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AN EXAMINATION OF THE RELATIONSHIP BETWEEN ESG SCORES AND ACCOUNTING AND MARKET-BASED INDICATORS: THE CASE OF THE ISTANBUL STOCK EXCHANGE

Yıl 2026, Cilt: 25 Sayı: 77, 181 - 198, 19.01.2026

İbrahim Kaya

https://doi.org/10.55322/mdbakis.1726624

Öz

In recent years, the intensification of environmental threats, the strengthening of social responsibility awareness, and transformations in corporate governance practices have compelled companies to focus not only on financial performance but also on their environmental and social impacts. In this context, Environmental, Social, and Governance (ESG) criteria have become essential tools for assessing the sustainability performance of companies from the perspectives of both investors and regulatory bodies. ESG scores have increasingly attracted attention in academic studies as indicators of responsible corporate behavior and potential financial outcomes. This study aims to contribute to the literature by investigating the relationship between ESG scores and both accounting-based and market-based financial ratios. For this purpose, annual data from non-financial firms operating in various sectors during the 2013–2023 period were analyzed using panel data methods. The empirical findings indicate that ESG scores have a statistically significant relationship with several accounting indicators, such as earnings before interest and taxes (EBIT) margin, operating profit margin, and asset turnover ratio. Furthermore, a significant relationship was observed between ESG scores and market indicators, including stock price and beta coefficient. These results suggest that ESG performance is closely linked to a firm’s financial structure, supporting the view that sustainability-oriented practices can influence both operational efficiency and market valuation.

Anahtar Kelimeler

ESG Financial Performance Panel Data

Proje Numarası

yok

Kaynakça

  • Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance: The International Journal of Business in Society, 20(7), 1409-1428.https://doi.org/10.1108/CG-09-2019-0275
  • Arslan, Z., Erdaş, M. L., & Göçmen Yağcılar, G. (2025). A research on the relationship between ESG performances of companies and systematic risk. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 12(1), 348–362.
  • Astuti, P. (2019). Pengaruh pengungkapan sustainability report terhadap kinerja keuangan perusahaan: Studi empiris pada perusahaan yang terdaftar di index saham syariah Indonesia tahun 2016–2018 [Yüksek lisans tezi, Universitas Islam Negeri Lampung].
  • Atasel, O. Y., & Güneysu, Y. (2023). ESG performansı ile borç maliyeti arasındaki ilişki üzerine bir araştırma. Muhasebe ve Vergi Uygulamaları Dergisi, 16(2), 185–202. https://doi.org/10.29067/muvu.1196945
  • Atay, S., Tarınç, A., & Kılınç, C. Ç. (2023). Turizm işletmelerinde kurumsal sosyal sorumluluğun muhasebe temelli oranlar üzerindeki etkisi: Panel regresyon analizi. Journal of Gastronomy, Hospitality and Travel, 6(4), 1905–1912.
  • Baltagi, B. H. (2005). Econometric analysis of panel data (3rd ed.). John Wiley & Sons.
  • Barbosa, A. D. S., Silva, M. C. B. C. da, & Morioka, S. N. (2023). Integration of Environmental, Social, and Governance (ESG) criteria: Their impacts on corporate sustainability performance. Humanities and Social Sciences Communications, 10(1), 1-18. https://doi.org/10.1057/s41599-023-01919-0
  • Croissant, Y., & Millo, G. (2018). Panel data econometrics in R: The plm package. Journal of Statistical Software, 27(2), 1–43. Çek, K. (2023). Relationship between environmental, social and corporate governance performance and financial performance. Maliye ve Finans Yazıları, 37 (119), 1-20.
  • Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
  • Erben Yavuz, A. (2023). ESG skorlarının firma kârlılığı üzerindeki etkisi: Borsa İstanbul örneği. Üçüncü Sektör Sosyal Ekonomi Dergisi, 58(3), 2686–2701.
  • Fernando, C. S., Sharfman, M. P., & Uysal, V. B. (2017). Corporate environmental policy and shareholder value: Following the smart money. Journal of Financial and Quantitative Analysis, 52(5), 2023–2051. https://doi.org/10.1017/S0022109017000660
  • 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
  • Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135–147. https://doi.org/10.1016/j.jclepro.2017.02.180
  • Güngör Karyağdı, N., & Şit, A. (2023). The effect of ESG performance on cost of capital and financial performance: An application on BIST Sustainability25 Index. Bucak İşletme Fakültesi Dergisi, 6(2), 277–292. https://doi.org/10.38057/bifd.1362050
  • Gujarati, D. N. (2004). Basic econometrics. (4th ed.). McGraw-Hill.
  • Hillion, P., & Suominen, M. (2004). The manipulation of closing prices. Journal of Financial Markets, 7(4), 351–375. https://doi.org/10.1016/j.finmar.2004.01.001
  • Keçeli, B., & Çankaya, S. (2020). ESG ve finansal verilerin pay değerine etkisi: Kuzey ve Latin Avrupa ülkeleri üzerine bir çalışma. İstanbul Ticaret Üniversitesi Girişimcilik Dergisi, 4(7), 31–49.
  • Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. https://doi.org/10.1016/j.jfineco.2014.09.008
  • Lee, J. H., Kang, Y. S., & Kim, S. S. (2018). Corporate social responsibility and financial performance in Korean retail firms. Journal of Distribution Science, 16(5), 15–21.
  • O’Brien, R. M. (2007). A caution regarding rules of thumb for variance inflation factors. Quality & Quantity, 41(5), 673–690. https://doi.org/10.1007/s11135-006-9018-6
  • OECD. (2020). ESG investing: Practices, progress and challenges. OECD Publishing. https://doi.org/10.1787/61d0f5cd-en
  • Özer, G., Aktaş, N., & Çam, İ. (2023). Environmental, social, and governance (ESG) scores and financial performance of publicly listed companies in Turkey. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 18(2), 337–353. https://doi.org/10.17153/oguiibf.1239759
  • Schoenmaker, D., & Schramade, W. (2019). Principles of sustainable finance. Oxford University Press.
  • Tatoğlu, F. Y. (2016). Panel veri ekonometrisi. Beta Yayıncılık.
  • Torres-Reyna, O. (2010). Getting started in fixed/random effects models using R. Data & Statistical Services. Princeton University. chromeextension: //efaidnbmnnnibpcajpcglclefindm kaj/https://www.princeton.edu/~otorres/Panel101R.pdf
  • Uğur, A. (2009). Hisse senedi getirilerinin panel veri analizi ile tahmini: İstanbul Menkul Kıymetler Borsasında bir inceleme [Doktora tezi, İnönü Üniversitesi Sosyal Bilimler Enstitüsü]
  • 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
  • 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
  • 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), 1-18. https://doi.org/10.3390/su10082607

