Vol. 12 No. 3 (2024): Business & Management Studies: An International Journal
Articles

Do corporate carbon emissions affect financial constraints? Evidence from developed markets

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  • Seda Bilyay-Erdoğan,
Seda Bilyay-Erdoğan
Assist. Prof. Dr., Kadir Has University, International Trade and Finance Dept., İstanbul, Türkiye

Published 2024-09-25

Keywords

  • Carbon Emissions, Financial Constraints, Ownership Structure
  • Karbon Emisyonları, Finansal Kısıtlar, Sahiplik Yapısı

How to Cite

Do corporate carbon emissions affect financial constraints? Evidence from developed markets. (2024). Business & Management Studies: An International Journal, 12(3), 421-438. https://doi.org/10.15295/nyj8hd17

Copyright (c) 2024 Seda Bilyay-Erdoğan

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

How to Cite

Do corporate carbon emissions affect financial constraints? Evidence from developed markets. (2024). Business & Management Studies: An International Journal, 12(3), 421-438. https://doi.org/10.15295/nyj8hd17

Abstract

Bu çalışma kapsamında, karbon emisyonları ile finansal kısıtlamalar arasındaki ilişki ve farklı sahiplik özelliklerinin bu ilişkiyi nasıl etkilediği incelenmektedir. Analizlerde kullanılan örneklem 24 gelişmiş ülkede bulunan 2632 şirketten 2002 ile 2022 yılları arası için toplanan 20,774 şirket-yıl gözlemden oluşmaktadır. Sabit etkiler içeren panel veri tahmin metodolojisini kullanarak yaptığımız analizler, bir firmanın karbon emisyonları ile finansal kısıtları arasında anlamlı ve pozitif ilişki olduğunu ortaya koymaktadır. Sonuçlar, daha yüksek karbon emisyonlarına sahip firmaların daha büyük finansal kısıtlar yaşama olasılığının daha yüksek olduğunu göstermektedir. Ayrıca, farklı mülkiyet özelliklerinin de aracı değişken etkisine dair yeni kanıtlar sunmaktayız: Karbon emisyonlarının finansal kısıtlar üzerindeki pozitif etkisinin, daha fazla kurumsal ve daha fazla yabancı mülkiyete sahip firmalar için daha yüksek olduğunu göstermekteyiz. Buna karşılık, karbon emisyonlarının finansal kısıtlar üzerindeki pozitif etkisinin, daha yüksek devlet mülkiyetine sahip şirketler için daha düşük olduğunu gözlemlenmiştir. Genel olarak, bulgularımız çevresel performansın firmaların finansal kısıtlarını etkileyen önemli bir faktör olduğunu ve firmanın mülkiyet yapısının bu etkide aracı değişken rolü oynadığını göstermektedir.

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