V. ve Drogo, F. (2020). Carbon Emissions and The Cost of Debt Financing: What Role for Policy Commitment, Firm Disclosure and Corporate Governance? Review (C. February 6).
32. Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. SSRN Electronic Journal, (1240).
33. Rahman, N. R. A., Johari, N. H. ve Mohamad, N. E. A. (2017). Carbon Emission Disclosure and The Cost of Capital: An Analysis of Malaysian Capital Market. SHS Web of Conferences, 36(20), 1–12.
34. Özçelik, S.A.G. (2016). "Türkiye Kalkınma Bankası Kurumsal Sera Gazı Envanteri ve Raporu". 22 Haziran 2019 tarihinde http: //www.kalkinma.com.tr/data/file/çevreci kalkinma/2016 yili Sera Gazi Envanteri ve Raporu.pdf adresinden erişildi
35. Sharfman, M. P. ve Fernando, C. S. (2008). Environmental Risk Management and The Cost of Capital. Strategic Management Journal, 29(6), 569–592.
36. Swartz, C. (2008). Disclosure Level and The Cost of Equity Capital: South African Evidence. University of Cape Town.
37. Türkiye İstatistik Kurumu (2023). Sera Gazı Emisyon Envanteri Raporu. (Erişim Tarihi: 22.12.2023) /data.tuik.gov.tr/Bulten/Index?p=Sera-Gazi-Emisyon-Istatistikleri-1990-2021-49672
38. United Nations Framework Convention on Climate Change (UNFCCC) (2015). Adoption of the Paris Agreement. Erişim Tarihi (25.12.2023). https://unfccc.int/resource/docs/2015/cop21/eng/l09r01.pdf
39. Wang, Y., Feng, Z. ve Huang, H. (2020). Corporate Carbon Dioxide Emissions and The Cost of Debt Financing: Evidence from The Global Tourism Industry. International Journal of Tourism Research.
40. Wellington, F. ve Sauer, A. (2005). Framing Climate Risk in Portfolio Management. Environmental Resources Evaluation System. (Erişim Tarihi: 25.12.2023). http://pdf.wri.org/framing_climate_risk_uncertainty.pdf
41. World Meteorological Organization (2023). Provisional State of The Global Cilimate 2023. https://wmo.int/sites/default/files/2023- 11/WMO%20Provisional%20State%20of%20the%20Global%20Climate%202023.pdf (Erişim Tarihi 20.12.2023).
42. Yerdelen Tatoğlu, F. (2020). Panel Veri Ekonometrisi. İstanbul: Beta Yayıncılık.