Öz
This research paper aims to provide a comprehensive understanding of broad Environmental, Social, and Governance (ESG) practices and their implications, with a specific focus on their integration into financial products. The paper offers a general overview of ESG, including its key components, growing importance across sectors, historical evolution, regulatory developments, and challenges in reporting standardization efforts. It extensively discusses the transformation of ESG into financial products, such as ESG-focused indices, ESG-focused Exchange Traded Funds (ETFs), impact investing, green bonds, and ESG derivatives. The research aims to lay the groundwork for understanding the broader implications of ESG for businesses, investors, and society by adopting a pragmatic approach, emphasizing practical insights, while offering thought exercises for academic research.
Anahtar Kelimeler
ESG Environmental Social and Governance Practices Regulatory Developments Financial Products Derivatives
Kaynakça
- Ahlström, H., and Monciardini, D. (2021). The regulatory dynamics of sustainable finance: Paradoxical success and limitations of EU reforms. Journal of Business Ethics, 177, 193-212.
- Baker, C. (2022). Derivatives and ESG. American Business Law Journal, 59(4), 725-772.
- Barber, B. M., Morse, A., and Yasuda, A. (2021). Impact investing. Journal of Financial Economics, 139(1), 162-185.
- Bose, S. (2020). Evolution of ESG reporting frameworks. Values at Work: Sustainable Investing and ESG Reporting, Palgrave Macmillan, Cham., 13-33.
- Brooks, C., and Oikonomou, I. (2018). The effects of environmental, social and governance disclosures and performance on firm value: A review of the literature in accounting and finance. The British Accounting Review, 50(1), 1-15.
- Carrizosa, R., and Ghosh, A. A. (2022). Sustainability-linked loan contracting. Available at SSRN 4103883.
- Chatzitheodorou, K., Skouloudis, A., Evangelinos, K., and Nikolaou, I. (2019). Exploring socially responsible investment perspectives: A literature mapping and an investor classification. Sustainable Production and Consumption, 19, 117-129.
- Claringbould, D., Koch, M., and Owen, P. (2019). Sustainable finance: The European Union’s approach to increasing sustainable investments and growth–opportunities and challenges. Vierteljahrshefte zur Wirtschaftsforschung, 88(2), 11-27.
- Cort, T., and Esty, D. (2020). ESG standards: Looming challenges and pathways forward. Organization & Environment, 33(4), 491-510.
- Darnall, N., Ji, H., Iwata, K., and Arimura, T. H. (2022). Do ESG reporting guidelines and verifications enhance firms' information disclosure?. Corporate Social Responsibility and Environmental Management, 29(5), 1214-1230.
- Deng, X., Kang, J. K., and Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109.
- Dorfletiner, G., Halbritter, G., and Nguyen, M. (2015). Measuring the level and risk of corporate responsibility - An empirical comparison of different ESG rating approaches. Journal of Asset Management, 16, 450-466.
- Eccles, R. G., Ioannou, I., and Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857.
- EUROSIF. (2018). EUROSIF's Response to EU's Public consultation on institutional investors and asset managers' duties regarding sustainability. EUROSIF.
- Faccia, A., Manni, F., and Capitanio, F. (2021). Mandatory ESG reporting and XBRL taxonomies combination: ESG ratings and income statement, a sustainable value-added disclosure. Sustainability, 13(16), 8876.
- Friede, G., Busch, T., and Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.
- Gilchrist, D., Yu, J., and Zhong, R. (2021). The limits of green finance: A survey of literature in the context of green bonds and green loans. Sustainability, 13(2), 478.
- Jonsdottir, B., Sigurjonsson, T. O., Johannsdottir, L., and Wendt, S. (2022). Barriers to using ESG data for investment decisions. Sustainability, 14(9), 5157.
- Kaplan, R. (2015). Who has been regulating whom, business or society? The mid-20th-century institutionalization of ‘corporate responsibility’ in the USA. Socio-Economic Review, 13(1), 125-155.
- Kotsantonis, S., and Serafeim, G. (2019). Four things no one will tell you about ESG data. Journal of Applied Corporate Finance, 31(2), 50-58.
- KPMG International. (2022). Big shifts, small steps. KPMG International Ltd. London: KPMG International Ltd.
- Krawczyk, P. (2021). Non-financial reporting—standardization options for SME sector. Journal of Risk and Financial Management, 14(9), 417.
- Latapí Agudelo, M. A., Jóhannsdóttir, L., and Davídsdóttir, B. (2019). A literature review of the history and evolution of corporate social responsibility. International Journal of Corporate Social Responsibility, 4(1), 1-23.
- Lydenberg, S. (2013). Responsible Investors: Who they are, what they want. Journal of Applied Corporate Finance, 25(3), 44-49.
- Refinitiv. (2023, June 30). Refinitiv Global Diversity & Inclusion Index Top 100.
- Rogge, E. (2021). Sustainable finance meets financial innovation: from green investments to ESG derivatives. Journal of International Banking Law and Regulation 37(3), 103-110.
- Rompotis, G. G. (2022). The ESG ETFs in the UK. Journal of Asset Management, 23(2), 114-129.
- Ruzzier, M. K., Ruzzier, M. and Hisrich, R. D. (2015). Marketing for Entrepreneurs and SMEs: A Global Perspective, reprint ed. Edward Elgar Publishing, Cheltenham.
- Sellhorn, T., and Wagner, V. (2022). The forces that shape mandatory ESG reporting. TRR 266 Accounting for Transparency Working Paper Series No. 96.
- Sherwood, M. W., and Pollard, J. L. (2018). The risk-adjusted return potential of integrating ESG strategies into emerging market equities. Journal of Sustainable Finance & Investment, 8(1), 26-44.
- United Nations Principles for Responsible Investment. (2021, March). About the PRI.
- Zhan, J. X., and Santos-Paulino, A. U. (2021). Investing in the Sustainable Development Goals: Mobilization, channeling, and impact. Journal of International Business Policy, 4(1), 166-183.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Konular | Finans |
| Bölüm | Araştırma Makalesi |
| Yazarlar | |
| Erken Görünüm Tarihi | 29 Aralık 2023 |
| Yayımlanma Tarihi | 1 Ocak 2024 |
| Gönderilme Tarihi | 30 Kasım 2023 |
| Kabul Tarihi | 18 Aralık 2023 |
| Yayımlandığı Sayı | Yıl 2023 Cilt: 20 Sayı: 2 |
