The impact of renewable energy performance on corporate financial performance
Yükleniyor...
Dosyalar
Tarih
2020
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
İbn Haldun Üniversitesi, Lisansüstü Eğitim Enstitüsü
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Bu çalışmada, yenilenebilir enerji performansının (YEP) firmaların finansal performansı (FFP) üzerindeki etkileri, yenilenebilir enerji (YE) başlığı altındaki Sürdürülebilir Kalkınma Hedefleri (SKH) ve bazı Çevresel, Sosyal, Yönetişim (ÇSY) faktörler ele alınarak incelenmiştir. Çalışma, 46 ülkeden 563 şirketin verileri kullanılarak 2009-2018 yıllarını kapsayacak şekilde panel veri analizi yöntemi kullanılarak ülke ve şirket bazında gerçekleştirilmiştir. Elde edilen sonuçlar, etkili bir YEP sürecinin üç ana aşamada ölçülebildiğini göstermektedir: benimsenen politikalar, belirlenen hedefler ve alınan önlemler. Bulgular, YEP ile ilgili benimsenen politikaların ve belirlenen hedeflerin özellikle gelişmiş ülkelerde oluşturdukları maliyet açısından finansal karlılık üzerinde olumsuz bir etkisi olduğunu, YEP konusunda atılan adımların ise hem gelişmiş ve hem de gelişmekte olan ülkelerde uzun vadeli finansal performansı pozitif ve anlamlı bir şekilde etkilediğini göstermektedir. Firma bazında ise, YEP konusunda atılan adımların özellikle finansal olmayan şirketler üzerindeki etkilerinin genellikle pozitif ve anlamlı olduğu görülmektedir. Ayrıca çalışmanın sonuçları, 7. SKH'nin şirketlerin hem ülke hem de firma düzeyinde finansal performansları üzerinde olumsuz bir etki yarattığını ortaya koymaktadır. 12. SKH'nin ise hem ülke hem de firma düzeyinde finansal performans üzerinde uzun vadede olumlu ve anlamlı bir etkisi vardır. Son olarak, çevresel faktörlerin ülke düzeyinde şirketlerin finansal performansı üzerinde olumsuz bir etkisi bulunmakla birlikte, firma düzeyinde finansal performansa etkisi olumlu ve anlamlıdır.
This study investigates the effect of renewable energy performance (REP) on corporate financial performance (CFP) taking into account renewable energy (RE) related Sustainable Development Goals (SDGs), and Environment, Social, Governance (ESG) factors. We conduct the study by using a data sample of 563 companies from 46 countries over the period of 2009-2018. We employ panel data analysis on firm-level and on the country of headquarters. We cover the 7th and 12th SDGs, and environmental ESG variables to assess the impact of REP on CFP. The results suggest that the effectiveness of REP could be measured by three phases: policies adopted, targets established, and actions implemented. The findings indicate that there is a negative impact of REP policies and targets on profitability in developed markets due to the massive costs incurred by the companies. However, the impact is positive and significant in developing countries, particularly in long-term financial performance since they are at the beginning of the implementation process. On firm-level, RE policies negatively affect both financial and non-financial companies, while RE actions have a positive and significant influence on non-financial companies rather than on financial ones. The results also reveal that the 7th SDG has a negative effect on the financial performance of companies on both country of headquarter-level and firm-level, while the 12th SDG has a positive and significant effect on both country of headquarter-level and firm-level financial performance. Finally, the environmental factors of ESG have a negative impact on the financial performance of companies on both country of headquarter-level and firm-level.
This study investigates the effect of renewable energy performance (REP) on corporate financial performance (CFP) taking into account renewable energy (RE) related Sustainable Development Goals (SDGs), and Environment, Social, Governance (ESG) factors. We conduct the study by using a data sample of 563 companies from 46 countries over the period of 2009-2018. We employ panel data analysis on firm-level and on the country of headquarters. We cover the 7th and 12th SDGs, and environmental ESG variables to assess the impact of REP on CFP. The results suggest that the effectiveness of REP could be measured by three phases: policies adopted, targets established, and actions implemented. The findings indicate that there is a negative impact of REP policies and targets on profitability in developed markets due to the massive costs incurred by the companies. However, the impact is positive and significant in developing countries, particularly in long-term financial performance since they are at the beginning of the implementation process. On firm-level, RE policies negatively affect both financial and non-financial companies, while RE actions have a positive and significant influence on non-financial companies rather than on financial ones. The results also reveal that the 7th SDG has a negative effect on the financial performance of companies on both country of headquarter-level and firm-level, while the 12th SDG has a positive and significant effect on both country of headquarter-level and firm-level financial performance. Finally, the environmental factors of ESG have a negative impact on the financial performance of companies on both country of headquarter-level and firm-level.
Açıklama
Anahtar Kelimeler
Çevresel, Sosyal ve Yönetişim, Finansal Performans, Sürdürülebilir Kalkınma Hedefleri, Yenilenebilir Enerji Performansı, ESG, Financial Performance, Renewable Energy Performance, SDG
Kaynak
WoS Q Değeri
Scopus Q Değeri
Cilt
Sayı
Künye
Chlyeh, D. (2020). The impact of renewable energy performance on corporate financial performance. (Unpublished master’s thesis). Ibn Haldun University School of Graduate Studies, İstanbul.
