Financial performance of emerging market companies during the COVID-19 pandemic: Moderating role of sustainability performance

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dc.authorid0000-0002-4773-1770
dc.authorid0000-0001-6036-0559
dc.contributor.authorAksoy, Mine
dc.contributor.authorYılmaz, Mustafa Kemal
dc.contributor.otherYönetim Bilimleri Fakültesi, İşletme Bölümü
dc.date.accessioned2024-11-25T09:02:27Z
dc.date.available2024-11-25T09:02:27Z
dc.date.issued2024
dc.departmentİHÜ, Yönetim Bilimleri Fakültesi, İşletme Bölümü
dc.description.abstractPurpose: This study aims to investigate whether sustainability performance (SP) served as a safeguard for firm profitability (FP) and enhanced corporate resilience in emerging markets during the COVID-19 pandemic. Design/methodology/approach: Using a sample of 1,091 firms in 25 emerging markets from 2017 to 2021, this study analyses the moderating role of SP on the relationship between FP and COVID-19 by using hierarchical linear modelling at three levels: (a) time-level; (b) firm-level; (c) country-level. Findings: The results indicate that during the years 2020–2021, emerging market firms with robust SP showed better FP in the midst of the COVID-19 pandemic. The findings also indicate that all dimensions of sustainability, i.e. environmental, social and governance (ESG), have significantly affected the FP in the post-COVID period. Hence, adhering to ESG principles aids in alleviating adverse financial repercussions during times of crises. Practical implications: This study provides valuable insights for companies and policymakers for finding solutions that may assist them in improving SP globally and enduring crises resiliently. The findings are also relevant to institutional investors that consider SP as an investment criteria. Although the COVID-19 pandemic was temporary, the lessons learned could protect firms from future similar global crises. Originality/value: This study enhances the understanding of the contingency relationship between sustainability and financial performance by offering up-to-date empirical insights within the context of emerging markets during the pandemic. It demonstrates how different institutional frameworks influenced the SP–FP association during the crisis. Thus, this paper expands the understanding of crisis management literature and bridges the research void concerning the impact of SP on FP in an emerging market context.
dc.identifier.citationAksoy, M. ve Yılmaz, M. K. (2024). Financial performance of emerging market companies during the COVID-19 pandemic: Moderating role of sustainability performance. Journal of Global Responsibility, 1-22. https://www.doi.org/10.1108/JGR-11-2023-0174
dc.identifier.doi10.1108/JGR-11-2023-0174
dc.identifier.endpage22
dc.identifier.issn2041-2568
dc.identifier.issn2041-2576
dc.identifier.scopus2-s2.0-85207166958
dc.identifier.scopusqualityQ2
dc.identifier.startpage1
dc.identifier.urihttps://www.doi.org/10.1108/JGR-11-2023-0174
dc.identifier.urihttps://hdl.handle.net/20.500.12154/3091
dc.identifier.wosWOS:001334782900001
dc.identifier.wosqualityQ2
dc.indekslendigikaynakScopus
dc.indekslendigikaynakWeb of Science
dc.institutionauthorYılmaz, Mustafa Kemal
dc.institutionauthorid0000-0001-6036-0559
dc.language.isoen
dc.publisherEmerald Publishing
dc.relation.ispartofJournal of Global Responsibility
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectCOVID-19
dc.subjectEmerging Markets
dc.subjectFirm Profitability
dc.subjectSustainability Performance
dc.titleFinancial performance of emerging market companies during the COVID-19 pandemic: Moderating role of sustainability performance
dc.typeArticle
dspace.entity.typePublication
relation.isAuthorOfPublication9b408141-b1c4-485b-8f06-14ff4eccc6a7
relation.isAuthorOfPublication.latestForDiscovery9b408141-b1c4-485b-8f06-14ff4eccc6a7
relation.isOrgUnitOfPublicationc9253b76-6094-4836-ac99-2fcd5392d68f
relation.isOrgUnitOfPublication.latestForDiscoveryc9253b76-6094-4836-ac99-2fcd5392d68f

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