Modeling the link between environmental,social,and governance disclosures and scores:the case of publicly traded companies in the Borsa Istanbul Sustainability Index  

作　　者：Mustafa Tevfik Kartal Serpil Kilic Depren Ugur Korkut Pata Dilvin Taskin Tuba Savli 

机构地区：[1]Department of Banking and Finance,European University of Lefke,Lefke,Northern Cyprus,TR-10 Mersin,Türkiye [2]Adnan Kassar School of Business,Lebanese American University,Beirut,Lebanon [3]Department of Statistics,Yildiz Technical University,Istanbul,Türkiye [4]Advance Research Centre,European University of Lefke,Lefke,Northern Cyprus,TR-10 Mersin,Türkiye [5]Department of International Trade and Finance,Yaşar University,İzmir,Türkiye [6]Department of Business Administration,Yeditepe University,Istanbul,Türkiye

出　　处：《Financial Innovation》2024年第1期2481-2500,共20页金融创新(英文)

摘　　要：This study constructs a proposed model to investigate the link between environmental,social,and governance(ESG)disclosures and ESG scores for publicly traded companies in the Borsa Istanbul Sustainability(XUSRD)index.In this context,this study considers 66 companies,examining recently structured ESG disclosures for 2022 that were published for the first time as novel data and applying a multilayer perceptron(MLP)artificial neural network algorithm.The relevant results are fourfold.(1)The MLP algorithm has explanatory power(i.e.,R^(2))of 79% in estimating companies’ESG scores.(2)Common,environment,social,and governance pillars have respective weights of 21.04%,44.87%,30.34%,and 3.74% in total ESG scores.(3)The absolute and relative significance of each ESG reporting principle for companies’ESG scores varies.(4)According to absolute and relative significance,the most effective ESG principle is the common principle,followed by social and environmental principles,whereas governance principles have less significance.Overall,the results demonstrate that applying a linear approach to complete deficient ESG disclosures is inefficient for increasing companies’ESG scores;instead,companies should focus on the ESG principles that have the highest relative significance.The findings of this study contribute to the literature by defining the most significant ESG principles for stimulating the ESG scores of companies in the XUSRD index.

关 键 词：ESG disclosures ESG scores New ESG reporting scheme Artificial neural network Borsa Istanbul Sustainability Index TURKIYE 

分 类 号：F42[经济管理—产业经济]