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Journals / JOEEP: Journal of Emerging Economies and Policy / 2025 / Cilt: 10 Sayı: 2

Sustainability Index and Stock Performance: An Empirical Study on Banks Operating in Türkiye

Sürdürülebilirlik Endeksi ve Hisse Senedi Performansı: Türkiye’de Faaliyet Gösteren Bankalar Üzerine Ampirik Bir Çalışma

Mustafa Eser Kurum(İSTANBUL YENİ YÜZYIL ÜNİVERSİTESİ)0000-0002-5179-6876
Pages
200–210
Publication Date
2025-12-19
DOI
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AI Summary & Key Takeaways

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

The empirical findings reveal that inclusion in the sustainability index has a statistically significant and positive impact on stock prices in the short term, indicating that investors consider inclusion as a positive market signal.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study investigates the impact of inclusion in the BIST Sustainability Index on stock prices of banks operating in Türkiye.
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Key Findings & Data:In the analysis, conducted with monthly panel data from January 2013 to May 2025, short- and long-term dynamics are examined using the Panel Fourier ARDL model.
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Conclusion & Impact:The empirical findings reveal that inclusion in the sustainability index has a statistically significant and positive impact on stock prices in the short term, indicating that investors consider inclusion as a positive market signal.
🔬Design:Modeling & Simulation
📍Scope:2013 Verileri
⚙️Variables:BIST · Sürdürülebilirlik endeksi · Bankacılık sektörü

Abstract

This study investigates the impact of inclusion in the BIST Sustainability Index on stock prices of banks operating in Türkiye. In the analysis, conducted with monthly panel data from January 2013 to May 2025, short- and long-term dynamics are examined using the Panel Fourier ARDL model. Trading volume, inflation, and the policy rate are included as control variables, while Fourier terms are employed to capture structural breaks. The empirical findings reveal that inclusion in the sustainability index has a statistically significant and positive impact on stock prices in the short term, indicating that investors consider inclusion as a positive market signal. Trading volume is found to be the strongest determinant of stock prices in the short and long term, while inflation has a positive but weak long-term effect, and the policy rate has no significant effect. The results demonstrate that inclusion in the sustainability index enhances market confidence and stock valuations, while also highlighting the growing role of sustainability in shaping financial performance in emerging financial markets like Türkiye, offering important implications for policy makers, investors, and bank managers.

Özet

Bu çalışmada, Türkiye'de faaliyet gösteren bankaların BIST Sürdürülebilirlik Endeksi'ne dahil edilmesinin hisse senedi fiyatları üzerindeki etkisi araştırılmıştır. Ocak 2013'ten Mayıs 2025'e kadar olan aylık panel verileriyle yapılan analizde, Panel Fourier ARDL modeli kullanılarak kısa ve uzun vadeli dinamikler incelenmiştir. İşlem hacmi, enflasyon ve politika faizi kontrol değişkenleri olarak modele dahil edilmiş; Fourier terimleri ise yapısal kırılmaları yakalamak amacıyla kullanılmıştır. Elde edilen ampirik bulgular, sürdürülebilirlik endeksine dahil olmanın hisse senedi fiyatları üzerinde kısa vadede istatistiksel olarak anlamlı ve pozitif etkiye sahip olduğunu ortaya koymakta ve yatırımcıların bu üyeliği olumlu bir piyasa sinyali olarak değerlendirdiğini göstermektedir. İşlem hacminin kısa ve uzun vadede hisse senedi fiyatlarının en güçlü belirleyicisi olduğu, enflasyonun uzun vadede olumlu ancak zayıf bir etki gösterdiği; politika faizinin ise anlamlı bir etkisinin bulunmadığı tespit edilmiştir. Sonuçlar, sürdürülebilirlik endeksine katılımın piyasa güvenini ve hisse senedi değerlemesini artırdığını ortaya koymakta; aynı zamanda Türkiye gibi gelişmekte olan finansal piyasalarda sürdürülebilirliğin finansal performansı şekillendirmedeki artan rolünü vurgulamakta ve politika yapıcılar, yatırımcılar ve banka yöneticileri için önemli çıkarımlar sunmaktadır.

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Cite This Article

Kurum, M. E. (2025). Sustainability Index and Stock Performance: An Empirical Study on Banks Operating in Türkiye. JOEEP: Journal of Emerging Economies and Policy, Cilt: 10 Sayı: 2, 200–210. https://ajindex.com/articles/1504111

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