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BOARD INDEPENDENCE AND FINANCIAL PERFORMANCE IN TURKEY: AN EVIDENCE ON BIST 100

Yıl 2018, Cilt: 16 Sayı: 2, 99 - 116, 30.06.2018

Öz

                SPK’nın 2011 yılında yayınladığı tebliğ ile halka
açık şirketlerin yönetim kurullarında bağımsız üye bulundurması zorunlu hale
gelmiştir. Bu çalışma, yönetim kurullarında bağımsız üye bulunmasının finansal
performans üzerindeki etkisini arştırmaktadır. Çalışmanın örneklemini BİST100
Endeksi’nde yer alan şirketler oluşturmaktadır. Çalışmada yönetim kurulu
bağımsızlığı ile muhasebe temelli, piyasa temelli ve nakit temelli finansal performans
ölçütleri arasındaki ilişki incelenmiştir. Uygulanan regresyon analizinin
sonuçlarına göre yönetim kurulu bağımsızlığının, Tobin’in q oranı üzerine
olumlu yönde, özsermaye kârlılığı ve nakit akışları üzerinde olumsuz yönde
etkisi olduğu gözlemlenmiştir. Bu çalışma yönetim kurullarında bağımsız üye
bulunmasının piyasa temelli finansal performans ölçütleri üzerinde bir artış
meydana getirdiğini göstermiştir. 

