SavedAdd your journal

Journals / Anadolu Üniversitesi Sosyal Bilimler Dergisi / 2026 / Cilt: 26 Sayı: 1

The Relationship Between Corporate Sustainability Performance and Cost of Debt: The Role of Covid-19

Kurumsal Sürdürülebilirlik Performansı ile Borçlanma Maliyeti İlişkisi: Kovid-19’un Rolü

Elham Khakipour Dizaj, Mine Aksoy

Pages
62–90
Publication Date
2026-03-28
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗

Abstract

The aim of this study is to examine the impact of the corporate sustainability performance of non-financial companies listed in the Borsa Istanbul 100 index on their cost of debt. Using the data of firms for the period 2014–2022, analyses were conducted with the panel data analysis method. The sample consists of 58 companies and 316 observations. The environmental, social, and governance scores of the firms were obtained from the Refinitiv Eikon database and used as indicators of sustainability performance. The analysis results show that environmental, social, and governance performance do not have a statistically significant effect on the cost of debt in the overall period. During the period of the study, a Covid-19–related crisis occurred. The results indicate that, during the Covid-19 period, governance performance had a statistically significant and negative effect on the cost of debt, thereby reducing borrowing costs. In contrast, environmental performance had a statistically significant and positive effect, increasing borrowing costs during the Covid-19 period. In addition, firms with a higher proportion of fixed assets were found to have lower borrowing costs, while firms operating in the service sector were found to have higher borrowing costs.

Özet

Bu çalışmanın amacı, Borsa İstanbul 100 endeksinde yer alan ve finansal olmayan şirketlerin kurumsal sürdürülebilirlik performansının, borçlanma maliyetleri üzerindeki etkisini incelemektir. Firmaların 2014-2022 yılları arası verileri kullanılarak panel veri analizi yöntemiyle analizler yapılmıştır. Araştırmanın örneklemi, 58 şirket ve 316 gözlemden oluşmaktadır. Refinitiv Eikon veri tabanından firmaların çevresel, sosyal ve yönetişim notlarına ulaşılmıştır ve bu notlar sürdürülebilirlik performans göstergesi olarak kullanılmıştır. Analiz sonuçları, çevresel performans, sosyal performans ve yönetişim performansının, firmaların borçlanma maliyetleri üzerinde istatistiksel olarak anlamlı bir etkisi olmadığını göstermiştir. Çalışmanın yapıldığı dönem aralığında Kovid-19 kaynaklı bir kriz yaşanmıştır. Sonuçlar, Kovid-19 döneminde yönetişim performansının, borçlanma maliyetleri üzerinde istatistiksel olarak anlamlı, negatif ve borçlanma maliyetlerini azaltıcı bir etkisi olduğunu göstermiştir. Çevresel performansın ise Kovid-19 döneminde borçlanma maliyetleri üzerinde istatistiksel olarak anlamlı ve borçlanma maliyetlerini artıran bir etkisi olmuştur. Ayrıca duran varlık oranı yüksek olan firmaların daha düşük, hizmet sektöründe yer alan firmaların ise daha yüksek borçlanma maliyetine sahip olduğu tespit edilmiştir.

Keywords
🔖

Cite This Article

Dizaj, E. K., Aksoy, M. (2026). The Relationship Between Corporate Sustainability Performance and Cost of Debt: The Role of Covid-19. Anadolu Üniversitesi Sosyal Bilimler Dergisi, Cilt: 26 Sayı: 1, 62–90. https://doi.org/10.18037/ausbd.1733810

📄 Full Text PDF Viewer

References (95)

