An Analysis of the Determinants of Environmental, Social and Governance (ESG) Scores at the Firm level on Borsa İstanbul Companies

Nida Abdioğlu; Sinan Aytekin

doi:10.37880/cumuiibf.1550128

TR EN

Borsa İstanbul Firmalarında Çevresel, Sosyal ve Yönetişim(ESG) Skorlarının Firma Düzeyindeki Belirleyicilerinin Analizi

Öz

Çevresel, Sosyal ve Yönetişim (ESG) skorları, büyük şirketlerin etik uygulamalar ve sürdürülebilirlik çabalarına göre nasıl değerlendirildiğini yansıtır. Bu skorlar, bir şirketin çevresel, sosyal ve yönetişim uygulamalarıyla ilgili çeşitli faktörlerden etkilenir. Bu çalışmada Borsa İstanbul’da işlem gören 34 firmanın 2018-2022 dönemi ESG skorlarını etkileyen firma düzeyindeki faktörlerin incelenmesi amaçlanmıştır. Bağımlı değişken olarak ESG skorları kullanılırken bağımsız değişkenler olarak ise finansal kaldıraç (LEV), toplam varlıkların logaritması (SIZE), yatırılan sermayenin getirisi (ROIC), kullanılan sermayenin getirisi (ROCE), piyasa değeri/defter değeri (MB) ve hisse yabancı net işlem/toplam hacim (YS) oranları kullanılmıştır. Analizler ayrı ayrı yürütülmekte olup, kurumsal sürdürülebilirliğin üç farklı boyutuna odaklanılmaktadır: çevresel, sosyal ve yönetişim. Çalışmada Driscoll ve Kraay (1998) tahmincileri ile sabit etkiler panel veri analizi kullanılmaktadır. Analiz sonuçlarına göre LEV, ROCE, YS ve SIZE değişkenlerinin ESG skorları üzerinde pozitif etkiye sahip olduğu bulunmuştur. Ayrıca ESG skorunu oluşturan ölçütler ayrı ayrı da incelenmiştir. Çevre ölçütünü (ENV) LEV, ROCE, MB ve SIZE değişkenlerinin olumlu etkilediği tespit edilmiştir. Sosyal ölçüt (SOC) üzerinde LEV, ROCE, MB ve SIZE değişkenleri pozitif ve anlamlı bir etkiye sahipken ROIC değişkeninin negatif etkisi olduğu görülmüştür. Yönetişim ölçütünü (GOV) ROCE, YS ve SIZE değişkenlerinin pozitif yönde etkilediği, diğer taraftan MB değişkeninin ölçüt üzerinde negatif etkiye sahip olduğu bulunmuştur. Analiz sonuçları meşruiyet teorisi ve vekalet teorisi ile uyumludur.

Anahtar Kelimeler

An Analysis of the Determinants of Environmental, Social and Governance (ESG) Scores at the Firm level on Borsa İstanbul Companies

Abstract

Environmental, Social, and Governance (ESG) scores reflect how major corporations are evaluated based on ethical practices and sustainability efforts. This study aims to analyse the factors at the firm level that influence the ESG scores of 34 companies traded on Borsa Istanbul between 2018 and 2022. While the dependent variables are the ESG scores, the independent variables are financial leverage (LEV),c the logarithm of total assets (SIZE), return on invested capital (ROIC), return on capital employed (ROCE), market to book value (MB) ratio, and foreign net transactions/total volume (YS) ratio. The analyses are carried out individually, focusing on the three distinct aspects of corporate sustainability: environmental, social, and governance. This study employs fixed-effect panel data analysis utilizing the Driscoll and Kraay (1998) estimators. According to the results of the analyses, it is found that the variables LEV, ROCE, YS, and SIZE have positive impacts on ESG scores. Furthermore, the criteria that make up the ESG score are also examined separately. It is determined that the environmental criterion (ENV) is positively influenced by the variables LEV, ROCE, MB, and SIZE. The social criterion (SOC) is positively and significantly influenced by the variables LEV, ROCE, MB, and SIZE, while the variable ROIC has a negative effect. The governance criterion (GOV) is positively influenced by the variables ROCE, YS, and SIZE, while the variable MB has a negative impact on the criterion. The results of the analyses are in line with the legitimacy theory and agency theory.

Keywords

Kaynakça

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Ayrıntılar

Birincil Dil

İngilizce

Konular

Finans

Bölüm

Araştırma Makalesi

Yazarlar

Nida Abdioğlu ^*
0000-0002-8498-9893
Türkiye

Sinan Aytekin
0000-0003-1502-2643
Türkiye

Erken Görünüm Tarihi

19 Ocak 2025

Yayımlanma Tarihi

21 Ocak 2025

Gönderilme Tarihi

14 Eylül 2024

Kabul Tarihi

27 Kasım 2024

Yayımlandığı Sayı

Yıl 2025 Cilt: 26 Sayı: 1

DOI

https://doi.org/10.37880/cumuiibf.1550128

IZ

https://izlik.org/JA34UW94MW

Kaynak Göster

RIS / Bibtex

APA

Abdioğlu, N., & Aytekin, S. (2025). An Analysis of the Determinants of Environmental, Social and Governance (ESG) Scores at the Firm level on Borsa İstanbul Companies. Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 26(1), 95-104. https://doi.org/10.37880/cumuiibf.1550128