ESG SKORU İLE MUHASEBE VE PİYASA TEMELLİ GÖSTERGELER ARASINDAKİ İLİŞKİNİN İNCELENMESİ BORSA İSTANBUL ÖRNEĞİ

Yıl 2026, Cilt: 25 Sayı: 77, 181 - 198, 19.01.2026

İbrahim Kaya

https://doi.org/10.55322/mdbakis.1726624

Öz

Günümüzde çevresel sorunların derinleşmesi, toplumsal sorumluluk anlayışının güç kazanması ve kurumsal yönetim ilkelerinde yaşanan dönüşümler, şirketlerin yalnızca finansal performanslarına odaklanmalarını yetersiz kılmakta; aynı zamanda çevresel ve sosyal etkilerini de göz önünde bulundurmalarını zorunlu hale getirmektedir. Bu bağlamda ESG (Çevresel, Sosyal ve Yönetişim) kriterleri hem yatırımcılar hem de düzenleyici otoriteler açısından şirketlerin sürdürülebilirlik düzeylerini değerlendirmede önemli bir araç haline gelmiştir. ESG skorlarının firma performansına etkileri, özellikle son yıllarda akademik literatürde geniş yer bulan bir araştırma alanı hâline gelmiştir. Bu çalışma, ESG skorları ile muhasebe ve piyasa temelli finansal oranlar arasındaki ilişkiyi ortaya koymayı amaçlamaktadır. 2013–2023 dönemine ait, finansal sektör dışındaki çeşitli sektörlerde faaliyet gösteren firmaların yıllık verileri panel veri analizi yöntemiyle incelenmiştir. Analiz sonuçlarına göre; ESG skorları ile faiz ve vergi öncesi kâr marjı, esas faaliyet kâr marjı ve aktif devir hızı gibi muhasebe temelli göstergeler arasında anlamlı ilişkiler tespit edilmiştir. Ayrıca piyasa temelli göstergelerden hisse fiyatı ve beta katsayısının da ESG skorları ile istatistiksel açıdan anlamlı bir ilişki içinde olduğu belirlenmiştir. Tüm bu bulgular, ESG performansının firma finansal yapısıyla ilişkili olduğunu göstermektedir.

