Binali Selman EREN, Sevinç GÜLER ÖZÇALIK

Sürdürülebilir Performansın Finansal Performansa Etkisi: DJSI Gelişmekte Olan Piyasalar Örneği

Bu çalışmada, DJSI gelişmekte olan piyasalar endeksinde işlem gören işletmelerin sürdürülebilir performansı ile finansal performansı arasındaki ilişki analiz edilmiştir. Bu ilişkiyi test etmek için, DJSI gelişmekte olan piyasalar endeksinde işlem gören, 2013-2018 yılları arasında, işletmelerin endekse dâhil edilme, endeksten çıkarılma ve endekste kalıcı olmasına göre, hisse senedi getirilerine yatırımcıların tepkisi incelenmiştir. Çalışmada, DJSI gelişmekte olan piyasalar sürdürülebilirlik endeksinde işlem gören işletmelerin hisse senetlerine yatırımcı tepkisi “olay çalışması” (Event Study) yöntemi ile analiz edilmiştir. DJSI gelişmekte olan piyasalar endeksi işletmelerin endekse dâhil edilme, çıkarılma ve endekste kalıcı olma tarihleri kamuoyuna bildirim tarihi ve endekste işlem görme tarihine göre iki aşamada ele alınmıştır. Çalışmanın sonuçlarına göre, 2013-2018 yılları arasında DJSI gelişmekte olan piyasalar endeksine eklenen işletmelerin hisse senetlerine yatımcıların tepkisi, beklenenin aksine, negatif olurken, endeks kapsamından çıkarılan işletmelerin, 2014 ve 2016 yılları hariç, pozitif olmuştur. Endekste kalıcı olan işletmelerin hisse senetlerine ise, kamuoyuna bildirim ve endekste işlem görme tarihi duyurusu etrafındaki tarihlerde, yatırımcıların güçlü bir tepki vermediği tespit edilmiştir.

The Impact of Sustainability Performance on Financial Performance: The Case of DJSI Emerging Markets

In this study, the relationship between sustainable performance and financial performance of companies traded in DJSI emerging markets index is analyzed. In order to test this relationship, the reaction of investors to the stock returns according to the included, excluded and non-exluded of companies between 2013-2018, which is traded in the DJSI emerging markets index, is examined. In the study, the investor reaction to the stocks of the companies traded in the DJSI emerging markets sustainability index is analyzed by the "event study" method. In the study, included, excluded and non-excluded of companies to DJSI emerging markets index are analyzed in two stages according to announcement date and effective date. According to the results of the study, the reaction of the investors to the stocks of the companies included to the DJSI emerging markets index between 2013 and 2018 was negative, contrary to the expectations, and the companies excluded from the index were positive, except for 2014 and 2016. It was determined that investors did not react strongly to the stocks of companies that are non-excluded in the index, on around the announcement date and the effective date.

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