The Impact of Foreign Directors and Foreign Ownership on Financial Performance

Mesut Doğan; Yusuf Topal

The Impact of Foreign Directors and Foreign Ownership on Financial Performance

Yıl 2016, Cilt: 16 Sayı: 1, 31 - 48, 01.02.2016

Öz

The purpose of this study is to analyze the impact of foreign directors and foreign ownership on financial performances of companies traded in Borsa Istanbul (BIST). The study made use of data of 136 firms continuously active in BIST manufacturing industry between 2002 and 2012. Accounting-based and market-based performance indicators have been taken into account as performance criteria. Robust estimator which was developed by BeckKatz (1995) was preferred for the study along with Stata 13.0 software. Results of the analyses suggested that foreign directors and foreign ownership, had impact on market value of companies. The findings of the study are parallel with the agency theory and resource dependence theory

Anahtar Kelimeler

Foreign Directors, Foreign Ownership, Financial Performance

Kaynakça

Abbasi, M., Kalantari E. ve Abbasi H. (2012) “Impact of Corporate Governance Mechanisms on Firm Value Evidence from the Food Industry of Iran” Journal of Basic and Applied Scientific Research, 5: 4712-4721.
Altman, E. I. (2000) “Predicting Financial Distress of Companies:Revisiting The Z-Score and Zeta Models” http://pages.stern.nyu.edu/~ealtman/Zscores.pdf (03.08.2014).
Arosa B., Iturralde T. & Maseda A. (2010) “Outsiders on The Board of Directors and Firm Performance: Evidence from Spanish Non-Listed Family Firms” Journal of Family Business Strategy, 1: 236– 245.
Aysan, M. A. (2007). Muhasebe ve Kurumsal Yönetim. Muhasebe ve Finansman Dergisi, Sayı: 35, 17-24.
Barnhart, S. W. ve Roseinstein, S. (1998) “Board Composition, Managerial Ownership and Firm Performance: An Empirical Analysis” The Financial Review, 33: 1- 16.
Bayrakdaroğlu, A. (2010) “Mülkiyet Yapısı ve Finansal Performans: İMKB Örneği” Ekonomi Bilimleri Dergisi, 2(2): 11- 20.
Beck N. ve Katz, J. N. (1995) “What To Do (and Not To Do) with Times-Series–Cross-Section Data in Comparative Politics” American Political Science Review, 89(3): 634– 647.
Beiner, S., Drobetz, W., Schmid, M. M. ve Zimmermann, H. (2006) “An İntegrated Framework of Corporate Governance and Firm Valuation” European Financial Management, 12: 249- 283.
Bhagat, S. ve Bolton, B. (2013) “Director Ownership, Governance and Performance” Journal of Financial and Quantıtatıve Analysis, 48(1): 1- 33.
Bonna, K. A. (2012) “The Impact of Corporate Governance on Corporate Financial Performance” Walden University, Applied Management ve Decision Sciences: Finance, Doctor of Philosophy.
Brigham, E. F ve Houston Joel F. (2011) “Fundamentals of Financial Management” Concise 7th Edition.
Cavaco, S., Challe, E., Crifo, P., Reberioux, A. ve Roudaut, G. (2013) “Board Independence and Operating Performance: Analysis On (French) Company and Individual Data” Departement D’economie, Ecole Polytechnique Centre National De La Recherche Scientifique, http://econpapers.repec.org/paper/ drmwpaper/2014-2.htm (01.07.2014).
Cho, D. S. ve Kim, J. (2007) “Outside Directors, Ownership Structure and Firm Profitability in Korea” Corporate Governance: An International Review, 15: 239- 250.
Choi, J. J., Park, S.W. ve Yoo, S. S. (2007) “The Value of Outside Directors: Evidence from Corporate Governance Reform in Korea” Journal of Financial and Quantitative Analysis, 42(4): 941- 962.
Cook, R. (2013) “The Relationship between Corporate Governance Practices and Firm Performance in the Junior Canadian Life Sciences Sector” Saint Mary’s University, Master of Business Administration, Halifax, Nova Scotia, Canada.