  1. Acharya, V. V., & Steffen, S. (2020). The risk of being a fallen angel and the corporate dash for cash in the midst of COVID. The Review of Corporate Finance Studies, 9(3), 430-471. https://doi.org/10.1093/rcfs/cfaa013
  2. Akkaynak, B. (2022). Sermaye yapısı teorileri ve Türk bankacılık sisteminin sermaye yapısı belirleyicileri. Akdeniz İİBF Dergisi, 22(1), 57-68. https://doi.org/10.25294/auiibfd.1033601
  3. Aksoy, M. (2022). Does firm size Influence the relationship between CSR and capital structure?. European Proceedings of Social and Behavioural Sciences. https:// doi: 10.15405/epsbs.2022.12.02.1.
  4. Aksoy, M., & Yılmaz, M. K. (2023). Does board diversity affect the cost of debt financing? Empirical evidence from Turkey. Gender in Management: An International Journal, 38(4), 504-524. https://doi.org/10.1108/GM-01-2022-0021
  5. Al-Hadi, A. Chatterjee, B. Yaftian, A. Taylor, G. & Monzur Hasan, M. (2017). Corporate social responsibility performance, financial distress and firm life cycle: Evidence from Australia. Accounting & Finance, 59(2), 961-989. https://doi.org/10.1111/acfi.12277
  6. Ali, K., Nadeem, M., Pandey, R., & Bhabra, G. S. (2023). Do capital markets reward corporate climate change actions? Evidence from the cost of debt. Business Strategy and the Environment, 32(6), 3417–3431. https://doi.org/10.1002/bse.3308
  7. Amiraslani, H., Lins, K., Servaes, H., & Tamayo,A. (2023). Trust, social capital, and the bond market benefits of ESG performance, Review of Accounting Studies, 28, 421–462. https://doi.org/10.1007/s11142-021-09646-0
  8. Apergis, N., Poufinas, T., & Antonopoulos, A. (2022). ESG scores and cost of debt. Energy Economics, 112, 106186. https://doi.org/10.1016/j.eneco.2022.106186
  9. Arora, A. Sharma, D. (2022). Do environmental, social and governance (ESG) performance scores reduce the cost of debt? Evidence from Indian firms. Australasian Accounting, Business and Finance Journal, 16(5), 4-18. https://doi.org/10.14453/aabfj.v16i5.02
  10. Bai, M., & Ho, L. (2022). Corporate social performance and firm debt levels: Impacts of the Covid-19 pandemic and institutional environments. Finance Research Letters, 47, 102968. https://doi.org/10.1016/j.frl.2022.102968
  11. Banerjee, R. N., Cornelli, G., & Zakrajšek, E. (2020). The outlook for business bankruptcies (No. 30). Bank for International Settlements, (https://www.bis.org/publ/bisbull30.pdf ), (Erişim tarihi: 07.12.2025)
  12. Barclay, M. J., & Smith, C. W. (1995). The maturity structure of corporate debt. Journal of Finance, 50(2), 609-631. https://doi.org/10.1111/j.1540-6261.1995.tb04797.x
  13. Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of business ethics, 97, 71-86. https://doi.org/10.1007/s10551-010-0496-z
  14. Bayındır, A. B., & Aksoy, M. (2024). Kovid-19 pandemi döneminde kurumsal sürdürülebilirlik performansi ile finansal performans arasindaki ilişki. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(1), 453-478. https://doi.org/10.53443/anadoluibfd.1333132
  15. Beck, T., Demirgüç‐Kunt, A. S. L. I., & Maksimovic, V. (2005). Financial and legal constraints to growth: does firm size matter? The journal of finance, 60(1), 137-177. https://doi.org/10.1111/j.1540-6261.2005.00727.x
  16. Bhargava, A., Franzini, L., & Narendranathan, W. (1982). Serial correlation and the fixed effects model. The review of economic studies, 49(4), 533-549. https://doi.org/10.2307/2297285
  17. Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320
  18. Bowen, H. R. (1953). Social responsibilities of the businessman. Harper & Row.
  19. Bradley, M., Jarrell, G. A., & Kim, E. H. (1984). On the existence of an optimal capital structure: Theory and evidence. The journal of Finance, 39(3), 857-878. http://www.jstor.org/stable/2327950
