Kurumsal sürdürülebilirliğin piyasa performasına etkisi: Gelirlerin aracı rolü ve karlılığın düzenleyici rolü

This study examined the underlying mechanisms of the relationship between corporate sustainability performance and the market value of firms. We utilized ESG scores obtained from the Refinitiv ESG Database as a proxy for corporate sustainability performance. We considered both the corporate sustainability performance, measured by overall ESG score, and the individual ESG dimension performance measured by ESG pillar scores, i.e., environmental performance, social performance, and governance performance scores. We utilized the market value of companies as a proxy of market performance. Our sample includes 5450 companies from 74 countries in 5 regions for 10 sectors with annual data in 2018 - 2022. We used Hayes Process Modeling to explore the relationship between corporate sustainability performance and the market value of firms. We constructed moderated mediation models. Regarding the overall ESG scores, the results reveal a significant positive relationship with sustainability performance and the market value of firms. We also found that firms' revenue mediates the relationship between ESG performance and the market value of firms. Hence, it can be inferred that a firm's commitment to ESG performance positively influences its revenues, which significantly affects its market value. In addition, we found that the direct effect of ESG performance on the market value of firms and the indirect effect of ESG performance on the market value of firms through firms' revenue is moderated by ROA. Furthermore, we analyzed the impact of individual pillars within ESG on the market value of firms using the same modeling method and found similar results. Keywords: Corporate sustainability performance, ESG, Environmental performance, Social performance, Governance performance, Market value, Moderated mediation.