Bu çalışmanın amacı, serbest nakit akışları ile temsil maliyeti, serbest nakit akışları ile firma performansı ve temsil maliyetleri ile firma performansı arasındaki ilişkinin araştırılmasıdır. Araştırma kapsamını 2011-2020 yılları arasında BİST Metal Eşya, Makina Endeksi’nde işlem gören firmalar oluşturmaktadır. Yöntem olarak panel veri analizi kullanılmıştır. Serbest nakit akışları ve temsil maliyetleri ilişkisine yönelik analiz sonuçlarına göre, serbest nakit akışları ile yönetici-hissedar temsil maliyetleri ve yönetici-borç veren temsil maliyetleri arasında negatif yönlü ilişki tespit edilmiştir. Serbest nakit akışları, temsil maliyetleri ve firma performansına ilişkin analiz sonuçlarına göre ise yönetici-borç veren temsil maliyetleri ile aktif karlılık, yönetici-borç veren ve yönetici-hissedar temsil maliyetleri ile özsermaye karlılığı arasında negatif yönlü ilişki tespit edilmiştir. Elde edilen bulgular serbest nakit akışları teorisini (Jensen, 1986) kısmen desteklemektedir. Bulgulara göre, firmaların sahip oldukları serbest nakit akışlarının büyüklüğünden ziyade nasıl kullandıkları daha önemli olmaktadır. Serbest nakit akışları temsil maliyetlerine neden olmamakla birlikte finansal performans üzerinde negatif etki yaratabileceğinden firmaların buna yönelik politikalar geliştirmeleri gerektiği söylenebilir.

The goal of this study is to examine the relationship between ESG scores and firm performance and whether firm size and age moderating role in this relationship. The period of the study was determined as 2013-2021 and the sample is comprised of banks listed in the BIST Bank Index. The panel data analysis found a statistically significant and positive correlation between ESG scores and firm performance and a statistically significant and negative correlation between firm age and size and firm performance. In addition, while it was confirmed that firm age has a statistically significant and positive moderating effect in the relationship between ESG scores and firm performance, it was found that firm size does not have a significant moderating effect. Therefore, it is safe to say for the relevant period and sample that increased efforts of firms in environment, social responsibility, and proper governance have a positive influence on financial performance.

This study examines the impact of financial development, renewable energy, energy intensity, and stringent environmental policies on green growth in twenty-three Organization for Economic Cooperation and Development countries from 2000 to 2023. Additionally, it examines how stringent environmental policies moderate the link between financial development and green growth. Economic complexity, trade openness, and green technology variables are also included in the model as control variables. The index is constructed using economic growth, education, health, CO2 emissions, net forest, and mineral components for green growth, the main variable explained in the research. The Fully Modified Ordinary Least Squares method is applied to estimate elasticity coefficients in the study. The findings show that financial development and energy intensity have a negative impact on green growth, whereas strict environmental policies and renewable energy support green growth. Moreover, the interaction between financial development and stringent environmental policies promotes green growth. At the same time, the control variables of trade openness and economic complexity have a negative impact on green growth, while green technology makes a positive contribution. Furthermore, financial development and energy intensity have the most significant quantitative impact on green growth, while trade openness and stringent environmental policies have the least impact. In line with these findings, environmentally friendly financial instruments and green investments should be supported instead of directing financial resources only to industry-intensive sectors in Organization for Economic Cooperation and Development countries. In this context, implementing energy efficiency policies and increasing incentives for renewable energy are of great importance.