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DOES ESG PERFORMANCE IMPACT FINANCIAL PERFORMANCE? EVIDENCE FROM THE UTILITIES SECTOR

Yıl 2022, , 160 - 183, 30.06.2022
https://doi.org/10.31460/mbdd.1065217

Öz

The aim of this study is to provide evidence for the impact of environmental, social and corporate governance (ESG) performances of companies operating in the utilities sector on their financial performance. The study used data from 325 companies in the utilities sector worldwide which have been listed in ASSET4 between 2010 and 2019. Refinitiv's Thomson Reuters ASSET4, EIKON, and Datastream databases have been used to obtain data on ESG performance and financial performance variables used in the study. According to the regression results, ESG performance has no impact on financial performance.

Kaynakça

  • Abdi, Y., Li, X., & Càmara-Turull, X. (2021). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: The moderating role of size and age. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-021-01649-w
  • Ahmad, N., Mobarek, A., & Roni, N. N. (2021). Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. Cogent Business & Management, 8(1), 1900500. https://doi.org/10.1080/23311975.2021.1900500
  • Almeyda, R., & Darmansya, A. (2019). The Influence of Environmental, Social, and Governance (ESG) Disclosure on Firm Financial Performance. IPTEK Journal of Proceedings Series, 5, 278–290. https://doi.org/10.12962/j23546026.y2019i5.6340
  • Aras, G., Aybars, A., & Kutlu, O. (2010). Managing corporate performance: Investigating the relationship between corporate social responsibility and financial performance in emerging markets. International Journal of Productivity and Performance Management, 59(3), 229–254. https://doi.org/10.1108/17410401011023573
  • Balatbat, M. C. A., Siew, R. Y. J., & Carmichael, D. G. (2013). ESG Scores and its Influence on Firm Performance: Australian Evidence. 33.
  • Business Wire. (2021). Global Utilities ındustry guide 2021: Total Revenues of $6,342.9 billion in 2020 Retrieved from https://www.businesswire.com/news/home/20210705005040/en/Global-Utilities-Industry-Guide-2021-Total-Revenues-of-6342.9-Billion-in-2020---Industry-Size-Value-2016-2020-and-Forecast-to-2025---ResearchAndMarkets.com
  • Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate Governance, Board Diversity, and Firm Value. Financial Review, 38(1), 33–53. https://doi.org/10.1111/1540-6288.00034
  • Cavaco, S., & Crifo, P. (2014). CSR and financial performance: Complementarity between environmental, social and business behaviours. Applied Economics, 46(27), 3323–3338. https://doi.org/10.1080/00036846.2014.927572
  • Cheung, Y. L., Tan, W., Ahn, H.-J., & Zhang, Z. (2010). Does corporate social responsibility matter in asian emerging markets? Journal of Business Ethics, 92(3), 401–413. https://doi.org/10.1007/s10551-009-0164-3
  • Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the Relationship between CSR and Financial Performance. Sustainability, 11(2), 343. https://doi.org/10.3390/su11020343
  • Chouaibi, S., Chouaibi, J., & Rossi, M. (2021). ESG and corporate financial performance: The mediating role of green innovation: UK common law versus Germany civil law. EuroMed Journal of Business, ahead-of-print(ahead-of-print). https://doi.org/10.1108/EMJB-09-2020-0101
  • Commission of the European Communities. (2001). Green paper ‘promoting a European framework for corporate social responsibility’. COM (2001) 366 final, Brussels. Retrieved from https://www.europarl.europa.eu/meetdocs/committees/deve/20020122/com(2001)366_en.pdf
  • Crifo, P., Escrig-Olmedo, E., & Mottis, N. (2019). Corporate Governance as a Key Driver of Corporate Sustainability in France: The Role of Board Members and Investor Relations. Journal of Business Ethics, 159(4), 1127–1146. https://doi.org/10.1007/s10551-018-3866-6
  • Dey, A., LaGuardia, P., & Srinivasan, M. (2011). Building sustainability in logistics operations: A research agenda. Management Research Review, 34(11), 1237–1259. https://doi.org/10.1108/01409171111178774
  • Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review, 20(1), 65–91. https://doi.org/10.5465/amr.1995.9503271992
  • Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of Director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102–111. https://doi.org/10.1111/1467-8683.00011
  • Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. The Journal of Law & Economics, 26(2), 301–325.
  • Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
  • Fauzi, H. (2009). Corporate social and financial performance: Empirical evidence from american companies (SSRN Scholarly Paper ID 1489494). Social Science Research Network. https://papers.ssrn.com/abstract=1489494
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  • Freeman, R. E. (1994). The politics of stakeholder theory: Some future directions. Business Ethics Quarterly, 4(4), 409–421. https://doi.org/10.2307/3857340
  • Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
  • Ghoul, S. E., Guedhami, O., & Kim, Y. (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies, 48(3), 360–385. https://doi.org/10.1057/jibs.2016.4
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ESG PERFORMANSI FİNANSAL PERFORMANSA ETKİ EDEBİLİR Mİ? ELEKTRİK SU, GAZ VE ATIK SEKTÖRÜ ÜZERİNE BİR ARAŞTIRMA

