The Effect of Financial Risks of Companies Listed in the BIST Sustainability Index on Stock Prices

Abstract

This study is aimed to investigate the impact of the financial risks of the enterprises in the sustainability index on the value of the stock. In line with this objective, financial risk values were calculated with the Altman Zskor model by using the financial statement data of the enterprises for the 2011-2020 periods. The impact of the financial risks of the enterprises in the sustainability index on the stock value was perused by panel data analysis in the study. As a result of econometric analysis, it was determined that the financial risk values of the enterprises affect the stock return rates negatively. In other words, as the financial risks of the enterprises decreased, the stock return rate increased.

Keywords

• sustainability
• financial risk
• panel data analysis
• altman model
• sürdürülebilirlik
• finansal risk
• panel veri analizi
• altman modeli