Cornett, M. M., Marcus A. J., Saunders, A. ve Tehranian, H. (2007) “The Impact of Institutional Ownership on Corporate Operating Performance” Journal of Banking & Finance, 31: 1771– 1794.
Davies, J. R., Hillier, D. ve McColgan, P. (2002) “Ownership Structure, Managerial Behaviour and Corporate Value” http://citeseerx.ist.psu.edu/ viewdoc/ download?doi=10.1.1.202.5202&rep= rep1&type=pdf (02.03.2014).
Demsetz, H. ve Villalonga, B. (2001) “Ownership Structure and Corporate Performance” Journal of Corporate Finance, 7: 209- 233.
Driscoll, J. C. ve Kraay, A.C. (1998) “Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data” Review of Economics and Statistics, 80: 549– 560.
Ehikioya, B. I. (2009) “Corporate Governance Structure and Firm Performance in Developing Economies: Evidence from Nigeria” Corporate Governance, 9(3): 231- 243.
Eicker, F. (1967) “Limit Theorems for Regression with Unequal and Dependent Errors” Proceedings of the Fifth Berkeley Symposium on Mathematical Statistics and Probability. Berkeley: University of California Press.
Elitaş B. L. ve Doğan M. (2013) “Sermaye Yapısını Belirleyen Faktörler: İmkb Sigorta Şirketleri Üzerine Bir Araştırma” Muhasebe Bilim Dünyası Dergisi, 15(2): 41-57.
Elsayed, K. (2011) “Board Size and Corporate Performance: The Missing Role of Board Leadership Structure” Journal of Management & Governance, 15(3): 415- 446.
Fauzi, F. ve Locke, S. (2012) “Board Structure, Ownership Structure and Firm Performance: A Study of New Zealand Listed-Firms” Asian Academy of Management Journal of Accounting and Finance, 8(2): 43– 67.
Filatotchev, I., Yung-Chih. L. ve Piesse, J. (2005) “Corporate Governance and Performance in Publicly Listed, Family-Controlled Firms: Evidence from Taiwan” Asia Pacific Journal of Management, 22: 257- 283.
Himmelberg, C. P., Hubbard, R. G. ve Palia, D. (1999) “Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance” Journal of Financial Economics, 53(3): 353- 384.
Huber, P. J. (1967) “The Behavior of Maximum Likelihood Estimates under Nonstandard Conditions, In Proc” Fifth Berkeley Symposium on Mathematical Statistics and Probability, University of California Press, Berkeley, 221- 233.
Karabıyık, H. (2011) “Türkiye’de Firma Büyüklüğü Ve Sahiplik Yapısını Etkileyen Sektöre Özgü Firma Belirleyicilerinin Analizi: İMKB’de Sektörel Karşılaştırma” (Yayınlanmamış Yüksek Lisans Tezi). Atılım Üniversitesi, Ankara.
Kargın, S. (2006) “Temettü Politikasının Temsil Maliyetleri Üzerindeki Etkisi ve Kurumsal Yönetime Katkısı” (Yayınlanmamış Doktora Tezi). Celal Bayar Üniversitesi, Manisa.
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Kumar, N. ve Singh, J.P. (2013) “Effect of Board Size and Promoter Ownership on Firm Value: Some Empirical Findings from India” Corporate Governance, 13(1): 88- 98.
La Porta, R., Lopez-De-Silanes, F. ve Shleifer, A. (1999) “Corporate Ownership Around the World” Journal of Finance, 54: 471-517.
Lee, S. (2009). Corporate Governance and Firm Performance. (Doctor of Philosophy). The University of Utah.
Mak, Y. T. ve Kusnadi, Y. (2005) “Size Really Matters: Further Evidence on the Negative Relationship between Board Size and Firm Value” Pacific-Basin Finance Journal, 13: 301- 318.
Masulis, R. W., Wang, C. ve Xie, F. (2012) “Globalizing The Boardroom-The Effects of Foreign Directors on Corporate Governance and Firm Performance” Journal of Accounting and Economics, 53: 527– 554.
Mura, R. (2007) “Do Non-Executive Directors and Institutional Investors Have Minds of Their Own? Evidence on Performance of UK Firms” http://www. efmaefm.org/efma2005/papers/179-mura_paper.pdf (02.03.2014).