Kaynakça

  • ALTUWAIJRI, B. and KALYANARAMAN, L. (2016) "Is "Excess" Board Independence Good For Firm Performance? An Empirical Investigation of Non-Financial Listed Firms in Saudi Arabia" International Journal of Financial Researc, 7 (2): 84-92.
  • ARARAT, M. And UĞUR, M. (2006) "Does Macroeconomic Performance Affect Corporate Governance: Evidence From Turkey" Corporate Governance: An International Review, 14(4): 325-348.
  • ARARAT, M. And YURTOĞLU, B.B. (2006) "Corporate Governance in Turkey: An Introduction to the Special Issue" Corporate Governance: An International Review, 14(4): 201-206.
  • ARARAT, M., BLACK, B.S. And YURTOĞLU, B.B. (2016) "The Effect of Corporate Governance on Firm Value and Profitability: Time-Series Evidence from Turkey" Emerging Markets Review, In Press, Available online 21 October 2016, http://www.sciencedirect.com/science/article/pii/S1566014116300863: 1-20.
  • ARARAT, M., ORBAY, H. and YURTOGLU, B. B. (2010). The Effects of Board Independence in Controlled Firms: Evidence from Turkey. Working Paper (Abstract available at http://ssrn.com/abstract=1663403 )
  • BHAGAT, S. And BLACK, B. (2000) "Board Independence and Long-Term Firm Performance", http://leeds-faculty.colorado.edu/bhagat/bb-022300.pdf
  • CHOI, J.J., PARK, S.W. And YOO, S. (2007) "Do Outside Directors Enhance Firm Performance? Evidence From an Emerging Market" Journal of Financial Quantitative Analysis, 4(4): 941-962.
  • DUCHIN, R., MATSUSAKA, J.G. and OZBAS, O. (2010) "When are Outside Directors Effective?" Journal of Financial Economics, 96(2): 195-214.
  • ERGİN, E. (2012) "Corporate Governance Ratings and Market-Based Financial Performance: Evidence From Turkey" International Journal of Economics and Finance, 4(9): 61-68.
  • FERNANDES, N. (2008) "Board Compensation and Firm Performance: The Role of "Independent" Board Members" Journal of Multinational Financial Management, 18(1): 30-44.
  • FUZI, S.F.S., HALİM, S.A.A. and JULIZAERMA, M.K. (2016) "Board Independence and Firm Performance" Procedia Economics and Finance, 37: 460-465.
  • GANI, L. And JERMIAS, J.(2006) " Investing The Effect of Board Independence on Performance Across Different Strategies" The International Journal of Accounting, 41: 295-314
  • GARG, A.K. (2007) "Influance of Board Independence on Firm Performance: A Study of Indian Companies" Vikalpa: The Journal for Decision Makers, 32(3): 39-60.
  • GIVOLY, D. And HAYN, C. (2000) "The ChangingTime-series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting become More Conservative?" Journal of Accounting and Economics, 29: 287–320.
  • ISIDRO, H. And SOBRAL, M. (2015) "The Effects of Women on Corporate Boards on Firm Value, Financial Performance, and Ethical and Social Compliance" Journal of Business Ethics, 132(1): 1-19
  • IWU-EGWUONWU, R.C. (2010) "Some Empirical Literature Evidence on the Effects of Independent Directors on Firm Performance" Journal of Economics and International Finance, 2(9): 190-198.
  • JENSEN, M.C. And MECKLING, W.H. (1976) "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure" Journal of Financial Economics, 3(4): 305-360.
  • KILIÇ, M., KUZEY, C. (2016) "The effect of Board Gender Diversity on Firm Performance: Evidence from Turkey" Gender in Management: An International Journal, 31(7): 434-455.
  • KRISHNA, P. (2006) "Corporate Governance – Independent Directors and Financial Performance: An Empirical Analysis" Indian Institute of Capital Markets 9th Capital Markets Conference. Retrieved December 16, 2016 from, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=877807: 3-18.
  • KUMAR, P. And SIVARAMAKRISHNAN, K. (2007) "Who Monitors the Monitor? The Effect of Board Independence on Executive Compansation and Firm Value" Review of Financial Studies, 21(3): 1371-1401.
  • LEE, J. (2009) "Does Size Matter in Firm Performance? Evidence from US Public Firms" International Journal of the Economics of Business, 16(2): 189-203.
  • LEFORT, F. And URZUA, F. (2008) "Board Independence, Firm Performance and Ownership Concentration: Evidence From Chile" Journal of Business Research, 61: 615-622.
  • LIU, Y., MILETKOV, M.K., WEI, Z. And YANG, T. (2015) "Board Independence and Firm Performance in China" Journal of Corporate Finance, 30: 223-244.
  • MORCK, R., SHLEIFER, A., and VISHNY , R. (1988) "Management ownership and market valuation: An empirical analysis" Journal of Financial Economic, 20: 239-315.
  • OTLUOGLU, E., SARI, E.S., CAKMAK - OTLUOGLU, K.O. (2016). "The Impact of Board Diversity on Financial Performance: An Evidence On BIST 100” The Journal of International Research, Vol:9, Issue: 46: 749-758
  • PONNU, C.H. And KARTHIGEYAN, R.M. (2010) "Board Independence and Corporate Performance: Evidence from Malaysia" African Journal of Business Management, 4(6): 858-868.
  • REHMAN, A. And 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.
  • SAAT, N.A.M., KARBHARI, Y., HERAVI, S. And NASSIR, A.M. (2011) "Effective Oversight Roles of Board of Directors - The Case of Listed Firms on Bursa Malaysia" World Review of Business Research, 1(1): 231-245.
  • SANDA, A.U., GARBA, T. And MIKAILU, A.S. (2008) "Board Independence and Firm Financial Perfromance: Evidence From Nigeria" Centre for the Study of African Economics Congress, 16-18 March, Oxford
  • SMITH, N., SMITH, V. and VERNER, M. (2006) "Do Women inTop Management Affect Firm Performance? A Panel Study of 2,500 Danish Firms" International Journal of Productivity and Performance Management, 55(7): 569–593.
  • ZINGALES, L.(2000) "In Search of New Foundations" The Journal of Finance, 55(4): 1623–1653.
Yıl 2018, Cilt: 16 Sayı: 2, 99 - 116, 30.06.2018

