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DİJİTAL DÖNÜŞÜM İŞLETMELERİN ESG PERFORMANSINI ARTTIRIR MI?: BIST ÜZERİNE BİR UYGULAMA

Year 2025, Volume: 26 Issue: 1, 67 - 84, 22.06.2025

Yusuf Kurt

Abstract

Bu çalışmada Borsa İstanbul (BIST) sürdürülebilirlik endeksinde işlem gören işletmelerin 2018-2022 yılları arasında sürdürülebilirlik raporlamasının bir parçası olan ESG skorları üzerinde dijital dönüşümlerinin etkisi ele alınmıştır. İşletmelerin dijital dönüşümlerine ilişkin bilgiler dönem sonlarında yayımlanan faaliyet raporları, sürdürülebilirlik raporları ve entegre raporlardan içerik analizi yöntemi ile elde edilmiştir. Dijital dönüşüm değişkeni “yapay zeka, büyük veri, bulut bilişim, blok zincir ve dijital teknoloji uygulamaları” olmak üzere toplam beş boyut üzerinden hesaplanarak, dijitalleşme endeksi belirlenmiştir. Dijitalleşme endeksi hesaplanırken dijital dönüşüm anahtar kelimelerinin toplam sayısı ile işletme yöneticilerinin geçmişi ve geleceği değerlendirdiği mesajlarının kelime sayısı dikkate alınmıştır. Çalışma iki model üzerinden gerçekleştirilmiştir. Birinci modelde ESG performansı üzerinde dijital dönüşümün toplam etkisi incelenirken, ikinci modelde dijital dönüşüm boyutlarının etkisi ayrı ayrı test edilmiştir. Model 1’den elde edilen sonuçlara göre ESG performansı üzerinde işletmelerin dijital dönüşüm değişkeninin anlamlı bir etkisinin olmadığı görülürken, Model 2’den elde edilen sonuçlara göre ise bulut bilişim bileşeninin ESG performansı üzerinde anlamlı bir etkisinin olduğu tespit edilmiştir.