Mollah S., Al Farooque O. ve Karim W. (2012) “Ownership Structure, Corporate Governance and Firm Performance Evidence from an African Emerging Market” Studies in Economics and Finance, 29(4): 301- 319.
Moscu, R. G. (2013) “The Relationship between Firm Performance and Bord Characteristics in Romania” International Journal of Academic Research in Economics and Management Sciences, 2(1): 167- 175.
Newey, W. K. ve West, K. D. (1987) “A Simple, Positive Semi-Definite, Heteroscedasticity and Autocorrelation Consistent Covariance Matrix” Econometrica, 55: 703- 708.
Newey, W. K. ve West, K. D. (1994) “Automatic Lag Selection in Covariance Matrix Estimation” Review of Economic Studies, 61: 631- 654.
Obradovich, J. D. ve Gill, A. (2013) “The Impact of Corporate Governance and Financial Leverage on the Value of American Firms” International Research Journal of Finance and Economics, 91: 1- 13.
Masulis, R. W., Wang, C. ve Xie, F. (2012) “Globalizing The Boardroom-The Effects of Foreign Directors on Corporate Governance and Firm Performance” Journal of Accounting and Economics, 53: 527– 554.
Ocak, M. (2013) “Yönetim Kurulu ve Üst Yönetimde Yer Alan Kadınların Finansal Performansa Etkisi: Türkiye›ye İlişkin Bulgular” Muhasebe ve Finansman Dergisi, 60: 107- 126.
Okka, O. (2009) “Analitik Finansal Yönetim Teori ve Uygulamalar” (1. Baskı). Ankara: Nobel Yayınevi. Oxelheim, L. ve Randøy, T. (2003) “The Impact of Foreign Board Membership on Firm Value” Journal of Banking & Finance, 27: 2369– 2392.
Parks, R. (1967) “Efficient Estimation of a System of Regression Equations When Disturbances Are Both Serially and Contemporaneously Correlated” Journal of the American Statistical Association, 62(318): 500– 509.
Peng, M. W., Zhang, S. ve Li, X. (2007) “CEO Duality and Firm Performance during China’s Institutional Transitions” Management and Organization Review 3(2): 205– 225.
Phung, D. N. ve Hoang T. P. T. (2013) “Corporate Ownership and Firm Performance in Emerging Market: A Study of Vietnamese Listed Firms” Proceedings of World Business and Social Science Research Conference 24-25 October, 2013, Novotel Bangkok on Siam Square, Bangkok, Thailand, ISBN: 978-1-922069-33-7.
Postma, T. J. B. M., Ees H. V. ve Sterken, E. (2003) “Board Composition and Firm Performance in the Netherlands” Eastern Economic Journal, 29: 41- 58.
Rad F. H., Rajeh K. Z. S., Botyari E. ve Bezminabadi G. N. (2013) “The Impact of Corporate Governance on Firm’s Financial Performance: A Comparison between Iranian and Malaysian Listed Companies” Life Science Journal, 10(6s): 49- 55.
Randøy, T., Thomsen, S. ve Oxelheim, L. (2006) “A Nordic Perspective on Corporate Board Diversity” Nordic Innovation Centre, 1- 32, http://www. nordicinnovation.org/Global/_Publications/ Reports/2006/The%20performance%20effects%20 of%20board%20diversity%20in%20Nordic%20Firms. pdf (01.01.2014).
Rashid A., Zoysa A. D., Lodh S. ve Rudkin K. (2010) “Board Composition and Firm Performance: Evidence from Bangladesh” Australasian Accounting Business and Finance Journal, 4(1): 76- 95.
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Saliha, T. & Abdessatar A. (2011). The Determinants of Financial Performance: An Empirical Test Using the Simultaneous Equations Method. Economics and Finance Review, 10(1), 01 – 19.
Saravanan, P. (2012) “Corporate Governance and Company Performance- A Study With Reference to Manufacturing Firms in India” http://www.nfcgindia. org/pdf/cor_gover_manu_firms.pdf (10.12.2013).
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Yönetim Kurulundaki Yabancı Üye Sayısının Ve Yabancı Sahipliğinin Finansal Performans Üzerindeki Etkisi

