Balcioglu, Ya uz Selim; Me e , Abdullah Kü şa
A icle
O ganisa ional me amo phosis: T acing sus ainabili y
in eg a ion h ough sen imen e olu ion in co po a e
epo ing in Tu kish companies
Am i ea u Economic
P o ided in Coope a ion wi h:
The Bucha es Uni e si y o Economic S udies
Sugges ed Ci a ion: Balcioglu, Ya uz Selim; Me e , Abdullah Kü şa (2025) : O ganisa ional
me amo phosis: T acing sus ainabili y in eg a ion h ough sen imen e olu ion in co po a e
epo ing in Tu kish companies, Am i ea u Economic, ISSN 2247-9104, The Bucha es Uni e si y o
Economic S udies, Bucha es , Vol. 27, Iss. 70, pp. 1052-1068,
h ps://doi.o g/10.24818/EA/2025/70/1052
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/328035
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AE
O ganisa ional Me amo phosis: T acing Sus ainabili y In eg a ion Th ough
Sen imen E olu ion in Co po a e Repo ing in Tu kish Companies
1052 Am i ea u Economic
ORGANISATIONAL METAMORPHOSIS: TRACING SUSTAINABILITY
INTEGRATION THROUGH SENTIMENT EVOLUTION
IN CORPORATE REPORTING IN TURKISH COMPANIES
Ya uz Selim Balcıoğlu1 and Abdullah Kü şa Me e 2*
1)Dogus Uni e si y, Is anbul, Tu key
2)Gebze Technical Uni e si y, Kocaeli, Tu key
Please ci e his a icle as:
Balcıoğlu, Y.S. and Me e , A.K., 2025. O ganisa ional
Me amo phosis: T acing Sus ainabili y In eg a ion h ough
Sen imen E olu ion in Co po a e Repo ing in Tu kish
Companies. Am i ea u Economic, 27(70), pp. 1052-1068.
DOI: h ps://doi.o g/10.24818/EA/2025/70/1052
A icle His o y
Recei ed: 28 Ma ch 2025
Re ised: 25 Ap il 2025
Accep ed: 28 June 2025
Abs ac
This s udy examines he e olu ion o sen imen in he sus ainabili y epo s o Tu kish
companies om 2014 o 2023, se ing as an indica o o o ganisa ional change in esponse
o shi ing sus ainabili y egula ions. A longi udinal sample o co po a e sus ainabili y epo s
was subjec ed o sen imen analysis and linguis ic pa e n ecogni ion, encompassing h ee
dis inc egula o y pe iods. By compa ing he one and language ac oss hese pe iods, he
s udy in es iga es how companies adap hei sus ainabili y communica ion s a egies unde
inc easing ins i u ional p essu es. The s udy is g ounded in o ganisa ional change heo ies
and egula o y esponse models. I sheds ligh on whe he heigh ened disclosu e equi emen s
and global sus ainabili y no ms ha e d i en subs an i e shi s in co po a e na a i e o
me ely supe icial compliance. The analysis e eals no able changes in sen imen , wi h an
o e all end owa d mo e op imis ic and asse i e sus ainabili y disclosu es o e ime. These
linguis ic adap a ions co espond o key egula o y miles ones. The indings sugges a
g adual in e nalisa ion o sus ainabili y p inciples, e lec ing o ganisa ional lea ning and
s a egic legi imisa ion e o s. The indings con ibu e o he ex an li e a u e on co po a e
sus ainabili y epo ing by linking ex ual sen imen ends o ins i u ional change dynamics,
o e ing a a e de eloping-coun y pe spec i e. The insigh s a e pa icula ly ele an o
s akeholde s and policymake s seeking o unde s and and enhance he impac o
sus ainabili y epo ing in eme ging economies.
Keywo ds: sus ainabili y epo ing, sen imen analysis, o ganisa ional change, ins i u ional
heo y, ESG, legi imacy
JEL Classi ica ion: M14, Q56, G38
* Co esponding au ho , Abdullah Kü şa Me e – e-mail: [email p o ec ed].
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons
A ibu ion License, which pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in
any medium, p o ided he o iginal wo k is p ope ly ci ed. © 2025 The Au ho (s).
