Do Sustainability Activities Effect Market Value Linearly or Curvilinearly? A Review of European Banks
Corporate Social Responsibility and Environmental Management, cilt.33, sa.1, ss.1003-1015, 2026 (SSCI, Scopus)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 33 Sayı: 1
- Basım Tarihi: 2026
- Doi Numarası: 10.1002/csr.70213
- Dergi Adı: Corporate Social Responsibility and Environmental Management
- Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus, ABI/INFORM, Aerospace Database, Agricultural & Environmental Science Database, Business Source Elite, Business Source Premier, Communication Abstracts, Environment Index, Greenfile, INSPEC, Metadex, Pollution Abstracts, Civil Engineering Abstracts
- Sayfa Sayıları: ss.1003-1015
- Anahtar Kelimeler: ESG, European banks, market value, sustainability reporting
- Ankara Hacı Bayram Veli Üniversitesi Adresli: Evet
Özet
The aim of this study is to examine the impact of sustainability activities on performance. In the study, it was tried to make implications by determining whether the relationship in question is linear or curvilinear. In the study, sustainability and financial data of 26 European banks were taken from the Thomson Reuters (TR) database and panel data methods were used in the analysis. In addition to the panel data analysis, the findings were supported with graphical analysis. On the other hand, robustness tests were conducted with the Driscoll–Kraay robust estimator in order to increase the validity and reliability of the findings. There is both a linear and curvilinear relationship between sustainability activities and market value. While the linear relationship between the variables in question emphasizes causality, the curvilinear relationship indicates that there is an optimal sustainability investment level in terms of maximizing market value. Therefore, banks should carry out their sustainability activities in a more focused and professional manner. This study can contribute to the literature by comprehensively examining the relationship between sustainability activities and market value. More importantly, the findings of this study can provide insight for shareholders, managers, sustainability teams, policy makers, and all other stakeholders.