  20. Broadstock, D.C., Chan, K., Cheng, L., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from Covid-19 in China. Finance Res. Lett. 38, 101716. https://doi.org/10.1016/j.frl.2020.101716
  21. Brown, M. B., & Forsythe, A. B. (1974). The small sample behavior of some statistics which test the equality of several means. Technometrics, 16(1), 129-132. https://doi/abs/10.1080/00401706.1974.10489158
  22. Campello, M., & Giambona, E. (2013). Real assets and capital structure. Journal of Financial and Quantitative Analysis, 48(5), 1333-1370. https://doi.org/10.1017/S0022109013000525
  23. Carroll, A. B. (2021). Corporate social responsibility (CSR) and the COVID-19 pandemic: organizational and managerial implications. Journal of Strategy and Management, 14(3), 315-330. https://doi.org/10.1108/JSMA-07-2021-0145
  24. Chen, Y., Shan, Y. G., Wang, J., Yang, X., & Zhang, J. (2024). Social capital and cost of debt: Evidence from Chinese CEO network centrality. Emerging Markets Review, 60, 101131. https://doi.org/10.1016/j.ememar.2024.101131
  25. Cheng, B. Ioannou,L. & Serafeim,G. (2014). Corporate social responsibility and access to finance. Strategic Managment Jornal, 35(1),1-23. https://doi.org/10.1002/smj.2131
  26. Chowdhury, E. K., Khan, I. I., & Dhar, B. K. (2022). Catastrophic impact of Covid‐19 on the global stock markets and economic activities. Business and Society Review, 127(2), 437-460. https://doi.org/10.1111/basr.12219
  27. Cooper, E. W., & Uzun, H. (2015). Corporate Social Responsibility and the Cost of Debt. Journal of Accounting & Finance, 15(8), 2158-3625. http://www.na-businesspress.com/JAF/CooperEW_Web15_8_.pdf
  28. Çam, İ. (2023). Kurumsal sürdürülebilirlik ve finansmana erişim: BİST’de bir uygulama. Muhasebe ve Finansman Dergisi, 99, 85-102. https://doi.org/10.25095/mufad.1259590
  29. De Villiers, C., & Van Staden, C. J. (2006). Can less environmental disclosure have a legitimising effect? Evidence from Africa. Accounting, organizations and society, 31(8), 763-781. https://doi.org/10.1016/j.aos.2006.03.001
  30. Deesomsak, R., Paudyal, K., & Pescetto, G. (2004). The determinants of capital structure: evidence from the Asia Pacific region. Journal of multinational financial management, 14(4-5), 387-405. https://doi.org/10.1016/j.mulfin.2004.03.001
  31. Desender, K. A., Lópezpuertas‐Lamy, M., Pattitoni, P., & Petracci, B. (2020). Corporate social responsibility and cost of financing: The importance of the international corporate governance system. Corporate Governance: An International Review, 28(3), 207-234. https://doi.org/10.1111/corg.12312
  32. Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the COVID-19 pandemic. Journal of financial economics, 141(2), 802-830. https://doi.org/10.1016/j.jfineco.2021.03.005
  33. Dowling, J., & Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. Pacific sociological review, 18(1), 122-136. https://doi.org/10.2307/1388226
  34. Dyllick, T., & Hockerts, K. (2002). Beyond the business case for corporate sustainability. Business Strategy and The Environment, 11(2), 130-141. https://doi.org/10.1002/bse.323
  35. Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of management review, 14(1), 57-74. https://doi.org/10.2307/258191
  36. El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406. https://doi.org/10.1016/j.jbankfin.2011.02.007
  37. Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. https://doi.org/10.1016/j.cpa.2019.102097
  38. Ertan, Y. (2018). Türkiye’de sürdürülebilirlik raporlaması (2005-2017). Journal of Accounting and Taxation Studies, 11(3), 463-478. https://doi.org/10.29067/muvu.410926
