Abstract
This study investigates the role of listing in sustainability index on the firm values of Borsa Istanbul firms. Furthermore, the interaction effects of some firm specific characteristics on firm value are investigated. Firstly, the impact of each firm specific characteristics, and mainly sustainability dummy, on firm value is analysed. It is found that firms that are listed in BIST Sustainability Index have higher firm values. Secondly, the interaction terms with sustainability dummy and each firm-specific characteristic are created. It is concluded that, among the firms listed in BIST sustainability index, firms with higher leverage ratios, lower current ratios, lower price to equity ratios, lower asset turnover ratios, and lower tangibility ratios have higher firm values.
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