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ESG SKORUNUN FİRMAYA ÖZGÜ BELİRLEYİCİLERİ, BORSA İSTANBUL ÖRNEĞİ

Year 2023, Volume: 23 Issue: 70, 111 - 128, 15.09.2023
https://doi.org/10.55322/mdbakis.1238294

Abstract

Bu çalışma, son yıllarda kurumsal sürdürülebilirlik performansının bir ölçütü olarak yaygınlaşan
çevresel, sosyal ve kurumsal yönetim (Environmental, Social, and Corporate Governance [ESG])
uygulamalarına etki eden firma düzeyindeki dinamikleri araştırmayı amaçlamaktadır. Bu amaç
doğrultusunda, Borsa İstanbul’da listelenen 222 finansal olmayan şirketin 2014-2021 dönem verileri
panel probit ve panel logit modelleri kullanılarak analiz edilmiştir. Analiz bulguları, faaliyet nakit akışı
ve nakit dönüşüm süresi açısından likiditesi yüksek olan ve varlık hacmi bakımından nispeten büyük
olan şirketlerin ESG skoruna sahip olma olasılığının daha yüksek olduğunu göstermektedir. ESG
bilgisi raporlama performansının, daha güçlü likiditeye ve daha büyük varlıklara sahip olmakla pozitif
bir ilişkisinin bulunması, meşruiyet teorisi, paydaş teorisi ve atıl kaynaklar teorisi ile uyumludur.

