THE IMPACT OF CORPORATE GOVERNANCE ON CLIMATE CHANGE PERFORMANCE: EVIDENCE FROM TÜRKİYE

Öz

This study attempts to test whether corporate governance performance has an impact on climate change ratings. The sample covers firms with climate change and corporate governance ratings in BIST from 2018 to 2022. The panel regression results show that corporate governance performance has a statistically significant effect on climate change performance. Accordingly, shareholders, boards of directors, and public disclosure ratings statistically impact firms' climate change disclosures. Besides, size of the audit committee, number of female audit committee members, asset size, and firm age have statistically significant effects on disclosures of climate change.

Anahtar Kelimeler

• Climate Change
• Corporate Governance
• Carbon Disclosure Project

KURUMSAL YÖNETİMİN İKLİM DEĞİŞİKLİĞİ NOT PERFORMANSINA ETKİSİ: TÜRKİYE’DEN BİR ÖRNEK

Öz

Çalışmanın amacı, işletmenin kurumsal yönetim performansının iklim değişikliği notları üzerinde etkisinin olup olmadığını test etmektir. Borsa İstanbul’a kayıtlı ve iklim değişikliği ile kurumsal yönetim derecelendirme notuna sahip şirketlerin 2018-2022 verileri üzerinde yapılan panel regresyon analizi, genel olarak kurumsal yönetim performansının iklim değişikliği performansı üzerinde istatistiksel açıdan anlamlı etkisinin olduğunu göstermektedir. Kurumsal yönetim derecelendirme sisteminin unsurlarından pay sahipleri, yönetim kurulu ve kamuyu aydınlatma notlarının işletmelerin iklim değişikliği açıklamaları üzerinde istatistiksel açıdan anlamlı etkilerinin olduğu tespit edilmiştir. Denetim komitesi üye sayısı, denetim komitesi bayan üye sayısı, aktif büyüklüğü ve işletme yaşının da iklim

Anahtar Kelimeler

• İklim Değişikliği
• Kurumsal Yönetim
• Karbon Saydamlık Projesi

Kaynakça

1. Açıkgöz, E., Uygurtürk, H., & Korkmaz, T. (2015). Analysis of factors affecting growth of pension mutual funds in Turkey. International Journal of Economics and Financial, 5(2), 427-433.
2. Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309.
3. Aggarwal, R., & Dow, S. (2012). Corporate governance and business strategies for climate change and environmental mitigation. The European Journal of Finance, 18(3-4), 311-331.
4. Aguilera, R., Jackson, G. (2003). The Cross-national Diversity of Corporate Governance: Dimensions and determinants. Academy of Management Review, 28(3), 447-465.
5. Akhtaruddin, M., Hossain, M.A., Hossain, M. and Yao, L. (2009). Corporate governance and voluntary disclosure in corporate annual reports of Malaysian listed firms, Journal of Applied Management Accounting Research, 7(1), pp. 1-19.
6. Alsaifi, K., Elnahass, M., & Salama, A. (2020). Carbon disclosure and financial performance: UK environmental policy. Business Strategy and the Environment, 29(2), 711-726.
7. Amran A, Periasamy V, Zulkafli AH (2014). Determinants of climate change disclosure by developed and emerging countries in Asia Pacific. Sustainable Development, 22(3),188–204.
8. Appuhami, R. and Tashakor, S. (2017). The impact of audit committee characteristics on CSR disclosure: an analysis of Australian firms. Australian Accounting Review, 27(4), 400-420. https://doi.org/10.1111/auar.12170

