Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries

Oğuz Şimşek; Serkan Çankaya

doi:10.33203/mfy.1596994

TR EN

Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries

Öz

This study aims to integrate ESG (Environmental, Social, and Governance) scores, a measure of sustainability, into asset pricing models in E-7 countries. To determine whether sustainability has an impact on portfolio performance, all firms with available data were included in the analysis. A new factor created from the ESG scores of these firms was integrated into the model based on the five-factor methodology published by Fama & French (2015). Our findings indicate that while ESG scores have both positive and negative effects in explaining returns, this impact is statistically significant only in Türkiye among the E-7 countries.

Anahtar Kelimeler

Sustainable Finance, ESG, Asset Pricing Models

Kaynakça

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Ayrıntılar

Birincil Dil

İngilizce

Konular

Finans, Yatırımlar ve Portföy Yönetimi

Bölüm

Araştırma Makalesi

Yazarlar

Oğuz Şimşek ^*
0000-0001-7380-4454
Türkiye

Serkan Çankaya
0000-0003-3010-0697
Türkiye

Erken Görünüm Tarihi

29 Mart 2025

Yayımlanma Tarihi

1 Nisan 2025

Gönderilme Tarihi

5 Aralık 2024

Kabul Tarihi

17 Ocak 2025

Yayımlandığı Sayı

Yıl 2025 Sayı: 123

DOI

https://doi.org/10.33203/mfy.1596994

IZ

https://izlik.org/JA53KP25AG

APA

Şimşek, O., & Çankaya, S. (2025). Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries. Maliye ve Finans Yazıları, 123, 35-63. https://doi.org/10.33203/mfy.1596994

AMA

1.Şimşek O, Çankaya S. Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries. Maliye ve Finans Yazıları. 2025;(123):35-63. doi:10.33203/mfy.1596994

Chicago

Şimşek, Oğuz, ve Serkan Çankaya. 2025. “Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries”. Maliye ve Finans Yazıları, sy 123: 35-63. https://doi.org/10.33203/mfy.1596994.

EndNote

Şimşek O, Çankaya S (01 Nisan 2025) Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries. Maliye ve Finans Yazıları 123 35–63.

IEEE

[1]O. Şimşek ve S. Çankaya, “Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries”, Maliye ve Finans Yazıları, sy 123, ss. 35–63, Nis. 2025, doi: 10.33203/mfy.1596994.

ISNAD

Şimşek, Oğuz - Çankaya, Serkan. “Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries”. Maliye ve Finans Yazıları. 123 (01 Nisan 2025): 35-63. https://doi.org/10.33203/mfy.1596994.

JAMA

1.Şimşek O, Çankaya S. Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries. Maliye ve Finans Yazıları. 2025;:35–63.

MLA

Şimşek, Oğuz, ve Serkan Çankaya. “Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries”. Maliye ve Finans Yazıları, sy 123, Nisan 2025, ss. 35-63, doi:10.33203/mfy.1596994.

Vancouver

1.Oğuz Şimşek, Serkan Çankaya. Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries. Maliye ve Finans Yazıları. 01 Nisan 2025;(123):35-63. doi:10.33203/mfy.1596994

Cited By

Analyzing the Impact of ESG Scores on Financial Performance Using CCEP Estimation: Evidence from Borsa Istanbul

Studies in Business and Economics

https://doi.org/10.2478/sbe-2025-0054

Maliye ve Finans Yazıları dergisinin kapsamını ekonomi, maliye, finans ve bankacılık alanlarındaki çalışmalar oluşturmaktadır.

Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries

ESG Skorlarının Portföy Performansı Üzerindeki Etkisi: Gelişmekte Olan (E-7) Ülkelerden Bulgular

Öz

Anahtar Kelimeler

Effect of ESG Scores on Portfolio Performance: Evidence from Developing (E-7) Countries

Öz

Anahtar Kelimeler

Kaynakça

Ayrıntılar

Birincil Dil

Konular

Bölüm

Yazarlar

Erken Görünüm Tarihi

Yayımlanma Tarihi

Gönderilme Tarihi

Kabul Tarihi

Yayımlandığı Sayı

DOI

IZ

Kaynak Göster

Cited By

Analyzing the Impact of ESG Scores on Financial Performance Using CCEP Estimation: Evidence from Borsa Istanbul