References

  • Abdul Rahman R. & Alsayegh M.F. (2021). Determinants of Corporate Environment, Social and Governance (ESG) Reporting among Asian Firms. Journal of Risk and Financial Management, 14, 167. https://doi.org/10.3390/ jrfm14040167
  • Aras, G., Tezcan, N., Kutlu Furtuna, Ö. & Hacıoğlu Kazak, E. (2020). Sürdürülebilirlik Değerlemesinde Yeni Yak-laşım: Çok Boyutlu Kurumsal Sürdürülebilirlik Modeli – Bankacılık Sektörü Değerlemesi. İstanbul: Yıldız Teknik Üniversitesi Finans Kurumsal Yönetim ve Sürdürülebilirlik Merkezi (CFGS) Yayınları.
  • Baldini, M., Dal Maso, L., Liberatore, G., Mazzi, F. & Terzani, S. (2018). Role of Country and Firm-Level Deter-minants in Environmental, Social, and Governance Disclosure. Journal of Business Ethics, 150 (1), 79-98.
  • BIST (2014). Şirketler İçin Sürdürülebilirlik Rehberi. https://www.borsaistanbul.com/data/kilavuzlar/surdurule-bilirlik-rehberi.pdf, 23.12.2022
  • BIST (2020) https://www.borsaistanbul.com/files/Surdurulebilirlik_Rehberi_2020.pdf, 23.12.2022
  • Chams, N., García-Blandón, J. & Hassan, K. (2021). Role Reversal! Financial Performance as an Antecedent of ESG: The Moderating Effect of Total Quality Management. Sustainability 13, 7026. https:// doi.org/10.3390/ su13137026
  • Chen, L., Yuan, T., Cebula, R.J., Shuangjin, W. & Foley, M. (2021). Fulfillment of ESG Responsibilities and Firm Performance: A Zero-Sum Game or Mutually Beneficial. Sustainability, 13, 10954. https:// doi.org/10.3390/ su131910954
  • Coşkun Arslan, M. & Özkan, O. (2018). Entegre Raporlamaya Evrilme Süreci ve Durum Tespiti – BİST Örneği. Mali Çözüm Dergisi, 28 (148), 36.
  • Crespi, F. & Migliavacca, M. (2020). The Determinants of ESG Rating in the Financial Industry: The Same Old Story or a Different Tale?. Sustainability 12 (16), 6398. https://doi.org/10.3390/su12166398
  • Danışman, G.O. & Tarazi, A. (2022). ESG Activity and Bank Lending During Financial Crises. Working Pa¬pers HAL- ffhal 03547104.
  • Del Bosco, B. & Misani, N. (2016). The Effect of Cross-Listing on the Environmental, Social, and Governance Performance of Firms. Journal of World Business,51, 977–990
  • DuqueGrisales, E. & AguileraCaracuel, J. (2021). Environmental, Social and Governance (ESG) Scores and Fi-nancial Performance of Multilatinas: Moderating Efects of Geographic International Diversifcation and Financial Slack. Journal of Business Ethics, 168, 315-334. https://doi.org/10.1007/s10551-019-04177-w
  • Drempetic, S., Klein, C. & Zwergel, B. (2020). The Influence of Firm Size on the ESG Score: Corporate Sustai-nability Ratings Under Review. Journal of Business Ethics, 167, 333–360 (2020). https://doi.org/10.1007/s10551- 019-04164-1
  • Dyduch, J. & Krasodomska, J. (2017). Determinants of Corporate Social Responsibility Disclosure: An Empirical Study of Polish Listed Companies. Sustainability, 9 (11), 1934. https://doi.org/10.3390/su9111934
  • El Khoury, R., Nasrallah, N. & Alareeni, B. (2023). The Determinants of ESG in the Banking Sector of MENA Region: A Trend or Necessity?. Competitiveness Review ,33 (1), 7-29. https://doi.org/10.1108/CR-09-2021-0118
  • Indrianingsih, I. & Agustina, L. (2020). The Effect of Company Size, Financial Performance, and Corporate Governance on the Disclosure of Sustainability Report. Accounting Analysis Journal, 9(2), 116-122. https://doi. org/10.15294/aaj.v9i2.31177
  • Özçelik, F., Avcı Öztürk, B. & Gürsakal, S. (2014), Investigating the Relationship between Corporate Social Responsibility and Financial Performance in Turkey. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 28 (3), 189-203
  • Salah, W. & Salama, M.A. (2016). A Quantitative Analysis for the Correlation Between Corporate Financial and Social Performance. International Journal of Recent Contributions from Engineering, Science & IT (iJES), 4 (4), 55–62. https://doi.org/10.3991/ijes.v4i4.6551
  • Seifert, B., Morris, S.A. & Bartkus, B.R. (2004). Having, Giving, and Getting: Slack Resources, Corporate Phi-lanthropy, and Firm Financial Performance. Business and Society, 43 (2), 135-161.
  • Sharma, P., Panday, P. & Dangwal, R.C. (2020). Determinants of Environmental, Social and Corporate Gover-nance (ESG) Disclosure: A Study of Indian Companies. International Journal of Disclosure and Governance, 17, 208–217. https://doi.org/10.1057/s41310-020-00085-y
  • Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional: Approaches. The Academy of Mana¬gement Review, 20 (3), 571–610.
  • Şahin, A. (2022a). Kurumsal Sürdürülebilirlik Ölçütü Olarak ESG Skoru ile Finansal Performans ve Finansal Risk İlişkisi, BİST Örneği, Sinan Sönmez (Ed.), Sosyal, Beşeri ve İdari Bilimler Alanında Yeni Trendler I İçinde (s.131-143). İzmir: Duvar Yayınları. ISBN: 978-625-8261-65-3
  • Şahin, A. (2022b). Nakit Dönüşüm Süresi Finansal Başarısızlık İlişkisi: Borsa İstanbul Örneği. Kadir Aydın, Zafer Dönmez (Ed.), Türkiye Ekonomisi Üzerine Güncel Araştırmalar İçinde (s. 113-132). Ankara: İksad Publishing House. ISBN: 978-625-6380-61-5
  • Vitezić, N., Vuko, T., & Mörec, B. (2012). Does Financial Performance Have an Impact on Corporate Sustainabi¬lity and CSR Disclousure - A Case of Croation Companies. Journal of Business Management, (5), 40-47
  • Wulanda, R.D.P., Hasan, A. & Ilham, E. (2017). Pengaruh Karakteristik Perusahaan dan Corporate Governance terhadap Publikasi Sustainability Report (Studi Empiris pada Perusahaan LQ45 yang Terdaftar di BEI Tahun 2011- 2014). JOM Fekon, 4 (1), 120–132.
  • Yıldırım G., Uzun Kocamış, T. & Kuzu, S. (2018). Finansal Performansın Sürdürülebilirlik Raporlaması Üzerine Etkisi: BİST100 Şirketleri Üzerinde Bir İnceleme. Muhasebe ve Vergi Uygulamaları Dergisi, 10. Yıl Özel Sayısı, 625-635. DOI: 10.29067/muvu.384990.
Year 2023, Volume: 23 Issue: 70, 111 - 128, 15.09.2023
https://doi.org/10.55322/mdbakis.1238294

