Do ESG Ratings Affect Stock Prices? The Case of Developed and Emerging Stock Markets

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dc.contributor.authorGul, Yavuz
dc.contributor.authorAltuntas, Ceren
dc.date.accessioned2025-03-09T10:48:40Z
dc.date.available2025-03-09T10:48:40Z
dc.date.issued2024
dc.departmentİstanbul Beykent Üniversitesi
dc.description.abstractThis 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.
dc.identifier.doi10.17233/sosyoekonomi.2024.02.12
dc.identifier.endpage258
dc.identifier.issn1305-5577
dc.identifier.issue60
dc.identifier.scopus2-s2.0-85191946162
dc.identifier.scopusqualityN/A
dc.identifier.startpage243
dc.identifier.trdizinid1233959
dc.identifier.urihttps://doi.org/10.17233/sosyoekonomi.2024.02.12
dc.identifier.urihttps://search.trdizin.gov.tr/tr/yayin/detay/1233959
dc.identifier.urihttps://hdl.handle.net/20.500.12662/4638
dc.identifier.volume32
dc.identifier.wosWOS:001229572200002
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.indekslendigikaynakTR-Dizin
dc.language.isoen
dc.publisherSosyoekonomi Soc
dc.relation.ispartofSosyoekonomi
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_WOS_20250310
dc.subjectESG
dc.subjectSustainability
dc.subjectStock Market
dc.subjectPortfolio Management
dc.subjectPanel Data Analysis
dc.titleDo ESG Ratings Affect Stock Prices? The Case of Developed and Emerging Stock Markets
dc.typeArticle

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