Yıl 2016, Cilt: 16 Sayı: 1, 31 - 48, 01.02.2016

Mesut Doğan Yusuf Topal

Öz

Bu çalışmanın amacı yönetim kurulundaki yabancı üye sayısının ve yabancı sahipliğinin finansal performans üzerindeki etkisini tespit etmektir. Bu amaç doğrultusunda araştırmada 2002-2012 yıllarına ait Borsa İstanbul (BİST) imalat sanayide faaliyet gösteren 136 firmanın verilerinden değişken olarak muhasebe ve piyasa esaslı finansal performans göstergeleri kullanılmıştır. Araştırmada Stata 13.0 programı yardımı ile Beck-Katz (1995) tarafından geliştirilen dirençli tahminci tercih edilmiştir. Yapılan analizler sonucunda yönetim kurulundaki yabancı üye sayısının ve yabancı sahiplik seviyesinin artması, firmanın piyasa değerini olumlu bir şekilde etkilediği tespit edilmiştir. Bu sonuçlar kaynak bağımlılığı ve vekâlet teorisini destekler niteliktedir

Anahtar Kelimeler

Yönetim Kurulundaki Yabancı Üye, Yabancı Sahiplik, Finansal Performans

Kaynakça

Abbasi, M., Kalantari E. ve Abbasi H. (2012) “Impact of Corporate Governance Mechanisms on Firm Value Evidence from the Food Industry of Iran” Journal of Basic and Applied Scientific Research, 5: 4712-4721.
Altman, E. I. (2000) “Predicting Financial Distress of Companies:Revisiting The Z-Score and Zeta Models” http://pages.stern.nyu.edu/~ealtman/Zscores.pdf (03.08.2014).
Arosa B., Iturralde T. & Maseda A. (2010) “Outsiders on The Board of Directors and Firm Performance: Evidence from Spanish Non-Listed Family Firms” Journal of Family Business Strategy, 1: 236– 245.
Aysan, M. A. (2007). Muhasebe ve Kurumsal Yönetim. Muhasebe ve Finansman Dergisi, Sayı: 35, 17-24.
Barnhart, S. W. ve Roseinstein, S. (1998) “Board Composition, Managerial Ownership and Firm Performance: An Empirical Analysis” The Financial Review, 33: 1- 16.
Bayrakdaroğlu, A. (2010) “Mülkiyet Yapısı ve Finansal Performans: İMKB Örneği” Ekonomi Bilimleri Dergisi, 2(2): 11- 20.
Beck N. ve Katz, J. N. (1995) “What To Do (and Not To Do) with Times-Series–Cross-Section Data in Comparative Politics” American Political Science Review, 89(3): 634– 647.
Beiner, S., Drobetz, W., Schmid, M. M. ve Zimmermann, H. (2006) “An İntegrated Framework of Corporate Governance and Firm Valuation” European Financial Management, 12: 249- 283.
Bhagat, S. ve Bolton, B. (2013) “Director Ownership, Governance and Performance” Journal of Financial and Quantıtatıve Analysis, 48(1): 1- 33.
Bonna, K. A. (2012) “The Impact of Corporate Governance on Corporate Financial Performance” Walden University, Applied Management ve Decision Sciences: Finance, Doctor of Philosophy.
Brigham, E. F ve Houston Joel F. (2011) “Fundamentals of Financial Management” Concise 7th Edition.
Cavaco, S., Challe, E., Crifo, P., Reberioux, A. ve Roudaut, G. (2013) “Board Independence and Operating Performance: Analysis On (French) Company and Individual Data” Departement D’economie, Ecole Polytechnique Centre National De La Recherche Scientifique, http://econpapers.repec.org/paper/ drmwpaper/2014-2.htm (01.07.2014).
Cho, D. S. ve Kim, J. (2007) “Outside Directors, Ownership Structure and Firm Profitability in Korea” Corporate Governance: An International Review, 15: 239- 250.
Choi, J. J., Park, S.W. ve Yoo, S. S. (2007) “The Value of Outside Directors: Evidence from Corporate Governance Reform in Korea” Journal of Financial and Quantitative Analysis, 42(4): 941- 962.
Cook, R. (2013) “The Relationship between Corporate Governance Practices and Firm Performance in the Junior Canadian Life Sciences Sector” Saint Mary’s University, Master of Business Administration, Halifax, Nova Scotia, Canada.