Abstract

References

  • Abdul Rahman R. & Alsayegh M.F. (2021). Determinants of Corporate Environment, Social and Governance (ESG) Reporting among Asian Firms. Journal of Risk and Financial Management, 14, 167. https://doi.org/10.3390/ jrfm14040167
  • Aras, G., Tezcan, N., Kutlu Furtuna, Ö. & Hacıoğlu Kazak, E. (2020). Sürdürülebilirlik Değerlemesinde Yeni Yak-laşım: Çok Boyutlu Kurumsal Sürdürülebilirlik Modeli – Bankacılık Sektörü Değerlemesi. İstanbul: Yıldız Teknik Üniversitesi Finans Kurumsal Yönetim ve Sürdürülebilirlik Merkezi (CFGS) Yayınları.
  • Baldini, M., Dal Maso, L., Liberatore, G., Mazzi, F. & Terzani, S. (2018). Role of Country and Firm-Level Deter-minants in Environmental, Social, and Governance Disclosure. Journal of Business Ethics, 150 (1), 79-98.
  • BIST (2014). Şirketler İçin Sürdürülebilirlik Rehberi. https://www.borsaistanbul.com/data/kilavuzlar/surdurule-bilirlik-rehberi.pdf, 23.12.2022
  • BIST (2020) https://www.borsaistanbul.com/files/Surdurulebilirlik_Rehberi_2020.pdf, 23.12.2022
  • Chams, N., García-Blandón, J. & Hassan, K. (2021). Role Reversal! Financial Performance as an Antecedent of ESG: The Moderating Effect of Total Quality Management. Sustainability 13, 7026. https:// doi.org/10.3390/ su13137026
  • Chen, L., Yuan, T., Cebula, R.J., Shuangjin, W. & Foley, M. (2021). Fulfillment of ESG Responsibilities and Firm Performance: A Zero-Sum Game or Mutually Beneficial. Sustainability, 13, 10954. https:// doi.org/10.3390/ su131910954
  • Coşkun Arslan, M. & Özkan, O. (2018). Entegre Raporlamaya Evrilme Süreci ve Durum Tespiti – BİST Örneği. Mali Çözüm Dergisi, 28 (148), 36.
  • Crespi, F. & Migliavacca, M. (2020). The Determinants of ESG Rating in the Financial Industry: The Same Old Story or a Different Tale?. Sustainability 12 (16), 6398. https://doi.org/10.3390/su12166398
  • Danışman, G.O. & Tarazi, A. (2022). ESG Activity and Bank Lending During Financial Crises. Working Pa¬pers HAL- ffhal 03547104.
  • Del Bosco, B. & Misani, N. (2016). The Effect of Cross-Listing on the Environmental, Social, and Governance Performance of Firms. Journal of World Business,51, 977–990
  • DuqueGrisales, E. & AguileraCaracuel, J. (2021). Environmental, Social and Governance (ESG) Scores and Fi-nancial Performance of Multilatinas: Moderating Efects of Geographic International Diversifcation and Financial Slack. Journal of Business Ethics, 168, 315-334. https://doi.org/10.1007/s10551-019-04177-w
  • Drempetic, S., Klein, C. & Zwergel, B. (2020). The Influence of Firm Size on the ESG Score: Corporate Sustai-nability Ratings Under Review. Journal of Business Ethics, 167, 333–360 (2020). https://doi.org/10.1007/s10551- 019-04164-1
  • Dyduch, J. & Krasodomska, J. (2017). Determinants of Corporate Social Responsibility Disclosure: An Empirical Study of Polish Listed Companies. Sustainability, 9 (11), 1934. https://doi.org/10.3390/su9111934
  • El Khoury, R., Nasrallah, N. & Alareeni, B. (2023). The Determinants of ESG in the Banking Sector of MENA Region: A Trend or Necessity?. Competitiveness Review ,33 (1), 7-29. https://doi.org/10.1108/CR-09-2021-0118