Yıl 2022, , 160 - 183, 30.06.2022
https://doi.org/10.31460/mbdd.1065217

Öz

Bu çalışmanın amacı elektrik, su, gaz ve atık sektöründe faaliyet gösteren şirketlerin çevresel, sosyal ve kurumsal yönetim (Environmental, Social, Governance-ESG) performanslarının finansal performanslarına etkisine yönelik kanıtlar sunmaktır. Bu amaçla çalışmada, elektrik, su, gaz ve atık sektöründe (Utilities) dünya genelinde ASSET4’te yer alan 325 şirketin 2010-2019 yıllarını kapsayan verileri kullanılmıştır. Çalışma kapsamında kullanılan ESG performansı ve finansal performans değişkenlerine ait veriler Refinitiv’in Thomson Reuters ASSET4, EIKON ve Datastream veri tabanından elde edilmiştir. Gerçekleştirilen regresyon analizleri sonucunda şirketlerin ESG performanslarının finansal performansları üzerinde etkili olmadığı tespit edilmiştir.

Kaynakça

  • Abdi, Y., Li, X., & Càmara-Turull, X. (2021). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: The moderating role of size and age. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-021-01649-w
  • Ahmad, N., Mobarek, A., & Roni, N. N. (2021). Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. Cogent Business & Management, 8(1), 1900500. https://doi.org/10.1080/23311975.2021.1900500
  • Almeyda, R., & Darmansya, A. (2019). The Influence of Environmental, Social, and Governance (ESG) Disclosure on Firm Financial Performance. IPTEK Journal of Proceedings Series, 5, 278–290. https://doi.org/10.12962/j23546026.y2019i5.6340
  • Aras, G., Aybars, A., & Kutlu, O. (2010). Managing corporate performance: Investigating the relationship between corporate social responsibility and financial performance in emerging markets. International Journal of Productivity and Performance Management, 59(3), 229–254. https://doi.org/10.1108/17410401011023573
  • Balatbat, M. C. A., Siew, R. Y. J., & Carmichael, D. G. (2013). ESG Scores and its Influence on Firm Performance: Australian Evidence. 33.
  • Business Wire. (2021). Global Utilities ındustry guide 2021: Total Revenues of $6,342.9 billion in 2020 Retrieved from https://www.businesswire.com/news/home/20210705005040/en/Global-Utilities-Industry-Guide-2021-Total-Revenues-of-6342.9-Billion-in-2020---Industry-Size-Value-2016-2020-and-Forecast-to-2025---ResearchAndMarkets.com
  • Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate Governance, Board Diversity, and Firm Value. Financial Review, 38(1), 33–53. https://doi.org/10.1111/1540-6288.00034
  • Cavaco, S., & Crifo, P. (2014). CSR and financial performance: Complementarity between environmental, social and business behaviours. Applied Economics, 46(27), 3323–3338. https://doi.org/10.1080/00036846.2014.927572
  • Cheung, Y. L., Tan, W., Ahn, H.-J., & Zhang, Z. (2010). Does corporate social responsibility matter in asian emerging markets? Journal of Business Ethics, 92(3), 401–413. https://doi.org/10.1007/s10551-009-0164-3
  • Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the Relationship between CSR and Financial Performance. Sustainability, 11(2), 343. https://doi.org/10.3390/su11020343
  • Chouaibi, S., Chouaibi, J., & Rossi, M. (2021). ESG and corporate financial performance: The mediating role of green innovation: UK common law versus Germany civil law. EuroMed Journal of Business, ahead-of-print(ahead-of-print). https://doi.org/10.1108/EMJB-09-2020-0101
  • Commission of the European Communities. (2001). Green paper ‘promoting a European framework for corporate social responsibility’. COM (2001) 366 final, Brussels. Retrieved from https://www.europarl.europa.eu/meetdocs/committees/deve/20020122/com(2001)366_en.pdf
  • Crifo, P., Escrig-Olmedo, E., & Mottis, N. (2019). Corporate Governance as a Key Driver of Corporate Sustainability in France: The Role of Board Members and Investor Relations. Journal of Business Ethics, 159(4), 1127–1146. https://doi.org/10.1007/s10551-018-3866-6
  • Dey, A., LaGuardia, P., & Srinivasan, M. (2011). Building sustainability in logistics operations: A research agenda. Management Research Review, 34(11), 1237–1259. https://doi.org/10.1108/01409171111178774
  • Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review, 20(1), 65–91. https://doi.org/10.5465/amr.1995.9503271992
  • Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of Director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102–111. https://doi.org/10.1111/1467-8683.00011
  • Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. The Journal of Law & Economics, 26(2), 301–325.
  • Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
  • Fauzi, H. (2009). Corporate social and financial performance: Empirical evidence from american companies (SSRN Scholarly Paper ID 1489494). Social Science Research Network. https://papers.ssrn.com/abstract=1489494
  • Franzén, F. (2019). ESG Portfolios and Stock Returns: An analysis of ESGs effect on financial performance. https://doi.org/10/file/8981922.pdf
  • Freeman, R. E. (1994). The politics of stakeholder theory: Some future directions. Business Ethics Quarterly, 4(4), 409–421. https://doi.org/10.2307/3857340
  • Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
  • Ghoul, S. E., Guedhami, O., & Kim, Y. (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies, 48(3), 360–385. https://doi.org/10.1057/jibs.2016.4
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  • Mishra, S., & Suar, D. (2010). Does Corporate Social Responsibility Influence Firm Performance of Indian Companies? Journal of Business Ethics, 95, 571–601. https://doi.org/10.1007/s10551-010-0441-1
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  • Naciti, V. (2019). Corporate governance and board of directors: The effect of a board composition on firm sustainability performance. Journal of Cleaner Production, 237, 117727. https://doi.org/10.1016/j.jclepro.2019.117727
  • Nekhili, M., Boukadhaba, A., Nagati, H., & Chtioui, T. (2019). ESG performance and market value: The moderating role of employee board representation. The International Journal of Human Resource Management, 0(0), 1–27. https://doi.org/10.1080/09585192.2019.1629989
  • Nelling, E., & Webb, E. (2009). Corporate social responsibility and financial performance: The “virtuous circle” revisited. Review of Quantitative Finance and Accounting, 32(2), 197–209. https://doi.org/10.1007/s11156-008-0090-y
  • Orhunbilge, N. (2002). Uygulamalı Regresyon ve Korelasyon Analizi. İstanbul: İstanbul Üniversitesi Basım ve Yayınevi.
  • Peng, L. S., & Isa, M. (2020). Environmental, Social and Governance (ESG) Practices And Performance In Shariah Firms: Agency or Stakeholder Theory? Asian Academy of Management Journal of Accounting and Finance (AAMJAF), 16(1), 1–34.
  • Purnomo, P. K., & Widianingsih, L. P. (2012). The Influence of Environmental Performance on Financial Performance with Corporate Social Responsibility (CSR) Disclosure as a Moderating Variable: Evidence from Listed Companies in Indonesia. 1, 13.
  • Rettab, B., Brik, A. B., & Mellahi, K. (2009). A Study of Management Perceptions of the Impact of Corporate Social Responsibility on Organisational Performance in Emerging Economies: The Case of Dubai. Journal of Business Ethics, 89(3), 371–390. https://doi.org/10.1007/s10551-008-0005-9
  • Rhou, Y., Singal, M., & Koh, Y. (2016). CSR and financial performance: The role of CSR awareness in the restaurant industry. International Journal of Hospitality Management, 57, 30–39. https://doi.org/10.1016/j.ijhm.2016.05.007
  • Saygili, E., Arslan, S., & Birkan, A. O. (2021). ESG practices and corporate financial performance: Evidence from Borsa Istanbul. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2021.07.001
  • Şeker, Y., & Şengür, E. D. (2021). The ımpact of environmental, social, and governance (esg) performance on financial reporting quality: ınternational evidence. Ekonomika, 100(2), 190–212. https://doi.org/10.15388/Ekon.2021.100.2.9
  • Sembiring, E. R. (2006). Karakterıstık perusahaan dan pengungkapan tanggung jawab sosıal: study empırıs pada perusahaan yang tercatat dı bursa efek Jakarta. Maksı, 6. http://eprints.undip.ac.id/35124/
  • Shahbaz, M., Karaman, A. S., Kilic, M., & Uyar, A. (2020). Board attributes, CSR engagement, and corporate performance: What is the nexus in the energy sector? Energy Policy, 143, 111582. https://doi.org/10.1016/j.enpol.2020.111582
  • Shakil, M. H., Mahmood, N., Tasnia, M., & Munim, Z. H. (2019). Do environmental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Management of Environmental Quality: An International Journal, 30(6), 1331–1344. https://doi.org/10.1108/MEQ-08-2018-0155