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 1053
In oduc ion
The p ac ice o co po a e sus ainabili y epo ing has become a pi o al mechanism o
o ganisa ional accoun abili y and s akeholde communica ion in he con empo a y business
landscape (Hahn and Kühnen, 2013; KPMG, 2020). The inc easing numbe o
en i onmen al, social, and go e nance (ESG) disclosu es can be a ibu ed o moun ing
p essu e om in es o s, egula o s, and ci il socie y o g ea e anspa ency ega ding
co po a e impac s (Cho, Robe s and Pa en, 2010; Ioannou and Se a eim, 2019b).
Ne e heless, a undamen al ension pe sis s be ween symbolic and subs an i e epo ing
p ac ices. While ce ain o ganisa ions employ sus ainabili y epo s as a means o managing
hei public image, u ilising op imis ic he o ic wi hou implemen ing co esponding
ope a ional changes (Boi al, 2013; Hummel and Schlick, 2016), o he s demons a e au hen ic
commi men h ough balanced, da a-d i en disclosu es ha acknowledge bo h achie emen s
and sho comings (S ubbs and Higgins, 2014). This dicho omy gi es ise o c i ical ques ions
conce ning he e icacy o egula o y in e en ions in ans o ming co po a e communica ion
om ce emonial compliance o au hen ic o ganisa ional change (Meye and Rowan, 1977;
Ch is ensen, Mo sing and Thyssen, 2013).
The Tu kish con ex is a unique labo a o y o examining his ans o ma ion p ocess. As an
eme ging economy s addling Eu ope and Asia, Tü kiye has unde gone signi ican egula o y
e olu ion in sus ainabili y epo ing, pa icula ly ollowing he implemen a ion o EU-
inspi ed non- inancial disclosu e equi emen s (Güm ah, Tanc and Tanc, 2019; Ya uz e al.,
2025). Tu kish companies expe ienced moun ing ins i u ional p essu es be ween 2014 and
2023, encompassing manda o y epo ing obliga ions o speci ic sec o s, adhe ence o
in e na ional amewo ks such as he Global Repo ing Ini ia i e (GRI), and inc eased
sc u iny om bo h domes ic and in e na ional s akeholde s (Aluchna, Roszkowska-Menkes
and Kamiński, 2022). This egula o y ajec o y mi o s global ends while e lec ing local
ins i u ional dynamics, hus ende ing Tü kiye an ideal se ing o in es iga e how companies
in de eloping ma ke s adap hei sus ainabili y communica ion s a egies unde e ol ing
egula o y egimes (Rahman Belal and Owen, 2007; Fe guson e al., 2016).
Despi e he g owing schola ly a en ion o sus ainabili y epo ing, signi ican gaps emain in
unde s anding how co po a e na a i es e ol e unde egula o y p essu e, pa icula ly in
eme ging economies. Fi s ly, he e is a pauci y o longi udinal e idence on sen imen
e olu ion in con ex s expe iencing egula o y in ensi ica ion ou side Wes e n ma ke s
(Muckó, 2021; Kassie , 2024). Secondly, a pauci y o compa a i e analysis examines how
language usage a ies ac oss di e en ESG dimensions wi hin he same ins i u ional
en i onmen (Hahn e al., 2015; Du and Yu, 2021). Thi dly, he e is a pauci y o esea ch on
how i m-le el cha ac e is ics, such as size, indus y, and in e na ional exposu e, in luence
di e gen epo ing pa hways when acing iden ical egula o y p essu es (Oli e , 1991; Fa ooq
and De Villie s, 2019). These dispa i ies a e especially e iden in eme ging economies, whe e
ins i u ional logics may di e om hose obse ed in de eloped ma ke s, and sus ainabili y
epo ing p ac ices a e s ill in a s a e o de elopmen (Hamza and Ja boui, 2021).