Keywords

Sürdürülebilirlik Dijitalleşme Yapay Zeka Büyük Veri ESG

References

  • Almeyda, R., & Darmansya, A. (2019). The influence of environmental, social, and governance (ESG) disclosure on firm financial performance. Journal of Proceedings Series, (5), 278-290.
  • Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22(2), 119-127 https://doi.org/10.1016/j.bir.2022.11.006
  • Barnir, A., Gallaugher, J. M., & Auger, P. (2003). Business process digitization, strategy, and the impact of firm age and size: the case of the magazine publishing industry. Journal of Business Venturing, 18(6), 789-814. https://doi.org/10.1016/S0883-9026(03)00030-2
  • Chen, Z., Xiao, Y. and Jiang, K. (2023). The impact of tax reform on firms’ digitalization in China. Technological Forecasting and Social Change, 187, 122-196. https://doi.org/ 10.1016/j.techfore.2022.122196.
  • Cijan, A., Jenič, L., Lamovšek, A., & Stemberger, J. (2019). How digitalization changes the workplace. Dynamic Relationships Management Journal, 8(1), 3-12. https://doi:10.17708/DRMJ.2019.v08n01a01
  • Çetenak, E. H., Aytaç, A., & Yağlı, İ. (2023). Çevresel, sosyal ve kurumsal yönetişim (ESG) değerlerinin banka performansı üzerine etkisi: ABD bankaları örneği. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 32(2), 424-434.
  • Dijital Devlet İncelemesi Raporu (2023) https://cbddo.gov.tr/haberler/6744/oecd-dijital-devlet-incelemesi-turkiye-raporu-yayimlandi (Erişim Tarihi:20.05.2024).
  • Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315–334. https://doi.org/10.1007/s10551-019-04177-w
  • Ebert, C., & Duarte, C. H. C. (2018). Digital transformation. IEEE Softw., 35(4), 16-21.
  • Ellili, N. O. D. (2022). Impact of ESG disclosure and financial reporting quality on investment efficiency. The International Journal of Business in Society, 22(5), 1094-1111. https://doi.org/10.1108/CG-06-2021-0209
  • Eriandani, R., & Winarno, W. A. (2023). ESG and firm performance: The role of digitalization. Journal of Accounting and Investment, 24(3), 993-1010.
  • Fang, M., Nie, H., & Shen, X. (2023). Can enterprise digitization improve ESG performance?. Economic Modelling, 118, 1-15.
  • Fu, T., & Li, J. (2023). An empirical analysis of the impact of ESG on financial performance the moderating role of digital transformation. Frontiers in Environmental Science, 11, 1-11 https://doi.org/10.3389/fenvs.2023.1256052 Halid, S., Rahman, R. A., Mahmud, R., Mansor, N., & Wahab, R. A. (2023). A literature review on ESG score and its impact on firm performance. International Journal of Academic Research in Accounting Finance and Management Sciences, 13(1), 272-282.
  • Kaiser, L. (2020). ESG integration: value, growth and momentum. Journal of Asset Management, 21(1), 32–51. https://doi.org/10.1057/s41260-019-00148-y
  • Kurt, Y. (2023). Kazanç yönetimi ile entelektüel sermaye arasındaki ilişki. Uluslararası Ekonomi İşletme ve Politika Dergisi, 7(2), 262-277.
  • Lu, Y., Xu, C., Zhu, B., & Sun, Y. (2023). Digitalization transformation and ESG performance Evidence from China. Business Strategy and the Environment, 33(2), 1-17.
  • Li, J., Wu, T., Liu, B., & Zhou, M. (2024). Can digital transformation enhance corporate ESG performance? The moderating role of dual environmental regulations. Finance Research Letters, 62, 105241.
  • Liu, Z., Chen, Z., & Hu, L. (2024). Can enterprise digital transformation improve ESG performance?. Managerial and Decision Economics, 45(7), 5088-5103.
  • Liu, H., Duan, H., & Li, M. (2024). Enterprise digital transformation and ESG performance. Energy & Environment, 0(0), 1-27.
  • Luo, Y., Tian, N., Wang, D., & Han, W. (2023). Does digital transformation enhance firm’s ESG performance evidence from an emerging market. Emerging Markets Finance and Trade, 60(4), 825-854. https://doi.org/10.1080/1540496X.2023.2253975
  • Mu, W., Liu, K., Tao, Y., & Ye, Y. (2023). Digital finance and corporate ESG. Finance Research Letters, 51, 1-9.
