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Does the Stock Market Value Inclusion in a Sustainability Index? Evidence from Borsa Istanbul

Mustafa Kemal Yılmaz · Mine Aksoy · Ekrem Tatoğlu

51 citations0/0 files storedSustainability

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Corporate Social Responsibility Reporting Financial Markets and Investment Strategies Sustainable Finance and Green Bonds

Abstract

This study examines the relationships between corporate sustainability (CS) performance of the companies (proxied by inclusion in sustainability index) listed in Borsa Istanbul (BIST, Istanbul, Turkey) and market-specific company performance measures over the period of 2014–2017. The results show that there is no strong evidence of the effect of inclusion in or exclusion from the BIST Sustainability Index (BIST SI) on stock returns and systematic risk (betas) of companies. However, the results reveal that inclusion in the BIST SI reduces the total risk of the companies and protects them from stock declines in case of a severe crisis by improving their resilience compared to other companies not included in the BIST SI. Although no significant link is found concerning the impact of the companies’ inclusion on the level of foreign ownership, a positive association is noted between BIST SI inclusion and the level of institutional ownership.

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References

1993Common risk factors in the returns on stocks and bonds 2010Strategic management a stakeholder approach 1997A Survey of Corporate Governance 1995The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications 2003Corporate Social and Financial Performance: A Meta-Analysis 1995The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications 2015ESG and financial performance: aggregated evidence from more than 2000 empirical studies 2008The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis

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2022Clustering of firms based on environmental, social, and governance ratings: Evidence from BIST sustainability index

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