The purpose of this paper is to determine whether environmental, social, and governance (ESG) practices affect corporate financial performance (CFP) indicators at Turkish listed companies. The impact of ESG disclosures on the firm-level CFP of companies listed on the Borsa Istanbul Corporate Governance Index (XKURY) over the period 2007–2017 is investigated using the corporate governance principles of the Capital Markets Board and Global Reporting Initiative (GRI) environmental indicators. The contribution of this study is that it explores the influence of twenty independent ESG variables, comprising company disclosures, on CFP in an emerging market. The results of the study reveal a negative effect of environmental disclosures on CFP. Stakeholder involvement in management contributes to operational efficiency in the social dimension of ESG. Provisions related to shareholder rights and the board of directors has a positive impact on CFP in the governance dimension.

本文的目的是确定环境、社会和治理 (ESG) 实践是否会影响土耳其上市公司的企业财务绩效 (CFP) 指标。使用资本市场委员会和全球报告倡议组织 (GRI) 环境的公司治理原则调查了 2007-2017 年期间 ESG 披露对伊斯坦布尔证券交易所公司治理指数 (XKURY) 上市公司的公司层面 CFP 的影响指标。本研究的贡献在于，它探讨了包括公司披露在内的 20 个独立 ESG 变量对新兴市场 CFP 的影响。研究结果揭示了环境披露对 CFP 的负面影响。利益相关者参与管理有助于提高 ESG 社会层面的运营效率。