The p esen s udy add esses hese gaps by examining he e olu ion o sus ainabili y epo ing
sen imen among Tu kish companies om 2014 o 2023, employing a mixed-me hods
app oach ha combines la ge-scale sen imen analysis wi h quali a i e linguis ic pa e n
ecogni ion. The p ima y objec i e o his s udy is o de e mine whe he luc ua ions in epo
sen imen a e indica i e o au hen ic o ganisa ional me amo phosis o me ely sophis ica ed
AE
O ganisa ional Me amo phosis: T acing Sus ainabili y In eg a ion Th ough
Sen imen E olu ion in Co po a e Repo ing in Tu kish Companies
1054 Am i ea u Economic
imp ession managemen echniques. The p esen s udy aims o in es iga e h ee esea ch
ques ions: (1) How has sen imen in Tu kish co po a e sus ainabili y epo s e ol ed o e
di e en egula o y pe iods? (2) Do di e en sus ainabili y opics show dis inc sen imen
e olu ion pa e ns? Thi dly, i is necessa y o iden i y he i m-le el cha ac e is ics ha
in luence adap a ion pa e ns in sus ainabili y epo ing. By analysing 433 sus ainabili y
epo s ac oss h ee egula o y pe iods, i is possible o ace how companies na iga e he
ansi ion om olun a y o manda o y disclosu e. This in u n e eals whe he egula o y
equi emen s ca alyse subs an i e o ganisa ional change o simply p oduce mo e
sophis ica ed co po a e s o y elling. The indings con ibu e o ins i u ional heo y by
demons a ing how egula o y p essu es ansla e in o o ganisa ional ans o ma ion h ough
mul iple pa hways, while o e ing p ac ical insigh s o policymake s and p ac i ione s in
eme ging economies.
1. Li e a u e e iew
The academic discou se on sus ainabili y epo ing has e ol ed signi ican ly o e he pas
wo decades, inco po a ing ins i u ional heo y, legi imacy heo y, and o ganisa ional change
pe spec i es (Meye and Rowan, 1977; Rahman Belal and Owen, 2007). While ea ly esea ch
emphasised olun a y epo ing d i en by s akeholde p essu es and legi imacy
conside a ions (Hahn and Kühnen, 2013; Fe guson e al., 2016), ocus has shi ed owa ds
o mal egula ions and in e na ional s anda ds, such as he Global Repo ing Ini ia i e (GRI),
which inc easingly manda e de ailed En i onmen al, Social and Go e nance (ESG) me ics
in annual epo s (Ioannou and Se a eim, 2019b). This shi is indica i e o wo in e ela ed
phenomena. Fi s ly, he e has been an inc ease in ex e nal sc u iny. Secondly, he e has been
an eme ging consensus ha obus sus ainabili y epo ing is essen ial o esponsible
go e nance (Aluchna, Roszkowska-Menkes and Kamiński, 2022).
Theo e ical discou se dis inguishes be ween symbolic and subs an i e epo ing. Symbolic
epo ing p ojec s ha e been shown o u ilise op imis ic, gene ic language o enhance legi imacy
wi hou he need o ope a ional changes (Cho, Robe s and Pa en, 2010; Boi al, 2013). In
con as , subs an i e epo ing ea u es me iculous, da a-d i en disclosu es add essing bo h
achie emen s and sho comings (S ubbs and Higgins, 2014). This dis inc ion assumes pa icula
signi icance in con ex s o egula o y p essu e, as i ms a e compelled o augmen he olume o
ESG in o ma ion while concu en ly e ining i s speci ici y, one, and echnical complexi y (Cho,
Robe s and Pa en, 2010; Muckó, 2021). Consequen ly, sen imen analysis has eme ged as a
aluable app oach o dis inguishing genuine o ganisa ional shi om sophis ica ed imp ession
managemen (Reus len and S awinoga, 2024).