  • Park, S. R., & Jang, J. Y. (2021). The impact of ESG management on investment decision: Institutional investors’ perceptions of country-specific ESG criteria. International Journal of Financial Studies, 9(3), 2-27.
  • Peng, Y., Chen, H., & Li, T. (2023). The impact of digital transformation on ESG: A case study of Chinese-listed companies. Sustainability, 15(20), 1-21.
  • Ren, S., & Isa, S. M. (2023). The Impact of digital transformation on corporate ESG performance empirical evidence from Chinese listed companies. Journal of International Business, Economics and Entrepreneurship, 8(1), 1-12.
  • Shabbir, M. S., Aslam, E., Irshad, A., Bilal, K., Aziz, S., Abbasi, B. A., & Zia, S. (2020). Nexus between corporate social responsibility and financial and non-financial sectors’ performance: a non-linear and disaggregated approach. Environmental Science and Pollution Research International, 27(31), 39164–39179. https://doi.org/10.1007/s11356-020-09972-x
  • Sahut, J. M., & Pasquini-Descomps, H. (2015). ESG impact on market performance of firms: International evidence. Management International, 19(2), 40-63.
  • Sassen, R., Hinze, A. K., & Hardeck, I. (2016). Impact of ESG factors on firm risk in Europe. Journal Of Business Economics, 86, 867-904.
  • Şeker, Y., & Şengür, E. (2022). Çevresel, sosyal ve kurumsal yönetim (ESG) performansı: Uluslararası bir araştırma. Journal of Accounting and Taxation Studies, 15(2), 349-387.
  • Şişman, M. E., & Çankaya, S. (2021). Çevresel, sosyal ve kurumsal yönetişim (ESG) verilerinin firmaların finansal performansına etkisi: Hava yolu sektörü üzerine bir çalışma. Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(1), 73-91.
  • Tian, X., Martin, B., & Deng, H. (2008). The impact of digitization on business models for publishing: Some indicators from a research project. Journal of Systems and Information Technology, 10(3), 232-250.
  • Torres Reyna, O. (2007). Panel data analysis fixed and random effects using Stata, data and statistical services, Princeton University.
  • Velte, P. (2017). Does ESG performance have an impact on financial performance? evidence from Germany. Journal of Global Responsibility, 8(2), 169-178.
  • Verina, N., & Titko, J. (2019). Digital transformation: conceptual framework. Scientific Conference, Contemporary issues in business, management and economics engineering, 719-727. https://doi.org/10.3846/cibmee.2019.073
  • Wang, H., Jiao, S., Bu, K., Wang, Y., & Wang, Y. (2023). Digital transformation and manufacturing companies’ ESG responsibility performance. Finance Research Letters, 58, 1-6.
  • Wang, J., Hong, Z., & Long, H. (2023). Digital transformation empowers ESG performance in the manufacturing industry: from ESG to DESG. SAGE Open, 13(4), 1-21.
  • Wang, S., & Esperança, J. P. (2023). Can digital transformation improve market and ESG performance: Evidence from Chinese SMEs. Journal of Cleaner Production, 419, 1-12.
  • Wu, S., & Li, Y. (2023). A study on the impact of digital transformation on corporate ESG performance: The mediating role of green innovation. Sustainability, 15(8), 1-17.
  • Yang, P., Hao, X., Wang, L., Zhang, S., & Yang, L. (2023). Moving toward sustainable development: the influence of digital transformation on corporate ESG performance. Kybernetes. 53(2), 669-687 https://doi.org/10.1108/K-03-2023-0521
  • Yang, Y., & Han, J. (2023). Digital transformation, financing constraints, and corporate environmental, social, and governance performance. Corporate Social Responsibility and Environmental Management, 30(6), 3189-3202.
  • Zaoui, F., & Souissi, N. (2020). Roadmap for digital transformation: A literature review. Procedia Computer Science, 175, 621-628.
  • Zheng, L. J., Islam, N., Zhang, J. Z., Wang, H., & Au, K. M. A. (2024). How does supply chain transparency influence idiosyncratic risk in newly public firms: the moderating role of firm digitalization. International Journal of Operations & Production Management, 44(9), 1649-1675.
  • Zhong, Y., Zhao, H., & Yin, T. (2023). Resource bundling: how does enterprise digital transformation affect enterprise ESG development. Sustainability, 15(2), 1319.

