Çevresel, Sosyal ve Kurumsal Yönetim Faaliyetlerinin Nakit Bulundurma Politikasındaki Rolü: BIST Sürdürülebilirlik Endeksi Örneği

Öz

Firmalar, ekonomik gelişme açısından önemli bir rol oynamakla birlikte üretim faaliyetlerini gerçekleştirmek için enerji kullanmakta ve çevre kirliliğine sebebiyet verebilmektedir. Çevre kirliliğinin artmasıyla birlikte toplumların doğanın korunması konusundaki bilinç düzeyi de artmaktadır. Bu durum çevresel sürdürülebilirliğin sağlanması noktasında firmalara önemli sorumluluklar yüklemektedir. Aynı şekilde yatırımcılar, yatırım kararı verirken finansal bilgiler ile birlikte finansal olmayan bilgileri de dikkate alabilmektedir. Bu nedenle finansal olmayan bilgi açıklamaları noktasında Çevresel, Sosyal ve Kurumsal Yönetim (ESG) bileşenleri kullanılmaktadır. Bu çalışma, hisse senetleri Borsa İstanbul (BIST) Sürdürülebilirlik Endeksi’nde işlem gören firmaların ESG performansının nakit bulundurma düzeyi üzerindeki etkisini analiz etmeyi amaçlamaktadır. Bu doğrultuda 2015-2021 dönemine ait veriler panel veri analizi kullanılarak tahmin edilmiştir. Çalışmanın sonucunda hem toplam ESG skorunun hem de ESG bileşenlerine ait skorların nakit bulundurma düzeyini pozitif yönde etkilediği saptanmıştır. Ayrıca nakit bulundurma düzeyi üzerinde finansal kaldıraç, piyasa değeri defter değeri oranı ve net çalışma sermayesinin pozitif, dağıtılmayan karların ise negatif bir etkisinin olduğu belirlenmiştir.

Anahtar Kelimeler

• Nakit Bulundurma Düzeyi
• ESG Skoru
• BIST Sürdürülebilirlik

The Role of Environmental, Social, and Corporate Governance Activities in Cash Holding Policies: The Case of the BIST Sustainability Index

Öz

Although firms are important in terms of economic development, they use energy to carry out their production activities and can thus cause environmental pollution. With the increase in environmental pollution, the level of societal awareness regarding the protection of nature has also increased. This situation imposes important responsibilities on firms in terms of ensuring environmental sustainability. Likewise, investors can consider non-financial information alongside financial information when making investment decisions. For this reason, environmental, social, and corporate governance (ESG) components are used for non-financial information disclosures. This study aims to analyze the effect the ESG performance of firms whose stocks are traded on the Borsa Istanbul (BIST) Sustainability Index has on cash holdings. In line with this, the study uses panel data analysis to estimate data for the period of 2015-2021. As a result, the study has determined both the overall ESG score as well as the scores of the individual ESG components to positively affect cash holdings. Moreover, financial leverage, market-to-book value ratio, and net working capital have been determined to positively impact and retained earnings to negatively impact cash holdings.

Anahtar Kelimeler

• Cash Holdings
• ESG Score
• BIST Sustainability

Kaynakça

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