Cornett, M. M., Marcus A. J., Saunders, A. ve Tehranian, H. (2007) “The Impact of Institutional Ownership on Corporate Operating Performance” Journal of Banking & Finance, 31: 1771– 1794.
Davies, J. R., Hillier, D. ve McColgan, P. (2002) “Ownership Structure, Managerial Behaviour and Corporate Value” http://citeseerx.ist.psu.edu/ viewdoc/ download?doi=10.1.1.202.5202&rep= rep1&type=pdf (02.03.2014).
Demsetz, H. ve Villalonga, B. (2001) “Ownership Structure and Corporate Performance” Journal of Corporate Finance, 7: 209- 233.
Driscoll, J. C. ve Kraay, A.C. (1998) “Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data” Review of Economics and Statistics, 80: 549– 560.
Ehikioya, B. I. (2009) “Corporate Governance Structure and Firm Performance in Developing Economies: Evidence from Nigeria” Corporate Governance, 9(3): 231- 243.
Eicker, F. (1967) “Limit Theorems for Regression with Unequal and Dependent Errors” Proceedings of the Fifth Berkeley Symposium on Mathematical Statistics and Probability. Berkeley: University of California Press.
Elitaş B. L. ve Doğan M. (2013) “Sermaye Yapısını Belirleyen Faktörler: İmkb Sigorta Şirketleri Üzerine Bir Araştırma” Muhasebe Bilim Dünyası Dergisi, 15(2): 41-57.
Elsayed, K. (2011) “Board Size and Corporate Performance: The Missing Role of Board Leadership Structure” Journal of Management & Governance, 15(3): 415- 446.
Fauzi, F. ve Locke, S. (2012) “Board Structure, Ownership Structure and Firm Performance: A Study of New Zealand Listed-Firms” Asian Academy of Management Journal of Accounting and Finance, 8(2): 43– 67.
Filatotchev, I., Yung-Chih. L. ve Piesse, J. (2005) “Corporate Governance and Performance in Publicly Listed, Family-Controlled Firms: Evidence from Taiwan” Asia Pacific Journal of Management, 22: 257- 283.
Himmelberg, C. P., Hubbard, R. G. ve Palia, D. (1999) “Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance” Journal of Financial Economics, 53(3): 353- 384.
Huber, P. J. (1967) “The Behavior of Maximum Likelihood Estimates under Nonstandard Conditions, In Proc” Fifth Berkeley Symposium on Mathematical Statistics and Probability, University of California Press, Berkeley, 221- 233.
Karabıyık, H. (2011) “Türkiye’de Firma Büyüklüğü Ve Sahiplik Yapısını Etkileyen Sektöre Özgü Firma Belirleyicilerinin Analizi: İMKB’de Sektörel Karşılaştırma” (Yayınlanmamış Yüksek Lisans Tezi). Atılım Üniversitesi, Ankara.
Kargın, S. (2006) “Temettü Politikasının Temsil Maliyetleri Üzerindeki Etkisi ve Kurumsal Yönetime Katkısı” (Yayınlanmamış Doktora Tezi). Celal Bayar Üniversitesi, Manisa.
Kmenta, J. (1986) “Elements of Econometrics” (2nd edn). New York: Macmilan Publishing Company. Kondrunina, K. (2013) “International Diversity of Boards in Ukraine: Implications for Corporate Governance and Performance” http://www.eerc. ru/Selected/Selected_WS35/Proposal_Kondrunina (11.02.2014).
Kumar, N. ve Singh, J.P. (2013) “Effect of Board Size and Promoter Ownership on Firm Value: Some Empirical Findings from India” Corporate Governance, 13(1): 88- 98.
La Porta, R., Lopez-De-Silanes, F. ve Shleifer, A. (1999) “Corporate Ownership Around the World” Journal of Finance, 54: 471-517.
Lee, S. (2009). Corporate Governance and Firm Performance. (Doctor of Philosophy). The University of Utah.
Mak, Y. T. ve Kusnadi, Y. (2005) “Size Really Matters: Further Evidence on the Negative Relationship between Board Size and Firm Value” Pacific-Basin Finance Journal, 13: 301- 318.
