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Journals / Muhasebe ve Denetime Bakış / 2026 / Cilt: 26 Sayı: 79

ESG SCORES AND ACCOUNTING-BASED FINANCIAL PERFORMANCE IN TURKISH BANKING: EVIDENCE FROM PANEL CAUSALITY

TÜRKİYE BANKACILIK SEKTÖRÜNDE ESG SKORLARI VE MUHASEBE TEMELLİ FİNANSAL PERFORMANS: PANEL NEDENSELLİKTEN KANITLAR

Murat Gündüz(UŞAK ÜNİVERSİTESİ)0000-0003-0006-8796
Naib Alakbarov(UŞAK ÜNİVERSİTESİ)0000-0003-1511-0512
Meral Gündüz(UŞAK ÜNİVERSİTESİ)0000-0002-9255-091X
Pages
127–150
Publication Date
2026-09-22
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AI Summary & Key Takeaways

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

The empirical findings reveal that the impact of ESG performance on financial outcomes is non-homogeneous and varies significantly across its sub-components.

📌 3 Key Takeaways

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Objective & Hypothesis:This study aims to empirically investigate the causal relationships between Environmental, Social, and Governance (ESG) performance and accounting-based financial performance in the Turkish banking sector.
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Key Findings & Data:To this end, data from 6 commercial banks listed on Borsa Istanbul with uninterrupted data availability for the 2009–2023 period are analyzed using the Emirmahmutoğlu-Köse panel Granger causality test, which accounts for cross-sectional dependence and country/unit heterogeneity.
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Conclusion & Impact:The empirical findings reveal that the impact of ESG performance on financial outcomes is non-homogeneous and varies significantly across its sub-components.
🔬Design:Araştırma Makalesi
📍Scope:2009–2023 Verileri
⚙️Variables:ESG Performansı · Finansal Performans · Nedensellik Analizi

Abstract

This study aims to empirically investigate the causal relationships between Environmental, Social, and Governance (ESG) performance and accounting-based financial performance in the Turkish banking sector. To this end, data from 6 commercial banks listed on Borsa Istanbul with uninterrupted data availability for the 2009–2023 period are analyzed using the Emirmahmutoğlu-Köse panel Granger causality test, which accounts for cross-sectional dependence and country/unit heterogeneity. Return on assets and return on equity were used as accounting-based financial performance indicators, while bank size was included in the analysis to examine its causality relationships with ESG indicators and financial performance variables separately. The empirical findings reveal that the impact of ESG performance on financial outcomes is non-homogeneous and varies significantly across its sub-components. A unidirectional causality relationship was identified from the one-period lagged value of the overall ESG score to return on assets (ROA), whereas bidirectional causality relationships were found between environmental performance and ROA, governance score and ROA, and social performance and return on equity (ROE). The findings indicate that the Governance dimension is the strongest determinant of financial performance, while also suggesting that sustainability practices may be regarded as a strategic investment tool that supports long-term value creation for banks, rather than merely serving as a passive public relations instrument.

Özet

Bu çalışmanın amacı, Türkiye bankacılık sektöründe Çevresel, Sosyal ve Yönetişim (ESG) performansı ile muhasebe temelli finansal performans arasındaki nedensellik ilişkilerini ampirik olarak incelemektir. Bu doğrultuda, Borsa İstanbul'da işlem gören ve kesintisiz veri akışı sağlayan 6 mevduat bankasının 2009–2023 dönemine ait verileri, yatay kesit bağımlılığı ve birimler arası heterojenliği dikkate alan Emirmahmutoğlu-Köse panel Granger nedensellik testi ile analiz edilmiştir. Muhasebe temelli finansal performans göstergeleri olarak aktif kârlılığı ve özsermaye kârlılığı kullanılmış, banka büyüklüğü ise ESG göstergeleri ve finansal performans değişkenleriyle olan nedensellik ilişkilerinin ayrıca incelenmesi amacıyla analize dâhil edilmiştir. Analiz sonuçları, ESG performansının finansal sonuçlar üzerindeki etkisinin homojen olmadığını ve alt bileşenlere göre belirgin biçimde farklılaştığını ortaya koymaktadır. Toplam ESG skorunun bir dönem gecikmeli değerinden aktif kârlılığına doğru tek yönlü bir nedensellik ilişkisi tespit edilirken, çevresel performans ile aktif kârlılığı, yönetişim skoru ile aktif kârlılığı ve sosyal performans ile özsermaye kârlılığı arasında ise çift yönlü nedensellik ilişkileri belirlenmiştir. Bulgular, Yönetişim bileşeninin finansal performansın en güçlü belirleyicisi olduğunu gösterirken, sürdürülebilirlik uygulamalarının bankalar için pasif bir halkla ilişkiler unsuru olmanın ötesinde, uzun vadeli değer yaratımını destekleyen stratejik bir yatırım aracı olarak değerlendirilebileceğine işaret etmektedir.

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Cite This Article

Gündüz, M., Alakbarov, N., Gündüz, M. (2026). ESG SCORES AND ACCOUNTING-BASED FINANCIAL PERFORMANCE IN TURKISH BANKING: EVIDENCE FROM PANEL CAUSALITY. Muhasebe ve Denetime Bakış, Cilt: 26 Sayı: 79, 127–150. https://doi.org/10.55322/mdbakis.1877727

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