Abstract
In this paper, companies listed on the Borsa Istanbul (BIST) Sustainability Index are analyzed by performing a cluster analysis based on their environmental, social, and governance (ESG) scores. The results prove that firms with higher ESG ratings do not necessarily perform well in all ESG aspects. The outcomes of the cluster analysis reveal that firms with higher environmental and social scores are the cluster with the most prominent firms in terms of size but with low profitability. However, the group that scored poorly in environmental and social practices but the highest governance pillar was the highest performing in terms of the return on assets. This paper highlights the significance of forming clusters and linking sustainability practices with performance characteristics.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
