BIST Sürdürülebilirlik Endeksi Şirketlerinde Kârlılığı Etkileyen Finansal Oranlar: Panel Veri Analizi Uygulaması
Financial Ratios Affecting Profitability in BIST Sustainability Index Companies: A Panel Data Analysis

Summary/Abstract: This study investigates the impact of financial ratios on corporate profitability within the BIST Sustainability Index, covering the 2019–2023 period, through panel data regression analysis. Unlike traditional profitability studies, this research focuses on companies that meet ESG (Environmental, Social, and Governance) criteria, offering a sustainability-oriented perspective on financial performance. Findings reveal that liquidity and efficiency ratios, particularly the current ratio (CO) and asset turnover (DV/AK), significantly influence net profit margin (NPM) and return on assets (ROA), highlighting the financial dynamics of sustainability-driven firms. By integrating sustainability-focused firms into financial performance modeling, this study contributes to the literature by providing empirical evidence on the financial sustainability performance nexus. The research enhances the understanding of how ESG-compliant companies achieve profitability, offering practical implications for investors, policymakers, and corporate managers aiming to align financial success with sustainability objectives.

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