Yazar "Gul, Yavuz" seçeneğine göre listele

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    Do ESG Ratings Affect Stock Prices? The Case of Developed and Emerging Stock Markets
    (Sosyoekonomi Soc, 2024) Gul, Yavuz; Altuntas, Ceren
    This paper examines the role of ESG ratings on stock returns. The sample covers 347 companies from 2010 to 2022 from advanced and emerging stock markets. Return on assets, debt to equity, price -to -book ratio, and price -to -earnings ratio were used as control variables, and panel regression analysis was employed. Results revealed that ESG rating and return on assets statistically positively influence stock market performance. When the components of ESG were tested individually, it was observed that E (environmental) and S (social) ratings positively affect the stock prices. However, no significant relationship was found between G (corporate governance) rating and returns. These findings indicate the importance of investing in stocks and prioritising environmental, social, and governmental concerns regarding portfolio selection decisions. Findings also provide new sights and show that firms, especially in emerging markets, might enhance their market values by paying attention to ESG practices.
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    How do the Green Energy Stocks React to Green Bond Issuances?
    (Mehmet Akif Ersoy Univ, 2024) Suyadal, Mehmetcan; Gul, Yavuz
    Achieving sustainable development is one of the main issues at the global level and both public and private sector enterprises need to make large - scale investments to fight against climate change. In this respect, green bonds gain importance to raise money for environmentally - friendly projects, especially clean energy. Proceeds from green bonds are earmarked towards financing of investments that have positive environmental impacts. This paper explores the relationship among green bond issuances and stock market reaction with special focus on renewable energy firms. Herein, through a dataset of green bond issuance announcements worldwide by 46 unique firms over the period from 2014 to 2023, we investigate how the share prices respond to such announcements using event - study methodology. From the empirical evidence of the downward stock price movements, we suggest that investors react negatively to the announcement of green bond issuances. In other words, we find significant and negative cumulative average abnormal returns (CAAR) across all the event windows except in the window of [0, 10], meaning that our findings are robust to several alternative event windows. Further, we determine that the share price response, in general, does not differ depending on the use of green bond proceeds and the years.