ESG Reytingleri Hisse Fiyatlarını Etkiler Mi? Gelişmiş ve Gelişen Hisse Senedi Piyasaları Örneği

Yıl 2024, , 243 - 258, 28.04.2024

Yavuz Gül , Ceren Altuntaş

https://doi.org/10.17233/sosyoekonomi.2024.02.12

Öz

Bu çalışmada, ESG skorlarının hisse senedi getirileri üzerindeki rolü araştırılmaktadır. Gelişmiş ve gelişen hisse senedi piyasasından toplam 347 şirketin 2010-2022 dönemi verileri kullanılmıştır. Aktif kârlılığı, kaldıraç oranı, piyasa değeri / defter değeri ve fiyat / kazanç oranları kontrol değişkenleri olarak belirlenmiş ve panel regresyon analizi uygulanmıştır. Sonuçlar, ESG skorunun ve aktif kârlılığının hisse senedi piyasası performansını istatistiksel olarak anlamlı ve pozitif etkilediklerini ortaya koymuştur. ESG bileşenleri ayrı ayrı test edildiklerinde, E (çevresel) ve S (sosyal) skorlarının hisse fiyatları üzerinde olumlu etkilerinin bulunduğu fakat G (kurumsal yönetişim) skoru ile getiriler arasında anlamlı bir ilişkinin olmadığı gözlemlenmiştir. Sağlanan sonuçlar, yatırımcıların çevresel, sosyal ve yönetişim faaliyetlerine değer veren şirketlerin hisselerine yatırım yaparak portföy performanslarını artırabileceklerini işaret ederken, özellikle gelişen piyasalardaki şirketlerin ESG uygulamalarını ön planda tutarak piyasa değerlerini yükseltebileceklerini göstermektedir.

Anahtar Kelimeler

ESG, Sürdürülebilirlik, Hisse Senedi Piyasası, Portföy Yönetimi, Panel Veri Analizi

Do ESG Ratings Affect Stock Prices? The Case of Developed and Emerging Stock Markets

Öz

This paper examines the role of ESG ratings on stock returns. The sample covers 347 companies from 2010 to 2022 from advanced and emerging stock markets. Return on assets, debt to equity, price-to-book ratio, and price-to-earnings ratio were used as control variables, and panel regression analysis was employed. Results revealed that ESG rating and return on assets statistically positively influence stock market performance. When the components of ESG were tested individually, it was observed that E (environmental) and S (social) ratings positively affect the stock prices. However, no significant relationship was found between G (corporate governance) rating and returns. These findings indicate the importance of investing in stocks and prioritising environmental, social, and governmental concerns regarding portfolio selection decisions. Findings also provide new sights and show that firms, especially in emerging markets, might enhance their market values by paying attention to ESG practices.

Anahtar Kelimeler

ESG, Sustainability, Stock Market, Portfolio Management, Panel Data Analysis

Kaynakça

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