9. Arslan, Z., & Yağcılar, G. G. (2023). Sürdürülebilir finans kapsamında çevresel, sosyal ve kurumsal yönetim (ESG) ile banka kârlılığı arasındaki ilişki üzerine uluslararası bir araştırma. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 14(40), 1236-1263.
10. Ben-Amar W, McIlkenny P. (2015). Board effectiveness and the voluntary disclosure of climate change information. Business Strategy and the Environment, 24(8), 704–719.
11. Ben-Amar, W., Chang, M. and McIlkenny, P. (2017). Board gender diversity and corporate response to sustainability initiatives: evidence from the Carbon Disclosure Project, Journal of Business Ethics, 142(2), 369-383.
12. Benjamin, L., & Andreadakis, S. (2019). Corporate Governance and Climate Change: Smoothing Temporal Dissonance to a Phased Approach. Business Law Review, 40(4).
13. Bhasa, M.P. (2004). Global Corporate Governance: Debates and Challenges, Corporate Governance. The International Journal of Business in Society. 4(2), 5-17.
14. Brammer, S., & Pavelin, S. (2006). Voluntary environmental disclosures by large UK companies. Journal of Business Finance & Accounting, 33(7‐8), 1168-1188.
15. Brown, L.D., & Caylor, M.L. (2006). Corporate governance and firm performance. Journal of Accounting and Public Policy, 25(4), 409-434.
16. Bui, B., Houqe, M.N., & Zaman, M. (2020). Climate governance effects on carbon disclosure and performance. The British Accounting Review, 52(2).
17. CDP Turkey. Carbon Disclosure Project 2010 Turkey 50 Report. https://cdpturkey.sabanciuniv.edu/tr/content/cdp-2010-turkiye-50-raporu [25.03.2022].
18. Celayir, D. (2020). Kurumsal yönetim açısından sürdürülebilirlik raporlarının güvencesi ve Borsa İstanbul (BIST) Sürdürülebilirlik Endeksi üzerinde bir inceleme, BMIJ, 8(1), 20-44. doi: http://dx.doi.org/10.15295/bmij.v8i1.1375
19. Ceran, E.B. (2017). Kurumsal sürdürülebilirlik kavramı ve ölçümüne ilişkin bir ön çalışma. İstanbul Üniversitesi İşletme Fakültesi Dergisi, 46(Special Issue).
20. Çetenak, E.H., Aytaç, A., & Yağlı, İ. (2023). Çevresel, sosyal ve kurumsal yönetişim (ESG) değerlerinin banka performansi üzerine etkisi: ABD bankalari örneği. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 32(2), 424-434.
21. Chariri, A., Januarti, I., & Yuyetta, E. N. A. (2018). Audit committee characteristics and carbon emission disclosure. In E3S Web of Conferences, 73, 02001.
22. Cho, C., & Patten, D. (2007). The role of environmental disclosures as tools of legitimacy: a research note. Accounting, Organizations and Society, 32(7–8), 639–647.
23. Choi, B.B., Lee, D. and Psaros, J. (2013). An analysis of Australian company carbon emission disclosures, Pacific Accounting Review, 25(1), 58-79.
24. Ciocirlan, C., & Pettersson, C. (2012). Does workforce diversity matter in the fight against climate change? An analysis of Fortune 500 companies. Corporate Social Responsibility and Environmental Management, 19(1), 47-62.
25. Claessens, S., & Yurtoglu, B.B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1–33. https://doi.org/10.1016/j.ememar.2012.03.002
26. Comyns, B. (2016). Determinants of GHG reporting: an analysis of global oil and gas companies. Journal of Business Ethics, 136, 349-369.
27. Dănescu, T., & Popa, M. (2022). The role of female executives on corporate governance conformity: a cross-sectional analysis in an emergent market. Journal of Business Economics and Management, 23(5), 1084-1105. https://doi.org/10.3846/jbem.2022.17164
28. Dizgil, E., & Reis, G. (2021). Kurumsal yönetimin sermaye yapısına Etkisi: BIST Kurumsal Yönetim Endeksi üzerine bir araştırma. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (42), 83. doi: 10.30794/pausbed.644110
29. Duyen, C. (2023). The impact of corporate governance and ownership structure on the level of corporate social responsibility disclosure of listed manufacturing companies on the Ho Chi Minh stock exchange – Vietnam. Journal of Law and Sustainable Development, 11(12), e2189. https://doi.org/10.55908/sdgs.v11i12.2189