The e olu ion o egula o y manda es has been shown o p ecipi a e al e a ions in he manne
o epo ing, wi h manda o y equi emen s equen ly inducing a ansi ion om supe icial
s a emen s o mo e s uc u ed amewo ks in co po a e disclosu es (Ioannou and Se a eim,
2019a; Aluchna, Roszkowska-Menkes and Kamiński, 2022). In Tu key, policy shi s ha e
esul ed in he p oduc ion o mo e comp ehensi e ESG disclosu es, inco po a ing indus y-
speci ic me ics and aligning wi h he Global Repo ing Ini ia i e’s (GRI) s anda ds
(Güm ah, Tanc and Tanc, 2019). Globally, esea che s ha e obse ed simila pa e ns: The
implemen a ion o Sou h A ica's manda o y in eg a ed epo ing has been demons a ed o
enhance s a egic connec i i y (Ahmed Haji and Ani owose, 2017). In con as , Poland has
exhibi ed a s eady p og ession in acco dance wi h Eu opean di ec i es (K yk and Kożuch,
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 1055
2024). Howe e , egula o y obus ness in i sel is incapable o e adica ing symbolic
endencies, since disclosu e he e ogenei y emains pe sis en (Kassie , 2024). The na u e o
he indus y and he cha ac e is ics o he i m u he in luence he epo ing p ocess. I has
been demons a ed ha la ge , in e na ionally exposed companies a e leading he adop ion o
ESG p ac ices due o he sc u iny o s akeholde s, he a ailabili y o esou ces, and he
p essu e om global in es o s (Fa ooq and De Villie s, 2019; G assa e al., 2024). In con as ,
smalle i ms end o p oduce selec i e disclosu es (Rahman Belal and Owen, 2007). High-
impac sec o s p o ide de ailed en i onmen al and go e nance me ics unde s ingen
o e sigh (Khan e al., 2020), while se ice indus ies emphasise social dimensions
(Sub amaniam e al., 2023). C oss-cul u al a ia ions ha e been demons a ed o in luence
he o ical s a egies employed in he con ex o u u e goals and cu en achie emen s (Van
de Waal, 2024; Ya uz e al., 2025).
Table no. 1 summa ises key empi ical s udies examining sus ainabili y epo ing e olu ion
ac oss di e en con ex s and me hodological app oaches. The able e eals a p og ession
om ea ly imp ession managemen s udies (Cho, Robe s and Pa en, 2010; Boi al, 2013) o
mo e ecen in es iga ions o egula o y impac s and sen imen e olu ion (Muckó, 2021;
Kassie , 2024), highligh ing he me hodological shi owa d quan i a i e con en and
sen imen analyses. These s udies collec i ely demons a e ha , while egula o y p essu es
d i e epo ing imp o emen s, he ans o ma ion om symbolic o subs an i e disclosu e
emains une en ac oss con ex s.
Table no. 1. Re iew o empi ical s udies on sus ainabili y epo ing sen imen
and language e olu ion
Au ho (s)
Pe iod
Con ex
Me hod
Key Findings
Cho, Robe s
and Pa en
(2010)
2002
U.S. i ms (S&P
500)
Con en analysis
(DICTION)
Poo en i onmen al pe o me s
use mo e op imis ic language o
imp ession managemen
Boi al (2013)
2007
Global
ene gy/mining
i ms
Coun e -
accoun ing
analysis
90% o nega i e e en s omi ed
om GRI epo s, c ea ing
"hype eali y"
Hahn and
Kühnen (2013)
1999-
2011
Global
Li e a u e
e iew (178
a icles)
Iden i ied gaps in epo ing
quali y, s akeholde pe cep ion,
and egula o y impac esea ch
Fe guson e al.
(2016)
2001-
2010
Fi e coun ies
Discu si e
analysis
Companies inc easingly use
linguis ic s a egies o shi
clima e esponsibili y
Ioannou and
Se a eim
(2019b)
2007-
2012
China, Denma k,
Malaysia, SA
Di e ence-in-
di e ences
Manda o y ESG disclosu e
inc eases quali y and i m alue
(Tobin's Q)
Fa ooq and De
Villie s (2019)
2014
Aus alia/NZ (30
i ms)
Quali a i e
in e iews
Fou -phase ins i u ionalisa ion
p ocess h ough sus ainabili y
manage s' wo k
Güm ah, Tanc,
and Tanc,
(2019)
2016
13 Tu kish i ms
GRI-G4 sco ing
model
Signi ican a ia ion in i s - ime
epo e s' disclosu e quali y
Dong, Xu, and
McI e (2021)
2007-
2016
China inancial
sec o
Longi udinal
con en analysis
E olu ion h ough eme ging
(2007-09), de eloping (2010),
g eening s ages (2011-16)
AE
O ganisa ional Me amo phosis: T acing Sus ainabili y In eg a ion Th ough
Sen imen E olu ion in Co po a e Repo ing in Tu kish Companies
1056 Am i ea u Economic