Masulis, R. W., Wang, C. ve Xie, F. (2012) “Globalizing The Boardroom-The Effects of Foreign Directors on Corporate Governance and Firm Performance” Journal of Accounting and Economics, 53: 527– 554.
Mura, R. (2007) “Do Non-Executive Directors and Institutional Investors Have Minds of Their Own? Evidence on Performance of UK Firms” http://www. efmaefm.org/efma2005/papers/179-mura_paper.pdf (02.03.2014).
Mollah S., Al Farooque O. ve Karim W. (2012) “Ownership Structure, Corporate Governance and Firm Performance Evidence from an African Emerging Market” Studies in Economics and Finance, 29(4): 301- 319.
Moscu, R. G. (2013) “The Relationship between Firm Performance and Bord Characteristics in Romania” International Journal of Academic Research in Economics and Management Sciences, 2(1): 167- 175.
Newey, W. K. ve West, K. D. (1987) “A Simple, Positive Semi-Definite, Heteroscedasticity and Autocorrelation Consistent Covariance Matrix” Econometrica, 55: 703- 708.
Newey, W. K. ve West, K. D. (1994) “Automatic Lag Selection in Covariance Matrix Estimation” Review of Economic Studies, 61: 631- 654.
Obradovich, J. D. ve Gill, A. (2013) “The Impact of Corporate Governance and Financial Leverage on the Value of American Firms” International Research Journal of Finance and Economics, 91: 1- 13.
Masulis, R. W., Wang, C. ve Xie, F. (2012) “Globalizing The Boardroom-The Effects of Foreign Directors on Corporate Governance and Firm Performance” Journal of Accounting and Economics, 53: 527– 554.
Ocak, M. (2013) “Yönetim Kurulu ve Üst Yönetimde Yer Alan Kadınların Finansal Performansa Etkisi: Türkiye›ye İlişkin Bulgular” Muhasebe ve Finansman Dergisi, 60: 107- 126.
Okka, O. (2009) “Analitik Finansal Yönetim Teori ve Uygulamalar” (1. Baskı). Ankara: Nobel Yayınevi. Oxelheim, L. ve Randøy, T. (2003) “The Impact of Foreign Board Membership on Firm Value” Journal of Banking & Finance, 27: 2369– 2392.
Parks, R. (1967) “Efficient Estimation of a System of Regression Equations When Disturbances Are Both Serially and Contemporaneously Correlated” Journal of the American Statistical Association, 62(318): 500– 509.
Peng, M. W., Zhang, S. ve Li, X. (2007) “CEO Duality and Firm Performance during China’s Institutional Transitions” Management and Organization Review 3(2): 205– 225.
Phung, D. N. ve Hoang T. P. T. (2013) “Corporate Ownership and Firm Performance in Emerging Market: A Study of Vietnamese Listed Firms” Proceedings of World Business and Social Science Research Conference 24-25 October, 2013, Novotel Bangkok on Siam Square, Bangkok, Thailand, ISBN: 978-1-922069-33-7.
Postma, T. J. B. M., Ees H. V. ve Sterken, E. (2003) “Board Composition and Firm Performance in the Netherlands” Eastern Economic Journal, 29: 41- 58.
Rad F. H., Rajeh K. Z. S., Botyari E. ve Bezminabadi G. N. (2013) “The Impact of Corporate Governance on Firm’s Financial Performance: A Comparison between Iranian and Malaysian Listed Companies” Life Science Journal, 10(6s): 49- 55.
Randøy, T., Thomsen, S. ve Oxelheim, L. (2006) “A Nordic Perspective on Corporate Board Diversity” Nordic Innovation Centre, 1- 32, http://www. nordicinnovation.org/Global/_Publications/ Reports/2006/The%20performance%20effects%20 of%20board%20diversity%20in%20Nordic%20Firms. pdf (01.01.2014).
Rashid A., Zoysa A. D., Lodh S. ve Rudkin K. (2010) “Board Composition and Firm Performance: Evidence from Bangladesh” Australasian Accounting Business and Finance Journal, 4(1): 76- 95.
Rehman, A. ve Shah S. Z. A. (2013) “Board Independence, Ownership Structure and Firm Performance: Evidence from Pakistan” Interdisciplinary Journal of Contemporary Research In Business, 5(3): 832- 845.