  39. Ertuğrul, F. (2008), Paydaş teorisi ve işletmelerin paydaşları ile ilişkilerinin yönetimi, Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 31, 199-223. https://dergipark.org.tr/en/pub/erciyesiibd/issue/5888/77885
  40. Fahlenbrach, R., Rageth, K., & Stulz, R. M. (2021). How valuable is financial flexibility when revenue stops? Evidence from the Covid-19 crisis. The Review of Financial Studies, 34(11), 5474-5521. https://doi.org/10.1093/rfs/hhaa134
  41. Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153-193. https://doi.org/10.1016/S0304-405X(96)00896-3
  42. Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1–33. http://www.jstor.org/stable/2696797
  43. Ferriani, F. (2023). Issuing bonds during the Covid-19 pandemic: Was there an ESG premium? International Review of Financial Analysis, 88, 102653. https://doi.org/10.1016/j.irfa.2023.102653
  44. Ferriani, F., & Pericoli, M. (2024). ESG risks and corporate viability: insights from default probability term structure analysis. Bank of Italy Occasional Paper, (892). http://dx.doi.org/10.2139/ssrn.5254241
  45. Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management science, 61(11), 2549-2568. https://doi.org/10.1287/mnsc.2014.2038
  46. Francis, J., Khurana, I. K., & Pereira, R. (2005). Disclosure incentives and effects on the cost of capital around the world. The Accounting Review, 80(3), 1125–1162. https://doi.org/10.2308/accr.2005.80.4.1125
  47. Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248. https://doi.org/10.1016/S0304-405X(02)00252-0
  48. Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1-37. https://doi.org/10.1111/j.1755-053X.2009.01026.x
  49. Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Pitman.
  50. Gajdosikova, D., & Valaskova, K. (2023). Association between CSR performance and debt level of Visegrad publicly-listed enterprises in the context of economic changes caused by COVID-19. International Scientific Conference, Vilnius, Lithuania. https://doi.org/10.3846/bm.2023.977
  51. Ghouma, H., Ben-Nasr, H., & Yan, R. (2018). Corporate governance and cost of debt financing: Empirical evidence from Canada. The Quarterly Review of Economics and Finance, 67, 138-148. https://doi.org/10.1016/j.qref.2017.06.004
  52. Giglio, S., Maggiori, M., Stroebel, J., & Utkus, S. (2021). Climate change and long-run discount rates: Evidence from real estate. The Review of Financial Studies, 34(3), 1632-1673. https://doi.org/10.1093/rfs/hhab032
  53. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and csr research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
  54. Goodell, J. W. (2020). COVID-19 and finance: Agendas for future research. Finance research letters, 35, 101512. https://doi.org/10.1016/j.frl.2020.101512
  55. Gracia, O., & Siregar, S. V. (2021). Sustainability practices and the cost of debt: Evidence from ASEAN countries. Journal of Cleaner Production, 300, 126942. https://doi.org/10.1016/j.jclepro.2021.126942
  56. Graham, J. R. (2000). How big are the tax benefits of debt?. The Journal of Finance, 55(5), 1901-1941. https://doi.org/10.1111/0022-1082.00277
  57. Harris, M., & Raviv, A. (1991). The theory of capital structure. Journal of Finance, 46(1), 297-355. https://doi.org/10.1111/j.1540-6261.1991.tb03753.x
  58. Hennessy, C. A., & Whited, T. M. (2007). How costly is external financing? Evidence from a structural estimation. The Journal of Finance, 62(4), 1705-1745. https://doi.org/10.1111/j.1540-6261.2007.01255.x
  59. Houqe, M. N., Ahmed, K., & Richardson, G. (2020). The effect of environmental, social, and governance performance factors on firms’ cost of debt: International evidence. The International Journal of Accounting, 55(03), 2050014. https://doi.org/10.1142/S1094406020500146