Au ho (s)
Pe iod
Con ex
Me hod
Key Findings
Kassie (2024)
2016-
2021
SA mul ina ionals
Con en analysis
Pe sis en business-cen ic
aming; no shi owa d
egene a i e app oaches
Muckó (2021)
Pos -
2017
102 EU i ms
Sen imen
analysis
Posi i e sen imen co ela es wi h
pe o mance; la ge i ms a oid
nega i e language
Recen inqui ies employ quan i a i e con en analyses, sen imen analyses, and mixed me hods o
cap u e language a ia ions and hema ic emphasis, exposing egional di e ences including
Wes e n in es o impac s in Bangladesh (Rahman Belal and Owen, 2007), in eg a ed
epo ing es ablishmen in Sou h A ica (Ahmed Haji and Ani owose, 2017), and GRI
adop ion in Tu kish banking (Güm ah, Tanc and Tanc, 2019). Despi e con e gences,
dis inguishing supe icial legi imacy a emp s om endu ing change emains challenging,
necessi a ing nuanced longi udinal esea ch examining sen imen e olu ion. The li e a u e
p o ides compelling, ye incomple e, accoun s o epo ing ans o ma ion om symbolic o
subs an i e na a i es. This s udy builds on hese insigh s by examining Tu kish companies
unde shi ing egula ions o de e mine whe he sen imen ends e lec genuine p og ess o
e ined imp ession managemen , con ibu ing empi ical e idence on sus ainabili y-d i en
o ganisa ional me amo phosis.
2. Me hodology
This esea ch employs a mixed-me hods app oach combining quan i a i e sen imen analysis
wi h quali a i e linguis ic examina ion o analyse sus ainabili y epo s om Tu kish
companies o e h ee dis inc egula o y pe iods. The me hodology ollows a sys ema ic six-
s ep amewo k designed o comp ehensi ely cap u e o ganisa ional change h ough
sen imen e olu ion.
2.1. Da a collec ion and sampling
We analysed sus ainabili y epo s om publicly lis ed Tu kish companies spanning he yea s
2014-2023. The da ase comp ises 433 sus ainabili y epo s dis ibu ed ac oss h ee
egula o y pe iods: p e-2016 (43 epo s), 2016-2018 (83 epo s), and 2019-2023 (307
epo s). This dis ibu ion e lec s he inc easing adop ion o sus ainabili y epo ing p ac ices
ollowing egula o y de elopmen s, pa icula ly he implemen a ion o he EU Non-Financial
Repo ing Di ec i e and i s subsequen in eg a ion in o Tu kish egula o y amewo ks. All
epo s we e collec ed om o icial company websi es and he Public Disclosu e Pla o m
(KAP) o ensu e au hen ici y and consis ency.
2.2. Analysis amewo k
Ou me hodological app oach consis ed o six in e connec ed analy ical s eps. Fi s , we
es ablished a empo al amewo k by di iding he nine-yea s udy pe iod in o h ee dis inc
phases based on key egula o y de elopmen s: p e-2016 as he baseline pe iod p io o o mal
implemen a ion o he EU Non-Financial Repo ing Di ec i e, 2016-2018 as he ea ly
adop ion phase ollowing ini ial egula o y changes, and 2019-2023 as he ma u a ion phase
as epo ing p ac ices e ol ed unde es ablished amewo ks. This empo al segmen a ion
enabled sys ema ic compa a i e analysis ac oss egula o y ansi ion poin s.
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 1057
2.3. Sen imen analysis p ocedu es
We conduc ed a comp ehensi e documen -le el sen imen analysis on he en i e co pus o
sus ainabili y epo s using mul iple complemen a y echniques. We calcula ed o e all
pola i y sco es (-1 o +1 scale) using h ee dis inc sen imen analysis algo i hms: s anda d
pola i y analysis, Tu kish language-op imised sen imen analysis, and Tex Blob sen imen
analysis. Addi ionally, we quan i ied posi i e and nega i e wo d equencies in each epo ,
compu ed posi i e- o-nega i e wo d a ios, and classi ied o e all sen imen o ien a ion. To
ensu e compa abili y ac oss epo s o a ying leng hs, we no malised all equency me ics
pe 100,000 cha ac e s. Each epo ecei ed composi e sen imen sco es ha we e hen
agg ega ed by pe iod o iden i y empo al ends. We also pe o med a ge ed opic-speci ic
sen imen analysis on ex segmen s ela ed o ou key sus ainabili y dimensions:
en i onmen al managemen and p ac ices, social esponsibili y and s akeholde ela ions,
co po a e go e nance and compliance, and clima e change mi iga ion and adap a ion.
