Çevresel, Sosyal ve Kurumsal Yönetim (ESG) Performansının Piyasa Değeri Üzerindeki Etkisi: Firma Büyüklüğünün Rolü

Kulali, Gulsah

doi:10.17153/oguiibf.1098419

Cited by 5 publications

(2 citation statements)

References 48 publications

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“…For example, Düzer and Önce (2019) examined the sustainability reports of 30 companies traded on the BIST between 2008 and 2014 and investigated their ESG performances over the economic, environmental, and social performance sub-components in line with GRI reporting principles. Moreover, Kulalı (2022) investigated the relationship between the ESG performance of the firms traded in Borsa Istanbul and the market value and the role of firm size in this relationship between the years 2016-2020. The researcher found that both ESG criteria and ESG components had a significant and positive effect on market value.…”

Section: Discussionmentioning

confidence: 99%

Environmental, Social, and Governance (ESG) Scores and Financial Performance of Publicly Listed Companies in Turkey

ÖZER,

AKTAŞ,

ÇAM

2023

Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi

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In this paper, the question of whether the efforts of businesses on environmental, social and corporate governance (ESG) investments are also reflected in their financial performance is tried to be answered. In this context, the effects of ESG scores of non-financial firms between 2009-2019 on market-based and accounting-based performance indicators were examined. According to the findings, ESG scores positively affect the performance indicators of companies. According to the results of the additional analyzes using the sub-components of the ESG, it was found that while all three components of the environmental dimension affect performance positively, some sub-components related to the social and corporate governance dimensions are not statistically related to performance.

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Section: Discussionmentioning

confidence: 99%

Environmental, Social, and Governance (ESG) Scores and Financial Performance of Publicly Listed Companies in Turkey

ÖZER,

AKTAŞ,

ÇAM

2023

Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi

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“…The study found a positive relationship between ESG and firm value and that firm size plays a moderating role in the relationship between both firm value and performance. Similarly, Kulali (2022) examined the relationship between ESG and market value in Borsa Istanbul and the role of firm structure in this relationship and found a positive relationship between ESG and firm value. The study also showed that positive effects are greater in relatively larger companies.…”

Section: H1: Esg Activities Positively Affect Firm Performancementioning

confidence: 99%

The Effect of ESG Sustainability on Firm Performance: A View Under Size and Age on BIST Bank Index Firms

Korkmaz

NUR

2023

EPF Journal

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The goal of this study is to examine the relationship between ESG scores and firm performance and whether firm size and age moderating role in this relationship. The period of the study was determined as 2013-2021 and the sample is comprised of banks listed in the BIST Bank Index. The panel data analysis found a statistically significant and positive correlation between ESG scores and firm performance and a statistically significant and negative correlation between firm age and size and firm performance. In addition, while it was confirmed that firm age has a statistically significant and positive moderating effect in the relationship between ESG scores and firm performance, it was found that firm size does not have a significant moderating effect. Therefore, it is safe to say for the relevant period and sample that increased efforts of firms in environment, social responsibility, and proper governance have a positive influence on financial performance.

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Esg Ve Akilli Beta: Türk Sermaye Pi̇yasasinda Bi̇r Araştirma

Turnacıgil

2024

Uluslararası İktisadi Ve İdari İncelemeler Dergisi

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İşletmelerin finansal olmayan bilgilerini içeren çevresel sosyal ve yönetişim (ESG) faaliyetlerini yatırım kararlarına eklemenin uzun vadeli sürdürülebilirliği desteklediği ve portföyün riske göre düzenlenmiş getirilerini arttırdığına dair araştırmalar mevcuttur. Bu çalışmada Türkiye’de işletmelerin sürdürülebilirlik faaliyetlerinin yatırım kararlarında bir faktör olarak ele alınıp alınamayacağı incelenmiştir. Bu amaçla, yatırım stratejilerinde sıklıkla başvurulan ve büyüklük, değer, momentum gibi kriterlere göre portföy oluşturmayı hedefleyen akıllı beta stratejilerine, işletmelerin sürdürülebilirlik faaliyetlerini ölçen ESG puanı kriterini eklemenin faydası ölçülmüştür. Çalışmada Ocak 2021-Eylül 2023 tarihleri arasındaki her çeyrek dönemde yüksek (düşük) ESG puanı, yüksek (düşük) piyasa değeri ve yüksek (düşük) aktif karlılığı baz alınarak portföyler oluşturulmuş, bu portföylerin normal-üstü getiri ve riske göre ayarlanmış (CAPM) getirileri ölçülerek portföyler arasında kıyaslama yapılmıştır. Buna göre Türkiye’de yüksek ESG puanları baz alınarak oluşturulan portföylerin düşük ESG portföylerinden ve akıllı beta stratejilerinden daha iyi riske göre getiri sağladığı söylenememektedir. Belirtilen dönemler arasında en faydalı yatırım stratejisinin yüksek piyasa değerine göre veya yüksek aktif karlılığına göre oluşturulan portföylere yatırım olduğu görülmektedir.

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Çevresel, Sosyal ve Kurumsal Yönetim (ESG) Performansının Piyasa Değeri Üzerindeki Etkisi: Firma Büyüklüğünün Rolü

Cited by 5 publications

References 48 publications

Environmental, Social, and Governance (ESG) Scores and Financial Performance of Publicly Listed Companies in Turkey

Environmental, Social, and Governance (ESG) Scores and Financial Performance of Publicly Listed Companies in Turkey

The Effect of ESG Sustainability on Firm Performance: A View Under Size and Age on BIST Bank Index Firms

Esg Ve Akilli Beta: Türk Sermaye Pi̇yasasinda Bi̇r Araştirma

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