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- MakaleAçık Erişim2025THE IMPACT OF ESG CONTROVERSIES ON THE MARKET VALUE IN THE ENERGY SECTOR
Sayilir, Ozlem; Chelery Komath, Muhammed Aslam; Karaaslan, Ibrahim
The energy sector has relatively higher exposure to scandals and controversial publicity due to the nature of industry operations. AThus, this study focuses on the energy sector to evaluate the impact of ESG (Environmental, Social and Governance) controversy scores of LSEG database on market value of firms. We investigate the relationship between ESG controversies and the market value of 393 firms using annual data from 2013 to 2022 through Dynamic Panel Data system GMM Regression Models. The findings of the study reveal that the market value of firms in the previous period has had a statistically significant positive effect on the market value of firms in the current period. Our analysis reveals a positive and statistically significant association between Governance Controversy scores and market value. Our findings suggest governance controversies have the most direct and measurable impact on firm value in the energy sector, possibly due to their stronger influence on operational performance and investor confidence. Implications of the study may help investors and policymakers to make decisions that prioritize ESG considerations in the energy sector as firms with fewer governance controversies are rewarded by investors with higher valuations.
- MakaleAçık Erişim2024Portfolio Construction with Market Multipliers: An Application in BIST
Yalçin, Selcuk
In the portfolio construction process, it is an important process to correctly identify the stocks to be included in the portfolio. There are different studies in the literature that use different valuation methods to determine the right stocks. This study uses the market multipliers method to determine the stocks to be included in the portfolio. In the study, it is investigated whether a return above the return of the Borsa Istanbul (BIST) 100 Index can be obtained with the portfolios to be formed using the market multipliers method. For this purpose, portfolios were formed by using 3 different market multipliers (P/E, FV/EBITDA, and M/B) among the companies in 12 different sectors in the BIST. 15 different portfolios were formed for 5 years and the performance of each portfolio was analyzed. Return and risk calculations of these portfolios were made and compared with the BIST 100 Index. In the study, all of the portfolios created using market multiples provided lower risk and higher returns compared to the BIST 100 Index. In particular, the portfolios constructed with F/K and PD/DD multipliers provided better results. AAsAa result of the study, it was concluded that it would be beneficial for investors to create portfolios by using F/K and PD/DD multipliers in portfolio construction processes.
- MakaleAçık Erişim2024THE CAUSALITY RELATIONSHIP BETWEEN CREDIT DEFAULT SWAPS (CDS) AND PORTFOLIO INVESTMENTS: THE CASE OF TÜRKİYE
Küçükosman, Asiye; Uzun, Sumeyye
This study examines the causality relationship between portfolio investments and credit default swaps (CDS) in T & uuml;rkiye. Analysing the dynamics between portfolio investments and CDS premiums, two important variables for financial markets is critical to understanding how risk perception and investment decisions are affected. While portfolio investments are generally considered an indicator of the confidence of foreign investors in the country's economy, CDS premiums are an important risk measure that reflects the country's debt risk and the risk perception of market participants. In this context, examining the relationships between the two variables contributes to the understanding of the effects of investor behavior and risk perception on macroeconomic indicators in financial markets. In the study, the Granger causality test was applied using data from the period 2014Q1-2024Q1. The results obtained show that CDS premiums have a significant and unidirectional causal effect on portfolio investments. Increases in CDS premiums increase investors' risk perception and lead to a decrease in portfolio investments. On the other hand, no causal effect of portfolio investments on CDS premiums was found. These findings emphasize the importance of risk management in terms of portfolio investments in T & uuml;rkiye and reveal that CDS premiums play a role in investor decisions.
- DergiEKONOMI POLITIKA & FINANS ARASTIRMALARI DERGISI