DOES DIGITAL TRANSFORMATION INCREASE THE ESG PERFORMANCE OF BUSINESSES?: AN APPLICATION ON BIST

Year 2025, Volume: 26 Issue: 1, 67 - 84, 22.06.2025

Yusuf Kurt

Abstract

This study tested the impact of digital transformations on the ESG scores, which is a part of the sustainability reporting of companies traded in Borsa Istanbul (BIST) sustainability index between 2018 and 2022. Information about the digital transformation of businesses was obtained by content analysis method from annual reports, sustainability reports and integrated reports published at the end of the period. The digital transformation index was determined by calculating the digital transformation variable on a total of five dimensions: “artificial intelligence, big data, cloud computing, block chain and digital technology applications.” While calculating the digitalization index, the total number of digital transformation keywords and the number of words of the messages in which business managers evaluated the past and future were taken into account. The study was carried out using two models. In the first model, the total effect of digital transformation on ESG performance was examined, and in the second model the effect of digital transformation dimensions was tested separately. According to the results obtained from Model 1, it was found that the digital transformation variable of the enterprises did not have a significant effect on ESG performance, while according to the results obtained from Model 2, it was determined that the cloud computing component had a significant effect on ESG performance.

Keywords

Sustainability Digitization Artificial Intelligence Big Data ESG

References

  • Almeyda, R., & Darmansya, A. (2019). The influence of environmental, social, and governance (ESG) disclosure on firm financial performance. Journal of Proceedings Series, (5), 278-290.
  • Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22(2), 119-127 https://doi.org/10.1016/j.bir.2022.11.006
  • Barnir, A., Gallaugher, J. M., & Auger, P. (2003). Business process digitization, strategy, and the impact of firm age and size: the case of the magazine publishing industry. Journal of Business Venturing, 18(6), 789-814. https://doi.org/10.1016/S0883-9026(03)00030-2
  • Chen, Z., Xiao, Y. and Jiang, K. (2023). The impact of tax reform on firms’ digitalization in China. Technological Forecasting and Social Change, 187, 122-196. https://doi.org/ 10.1016/j.techfore.2022.122196.
  • Cijan, A., Jenič, L., Lamovšek, A., & Stemberger, J. (2019). How digitalization changes the workplace. Dynamic Relationships Management Journal, 8(1), 3-12. https://doi:10.17708/DRMJ.2019.v08n01a01
  • Çetenak, E. H., Aytaç, A., & Yağlı, İ. (2023). Çevresel, sosyal ve kurumsal yönetişim (ESG) değerlerinin banka performansı üzerine etkisi: ABD bankaları örneği. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 32(2), 424-434.
  • Dijital Devlet İncelemesi Raporu (2023) https://cbddo.gov.tr/haberler/6744/oecd-dijital-devlet-incelemesi-turkiye-raporu-yayimlandi (Erişim Tarihi:20.05.2024).
  • Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315–334. https://doi.org/10.1007/s10551-019-04177-w
  • Ebert, C., & Duarte, C. H. C. (2018). Digital transformation. IEEE Softw., 35(4), 16-21.
  • Ellili, N. O. D. (2022). Impact of ESG disclosure and financial reporting quality on investment efficiency. The International Journal of Business in Society, 22(5), 1094-1111. https://doi.org/10.1108/CG-06-2021-0209
  • Eriandani, R., & Winarno, W. A. (2023). ESG and firm performance: The role of digitalization. Journal of Accounting and Investment, 24(3), 993-1010.
  • Fang, M., Nie, H., & Shen, X. (2023). Can enterprise digitization improve ESG performance?. Economic Modelling, 118, 1-15.
  • Fu, T., & Li, J. (2023). An empirical analysis of the impact of ESG on financial performance the moderating role of digital transformation. Frontiers in Environmental Science, 11, 1-11 https://doi.org/10.3389/fenvs.2023.1256052 Halid, S., Rahman, R. A., Mahmud, R., Mansor, N., & Wahab, R. A. (2023). A literature review on ESG score and its impact on firm performance. International Journal of Academic Research in Accounting Finance and Management Sciences, 13(1), 272-282.
  • Kaiser, L. (2020). ESG integration: value, growth and momentum. Journal of Asset Management, 21(1), 32–51. https://doi.org/10.1057/s41260-019-00148-y
  • Kurt, Y. (2023). Kazanç yönetimi ile entelektüel sermaye arasındaki ilişki. Uluslararası Ekonomi İşletme ve Politika Dergisi, 7(2), 262-277.
  • Lu, Y., Xu, C., Zhu, B., & Sun, Y. (2023). Digitalization transformation and ESG performance Evidence from China. Business Strategy and the Environment, 33(2), 1-17.
  • Li, J., Wu, T., Liu, B., & Zhou, M. (2024). Can digital transformation enhance corporate ESG performance? The moderating role of dual environmental regulations. Finance Research Letters, 62, 105241.