  • Shaukat, A., Qiu, Y., & Trojanowski, G. (2016). Board attributes, corporate social responsibility strategy, and corporate environmental and social performance. Journal of Business Ethics, 135(3), 569–585. https://doi.org/10.1007/s10551-014-2460-9
  • Siew, R. Y. J., Balatbat, M. C. A., & Carmichael, D. G. (2013). The relationship between sustainability practices and financial performance of construction companies. Smart and Sustainable Built Environment, 2(1), 6–27. https://doi.org/10.1108/20466091311325827
  • Sinthupundaja, J., Chiadamrong, N., & Kohda, Y. (2019). Internal capabilities, external cooperation and proactive CSR on financial performance. The Service Industries Journal, 39(15–16), 1099–1122. https://doi.org/10.1080/02642069.2018.1508459
  • Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. The Academy of Management Review, 20(3), 571–610. https://doi.org/10.2307/258788
  • Sun, L. (2012). Further evidence on the association between corporate social responsibility and financial performance. International Journal of Law and Management, 54(6), 472–484. https://doi.org/10.1108/17542431211281954
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  • Uadiale, O. M., & Fagbemi, T. O. (2012). Corporate Social Responsibility and Financial Performance in Developing Economies: The Nigerian Experience. http://bura.brunel.ac.uk/handle/2438/18730
  • Uyar, A., Kilic, M., Koseoglu, M. A., Kuzey, C., & Karaman, A. S. (2020). The link among board characteristics, corporate social responsibility performance, and financial performance: Evidence from the hospitality and tourism industry. Tourism Management Perspectives, 35, 100714. https://doi.org/10.1016/j.tmp.2020.100714
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  • Valiente, J. M. A., Ayerbe, C. G., & Figueras, M. S. (2012). Social responsibility practices and evaluation of corporate social performance. Journal of Cleaner Production, Complete(35), 25–38. https://doi.org/10.1016/j.jclepro.2012.05.002
  • Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029
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  • Wang, Z., & Sarkis, J. (2017). Corporate social responsibility governance, outcomes, and financial performance. Journal of Cleaner Production, 162, 1607–1616. https://doi.org/10.1016/j.jclepro.2017.06.142
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  • Wu, L., Shao, Z., Yang, C., Ding, T., & Zhang, W. (2020). The Impact of CSR and Financial Distress on Financial Performance—Evidence from Chinese Listed Companies of the Manufacturing Industry. Sustainability, 12(17), 6799. https://doi.org/10.3390/su12176799
  • Wu, M.-W., & Shen, C.-H. (2013). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking & Finance, 37(9), 3529–3547. https://doi.org/10.1016/j.jbankfin.2013.04.023
  • 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
  • Yang, A. S., & Baasandorj, S. (2017). Exploring CSR and financial performance of full-service and low-cost air carriers. Finance Research Letters, 23, 291–299. https://doi.org/10.1016/j.frl.2017.05.005
  • Yang, F.-J., Lin, C.-W., & Chang, Y.-N. (2010). The linkage between corporate social performance and corporate financial performance. African Journal of Business Management, 4(4), 406–413. https://doi.org/10.5897/AJBM.9000611
  • Yekini, S., & Ho, T. (2014). Investigating the link between CSR and Financial Performance – Evidence from Vietnamese Listed Companies. British Journal of Arts and Social Sciences, 17, ISSN: 2046-9578,.
  • Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., & Kang, J. (2018). ESG and Corporate Financial Performance: Empirical Evidence from China’s Listed Power Generation Companies. Sustainability, 10(8), 2607. https://doi.org/10.3390/su10082607
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Toplam 82 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm ANABÖLÜM
Yazarlar

Yasin Şeker 0000-0003-0513-7682

Nevzat Güngör 0000-0001-9883-1985

Yayımlanma Tarihi 30 Haziran 2022
Gönderilme Tarihi 30 Ocak 2022
Yayımlandığı Sayı Yıl 2022

Kaynak Göster

APA Şeker, Y., & Güngör, N. (2022). DOES ESG PERFORMANCE IMPACT FINANCIAL PERFORMANCE? EVIDENCE FROM THE UTILITIES SECTOR. Muhasebe Bilim Dünyası Dergisi, 24(MODAVICA Özel Sayısı), 160-183. https://doi.org/10.31460/mbdd.1065217