  60. Huang, H., & Ye, Y. (2021). Rethinking capital structure decision and corporate social responsibility in response to Covid‐19. Accounting & Finance, 61(3), 4757-4788. https://doi.org/10.1111/acfi.12740
  61. Jensen, M. C., &, Meckling, W. H (1976). Theory of the firm. Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
  62. Jeriji, M. (2022). CSR performance and the cost of financial debt in emerging mena economies. The Journal of Contemporary Issues in Business and Government, 28(4), 1334-1356. https://cibgp.com/au/index.php/1323-6903/article/view/2671
  63. Jin, C., Cong, Z., Dan, Z., & Zhang, T. (2023). COVID-19, CSR, and performance of listed tourism companies. Finance Research Letters, 57, 104217. https://doi.org/10.1016/j.frl.2023.104217
  64. Jung, J., Herbohn, K., & Clarkson, P. (2018). Carbon risk, carbon risk awareness and the cost of debt financing. Journal of Business Ethics, 150, 1151-1171. https://doi.org/10.1007/s10551-016-3207-6
  65. Karabulut, R., & Şeker, K. (2020). İşletmelerde sermaye yapısı ve borçlanma araçları sermaye maliyeti ve sermaye yapısı. İKSAD Publishing House.
  66. Kim, W. S., & Sorensen, E. H. (1986). Evidence on the impact of the agency costs of debt on corporate debt policy. Journal of Financial and quantitative analysis, 21(2), 131-144. https://doi.org/10.2307/2330733
  67. Kordsachia,O. (2021). A risk management perspective on CSR and the marginal cost of debt: empirical evidence from Europe. Review of Managerial Science, 15, 1611–1643. https://doi.org/10.1007/s11846-020-00392-2
  68. Kose, M. A., Nagle, P. S. O., Ohnsorge, F., & Sugawara, N. (2021). What has been the impact of COVID-19 on debt? Turning a wave into a tsunami. Policy Research Working Paper. 9871. http://dx.doi.org/10.2139/ssrn.3980291
  69. Küllü, A. M., & Raymar, S. (2018). Groups, pricing, and cost of debt: evidence from Turkey. Journal of Risk and Financial Management, 11(1), 14. https://doi.org/10.3390/jrfm11010014
  70. Latvala, S. (2022). ESG Practices and Cost of Debt: The Moderating Role of Board Gender Diversity Evidence from Nordic Countries [Unpublished master dissertation]. University of Vassa. https://urn.fi/URN:NBN:fi-fe2022052338266
  71. Li, W., Padmanabhan, P., & Huang, C. H. (2024). ESG and debt structure: Is the nature of this relationship nonlinear? International Review of Financial Analysis, 91, 103027. https://doi.org/10.1016/j.irfa.2023.103027
  72. Li, Y., Chen, R., & Xiang, E. (2022). Corporate social responsibility, green financial system guidelines, and cost of debt financing: Evidence from pollution‐intensive industries in China. Corporate Social Responsibility and Environmental Management, 29(3), 593-608. https://doi.org/10.1002/csr.2222
  73. Li, Y., Eddie, I., & Liu, J. (2014). Carbon emissions and the cost of capital: Australian evidence. Review of Accounting and Finance, 13(4), 400-420. https://doi.org/10.1108/RAF-08-2012-0074
  74. Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824. https://doi.org/10.1111/jofi.12505
  75. Liu, Y., Qiu, B., & Wang, T. (2021). Debt rollover risk, credit default swap spread and stock returns: Evidence from the COVID-19 crisis. Journal of financial stability, 53, 100855. https://doi.org/10.1016/j.jfs.2021.100855
  76. Martins, A., Couto, G., & Pimentel, P. (2023). Pandemic Effect on Company Sustainability and Debt Policy: The Case of Portugal. doi: 10.20944/preprints202310.0562.v1
  77. Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297. https://www.jstor.org/stable/1809766
