Yatırımcılar Cinsiyet Eşitliğini Nasıl Fiyatlıyor? Bloomberg Cinsiyet Eşitliği Endeksindeki Türk Şirketlerinden Kanıtlar

How Do Investors Price Gender Equality? Evidence from Turkish Firms in the Bloomberg Gender Equality Index

Binali Selman Eren
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Binali Selman Eren: Bitlis Eren University

Business and Economics Research Journal, 2026, vol. 17, issue 1, 35-53

Abstract: The objective of this study is to investigate whether the inclusion announcements of Turkish companies in the Bloomberg Gender Equality Index (GEI) generate a significant market reaction on the stock returns of these companies. In this context, an event study analysis is conducted based on the inclusion announcements of 12 Turkish companies between 2017 and 2023. The market model is employed to calculate abnormal returns (AR), with the BIST 100 index serving as the benchmark. Using the event study methodology, average abnormal returns (AAR) are first obtained over a 21-day window spanning 10 days before and 10 days after the announcement dates. Additionally, cumulative average abnormal returns (CAAR) and precision-weighted CAAR (PWCAAR) are calculated across six different time windows to assess cumulative effects. The findings indicate that AAR values are positive and statistically significant in the pre-announcement periods (-7, -6, and -1), on the announcement day (0), and post-announcement periods (+3 and +5). While CAAR and PWCAAR values are positive across all windows, statistical significance is observed only in the (-7…0) window. The findings indicate that investors generally respond positively to corporate commitments to gender equality and are sensitive to such practices; however, the effect appears to be short-term and fluctuating. In this context, in order to strengthen investor perception and contribute to a more stable impact, it may be beneficial for companies to enhance their gender equality practices in a more consistent manner through transparency, governance, regular reporting, and long-term strategic planning.

Keywords: Gender Equality; Bloomberg Gender Equality Index; Event Study; Borsa Istanbul (search for similar items in EconPapers)
JEL-codes: G14 G30 J16 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:ris:buecrj:022149

DOI: 10.20409/berj.2026.486

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