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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.
AtıfWoS1OpenAlex2İncele - Kitap BölümüYalnız künye2025An analysis of factors affecting the market value of airline companies: An application in Borsa, Istanbul
Soydas, Safak Sonmez; Cam, Alper Veli
The market value of firms is mainly affected by financial factors. Financial factors such as sales, profitability, changes in equity, debt structure, competitiveness, interest rates, and inflation affect the market value of firms positively or negatively. Additionally, even if the financial data of firms are investable, some nonfinancial factors can significantly affect the market value of firms. Many nonfinancial factors, such as political and social events, natural disasters, technological developments, government policies, investor confidence or distrust (behavioral finance), managerial changes, sectoral developments, and social media, can change the market value of firms by having a greater impact on their stock prices. Determining the level and timing of the impact of these financial or nonfinancial factors will help institutional or individual investors in their investment decisions. The primary objective of this study is to identify the financial and nonfinancial factors affecting the market value of firms operating in the aviation sector. In this context, the factors affecting the market value of the firms were analyzed using the fundamental analysis data of three firms whose stocks are traded in Borsa Istanbul, one of the emerging markets. In the study, abnormal declines in stock prices of these firms were identified, and the importance levels of the factors that caused them were tried to be revealed. In this direction, a fundamental analysis was performed using financial data obtained from the financial statements of airline companies from the years 2014-2023. The events in the world and Turkey during the relevant periods that affected the capital markets were analyzed and compared. The results of the study are important for both domestic and foreign investors who will invest based on the market value of companies operating in the aviation sector.