INVESTOR RESPONSES TO CORPORATE SUSTAINABILITY IN A DEVELOPING COUNTRY: THE CASE OF TURKEY

Öz

This study investigates if “corporate sustainability" which appears as an important concept as of the beginning of 2000s has valued or not by investors in Turkish context. In that respect, the aim of the study is to analyze the effect of the entrance in BIST Sustainability Index (XUSRD) via corporations that traded at BIST on stock returns using “event study” method. Findings of the study indicate that the companies within the sustainability index or would be included in the sustainability index could obtain abnormal returns from the stocks of the corporation upon their disclosure to public. In other words, related information of corporations disclosed to public is priced by investors.

Anahtar Kelimeler

• Corporate Sustainability,Stock Returns,Event Study,BIST Sustainability Index,Turkey

GELİŞMEKTE OLAN BİR ÜLKEDE YATIRIMCILARIN KURUMSAL SÜRDÜRÜLEBİLİRLİĞE OLAN TEPKİLERİ: TÜRKİYE ÖRNEĞİ

Öz

Bu çalışma 2000’li yılların başı itibariyle önem arz eden bir kavram olarak karşımıza çıkan “kurumsal sürdürülebilirlik” kavramının Türkiye bağlamında yatırımcılar tarafından değer görüp görmediğini incelemektedir. Bu bağlamda çalışmanın amacı, hisse senetleri BIST’te işlem gören ve BIST Sürdürülebilirlik Endeksi’nde (XUSRD) yer alan firmaların, söz konusu endekse girişlerinin, hisse senedi getirilerini ne yönde etkilediğinin “olay çalışması” yöntemiyle analiz edilmesidir. Çalışmanın bulguları sürdürülebilirlik endeksinde yer alınmasının kamuoyuna duyurulmasıyla firmalara ait hisse senetlerinden anormal getirilerin elde edilebileceğini göstermektedir. Başka bir deyişle, kamuoyuna açıklanan söz konusu bilgiler yatırımcılar tarafından fiyatlanmaktadır.

Anahtar Kelimeler

• Kurumsal Sürdürülebilirlik,Hisse Senedi Getirileri,Olay Çalışması BIST Sürdürülebilirlik Endeksi,Türkiye

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