  78. Molina, C. A., & Preve, L. A. (2009). Trade Receivables Policy of Distressed Firms and Its Effect on the Cost of Financial Distress. Financial Management, 38(3), 663–686. https://doi.org/10.1111/j.1755-053X.2009.01051.x
  79. Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175. https://doi.org/10.1016/0304-405X(77)90015-0
  80. Özer, G., Aktaş, N. ve Çam, İ., (2023). Environmental, Social, and Governance (ESG) Scores and Financial Performance of Publicly Listed Companies in Turkey. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 18(2), 337–353. https://doi.org/10.17153/oguiibf.1239759
  81. Özer, G., Çam, İ., & Çerez, S. (2023). Kurumsal yönetimin borç maliyetine etkisi: Borsa İstanbul'da bir uygulama. Business and Economics Research Journal, 14(2), 217-226. https://doi.org/10.20409/berj.2023.412
  82. Palea, V., Drogo, F., (2020) Carbon emissions and the cost of debt in the Eurozone: The role of public policies, climate-related disclosure and corporate governance. Business Strategy and The Environmental, 29(8), 2953-2972. https://doi.org/10.1002/bse.2550
  83. Petersen, M. A., & Rajan, R. G. (1994). The benefits of lending relationships: Evidence from small business data. The journal of finance, 49(1), 3-37. https://doi.org/10.2307/2329133
  84. Piechocka-Kałużna, A., Tłuczak, A., & Łopatka, P. (2021). The impact of CSR/ESG on the cost of capital: A case study of US companies. European Research Studies Journal, 24(Special Issue 3), 536–546. https://doi.org/10.35808/ersj/2510
  85. Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The journal of Finance, 50(5), 1421-1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
  86. Ramelli, S., Wagner, A.F. (2020). Feverish stock price reactions to COVID-19. The Rev. Corporate Finance Stud. 9(3), 622–655. https://doi.org/10.1093/rcfs/cfaa012
  87. Ross, S. A. (1977). The determination of financial structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23-40. https://doi.org/10.2307/3003485
  88. Stojanovic, I., Puška, A., Ozbalci, S., & Bolek, M. (2023). The Effects of the Covid-19 Pandemic on corporate social responsibility and business performance in companies listed on the Warsaw Stock Exchange. Economics: Innovative & Economic Research Journal/Casopis za Ekonomsku Teoriju i Analizu, 11(2). https://doi.org/10.2478/eoik-2023-0059
  89. Taghizadeh-Hesary, F., N. Yoshino, & P. Han. (2021). Analyzing the characteristics of green bond markets to facilitate green finance in the post-COVID-19 world. Sustainability, 13(10), 5719. https://doi.org/10.3390/su13105719
  90. Temiz, H., & Varıcı, İ. (2022). Sürdürülebilirlik, kurumsal sosyal sorumluluk ve finansmana erişim arasındaki ilişkinin incelenmesi: BIST örneği. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 9(1), 406-431. https://doi.org/10.30798/makuiibf.912331
  91. Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43(1), 1-19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
  92. Xu, H., Xu, X., & Yu, J. (2021). The impact of mandatory CSR disclosure on the cost of debt financing: Evidence from China. Emerging Markets Finance and Trade, 57(8), 2191-2205. https://doi.org/10.1080/1540496X.2019.1657401
  93. Yadav, S., Srivastava, J. (2023). CSR, monitoring cost and firm performance during Covid-19: Balancing organizational legitimacy and agency cost. Accounting Research Journal, 36(2/3), 183-200. https://doi.org/10.1108/ARJ-07-2021-0191
  94. Yerdelen Tatoğlu, F. (2020). Panel veri ekonometrisi stata uygulamalı. Beta Yayınevi.
  95. Zhang, D., Wang, C., & Dong, Y. (2022). How does firm ESG performance impact financial constraints? An experimental exploration of the COVID-19 pandemic. The European journal of development research, 35(1), 219. https://doi.org/10.1057/s41287-021-00499-6