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Öğe Does ESG performance affect the financial performance of environmentally sensitive industries? A comparison between emerging and developed markets(Borsa Istanbul Anonim Sirketi, 2022) Naeem, Nasruzzaman; Cankaya, Serkan; Bildik, RecepPurpose- The study aims to investigate whether the ESG performance of corporations from environmentally sensitive industries has any effects on their financial performance and whether the impacts of the ESG performance of environmentally sensitive corporations differ between developed and emerging countries. Methodology- The ESG performance scores and financial performance scores for a 10-year period have been collected from the Thomson Reuters Eikon database and panel regression analyses have been carried out to evaluate the economic value of the ESG performance of these corporations. Findings- Our findings show that the overall ESG performance of environmentally sensitive corporations has a significant positive relationship with the return on equity (ROE) and the Tobin’s Q of the corporations. In addition, the overall ESG performance of the environmentally sensitive corporations from developed countries has positive impact on the ROE and on the Tobin’s Q whereas the ESG performance score of the environmentally sensitive corporations from emerging countries does not have any significant effect on their corporate financial performance. The findings also indicate that the impacts of the ESG performance of environmentally sensitive corporations on their financial performance are stronger in developed countries than in emerging countries. Conclusion- This study contributes to the literature by adding a better understanding of the ESG-financial performance relationship of environmentally sensitive corporations from both developed and emerging market contextsÖğe The impact of ESG performance over financial performance: A study on global energy and power generation companies(İstanbul Ticaret Üniversitesi, 2022) Naeem, Nasruzzaman; Serkan CankayaThis study aims to analyze the impact of environmental, social and governance (ESG) performance of global energy and power generation corporations over their corporate financial performance. The study explores the impact of the environmental, social and governance (ESG) operations and performance over profitability and market value of the corporations operating business in sensitive industries such as energy and power generation corporations using panel data regression. The ESG performance data and financial data of 192 energy and power generation firms from 2008 to 2019 were collected from the Thomson Reuters Eikon database for the statistical analyses. According to the results, ESG performance is correlated in a significant way with the financial performance of the energy and power generation corporations. The findings suggest that ESG performance has both positive and significant impacts over the profitability of the corporations but a negative impact over the market value of the corporations. This study adds value and importance to the ESG literature, sustainable business practice and sustainability reporting for the energy and power generation companies worldwide. Moreover, the findings of the study would assist the relevant investors, business analysts, industry regulators, policymakers, and decision-makers all other stakeholders who are interested in ESG and sustainability to take noteworthy decisions.Öğe The relationship between the ESG performance and financial performance of environmentally sensitive industries; a comparison between emerging and developed markets(İstanbul Ticaret Üniversitesi, 2021) Naeem, Nasruzzaman; Çankaya, SerkanTABLE OF CONTENTS ABSTRACT . iii ÖZET. iv PREFACE . v LIST OF TABLES. ix LIST OF FIGURES. x ABBREVIATIONS. xi 1. INTRODUCTION. 1 1. 1 Background. 1 1. 2 Purpose of the Thesis. 5 1. 3 Scope of the Thesis. 5 1. 4 Contribution of the Thesis to the Academic Research and Industry . 5 1. 5 Structure of the Thesis. 7 2. THEORETICAL BACKGROUND. 8 2. 1 Corporate Social Responsibility and Corporate Sustainability. 8 2. 2 Environmental, Social, and Governance (ESG) Factors. 10 2. 3 ESG Pillars and Factors. 11 2. 3. 1 The Environmental Pillar of ESG . 12 2. 3. 2 The Social Pillar of ESG . 13 2. 3. 3 The Governance Pillar of ESG. 14 2. 3. 4 ESG Rating and ESG Investing . 14 2. 4 Theoretical Perspective of ESG performance. 17 2. 4. 1 Shareholder Theory. 17 2. 4. 2 Stakeholder Theory . 18 2. 4. 3 Value Enhancing Theory. 20 2. 4. 4 Legitimacy Theory . 20 vii 2. 5 Financial Performance Measurement . 21 2. 6 Relationship Between ESG Performance and Financial Performance . 22 3. LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT. 24 3. 1 Literature Review . 24 3. 2 Hypothesis Development. 52 4. DATA DESCRIPTION AND METHODOLOGY . 59 4. 1 Data Source. 59 4. 2 Data Sample. 62 4. 3 Independent Variable . 66 4. 4 Dependent variables. 71 4. 5 Control Variables. 73 4. 6 Reliability and validity. 75 4. 7 Designing the regression models. . 76 4. 8 Regression Variables . 78 5. EMPIRICAL RESULTS AND FINDINGS . 81 5. 1 Descriptive Statistics. 81 5. 2 Correlation Matrix . 87 5. 3 Multicollinearity Test . 91 5. 4 Model Selection Tests. 92 5. 5 Model Diagnostic Tests. 94 5. 6 Regression Results. 95 5. 7 Additional Regression Analysis (Robustness Check) . 105 5. 8 Empirical Findings. 107 6. CONCLUSION. 120 6. 1 Discussion. 120 6. 2 Limitations. 125 viii 6. 3 Recommendations. 126 APPENDIX . 128 REFERENCES . 130