Bu çalışmada, kurumsal sürdürülebilirlik performans ölçütü olarak son yıllarda kullanımı yaygınlaşan çevresel, sosyal ve kurumsal yönetim (ESG) uygulamalarının (ESG skorunun) firma düzeyi dinamiklerinin araştırılması amaçlanmıştır. Bu amaç ile Borsa İstanbul’da listelenen finansal olmayan 222 firmanın 2014-2021 dönem verileri panel probit ve panel logit modelleri ile tahmin edilmiştir. Analiz bulguları faaliyet nakit akışı ve nakit dönüşüm süresi bakımında likiditesi yüksek olan ve varlık hacmi açısından nispeten büyük şirketlerin ESG skoruna sahip olma olasılığının daha yüksek olduğunu göstermiştir. ESG raporlama performansının likiditesi daha güçlü ve daha büyük işletmeler ile pozitif ilişkisi meşruiyet teorisi, paydaş teorisi ve atıl kaynaklar teorisi ile uyumludur.

This study examines the impact of sectoral concentration on credit default risk, drawing from economic theory and portfolio management principles, utilizing the Turkish aggregated sector-level data and banking data from 2009 to 2022. The study employs a panel data analysis framework to investigate the relationship between sectoral diversification in loans and credit risk, controlling for sector-specific variables. Unlike previous studies primarily reliant on banking system data, this research broadens the scope by incorporating the real sector credit usage data for the measurement of concentration. Additionally, instead of the commonly used Herfindahl-Hirschman Index, the study employs the Sector Concentration Index as a measure of concentration, allowing for a comparison of sector distribution with an ideal market sector distribution. The analysis considers not only the widely used indicator of credit risk, non-performing loans ratio in the banking system but also bad debt ratios in the real sector, thereby enhancing the understanding of credit risk dynamics. The analysis results, which show a significant positive relationship between sectoral concentration indices and non-performing ratios employed, reveal that sectoral credit concentration has an increasing effect on the credit risk level and offers insights into the optimal diversification strategies for mitigating credit risk in the banking sector.

Purpose: The main objective of this study is to examine the impact of dependence on natural resource rents (NRR) and asset use efficiency on firm profitability in a sample that is rich in natural resources.Methodology: A 20-year (2005-2024) panel dataset from 364 publicly traded extractive companies in ten countries with high NRR was analyzed using the System GMM estimator. Additionally, comparative financial ratio analysis was conducted using Kazakhstan as a reference economy due to its rich hydrocarbon and mineral reserves.Findings: According to the panel data analysis results, the effect of asset use efficiency on the return on assets (ROA) of the extractive sector is higher than that of net profit margin. Furthermore, the level of NRR at the country level tends to reduce firm ROA. In addition, comparative analysis has shown that despite Kazakhstan having a high profit margin and high share of fixed assets, its ROA lags behind the sample average due to its weak asset turnover rate. These results provide firm-level evidence for the resource curse theory.Originality: This study contributes to the literature by expanding the resource curse literature from the country level to the firm level, directly measuring natural resource dependency through NRR using a multi-country sample.