Özet:

COVID-19, which first appeared in Wuhan, China, spread suddenly and rapidly. The declaration of COVID-19 as a pandemic has caused health and economic uncertainty worldwide. This uncertainty primarily reflected negatively on the stock markets. The aim of the study is to examine the impact of the COVID-19 pandemic on Borsa Istanbul sustainability index. For this aim, the event study method was used and the dates of the first confirmed case and death in Turkey were chosen as the event days. On both event days, abnormal returns and cumulative abnormal returns were evaluated in the study. According to the findings of the study, negative abnormal returns were observed on event days. However, the abnormal returns are not significant at the date of the first confirmed case. This result indicates that the response of the sustainability index was delayed when the first case was announced. Despite the sustainability index's negative returns, significant positive cumulative abnormal returns occurred in the event windows of the first confirmed case. Contrarily, after the first confirmed death, it was determined that the cumulative return differed negatively relative to the market. The first confirmed death generally had a negative impact on the sustainability index. The results show that the short-term effects of both event days on the sustainability index may differ.

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