Anahtar Kelimeler

ESG Finansal Performans Panel Veri

Proje Numarası

yok

Kaynakça

  • Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance: The International Journal of Business in Society, 20(7), 1409-1428.https://doi.org/10.1108/CG-09-2019-0275
  • Arslan, Z., Erdaş, M. L., & Göçmen Yağcılar, G. (2025). A research on the relationship between ESG performances of companies and systematic risk. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 12(1), 348–362.
  • Astuti, P. (2019). Pengaruh pengungkapan sustainability report terhadap kinerja keuangan perusahaan: Studi empiris pada perusahaan yang terdaftar di index saham syariah Indonesia tahun 2016–2018 [Yüksek lisans tezi, Universitas Islam Negeri Lampung].
  • Atasel, O. Y., & Güneysu, Y. (2023). ESG performansı ile borç maliyeti arasındaki ilişki üzerine bir araştırma. Muhasebe ve Vergi Uygulamaları Dergisi, 16(2), 185–202. https://doi.org/10.29067/muvu.1196945
  • Atay, S., Tarınç, A., & Kılınç, C. Ç. (2023). Turizm işletmelerinde kurumsal sosyal sorumluluğun muhasebe temelli oranlar üzerindeki etkisi: Panel regresyon analizi. Journal of Gastronomy, Hospitality and Travel, 6(4), 1905–1912.
  • Baltagi, B. H. (2005). Econometric analysis of panel data (3rd ed.). John Wiley & Sons.
  • Barbosa, A. D. S., Silva, M. C. B. C. da, & Morioka, S. N. (2023). Integration of Environmental, Social, and Governance (ESG) criteria: Their impacts on corporate sustainability performance. Humanities and Social Sciences Communications, 10(1), 1-18. https://doi.org/10.1057/s41599-023-01919-0
  • Croissant, Y., & Millo, G. (2018). Panel data econometrics in R: The plm package. Journal of Statistical Software, 27(2), 1–43. Çek, K. (2023). Relationship between environmental, social and corporate governance performance and financial performance. Maliye ve Finans Yazıları, 37 (119), 1-20.
  • Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
  • Erben Yavuz, A. (2023). ESG skorlarının firma kârlılığı üzerindeki etkisi: Borsa İstanbul örneği. Üçüncü Sektör Sosyal Ekonomi Dergisi, 58(3), 2686–2701.
  • Fernando, C. S., Sharfman, M. P., & Uysal, V. B. (2017). Corporate environmental policy and shareholder value: Following the smart money. Journal of Financial and Quantitative Analysis, 52(5), 2023–2051. https://doi.org/10.1017/S0022109017000660
  • 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
  • Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135–147. https://doi.org/10.1016/j.jclepro.2017.02.180
  • Güngör Karyağdı, N., & Şit, A. (2023). The effect of ESG performance on cost of capital and financial performance: An application on BIST Sustainability25 Index. Bucak İşletme Fakültesi Dergisi, 6(2), 277–292. https://doi.org/10.38057/bifd.1362050
  • Gujarati, D. N. (2004). Basic econometrics. (4th ed.). McGraw-Hill.
  • Hillion, P., & Suominen, M. (2004). The manipulation of closing prices. Journal of Financial Markets, 7(4), 351–375. https://doi.org/10.1016/j.finmar.2004.01.001
  • Keçeli, B., & Çankaya, S. (2020). ESG ve finansal verilerin pay değerine etkisi: Kuzey ve Latin Avrupa ülkeleri üzerine bir çalışma. İstanbul Ticaret Üniversitesi Girişimcilik Dergisi, 4(7), 31–49.
  • Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. https://doi.org/10.1016/j.jfineco.2014.09.008
  • Lee, J. H., Kang, Y. S., & Kim, S. S. (2018). Corporate social responsibility and financial performance in Korean retail firms. Journal of Distribution Science, 16(5), 15–21.
  • O’Brien, R. M. (2007). A caution regarding rules of thumb for variance inflation factors. Quality & Quantity, 41(5), 673–690. https://doi.org/10.1007/s11135-006-9018-6
  • OECD. (2020). ESG investing: Practices, progress and challenges. OECD Publishing. https://doi.org/10.1787/61d0f5cd-en
  • Özer, G., Aktaş, N., & Çam, İ. (2023). Environmental, social, and governance (ESG) scores and financial performance of publicly listed companies in Turkey. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 18(2), 337–353. https://doi.org/10.17153/oguiibf.1239759
  • Schoenmaker, D., & Schramade, W. (2019). Principles of sustainable finance. Oxford University Press.
  • Tatoğlu, F. Y. (2016). Panel veri ekonometrisi. Beta Yayıncılık.
  • Torres-Reyna, O. (2010). Getting started in fixed/random effects models using R. Data & Statistical Services. Princeton University. chromeextension: //efaidnbmnnnibpcajpcglclefindm kaj/https://www.princeton.edu/~otorres/Panel101R.pdf
  • Uğur, A. (2009). Hisse senedi getirilerinin panel veri analizi ile tahmini: İstanbul Menkul Kıymetler Borsasında bir inceleme [Doktora tezi, İnönü Üniversitesi Sosyal Bilimler Enstitüsü]
  • 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
  • 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
  • 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), 1-18. https://doi.org/10.3390/su10082607
Toplam 29 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Araştırma Makalesi
Yazarlar

İbrahim Kaya 0000-0001-6402-4042

Proje Numarası yok
Gönderilme Tarihi 24 Haziran 2025
Kabul Tarihi 16 Ekim 2025
Yayımlanma Tarihi 19 Ocak 2026
Yayımlandığı Sayı Yıl 2026 Cilt: 25 Sayı: 77

Kaynak Göster

APA Kaya, İ. (2026). ESG SKORU İLE MUHASEBE VE PİYASA TEMELLİ GÖSTERGELER ARASINDAKİ İLİŞKİNİN İNCELENMESİ BORSA İSTANBUL ÖRNEĞİ. Muhasebe ve Denetime Bakış, 25(77), 181-198. https://doi.org/10.55322/mdbakis.1726624