AN ANALYSIS OF THE IMPACT OF SUSTAINABILITY REPORTING ON FINANCIAL PERFORMANCE USING TEXT MINING TECHNIQUES: EVIDENCE FROM BIST

Öz

This study investigates the impact of voluntary sustainability reporting on financial indicators of manufacturing firms listed on Borsa Istanbul over the period 2016–2023, employing text mining techniques and panel data analysis. The sample comprises sustainability and annual reports of 152 companies (8 years), corresponding to 1,216 firm-year observations. First, the reports were qualitatively examined through a keyword-based content analysis grounded in the Global Reporting Initiative (GRI) standards, assessing the depth of disclosure across environmental, social, and governance (ESG) dimensions. Subsequently, panel regression models were estimated using four financial performance measures: return on assets, financial distress, leverage ratio, and gross profit margin. The findings indicate that more in-depth sustainability disclosures may have small but statistically significant effects on firms’ financial performance.

Anahtar Kelimeler

• Sustainability Reporting
• Global Reporting Initiative (GRI)
• financial performance
• text mining
• panel data analysis
• Maxqda

Proje Numarası

24113001

SÜRDÜRÜLEBİLİRLİK RAPORLAMASININ FİNANSAL GÖSTERGELERE ETKİSİNİN METİN MADENCİLİĞİ İLE ANALİZİ: BİST'DEN KANITLAR

Öz

Bu çalışma, Borsa İstanbul’da faaliyet gösteren imalat sektörü işletmelerinin 2016-2023 dönemine ait gönüllü sürdürülebilirlik raporlarının finansal göstergelere etkisini metin madenciliği ve panel veri analizi ile incelemektedir. Araştırmada, 152 şirkete (1.216 şirket-yıl) ait 8 yıllık faaliyet ve sürdürülebilirlik raporları incelenmiştir. İlk olarak raporlar GRI standartlarına dayalı anahtar kelimeler üzerinden nitel analiz yoluyla incelenmiş olup; çevre, sosyal ve yönetişim (ÇSY) anahtar kelimeleri üzerinden içerik derinliği analiz edilmiştir. Ardından toplam aktif karlılığı, finansal sıkıntı, borç oranı ve brüt kâr marjı olmak üzere dört finansal performans göstergesi üzerinden panel veri regresyonları yapılmıştır. Bulgular, metin derinliği açısından güçlü sürdürülebilirlik açıklamalarının, firmaların mali performansında zayıf ancak anlamlı ölçüde etkiler yaratabileceğini göstermektedir.

Anahtar Kelimeler

• Sürdürülebilirlik Raporlaması
• GRI
• finansal performans
• metin madenciliği
• panel veri analizi
• Maxqda

Destekleyen Kurum

Adana Alparslan Türkeş Bilim ve Teknoloji Üniversitesi Bilimsel Araştırma Projeleri Koordinasyon Birimi tarafından 24113001 nolu proje kapsamında desteklenmiştir.

Proje Numarası

24113001

Etik Beyan

Etik kurallara uyulmuştur.

Teşekkür

Adana Alparslan Türkeş Bilim ve Teknoloji Üniversitesi Bilimsel Araştırma Projeleri Koordinasyon Birimi'ne teşekkür ederiz.

Kaynakça

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