This analysis in ol ed iden i ying opic-speci ic ex segmen s using keywo d ecogni ion
and con ex ual analysis, calcula ing sen imen me ics o each opic dimension, compa ing
sen imen e olu ion ac oss opics o iden i y di e en ial adap a ion pa e ns, and acking
opic-speci ic e minology equency and dis ibu ion. A o al o 1,080 opic-speci ic
segmen s we e analysed ac oss he 433 epo s, p o iding g anula insigh in o how sen imen
e ol ed di e en ly ac oss sus ainabili y dimensions.
2.4. Compa a i e and linguis ic analysis
We conduc ed compa a i e analysis o iden i y how company cha ac e is ics in luenced
sen imen e olu ion pa e ns. We g ouped companies by indus y sec o , size, and
in e na ional exposu e, calcula ed agg ega e sen imen me ics o each g oup ac oss all
pe iods, iden i ied dis inc i e adap a ion pa e ns ha eme ged ac oss di e en company
ypes, and analysed co ela ions be ween company cha ac e is ics and sen imen e olu ion
ajec o ies. This app oach e ealed ou dis inc adap a ion pa e ns (Ea ly Adap e s, Rapid
T ans o me s, Delayed Adap e s, and Vola ile Repo e s) ha demons a ed how
o ganisa ional cha ac e is ics in luenced he na u e and pace o adap a ion.
Addi ionally, we analysed speci ic linguis ic ma ke s indica i e o o ganisa ional change
ac oss h ee dimensions: aspi a ional language ( e ms ela ed o goals, commi men s, u u e
plans, isions, and s a egies), implemen a ion language ( e ms desc ibing conc e e ac ions,
achie emen s, comple ed ini ia i es, and measu ed ou comes), and o ganisa ional language
( e ms e e ing o sus ainabili y go e nance s uc u es, oles, commi ees, and esponsible
pa ies). Fo each dimension, we calcula ed no malised equency sco es (occu ences pe
10,000 wo ds), acked he e olu ion o linguis ic ma ke s ac oss ime pe iods, compu ed
a ios be ween di e en language ypes, and iden i ied eme gence o new o ganisa ional
e minology. This linguis ic analysis p o ided e idence o he ansi ion om aspi a ional
sus ainabili y commi men s o conc e e implemen a ion and o mal o ganisa ional s uc u es.
2.5. Regula o y esponse assessmen
We examined how companies speci ically esponded o egula o y equi emen s h ough
analysis o sen imen in compliance- ocused epo sec ions, compa ison o p e- and pos -
egula ion linguis ic pa e ns, iden i ica ion o adap a ion indica o s including epo
comp ehensi eness, s anda disa ion, and o malisa ion, and assessmen o he ela ionship
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1058 Am i ea u Economic
be ween egula o y de elopmen s and epo ing e olu ion. This s ep enabled us o dis inguish
be ween supe icial compliance and subs an i e o ganisa ional change in esponse o
egula o y equi emen s.
2.6. Analy ical ools and alida ion
The analysis employed se e al complemen a y analy ical ools including cus om Py hon
sc ip s o sen imen ex ac ion and linguis ic pa e n ecogni ion, Na u al Language
P ocessing (NLP) echniques op imised o Tu kish language analysis, s a is ical analysis
so wa e o compa a i e assessmen , and isualisa ion ools o pa e n iden i ica ion and
end analysis. To ensu e eliabili y and alidi y, we implemen ed se e al alida ion
measu es: mul iple sen imen analysis algo i hms o iangula e indings, manual e i ica ion
o a ep esen a i e sample (15%) o sen imen classi ica ions, in e -code eliabili y es ing
o opic classi ica ion (Cohen’s κ = 0.87), s a is ical signi icance es ing o iden i ied
pa e ns and ends, and expe e iew o linguis ic ma ke ca ego isa ion.
This comp ehensi e me hodological app oach allowed us o sys ema ically ace
o ganisa ional change h ough sen imen e olu ion, e ealing how companies adap ed o
sus ainabili y epo ing equi emen s ac oss di e en egula o y pe iods.