  • Liu, Z., Chen, Z., & Hu, L. (2024). Can enterprise digital transformation improve ESG performance?. Managerial and Decision Economics, 45(7), 5088-5103.
  • Liu, H., Duan, H., & Li, M. (2024). Enterprise digital transformation and ESG performance. Energy & Environment, 0(0), 1-27.
  • Luo, Y., Tian, N., Wang, D., & Han, W. (2023). Does digital transformation enhance firm’s ESG performance evidence from an emerging market. Emerging Markets Finance and Trade, 60(4), 825-854. https://doi.org/10.1080/1540496X.2023.2253975
  • Mu, W., Liu, K., Tao, Y., & Ye, Y. (2023). Digital finance and corporate ESG. Finance Research Letters, 51, 1-9.
  • Park, S. R., & Jang, J. Y. (2021). The impact of ESG management on investment decision: Institutional investors’ perceptions of country-specific ESG criteria. International Journal of Financial Studies, 9(3), 2-27.
  • Peng, Y., Chen, H., & Li, T. (2023). The impact of digital transformation on ESG: A case study of Chinese-listed companies. Sustainability, 15(20), 1-21.
  • Ren, S., & Isa, S. M. (2023). The Impact of digital transformation on corporate ESG performance empirical evidence from Chinese listed companies. Journal of International Business, Economics and Entrepreneurship, 8(1), 1-12.
  • Shabbir, M. S., Aslam, E., Irshad, A., Bilal, K., Aziz, S., Abbasi, B. A., & Zia, S. (2020). Nexus between corporate social responsibility and financial and non-financial sectors’ performance: a non-linear and disaggregated approach. Environmental Science and Pollution Research International, 27(31), 39164–39179. https://doi.org/10.1007/s11356-020-09972-x
  • Sahut, J. M., & Pasquini-Descomps, H. (2015). ESG impact on market performance of firms: International evidence. Management International, 19(2), 40-63.
  • Sassen, R., Hinze, A. K., & Hardeck, I. (2016). Impact of ESG factors on firm risk in Europe. Journal Of Business Economics, 86, 867-904.
  • Şeker, Y., & Şengür, E. (2022). Çevresel, sosyal ve kurumsal yönetim (ESG) performansı: Uluslararası bir araştırma. Journal of Accounting and Taxation Studies, 15(2), 349-387.
  • Şişman, M. E., & Çankaya, S. (2021). Çevresel, sosyal ve kurumsal yönetişim (ESG) verilerinin firmaların finansal performansına etkisi: Hava yolu sektörü üzerine bir çalışma. Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(1), 73-91.
  • Tian, X., Martin, B., & Deng, H. (2008). The impact of digitization on business models for publishing: Some indicators from a research project. Journal of Systems and Information Technology, 10(3), 232-250.
  • Torres Reyna, O. (2007). Panel data analysis fixed and random effects using Stata, data and statistical services, Princeton University.
  • Velte, P. (2017). Does ESG performance have an impact on financial performance? evidence from Germany. Journal of Global Responsibility, 8(2), 169-178.
  • Verina, N., & Titko, J. (2019). Digital transformation: conceptual framework. Scientific Conference, Contemporary issues in business, management and economics engineering, 719-727. https://doi.org/10.3846/cibmee.2019.073
  • Wang, H., Jiao, S., Bu, K., Wang, Y., & Wang, Y. (2023). Digital transformation and manufacturing companies’ ESG responsibility performance. Finance Research Letters, 58, 1-6.
  • Wang, J., Hong, Z., & Long, H. (2023). Digital transformation empowers ESG performance in the manufacturing industry: from ESG to DESG. SAGE Open, 13(4), 1-21.
  • Wang, S., & Esperança, J. P. (2023). Can digital transformation improve market and ESG performance: Evidence from Chinese SMEs. Journal of Cleaner Production, 419, 1-12.
  • Wu, S., & Li, Y. (2023). A study on the impact of digital transformation on corporate ESG performance: The mediating role of green innovation. Sustainability, 15(8), 1-17.
  • Yang, P., Hao, X., Wang, L., Zhang, S., & Yang, L. (2023). Moving toward sustainable development: the influence of digital transformation on corporate ESG performance. Kybernetes. 53(2), 669-687 https://doi.org/10.1108/K-03-2023-0521
  • Yang, Y., & Han, J. (2023). Digital transformation, financing constraints, and corporate environmental, social, and governance performance. Corporate Social Responsibility and Environmental Management, 30(6), 3189-3202.
  • Zaoui, F., & Souissi, N. (2020). Roadmap for digital transformation: A literature review. Procedia Computer Science, 175, 621-628.
  • Zheng, L. J., Islam, N., Zhang, J. Z., Wang, H., & Au, K. M. A. (2024). How does supply chain transparency influence idiosyncratic risk in newly public firms: the moderating role of firm digitalization. International Journal of Operations & Production Management, 44(9), 1649-1675.
  • Zhong, Y., Zhao, H., & Yin, T. (2023). Resource bundling: how does enterprise digital transformation affect enterprise ESG development. Sustainability, 15(2), 1319.
There are 42 citations in total.

