A NEW DIMENSION COMPLEMENTING FINANCIAL ANALYSIS: A HOLISTIC ASSESSMENT THROUGH SUSTAINABILITY ANALYSIS

Öz

With the global economic system beginning to restructure along the axis of sustainability, the evolution of financial analysis processes in line with this transformation has become inevitable. The aim of this study is to examine the sustainability analysis approach from a theoretical perspective, to demonstrate the necessity of integrating ESG indicators into financial analysis processes, and to reveal the impact of this approach on financial decision-making. Financial analysis can be defined as the examination of financial statements (such as the balance sheet, income statement, and cash flow statement) to evaluate a company’s financial position and performance, through indicators of indebtedness, profitability, efficiency, and liquidity. Sustainability analysis, on the other hand, is an approach that enables the assessment of a company’s financial performance by incorporating ESG (Environmental, Social, and Governance) factors. In this context, sustainability analysis can be regarded as an approach that considers companies not only through financial metrics but also through other financial and non-financial indicators. In the study, the concept of sustainability analysis is first defined within a theoretical framework, followed by an evaluation of the integration of environmental, social, and governance (ESG) indicators into financial decision-making processes. The findings of the study indicate that sustainability analysis practices offer a more holistic approach than traditional financial analysis in terms of long-term corporate value creation and investor confidence. In other words, sustainability analysis extends financial analysis beyond a short-term profitability perspective.

Anahtar Kelimeler

• Sustainability
• Sustainability Analysis
• ESG Indicators

FİNANSAL ANALİZİ TAMAMLAYAN YENİ BOYUT: SÜRDÜRÜLEBİLİRLİK ANALİZİ İLE BÜTÜNCÜL DEĞERLENDİRME

Öz

Küresel ekonomik sistemin sürdürülebilirlik ekseninde yeniden yapılanmaya başlaması ile finansal analiz süreçlerinin bu dönüşüme doğru evrilmesi kaçınılmaz hale gelmiştir. Bu çalışmanın amacı, sürdürülebilirlik analizi yaklaşımını kuramsal yönüyle ele alarak, ESG göstergelerinin finansal analiz süreçlerine entegrasyonunun gerekliliğini ve bu yaklaşımın finansal karar alma üzerindeki etkilerini ortaya koymaktır. Finansal analiz, işletmelerin finansal durumunu ve performansını değerlendirmek amacıyla finansal tablolar (bilanço, gelir tablosu, nakit akış tablosu vb.) üzerinden yapılan borçluluk, karlılık, verimlilik ve likidite analizleri olarak ifade edilebilmektedir. Sürdürülebilirlik analizi ise işletmelerin finansal performansını değerlendirirken ESG faktörleri ile değerlendirilmesine olanak tanıyan bir yaklaşımdır. Bu bağlamda, sürdürülebilirlik analizi, şirketleri finansal ölçütler yanında finansal olan ya da olmayan diğer göstergelerle de ele alan bir yaklaşım olarak kabul edilebilir. Çalışmada öncelikle sürdürülebilirlik analizi kavramı kuramsal bir çerçevede tanımlanmış, ardından çevresel (environmental), sosyal (social) ve yönetişim (governance) -ESG göstergelerin finansal karar alma süreçlerine entegrasyonu ele alınmıştır. Çalışma sonucunda, sürdürülebilirlik analizi uygulamalarının, uzun vadeli kurumsal değer yaratımı ve yatırımcı güveni açısından finansal analize göre daha bütüncül bir yaklaşım sunduğu; başka bir ifade ile finansal analizi kısa vadeli karlılık bakışının ötesine taşıdığı belirlenmiştir.

Anahtar Kelimeler

• Sürdürülebilirlik
• Sürdürülebilir Finansal Analiz
• ESG Göstergeleri

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