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Journals / İstanbul Ticaret Üniversitesi Girişimcilik Dergisi / 2026 / Cilt: 9 Sayı: 21

ESG, RISK AND SUSTAINABILITY CONVERGENCE IN EMERGING EQUITY MARKET: EVIDENCE FROM BIST

GELİŞMEKTE OLAN BİR HİSSE SENEDİ PİYASASINDA ESG, RİSK VE SÜRDÜRÜLEBİLİRLİK YAKINSAMASI: BIST’TEN KANITLAR

Sarvenaz Erfani Hooshiaran(İSTANBUL TİCARET ÜNİVERSİTESİ)0009-0002-5405-0081
Recep Ali Küçükçolak(İSTANBUL TİCARET ÜNİVERSİTESİ)0000-0001-7959-1242
Pages
52–71
Publication Date
2026-09-30
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AI Summary & Key Takeaways

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

Results show that ESG scores do not relate to stock returns, with the estimated effect being negative, insignificant and unstable.

📌 3 Key Takeaways

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Objective & Hypothesis:This research explores the impact of Environmental, Social, and Governance (ESG) on the stock market of Borsa Istanbul, including the influence of ESG on stock returns, association with firm size, and convergence.
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Key Findings & Data:The study employs time-varying ESG scores from S&P Global for large-listed Turkish firms from 2018 to 2024, stock returns, and firm-specific information, using panel, cross-sectional and portfolio approaches.
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Conclusion & Impact:Results show that ESG scores do not relate to stock returns, with the estimated effect being negative, insignificant and unstable.
🔬Design:Tez Özeti
📍Scope:2018 Verileri
⚙️Variables:ESG · Gelişmekte Olan Piyasalar · Borsa İstanbul

Abstract

This research explores the impact of Environmental, Social, and Governance (ESG) on the stock market of Borsa Istanbul, including the influence of ESG on stock returns, association with firm size, and convergence. The study employs time-varying ESG scores from S&P Global for large-listed Turkish firms from 2018 to 2024, stock returns, and firm-specific information, using panel, cross-sectional and portfolio approaches. Results show that ESG scores do not relate to stock returns, with the estimated effect being negative, insignificant and unstable. However, ESG performance is positively associated with firm size, suggesting that larger firms, which have more resources and institutional stability, are more likely to pursue and disclose ESG practices. Also, firms with lower starting ESG scores show larger increases in ESG scores, confirming a convergence effect in ESG practices. In conclusion, the findings indicate that although ESG is associated with firm structure and convergence in Borsa Istanbul, it is not incorporated into stock prices.

Özet

Bu çalışma, Borsa İstanbul hisse senedi piyasasında Çevresel, Sosyal ve Yönetişim (ESG) faktörlerinin rolünü incelemekte; ESG’nin hisse getirilerini etkileyip etkilemediğini, firma büyüklüğü ile ilişkisini ve zaman içinde yakınsama gösterip göstermediğini analiz etmektedir. 2018–2024 döneminde büyük ölçekli Türk şirketlerine ait zaman değişkenli S&P Global ESG skorları, hisse getirileri ve firma özellikleri kullanılarak panel, kesitsel ve portföy yöntemleri uygulanmıştır. Bulgular, ESG skorları ile hisse getirileri arasında istatistiksel olarak anlamlı bir ilişki olmadığını; ilişkinin genellikle negatif ancak zayıf ve tutarsız olduğunu göstermektedir. Buna karşılık, ESG performansı ile firma büyüklüğü arasında güçlü ve pozitif bir ilişki tespit edilmiştir; bu durum, daha büyük firmaların daha fazla kaynak ve kurumsal kapasiteye sahip olmaları nedeniyle ESG uygulamalarını benimseme ve raporlama olasılıklarının daha yüksek olduğunu göstermektedir. Ayrıca, başlangıçta düşük ESG skorlarına sahip firmaların zaman içinde daha fazla iyileşme gösterdiği ve bu durumun yakalama etkisini desteklediği bulunmuştur. Sonuç olarak, ESG’nin firma yapısı ve yakınsama dinamikleriyle ilişkili olduğu, ancak henüz hisse getirilerine yansımadığı anlaşılmaktadır.

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Cite This Article

Hooshiaran, S. E., Küçükçolak, R. A. (2026). ESG, RISK AND SUSTAINABILITY CONVERGENCE IN EMERGING EQUITY MARKET: EVIDENCE FROM BIST. İstanbul Ticaret Üniversitesi Girişimcilik Dergisi, Cilt: 9 Sayı: 21, 52–71. https://doi.org/10.55830/tje.1939100

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