The role of ESG indices on stock market dynamics from a green finance perspective: An ARDL bounds testing approach for Türkiye
グリーンファイナンスの観点から見たESG指数の株式市場動態への役割：トルコを対象としたARDL境界検定アプローチ (AI 翻訳)
İlknur Ülkü Armağan
🤖 gxceed AI 要約
日本語
本研究は、MSCIエマージングマーケット・セレクト・インデックス（MSCI EM SI）、ボルサ・イスタンブール・サステナビリティ・インデックス（XUSRD）、およびボルサ・イスタンブール100インデックス（XU100）の間の短期的・長期的関係を分析した。ARDL境界検定を用いた結果、MSCI EM SIとXU100の間には有意な関係は見られなかったが、XUSRDはXU100と短期的・長期的に有意な相互作用を示した。
English
This study analyzes short- and long-run relationships between the MSCI Emerging Markets Select Index, the Borsa Istanbul Sustainability Index (XUSRD), and the Borsa Istanbul 100 Index (XU100) using ARDL bounds testing. Results show no significant relationship between MSCI EM SI and XU100, but XUSRD exhibits significant interaction with XU100 in both the short and long run.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
トルコの事例ではあるが、日本でもESG指数（JPX ESG指数など）が市場に与える影響を考察する際に参考となる。日本企業のESG対応と株価パフォーマンスの関係を理解するうえで、新興国市場の実証結果は示唆に富む。
In the global GX context
This paper contributes to the global understanding of how ESG indices interact with stock markets in emerging economies. While focused on Türkiye, the findings are relevant for markets worldwide, including developed ones, as ESG integration becomes mainstream.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the relationship between ESG indices and stock market indices in an emerging market using ARDL bounds testing.
🏢実務担当者:Can inform investment strategies by highlighting the relevance of local sustainability indices like XUSRD for stock market performance.
📄 Abstract（原文）
This study emphasises the growing importance of Environmental, Social and Governance (ESG) criteria in both global and national financial markets by analysing the short- and long-run relationships between the MSCI Emerging Markets Select Index (MSCI EM SI), the Borsa İstanbul Sustainability Index (XUSRD) and the Borsa İstanbul 100 Index (XU100). The integration of ESG principles into financial markets has transformed how investors assess risk and return, becoming even more critical following recent global crises such as climate change, geopolitical instabilities and the COVID-19 pandemic. Consequently, both international and national ESG indices have emerged as key indicators supporting the transition to sustainable financial assets, especially for developing economies. This study employs an empirical analysis using the ARDL Bounds Testing Approach with monthly closing data for the selected indices. The findings reveal no significant short- or long-run relationship between the MSCI EM SI and the XU100 Index. Conversely, the results indicate that the XUSRD Index exhibits a statistically significant interaction with the XU100 Index in both the short- and long-run.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.15295/bmij.v14i1.2690first seen 2026-05-14 21:52:42
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