3. Resul s
This sec ion p esen s ou empi ical indings o ganised acco ding o he h ee esea ch
ques ions ha guide his s udy. We sys ema ically examine sen imen e olu ion pa e ns,
opic-speci ic a ia ions, and company adap a ion cha ac e is ics.
3.1. Add essing RQ1: e olu ion o sen imen ac oss egula o y pe iods
Ou i s esea ch ques ion examined how sen imen in Tu kish co po a e sus ainabili y
epo s e ol ed ac oss di e en egula o y pe iods. Table no. 2 p esen s he key sen imen
me ics acked ac oss he h ee pe iods.
Table no. 2. E olu ion o documen -le el sen imen me ics ac oss h ee egula o y
pe iods (2014-2023)
Sen imen Me ic
P e-2016
2016-2018
2019-2023
O e all Change
O e all Pola i y
0.5134
0.5189
0.4702
-8.4%
Tu kish Pola i y
0.6943
0.7027
0.6410
-7.7%
Tex Blob Pola i y
0.0913
0.0899
0.0718
-21.4%
Posi i e- o-Nega i e Wo d Ra io
7.07
8.15
5.94
-16.0%
The indings e eal a clea e olu iona y pa e n. Du ing he ea ly egula o y pe iod (2016-
2018), companies main ained hei posi i e one while sligh ly inc easing posi i e language
(+1.1% in pola i y). Howe e , he ma u e egula o y pe iod (2019-2023) wi nessed a
signi ican shi owa d mo e balanced epo ing, wi h o e all pola i y declining by 8.4%.
This mode a ion in sen imen occu ed simul aneously wi h a doubling o epo leng h,
sugges ing companies mo ed om b ie , p omo ional epo s o comp ehensi e, balanced
disclosu es.
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 1059
Figu e no. 1 illus a es he yea -by-yea sen imen ajec o y, e ealing ha he mos
signi ican shi s occu ed in 2020 and 2021, when pola i y sco es declined by 5.8% and
10.5%, espec i ely. This iming co ela es wi h bo h he ma u a ion o epo ing
equi emen s and global challenges, including he COVID-19 pandemic, demons a ing how
ex e nal p essu es combined wi h egula o y e olu ion o eshape co po a e communica ion.
Figu e no. 1. Documen -le el sen imen e olu ion (2014-2023)
The posi i e- o-nega i e wo d a io p o ides addi ional insigh in o his ans o ma ion.
Companies ini ially esponded o egula ions by emphasising posi i e achie emen s ( a io
inc eased om 7.07 o 8.15), bu la e adop ed mo e balanced language acknowledging bo h
successes and challenges ( a io declined o 5.94). This pa e n di ec ly add esses RQ1 by
demons a ing ha sen imen e olu ion ollowed a non-linea pa h: ini ial egula o y esponse
main ained p omo ional one, while sus ained egula o y p essu e led o mo e subs an i e,
balanced epo ing.
3.2. Add essing RQ2: opic-speci ic sen imen pa e ns
Ou second esea ch ques ion in es iga ed whe he di e en sus ainabili y opics showed
dis inc sen imen e olu ion pa e ns. Table no. 3 e eals bo h simila i ies and impo an
di e ences ac oss he ou key sus ainabili y dimensions.
Table no. 3. Sen imen e olu ion by sus ainabili y opic dimension
ac oss egula o y pe iods
Topic
P e-2016
2016-2018
2019-2023
O e all Change
En i onmen al
0.4697
0.5270
0.5012
+6.71%
Social
0.5534
0.5921
0.5673
+2.51%
Go e nance
0.3369
0.3897
0.3862
+14.63%
Clima e
0.4489
0.5311
0.5137
+14.44%
All opics ollowed a simila ajec o y — imp o emen du ing 2016-2018 ollowed by sligh
mode a ion — bu wi h no able a ia ions in magni ude. Clima e disclosu es showed he mos
d ama ic ini ial imp o emen (+18.31%), sugges ing companies p io i ised clima e
communica ion when i s adap ing o egula ions. Go e nance opics, despi e s a ing wi h
he lowes sen imen sco es, achie ed he second-highes o e all imp o emen (+14.63%),
indica ing inc eased a en ion o sus ainabili y go e nance s uc u es.
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1066 Am i ea u Economic
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