30. Ederington, L.H. (1985). Classification models and bond ratings. The Financial Review, 20(4), 237-262.
31. Elsayih, J., Tang, Q., & Lan, Y. C. (2018). Corporate governance and carbon transparency: Australian experience. Accounting Research Journal, 31(3), 405-422.
32. Flammer, C., Toffel, M.W., & Viswanathan, K.G. (2021). Shareholder activism and firms' voluntary disclosure of climate change risks. Strategic Management Journal, 42(10), 1850-1879. https://doi.org/10.1002/smj.3313
33. Galbreath J. 2010. Corporate governance practices that address climate change: an exploratory study. Business Strategy and the Environment, 19, 335–350
34. Giannarakis, G., Zafeiriou, E., & Sariannidis, N. (2017). The impact of carbon performance on climate change disclosure. Business Strategy and the Environment, 26(8), 1078-1094.
35. Granade, H.C., Creyts, J., Derkach, A., Farese, P., Nyquist, S., & Ostrowski, K. (2009). Unlocking energy efficiency in the US economy. McKinsey & Company.
36. Gürbüz, C., Köse, E., & Bekci, İ. (2024). Kurumsal yönetim özelliklerinin emisyon performanslarına etkisi üzerine bir araştırma. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(2), 443-458.
37. Hamid, F.Z.A. (2004). Corporate social disclosure by banks and finance companies: Malaysian evidence. Corporate Ownership and Control, 1(4), 118-130.
38. Haque, F. (2017). The effects of board characteristics and sustainable compensation policy on carbon performance of UK firms. The British Accounting Review, 49(3), 347-364.
39. Hoffman, A.J. 2005. Climate change strategy: the business logic behind voluntary greenhouse gas reductions. California Management Review, 47, 21–46.
40. Hollindale, J., Kent, P., Routledge, J., & Chapple, L. (2019). Women on boards and greenhouse gas emission disclosures. Accounting & Finance, 59(1), 277-308.
41. Hoover, S., & Fafatas, S. (2018). Political environment and voluntary disclosure in the US: Evidence from the Carbon Disclosure Project. Journal of Public Affairs, 18(4), e1637. https://cdpturkey.sabanciuniv.edu/tr
42. Hummels, H., & Argyrou, A. (2021). Planetary demands: Redefining sustainable development and sustainable entrepreneurship. Journal of Cleaner Production, (30), 1025-1041.
43. Hussain, N., Rigoni, U., & Orij, R.P. (2016), "Corporate governance and sustainability performance: analysis of Iatridis,
44. G. E. (2013). Environmental disclosure quality: Evidence on environmental performance, corporate governance, and value relevance. Emerging Markets Review, 14, 55-75.
45. J. Bédard, & Gendron, Y. (2010). Strengthening the Financial Reporting System: Can Audit Committees Deliver? International Journal of Auditing, 14, (2), pp. 174–210.
46. Jaffar, R., Aziendeh, R.R., Shukor, Z.A., & Rahman, M.R.C.A. (2018). Environmental Performance: Does Corporate Governance Matter? Jurnal Pengurusan, 52, 133-143.
47. Jensen, M., and W. Meckling. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 3, 305-360.
48. Jizi, M.I., Salama, A., Dixon, R., & Stratling, R. (2014). "Corporate governance and corporate social responsibility disclosure: evidence from the US banking sector," Journal of Business Ethics, 125 (4), 601-615.
49. Joecks, J., Pull, K., & Vetter, K. (2013). Gender Diversity in the Boardroom and Firm Performance: What Exactly Constitutes a "Critical Mass?", Journal of Business Ethics, 118, 61–72. https://doi.org/10.1007/s10551-012-1553-6
50. Johnson, J., & Powell, P. (1994). Decision Making, Risk and Gender: Are Managers Different? British Journal of Management, 5, 123-138.
51. Kanca, S., Çankaya, F., & Dinç, E. (2021). Kurumsal yönetim uygulamalarinin finansal performansa etkisi: BIST şirketlerinde bir uygulama. Karadeniz Teknik Üniversitesi Sosyal Bilimler Enstitüsü Sosyal Bilimler Dergisi, 11(22), 203-225.
