Cilt 14 Sayı 1 (2026): Business & Management Studies: An International Journal
Makaleler

Yeşil finans perspektifinden ESG endekslerinin borsa dinamikleri üzerindeki rolü: Türkiye örneği

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  • İlknur Ülkü Armağan
İlknur Ülkü Armağan
Dr. Öğr. Üyesi, Süleyman Demirel Üniversitesi, Isparta, Türkiye

Yayınlanmış 25.03.2026

Anahtar Kelimeler

  • ESG Stock Indices, ARDL Bounds Testing Approach, MSCI EM SI, XUSRD, Financial Markets
  • ESG Hisse Endeksleri, ARDL Sınır Testi Yaklaşımı, MSCI EM SI, XUSRD, Finansal Piyasalar

Nasıl Atıf Yapılır

Yeşil finans perspektifinden ESG endekslerinin borsa dinamikleri üzerindeki rolü: Türkiye örneği. (2026). Business & Management Studies: An International Journal, 14(1), 143-161. https://doi.org/10.15295/bmij.v14i1.2690

Telif Hakkı (c) 2026 İlknur Ülkü Armağan

Creative Commons License

Bu çalışma Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License ile lisanslanmıştır.

Nasıl Atıf Yapılır

Yeşil finans perspektifinden ESG endekslerinin borsa dinamikleri üzerindeki rolü: Türkiye örneği. (2026). Business & Management Studies: An International Journal, 14(1), 143-161. https://doi.org/10.15295/bmij.v14i1.2690

Öz

Bu çalışma, MSCI Gelişmekte Olan Piyasalar Seçim Endeksi (MSCI EM SI), Borsa İstanbul Sürdürülebilirlik Endeksi (XUSRD) ve Borsa İstanbul 100 Endeksi (XU100) arasındaki kısa ve uzun vadeli ilişkileri analiz ederek, hem küresel hem de ulusal finans piyasalarında Çevresel, Sosyal ve Yönetişim (ESG) kriterlerinin artan önemini vurgulamaktadır. ESG ilkelerinin finans piyasalarına entegrasyonu, yatırımcıların risk ve getiriyi değerlendirme biçimini dönüştürmüş ve iklim değişikliği, jeopolitik istikrarsızlıklar ve COVİD-19 pandemisi gibi son küresel krizlerin ardından daha da kritik hale gelmiştir. Sonuç olarak, hem uluslararası hem de ulusal ESG endeksleri, özellikle gelişmekte olan ekonomiler için sürdürülebilir finansal varlıklara geçişi destekleyen temel göstergeler olarak ortaya çıkmıştır. Bu çalışmada, seçilen endekslerin aylık kapanış verileri kullanılarak ARDL Sınır Testi Yaklaşımı ile ampirik bir analiz yapılmıştır. Bulgular, MSCI EM SI ile XU100 Endeksi arasında kısa veya uzun vadede anlamlı bir ilişki olmadığını, buna karşılık XUSRD Endeksi’nin kısa ve uzun vadede XU100 Endeksi ile istatistiksel olarak anlamlı bir etkileşim gösterdiğini ortaya koymaktadır.

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