Stock market response to natural disasters: Does corporate sustainability performance make difference?

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dc.authorid0000-0002-4773-1770
dc.authorid0000-0001-6036-0559
dc.contributor.authorAksoy, Mine
dc.contributor.authorYılmaz, Mustafa Kemal
dc.contributor.authorTatoğlu, Ekrem
dc.contributor.otherYönetim Bilimleri Fakültesi, İşletme Bölümü
dc.date.accessioned2024-05-10T10:30:45Z
dc.date.available2024-05-10T10:30:45Z
dc.date.issued2024
dc.departmentİHÜ, Yönetim Bilimleri Fakültesi, İşletme Bölümü
dc.description.abstractThis study aims to examine the short-term price reactions of the stocks listed on Borsa Istanbul (BIST) after the severe earthquake of February 6, 2023, that happened in the southeastern region of Türkiye covering 11 provinces and causing more than 50,000 fatalities. Using a sample of 450 companies listed on the BIST All Index, this study estimates the abnormal returns (ARs) of stocks by employing an event study methodology. Using BIST 100 companies as a sub-sample, this study also explores whether sustainability performance creates resilience against downside risk after the earthquake. The results of the market model and the mean-adjusted model show that on the event day, most of the sectors had negative and significant ARs, while only the non-metal mineral products had positive and significant ARs. Most of the sectors continued to decline in the following 10 days except basic metal and non-metal mineral products sectors. The telecommunications sector was the most negatively affected sector in both models after the event day as it has underperformed in ensuring uninterrupted access to communication. The findings also indicate that firms in the financial sector that have higher sustainability performance are more resilient in responding to the disaster.
dc.identifier.citationAksoy, M. ve Yılmaz, M. K. (2024). Stock market response to natural disasters: Does corporate sustainability performance make difference? Journal of Cleaner Production, 454, 1-9. https://www.doi.org/10.1016/j.jclepro.2024.142294
dc.identifier.doi10.1016/j.jclepro.2024.142294
dc.identifier.endpage9
dc.identifier.issn0959-6526
dc.identifier.scopus2-s2.0-85191309954
dc.identifier.scopusqualityQ1
dc.identifier.startpage1
dc.identifier.urihttps://www.doi.org/10.1016/j.jclepro.2024.142294
dc.identifier.urihttps://hdl.handle.net/20.500.12154/2863
dc.identifier.volume454
dc.identifier.wosWOS:001235878200001
dc.identifier.wosqualityQ1
dc.indekslendigikaynakScopus
dc.indekslendigikaynakWeb of Science
dc.institutionauthorYılmaz, Mustafa Kemal
dc.institutionauthorid0000-0001-6036-0559
dc.language.isoen
dc.publisherElsevier
dc.relation.ispartofJournal of Cleaner Production
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectAbnormal Returns
dc.subjectEarthquake
dc.subjectStock Market
dc.subjectSustainability Performance
dc.subjectTürkiye
dc.titleStock market response to natural disasters: Does corporate sustainability performance make difference?
dc.typeArticle
dspace.entity.typePublication
relation.isAuthorOfPublication29f46236-65bf-4da8-b2be-b9826daecb5e
relation.isAuthorOfPublication.latestForDiscovery29f46236-65bf-4da8-b2be-b9826daecb5e
relation.isOrgUnitOfPublicationc9253b76-6094-4836-ac99-2fcd5392d68f
relation.isOrgUnitOfPublication.latestForDiscoveryc9253b76-6094-4836-ac99-2fcd5392d68f

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