52. Kardeş Selimoğlu, S., & Yazıcı, R. (2021). Türkiye’de kurumsal yönetişim vesürdürülebilirlik. The Journal of Accounting and Finance, 113-136. https://doi.org/10.25095/mufad.982425
53. Karğın, M. (2010). Muhasebe Verileri Olarak Finansal Oranlar ve İstatistiksek Özellikleri. Ankara: Gazi Kitabevi.
54. Khoiriyah, M., Zarefar, A., Afifah, U., & Oktari, V. (2022). The role of the audit committee in corporate sustainability disclosure. Akurasi: Jurnal Studi Akuntansi Dan Keuangan, 5(2), 167-179. https://doi.org/10.29303/akurasi.v5i2.243
55. Kılıç, M., & Kuzey, C. (2018). The effect of corporate governance on carbon emission disclosures: Evidence from Turkey. International Journal of Climate Change Strategies and Management, 11(1), 35-53.
56. Kılıç, M., & Kuzey, C. (2019). Determinants of climate change disclosures in the Turkish banking industry. International Journal of Bank Marketing, 37(3), 901-926.
57. Klapper, L.F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728.
58. Kock, C.J., Santaló, J., & Diestre, L. (2012). Corporate governance and the environment: what type of governance creates greener companies? Journal of Management Studies, 49(3), 492-514.
59. Kolk, A., & Pinkse, J. (2005). Business responses to climate change: identifying emergent strategies. California Management Review, 47, 6–20.
60. Konrad, A.M., & Kramer, V.W. (2006). How many women do boards need? Harvard Business Review, 84(12), 22.
61. Konrad, A.M., Kramer, V., & Erkut, S. (2008). The impact of three or more women on corporate boards. Organizational Dynamics, 37(2), 145-164.
62. Kouloukoui, D., de Oliveira Marinho, M. M., da Silva Gomes, S. M., Kiperstok, A., & Torres, E.A. (2019). Corporate climate risk management and the implementation of climate projects by the world's largest emitters. Journal of Cleaner Production, 238, 117935.
63. Kulalı, G. (2022). Çevresel, sosyal ve kurumsal yönetim (ESG) performansının piyasa değeri üzerindeki etkisi: Firma büyüklüğünün rolü. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 17(3), 787-809.
64. Kurt, Y. (2024). Karbon muhasebesi bağlamında kurumsal yönetim kalitesinin karbon emisyon açıklamaları üzerindeki etkisi. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 26(3), 1259-1274.
65. Lash, J., & Wellington, F. (2007). Competitive advantage on a warming planet. Harvard Business Review, 85, 94–102.
66. Lee, K.H., Cin, B.C., & Lee, E.Y. (2015). Environmental responsibility and firm performance: The application of an environmental, social, and governance model. Business Strategy and the Environment, 25(4), 213-223.
67. Lee, S., Park, Y., & Klassen, R.D. (2013). Market responses to firms' voluntary climate change information disclosure and carbon communication. Corporate Social Responsibility and Environmental Management, 22(1), 1-12. https://doi.org/10.1002/csr.1321
68. Lefley, F., & Janeček, V. (2023). Board gender diversity, quotas, and critical mass theory. Corporate Communications: An International Journal. 29 (2), 139-151
69. Li, X., & Li, Y. (2020). Female independent directors and financial irregularities in Chinese listed firms: From the perspective of audit committee chairpersons, Finance Research Letters, 32.
70. Liao, L., Luo, L., & Tang, Q. (2015). Gender diversity, board independence, environmental committee, and greenhouse gas disclosure, The British Accounting Review, 47(4), 409-424
71. Lu, W., Zhu, N., & Zhang, J. (2021). The impact of carbon disclosure on financial performance under low carbon constraints. Energies, 14(14), 4126. https://doi.org/10.3390/en14144126
72. Mallin, C., & Melis, A. (2010). Shareholder rights, shareholder voting, and corporate performance. Journal of Management & Governance, 16(2), 171-176. https://doi.org/10.1007/s10997-010-9138-1
73. Martin, Y., Teng, Y., & Deng, Z. (2022). Does firms' carbon disclosure increase consumers' recycling willingness and firms' recycling performance? Business Strategy and the Environment, 32(4), 2451-2470. https://doi.org/10.1002/bse.3258