Details

Primary Language Turkish
Subjects Sustainability Accounting and Reporting
Journal Section Articles
Authors

Yusuf Kurt 0000-0002-1071-4205

Publication Date June 22, 2025
Submission Date July 17, 2024
Acceptance Date January 13, 2025
Published in Issue Year 2025 Volume: 26 Issue: 1

Cite

APA Kurt, Y. (2025). DİJİTAL DÖNÜŞÜM İŞLETMELERİN ESG PERFORMANSINI ARTTIRIR MI?: BIST ÜZERİNE BİR UYGULAMA. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, 26(1), 67-84.
AMA Kurt Y. DİJİTAL DÖNÜŞÜM İŞLETMELERİN ESG PERFORMANSINI ARTTIRIR MI?: BIST ÜZERİNE BİR UYGULAMA. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi. June 2025;26(1):67-84.
Chicago Kurt, Yusuf. “DİJİTAL DÖNÜŞÜM İŞLETMELERİN ESG PERFORMANSINI ARTTIRIR MI?: BIST ÜZERİNE BİR UYGULAMA”. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi 26, no. 1 (June 2025): 67-84.
EndNote Kurt Y (June 1, 2025) DİJİTAL DÖNÜŞÜM İŞLETMELERİN ESG PERFORMANSINI ARTTIRIR MI?: BIST ÜZERİNE BİR UYGULAMA. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi 26 1 67–84.
IEEE Y. Kurt, “DİJİTAL DÖNÜŞÜM İŞLETMELERİN ESG PERFORMANSINI ARTTIRIR MI?: BIST ÜZERİNE BİR UYGULAMA”, Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, vol. 26, no. 1, pp. 67–84, 2025.
ISNAD Kurt, Yusuf. “DİJİTAL DÖNÜŞÜM İŞLETMELERİN ESG PERFORMANSINI ARTTIRIR MI?: BIST ÜZERİNE BİR UYGULAMA”. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi 26/1 (June 2025), 67-84.
JAMA Kurt Y. DİJİTAL DÖNÜŞÜM İŞLETMELERİN ESG PERFORMANSINI ARTTIRIR MI?: BIST ÜZERİNE BİR UYGULAMA. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi. 2025;26:67–84.
MLA Kurt, Yusuf. “DİJİTAL DÖNÜŞÜM İŞLETMELERİN ESG PERFORMANSINI ARTTIRIR MI?: BIST ÜZERİNE BİR UYGULAMA”. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, vol. 26, no. 1, 2025, pp. 67-84.
Vancouver Kurt Y. DİJİTAL DÖNÜŞÜM İŞLETMELERİN ESG PERFORMANSINI ARTTIRIR MI?: BIST ÜZERİNE BİR UYGULAMA. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi. 2025;26(1):67-84.

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