International Journal of Commerce and Finance

1-25

Authors: Nasruzzaman Naeem, Serkan Cankaya

This study aims to analyze the impact of ESG performance over the financial performance of global energy and power generation companies which are considered as one of the most sensitive industries. The study explores the effect of ESG performance over the financial performance of the corporations operating business in sensitive industries such as energy and power generation firms regarding the profitability and market value of the companies using panel data regression. ESG performance data and financial data of 192 energy and power generation firms from 2008 to 2019 were taken from Thomson Reuters Eikon database for the statistical analyses. The findings suggest that ESG performance has both positive and significant impacts over the profitability of the firms but negative impact over the market value of the firms. Besides, ESG performance is correlated in a significant way with the financial performance of energy and power generation corporations. This study adds value and importance to the sustainable business practice and sustainability reporting for the energy and power generation companies worldwide. Moreover, the findings of the study would assist the relevant investors, business analysts, industry regulators, policymakers, and decision-makers all other stakeholders who are interested in ESG and sustainability to take noteworthy decisions.

43-62

Authors: Harun Kolukısa, Ali Osman Gürbüz

This study aimed to test the effects of investor behavior on the predictability of the market by testing CAPM estimation errors in negative growth period and growth period of the market. This study also aims to draw attention to the existence of some factors that may affect the CAPM estimation errors. Negative growth period is the period in which irrational behavior is likely to occur. Growth period is the period when irrational behaviors are less common. CAPM estimation errors calculated by jensen’s alpha, sharpe ratio, sortino ratio and treynor ratio were compared by T-Test and Mann-Whitney U Test during negative growth periods and growth periods. USA-S&P 500, Germany-DAX 100, England-FTSE 100, France-CAC All Tradable, Canada-S&P TSX, Japan-Nikkei 225 developed countries and their indices and India S&P BSE 200, China-SSE Composite, South Africa &-FTSE JSE African All Share, Turkey-BIST 100 developing countries and their indices included in the study. Between January 31,2005 and December 31,2018 monthly closing prices of the indices, monthly closing prices of stocks listed in consumer staples sectors and consumer discretionary sectors were used. As a result of the study, it has been observed that CAPM estimation errors calculated by jensen’s alpha and treynor ratio in consumer staples and consumer discretionary sectors in developed and developing countries do not differ during negative growth periods and growth periods of the market. It cannot be said that CAPM is more reliable or unreliable in negative growth periods compared to growth periods. It has been determined that CAPM estimation errors calculated by sharpe ratio and sortino ratio differ during negative growth periods and growth periods. It can be said that CAPM is less reliable in negative growth periods compared to growth periods.

85-131

Authors: Ahu Tuğba Karabulut, Hümeyra Nur Hatipoğlu

The main aim of this study is to explore the profiles of women independent board directors in BIST 100 companies and members of the Association of Woman on board of Directors (AWBD) in Turkey. The depth interviews were conducted with nine women independent board directors. Questions were asked related to their backgrounds, expectations, reasons and process of their appointments, their contributions to the companies, their positions on the board of directors, their relations with the chairmen and other directors, expectations of companies from directors, and pathways for women to be board directors. It is find out that they are appointed due to their qualifications such as education, experience, expertise and networks. They want to make contributions to their current companies and be appointed as directors of boards of other companies as well. They try to develop good relations with the chairmen and other directors of the board. Also, they try to improve their performances. This study is a unique study with its approach and findings. Its questions were developed by authors based on the literature review and their knowledge in the field. These comprehensive questions were not asked to women board directors before especially in Turkey.

147-175

Authors: Hacer Saduman Okumus

This study provides the most comprehensive mapping of gender inequality in Turkey, and thus helping to establish a baseline to untangle locality-specific factors stimulating gender inequality. By measuring the distance from gender parity, the findings reveal that all cities have gender inequality. However, the issue is more severe for the cities in eastern Turkey than for those in the west. We compared the socioeconomic inequality of the cities and their level of closeness to parity, to determine which indicators must be prioritised as “impact zones” for each city to act upon. But the cities do not have relatively consistent parity figures, suggesting they are not similar to one another. Therefore, the intervention policies adopted in one may not necessarily be effective in others. All in all, the Turkish case explored in this study offers insights for other developing countries to review their policies to overcome their “gender inequality trap”.