74. Menassa, E. (2010). Corporate social responsibility: An exploratory study of the quality and extent of social disclosures by Lebanese commercial banks. Journal of Applied Accounting Research, 11(1), 4-23.
75. Mueller, D.C. (2006). The Anglo‐Saxon Approach to corporate governance and ıts applicability to emerging markets. Corporate Governance: An International Review, 14(4), 207-219.
76. Oktay, S., Bozkurt, S., & Yazıcı, K. (2021). The relationship between carbon disclosure project scores and global 500 companies: a perspective from national culture. SAGE Open, 11(2), 21582440211014521.
77. Pandey, R., Biswas, P., Ali, M., & Mansi, M. (2019). Female directors on the board and cost of debt: evidence from Australia. Accounting and Finance, 60(4), 4031-4060. https://doi.org/10.1111/acfi.12521
78. Peker, K., Kan, M., & Nadeem, M. (2019). Corporate governance of climate change adaptation. J. Glob. Innov. Agric. Soc. Sci, 7(1), 1-5.
79. Raj, Aggarwal & Sandra Dow (2012). Corporate governance and business strategies for climate change and environmental mitigation, The European Journal of Finance, 18(3-4), 311-331.
80. Rankin, M., Windsor, C., & Wahyuni, D. (2011). An investigation of voluntary corporate greenhouse gas emissions reporting in a market governance system: Australian evidence, Accounting, Auditing& Accountability Journal, 24(8), pp. 1037-1070.
81. Rifai, M., & Siregar, S.V. (2021). The effect of audit committee characteristics on forward-looking disclosure. Journal of Financial Reporting and Accounting, 19(5), 689-706. https://doi.org/10.1108/jfra-05-2019-0063
82. Salleh, Z., Seno, R., Alodat, A., & Hashim, H.A. (2022). Does the audit committee's effectiveness influence the reporting practice of GHG emissions in Malaysia? Journal of Sustainability Science and Management, 17(1), 204-220.
83. Siddique, A., Akhtaruzzaman, M., Rashid, A., & Hammami, H. (2021). Carbon disclosure, carbon performance, and financial performance: international evidence. International Review of Financial Analysis, 75, 101734. https://doi.org/10.1016/j.irfa.2021.101734
84. Sultanoğlu, B., & Özerhan, Y. (2020). İklim değişikliği raporlaması: Türkiye’deki işletmelerin gönüllü karbon saydamlık projesi (CDP) açıklamaları, Muhasebe Bilim Dünyası Dergisi, 22(Özel Sayı), 176 - 194.
85. Tatoğlu, F.Y. (2016). Panel veri ekonometrisi, İstanbul: Beta Yayın.
86. Tauringana, V., & L. Chithambo. (2015). The effect of DEFRA guidance on greenhouse gas disclosure, The British Accounting Review, 47, 425–444.
87. Tingbani, I., Chithambo, L., Tauringana, V., & Papanikolaou, N. (2020). Board gender diversity, environmental committee, and greenhouse gas voluntary disclosures. Business Strategy and the Environment, 29(6), 2194-2210.
88. Torchia, M., Calabrò, A., & Huse, M. (2011). Women directors on corporate boards: From tokenism to critical mass. Journal of Business Ethics, 102, 299-317.
89. Turguttopbaş, N. (2020). Sürdürülebilirlik, yeşil finans ve ilk yeşil Türk tahvil aracı. Finansal Araştırmalar ve Çalışmalar Dergisi, 12(22), 268.
90. Türkiye İstatistik Kurumu. (2023). Sera gazı emisyon istatistikleri, 2021. https://data.tuik.gov.tr/Bulten/Index?p=Sera-Gazi-Emisyon-Istatistikleri-1990-2021-49672&dil=1
91. Van den Berghe, L. A., & Levrau, A. (2004). Evaluating boards of directors: what constitutes a good corporate board? Corporate Governance: an International Review, 12(4), 461-478.
92. Velte, P. (2023). Sustainable board governance and environmental performance: European evidence. Business Strategy and the Environment, 33(4), 3397-3421. https://doi.org/10.1002/bse.3654
93. Yunus, S., Elijido-Ten, E., & Abhayawansa, S. (2016). Determinants of carbon management strategy adoption: Evidence from Australia's top 200 publicly listed firms. Managerial Auditing Journal, 31(2), 156-179.