Rose, C. (2007) “Does Female Board Representation Influence Firm Performance? The Danish Evidence” Journal of Corporate Governance: An International Review, 15: 404-413.
Saliha, T. & Abdessatar A. (2011). The Determinants of Financial Performance: An Empirical Test Using the Simultaneous Equations Method. Economics and Finance Review, 10(1), 01 – 19.
Saravanan, P. (2012) “Corporate Governance and Company Performance- A Study With Reference to Manufacturing Firms in India” http://www.nfcgindia. org/pdf/cor_gover_manu_firms.pdf (10.12.2013).
Schwizer, P., Soana M-G. ve Cucinelli, D. (2013) “The Relationship between Board Diversity and Firm Performance: The Italian Evidence” http://www. adeimf.it/new/images/stories/Convegni/Novara/ Soana_Schwizer_Cucinelli_Board_diversity.pdf (11.02.2014).
Shukeri, S. N., Shin, O. W. ve Shaari, M. S. (2012) “Does Board of Director’s Characteristics Affect Firm Performance? Evidence From Malaysian Public Listed Companies” International Business Research, 5(9): 120- 127.
Sueyoshi T., Goto M. ve Omi Y. (2010) “Corporate Governance and Firm Performance: Evidence from Japanese Manufacturing Industries after the Lost Decade” European Journal of Operational Research, 203: 724–736.
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Taghizadeh, M. ve Saremi S. Y. (2013) “Board of Directors and Firms Performance: Evidence from Malaysian Public Listed Firm” DOI: 10.7763/IPEDR. . 59. 37, 178- 182, http://www.ipedr.com/vol59/037- ICEMM2013-P10030.pdf (03.07.2014).
Tatoğlu, F. Y. (2013) “İleri Panel Veri Analizi” (2.Baskı). İstanbul: Beta Yayınevi.
Ujunwa, A. (2012) “Board Characteristics and the Financial Performance of Nigerian Quoted Firms” Corporate Governance, 12(5): 1- 30.
Vafeas, N. ve Theodorou, E. (1998) “The Relationship between Board Structure and Firm Performance in the UK” British Accounting Review, 30: 383- 407.
Vo, D. ve Phan, T. (2013) “Corporate Governance and Firm Performance: Empirical Evidence From Vietnam” http://www.murdoch.edu.au/Schoolof-Management-and-Governance/_document/ Australian-Conference-of-Economists/Corporategovernance-and-firm-performance.pdf (03.12.2013).
Wang, Y. ve Clift, B. (2009) “Is There a “Business Case” for Board Diversity?” Pacific Accounting Review, 21(2): 88-103.
Wellalage, N. H. ve Locke, S. (2012) “Ownership Structure and Firm Financial Performance: Evidence from Panel Data in Sri Lanka” Journal of Business Systems, Governance & Ethics, 7(1): 52- 65.
White, H. (1980) “A Heteroscedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroscedasticity” Econometrica, 48, 817- 838.
Wooldridge, J. M. (2002) “Econometric Analysis of Cross Section and Panel Data” Cambridge: MIT Press. Yermack, D. (1996) “Higher Market Valuation of Companies with a Small Board of Directors” Journal of Financial Economics, 40: 185- 221.
Younas, Z.I., Mahmood, H. ve Saeed, A. (2013) “Effect of Firm Performance on Corporate Governance a Panel Data Analysis” Asian Journal of Empirical Research, 3(1): 1- 8.
Yu, M. (2008) “CEO Duality and Firm Performance for Chinese Shareholding Companies” 19th Chinese Economic Association (UK) Annual Conference, http:// www.ceauk.org.uk/2008-conference-papers/ YU-mei-CEO-duality-firm-performance-Chineseshareholding-companies.pdf (07.01.2014).
Zeitun, R. ve Tian, G. G. (2007) “Does Ownership Affect a Firm’s Performance and Default Risk in Jordan?” Corporate Governance: The International Journal of Business in Society, 7 (1): 66- 82.

