The Impact of Board Characteristics on Sustainability (ESG) Performance: The Case of Turkey

Öz

This study was conducted by examining 325 firm-year observations from 62 firms listed on the Istanbul Stock Exchange (BIST) between 2014 and 2023. The research utilized environmental, social, and governance (ESG) scores and data on board characteristics to examine the effects of corporate governance structures on sustainability performance. The data was obtained from the LSEG Workspace (formerly Refinitiv Eikon) database, which is used globally as a financial analysis and data provider. The analysis examined the impact of board characteristics such as board size, gender diversity, expertise, and external affiliations on ESG performance using a fixed effects regression model with an unbalanced panel data structure. Empirical findings show that board gender diversity and expertise have a significant and positive impact on ESG performance. In contrast, board size was found to have a significant and negative impact on ESG performance. On the other hand, no statistically significant relationship was found between the variable representing the external affiliations of board members and ESG performance.

Anahtar Kelimeler

• Board Characteristics
• ESG Performance
• Corporate Governance
• Gender Diversity

Yönetim Kurulu Özelliklerinin Sürdürülebilirlik (ESG) Performansı Üzerindeki Etkisi: Türkiye Örneği

Öz

Bu çalışma, 2014-2023 döneminde Borsa İstanbul’da (BIST) işlem gören 62 işletmeye ait 325 şirket-yılı gözlemini inceleyerek gerçekleştirilmiştir Araştırmada, kurumsal yönetim yapılarının sürdürülebilirlik performansı üzerindeki etkilerini incelemek amacıyla çevresel, sosyal ve yönetişim (ESG) puanları ile yönetim kurulu özelliklerine ilişkin veriler kullanılmıştır. Söz konusu veriler, finansal analiz ve veri sağlayıcısı olarak küresel ölçekte kullanılan LSEG Workspace (önceki adıyla Refinitiv Eikon) veri tabanından temin edilmiştir. Analiz kapsamında, yönetim kurulu özellikleri olan kurul büyüklüğü, cinsiyet çeşitliliği, uzmanlığı ve dış bağlantıların ESG performansı üzerindeki etkisi, dengesiz panel veri yapısına sahip sabit etkiler regresyon modeli ile incelenmiştir. Ampirik bulgular, yönetim kurulu cinsiyet çeşitliliği ile uzmanlığının ESG performansı üzerinde anlamlı ve pozitif etkiler sağladığını göstermektedir. Buna karşılık, yönetim kurulu büyüklüğünün ESG performansı üzerinde anlamlı ve negatif bir etkisi tespit edilmiştir. Diğer yandan, yönetim kurulu üyelerinin dış bağlantılarını temsil eden değişken ile ESG performansı arasında istatistiksel olarak anlamlı bir ilişki bulunmamıştır.

Anahtar Kelimeler

• Yönetim Kurulu Özelliği
• ESG Performansı
• Kurumsal Yönetim
• Cinsiyet Çeşitliliği

Kaynakça

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