  • Indrianingsih, I. & Agustina, L. (2020). The Effect of Company Size, Financial Performance, and Corporate Governance on the Disclosure of Sustainability Report. Accounting Analysis Journal, 9(2), 116-122. https://doi. org/10.15294/aaj.v9i2.31177
  • Özçelik, F., Avcı Öztürk, B. & Gürsakal, S. (2014), Investigating the Relationship between Corporate Social Responsibility and Financial Performance in Turkey. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 28 (3), 189-203
  • Salah, W. & Salama, M.A. (2016). A Quantitative Analysis for the Correlation Between Corporate Financial and Social Performance. International Journal of Recent Contributions from Engineering, Science & IT (iJES), 4 (4), 55–62. https://doi.org/10.3991/ijes.v4i4.6551
  • Seifert, B., Morris, S.A. & Bartkus, B.R. (2004). Having, Giving, and Getting: Slack Resources, Corporate Phi-lanthropy, and Firm Financial Performance. Business and Society, 43 (2), 135-161.
  • Sharma, P., Panday, P. & Dangwal, R.C. (2020). Determinants of Environmental, Social and Corporate Gover-nance (ESG) Disclosure: A Study of Indian Companies. International Journal of Disclosure and Governance, 17, 208–217. https://doi.org/10.1057/s41310-020-00085-y
  • Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional: Approaches. The Academy of Mana¬gement Review, 20 (3), 571–610.
  • Şahin, A. (2022a). Kurumsal Sürdürülebilirlik Ölçütü Olarak ESG Skoru ile Finansal Performans ve Finansal Risk İlişkisi, BİST Örneği, Sinan Sönmez (Ed.), Sosyal, Beşeri ve İdari Bilimler Alanında Yeni Trendler I İçinde (s.131-143). İzmir: Duvar Yayınları. ISBN: 978-625-8261-65-3
  • Şahin, A. (2022b). Nakit Dönüşüm Süresi Finansal Başarısızlık İlişkisi: Borsa İstanbul Örneği. Kadir Aydın, Zafer Dönmez (Ed.), Türkiye Ekonomisi Üzerine Güncel Araştırmalar İçinde (s. 113-132). Ankara: İksad Publishing House. ISBN: 978-625-6380-61-5
  • Vitezić, N., Vuko, T., & Mörec, B. (2012). Does Financial Performance Have an Impact on Corporate Sustainabi¬lity and CSR Disclousure - A Case of Croation Companies. Journal of Business Management, (5), 40-47
  • Wulanda, R.D.P., Hasan, A. & Ilham, E. (2017). Pengaruh Karakteristik Perusahaan dan Corporate Governance terhadap Publikasi Sustainability Report (Studi Empiris pada Perusahaan LQ45 yang Terdaftar di BEI Tahun 2011- 2014). JOM Fekon, 4 (1), 120–132.
  • Yıldırım G., Uzun Kocamış, T. & Kuzu, S. (2018). Finansal Performansın Sürdürülebilirlik Raporlaması Üzerine Etkisi: BİST100 Şirketleri Üzerinde Bir İnceleme. Muhasebe ve Vergi Uygulamaları Dergisi, 10. Yıl Özel Sayısı, 625-635. DOI: 10.29067/muvu.384990.
There are 26 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Research Articles
Authors

Arzu Şahin 0000-0002-9944-1791

Elif Acar 0000-0003-0107-5517

Publication Date September 15, 2023
Submission Date January 18, 2023
Acceptance Date June 13, 2023
Published in Issue Year 2023 Volume: 23 Issue: 70

Cite

APA Şahin, A., & Acar, E. (2023). ESG SKORUNUN FİRMAYA ÖZGÜ BELİRLEYİCİLERİ, BORSA İSTANBUL ÖRNEĞİ. Muhasebe Ve Denetime Bakış, 23(70), 111-128. https://doi.org/10.55322/mdbakis.1238294