Toplam 71 adet kaynakça vardır.

Ayrıntılar

Diğer ID	JA27HG62ZF
Bölüm	Araştırma Makalesi
Yazarlar	Mesut Doğan Bu kişi benim Yusuf Topal Bu kişi benim
Yayımlanma Tarihi	1 Şubat 2016
Yayımlandığı Sayı	Yıl 2016 Cilt: 16 Sayı: 1

Kaynak Göster

APA	Doğan, M., & Topal, Y. (2016). The Impact of Foreign Directors and Foreign Ownership on Financial Performance. Ege Academic Review, 16(1), 31-48.
AMA	Doğan M, Topal Y. The Impact of Foreign Directors and Foreign Ownership on Financial Performance. eab. Şubat 2016;16(1):31-48.
Chicago	Doğan, Mesut, ve Yusuf Topal. “The Impact of Foreign Directors and Foreign Ownership on Financial Performance”. Ege Academic Review 16, sy. 1 (Şubat 2016): 31-48.
EndNote	Doğan M, Topal Y (01 Şubat 2016) The Impact of Foreign Directors and Foreign Ownership on Financial Performance. Ege Academic Review 16 1 31–48.
IEEE	M. Doğan ve Y. Topal, “The Impact of Foreign Directors and Foreign Ownership on Financial Performance”, eab, c. 16, sy. 1, ss. 31–48, 2016.
ISNAD	Doğan, Mesut - Topal, Yusuf. “The Impact of Foreign Directors and Foreign Ownership on Financial Performance”. Ege Academic Review 16/1 (Şubat 2016), 31-48.
JAMA	Doğan M, Topal Y. The Impact of Foreign Directors and Foreign Ownership on Financial Performance. eab. 2016;16:31–48.
MLA	Doğan, Mesut ve Yusuf Topal. “The Impact of Foreign Directors and Foreign Ownership on Financial Performance”. Ege Academic Review, c. 16, sy. 1, 2016, ss. 31-48.
Vancouver	Doğan M, Topal Y. The Impact of Foreign Directors and Foreign Ownership on Financial Performance. eab. 2016;16(1):31-48.

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