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Journals / Anadolu Üniversitesi Sosyal Bilimler Dergisi / 2026 / Cilt: 26 Sayı: 2

The Relationship between Environmental Factors and Financial Performance: A Study on BIST Sustainability Index

Çevresel Faktörler ile Finansal Performans İlişkisi: BIST Sürdürülebilirlik Endeksi Üzerine Bir Araştırma

Fatih Akdeniz(GÜMÜŞHANE ÜNİVERSİTESİ, GÜMÜŞHANE İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ)0000-0003-0518-0242
Pages
574–589
Publication Date
2026-06-28
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The findings reveal that environmental expenditures, energy consumption, and greenhouse gas emissions exert a negative effect on ROA.

📌 3 Key Takeaways

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Objective & Hypothesis:Today, global challenges such as the rapid depletion of natural resources, climate change, and environmental degradation have made sustainability-focused initiatives more critical than ever.
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Key Findings & Data:For businesses, one of the fundamental pillars of sustainability strategies is environmental responsibility, particularly through environmental investments.
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Conclusion & Impact:The findings reveal that environmental expenditures, energy consumption, and greenhouse gas emissions exert a negative effect on ROA.
🔬Design:Araştırma Makalesi
📍Scope:2020–2024 Verileri
⚙️Variables:Çevre · Sürdürülebilirlik · Finansal Performans

Abstract

Today, global challenges such as the rapid depletion of natural resources, climate change, and environmental degradation have made sustainability-focused initiatives more critical than ever. For businesses, one of the fundamental pillars of sustainability strategies is environmental responsibility, particularly through environmental investments. In this context, many companies are allocating increasing resources to environmentally conscious projects and initiatives. However, the impact of such environmental investments on corporate financial performance remains a subject of ongoing debate. This study aims to analyze the relationship between environmental expenditures, resource utilization, and financial performance of 18 industrial and manufacturing firms listed in the BIST Sustainability Index during the 2020–2024 period. In the analysis, financial performance indicators such as return on assets (ROA), return on equity (ROE), and price-to-earnings (P/E) ratio were used as dependent variables, while environmental expenditures, energy consumption, hazardous waste generation, water consumption, and greenhouse gas emissions were considered independent variables. The findings reveal that environmental expenditures, energy consumption, and greenhouse gas emissions exert a negative effect on ROA. Conversely, a positive relationship was identified between hazardous waste generation and ROA. In terms of ROE, only hazardous waste generation exhibited a statistically significant positive relationship, with no significant associations found for other environmental variables. Similarly, for the P/E ratio, no significant relationships were observed with environmental indicators except for hazardous waste generation. Moreover, research and development (R&D) investments were found to positively influence financial performance, while financial leverage and firm size generally had a negative effect. Overall, the study concludes that the impact of environmental expenditures on financial performance is limited, and the relationship between market valuation measures and environmental indicators remains weak.

Özet

Günümüzde doğal kaynakların hızla tükenmesi, iklim değişikliği ve çevresel bozulma gibi küresel sorunlar, sürdürülebilirlik odaklı çalışmaların önemini her zamankinden daha fazla artırmaktadır. İşletmeler için sürdürülebilirlik stratejilerinin en temel unsurlarından biri çevresel sorumluluk ve bu doğrultuda gerçekleştirilen çevresel yatırımlardır. Bu çerçevede, pek çok şirket çevreye duyarlı projelere ve yatırımlara daha fazla kaynak ayırmaktadır. Ancak, çevresel yatırımların şirketlerin finansal performansı üzerindeki etkisi hâlen tartışmalı bir konudur. Bu araştırmanın amacı, 2020-2024 döneminde BIST Sürdürülebilirlik Endeksi'nde yer alan 18 sanayi ve üretim şirketinin çevresel harcamaları ve kaynak kullanımları ile finansal performansları arasındaki ilişkiyi analiz etmektir. Çalışmada, finansal performans göstergeleri olarak aktif kârlılık, özsermaye kârlılığı ve fiyat/kazanç oranı bağımlı değişken olarak kullanılırken; çevresel harcamalar, enerji tüketimi, tehlikeli atık miktarı, su tüketimi ve sera gazı emisyonu ise bağımsız değişkenler olarak ele alınmıştır. Analiz bulguları, çevresel harcamalar, enerji tüketimi ve sera gazı emisyonlarının aktif kârlılık üzerinde negatif bir etkisi olduğunu göstermektedir. Öte yandan, tehlikeli atık miktarı ile aktif kârlılık arasında pozitif yönlü ilişki tespit edilmiştir. Özsermaye kârlılığı açısından yalnızca tehlikeli atık miktarıyla pozitif yönlü bir ilişki saptanmış, diğer çevresel değişkenlerle anlamlı bir ilişki tespit edilmemiştir. Fiyat/kazanç oranında ise tehlikeli atık miktarı dışında çevresel değişkenlerle anlamlı bir ilişki bulunmamıştır. AR-GE yatırımları finansal performans üzerinde pozitif, finansal kaldıraç oranı ve şirket büyüklüğü ise genellikle negatif etki göstermiştir. Çalışma genelinde çevresel harcamaların finansal performans üzerindeki etkisinin sınırlı olduğu ve piyasa değerleme ölçütleriyle çevresel göstergeler arasındaki ilişkinin zayıf kaldığı sonucuna ulaşılmıştır.

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Cite This Article

Akdeniz, F. (2026). The Relationship between Environmental Factors and Financial Performance: A Study on BIST Sustainability Index. Anadolu Üniversitesi Sosyal Bilimler Dergisi, Cilt: 26 Sayı: 2, 574–589. https://doi.org/10.18037/ausbd.1743966

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