Öz

Kaynakça

  • ALTUWAIJRI, B. and KALYANARAMAN, L. (2016) "Is "Excess" Board Independence Good For Firm Performance? An Empirical Investigation of Non-Financial Listed Firms in Saudi Arabia" International Journal of Financial Researc, 7 (2): 84-92.
  • ARARAT, M. And UĞUR, M. (2006) "Does Macroeconomic Performance Affect Corporate Governance: Evidence From Turkey" Corporate Governance: An International Review, 14(4): 325-348.
  • ARARAT, M. And YURTOĞLU, B.B. (2006) "Corporate Governance in Turkey: An Introduction to the Special Issue" Corporate Governance: An International Review, 14(4): 201-206.
  • ARARAT, M., BLACK, B.S. And YURTOĞLU, B.B. (2016) "The Effect of Corporate Governance on Firm Value and Profitability: Time-Series Evidence from Turkey" Emerging Markets Review, In Press, Available online 21 October 2016, http://www.sciencedirect.com/science/article/pii/S1566014116300863: 1-20.
  • ARARAT, M., ORBAY, H. and YURTOGLU, B. B. (2010). The Effects of Board Independence in Controlled Firms: Evidence from Turkey. Working Paper (Abstract available at http://ssrn.com/abstract=1663403 )
  • BHAGAT, S. And BLACK, B. (2000) "Board Independence and Long-Term Firm Performance", http://leeds-faculty.colorado.edu/bhagat/bb-022300.pdf
  • CHOI, J.J., PARK, S.W. And YOO, S. (2007) "Do Outside Directors Enhance Firm Performance? Evidence From an Emerging Market" Journal of Financial Quantitative Analysis, 4(4): 941-962.
  • DUCHIN, R., MATSUSAKA, J.G. and OZBAS, O. (2010) "When are Outside Directors Effective?" Journal of Financial Economics, 96(2): 195-214.
  • ERGİN, E. (2012) "Corporate Governance Ratings and Market-Based Financial Performance: Evidence From Turkey" International Journal of Economics and Finance, 4(9): 61-68.
  • FERNANDES, N. (2008) "Board Compensation and Firm Performance: The Role of "Independent" Board Members" Journal of Multinational Financial Management, 18(1): 30-44.
  • FUZI, S.F.S., HALİM, S.A.A. and JULIZAERMA, M.K. (2016) "Board Independence and Firm Performance" Procedia Economics and Finance, 37: 460-465.
  • GANI, L. And JERMIAS, J.(2006) " Investing The Effect of Board Independence on Performance Across Different Strategies" The International Journal of Accounting, 41: 295-314
  • GARG, A.K. (2007) "Influance of Board Independence on Firm Performance: A Study of Indian Companies" Vikalpa: The Journal for Decision Makers, 32(3): 39-60.
  • GIVOLY, D. And HAYN, C. (2000) "The ChangingTime-series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting become More Conservative?" Journal of Accounting and Economics, 29: 287–320.
  • ISIDRO, H. And SOBRAL, M. (2015) "The Effects of Women on Corporate Boards on Firm Value, Financial Performance, and Ethical and Social Compliance" Journal of Business Ethics, 132(1): 1-19
  • IWU-EGWUONWU, R.C. (2010) "Some Empirical Literature Evidence on the Effects of Independent Directors on Firm Performance" Journal of Economics and International Finance, 2(9): 190-198.
  • JENSEN, M.C. And MECKLING, W.H. (1976) "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure" Journal of Financial Economics, 3(4): 305-360.
  • KILIÇ, M., KUZEY, C. (2016) "The effect of Board Gender Diversity on Firm Performance: Evidence from Turkey" Gender in Management: An International Journal, 31(7): 434-455.
  • KRISHNA, P. (2006) "Corporate Governance – Independent Directors and Financial Performance: An Empirical Analysis" Indian Institute of Capital Markets 9th Capital Markets Conference. Retrieved December 16, 2016 from, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=877807: 3-18.
  • KUMAR, P. And SIVARAMAKRISHNAN, K. (2007) "Who Monitors the Monitor? The Effect of Board Independence on Executive Compansation and Firm Value" Review of Financial Studies, 21(3): 1371-1401.
  • LEE, J. (2009) "Does Size Matter in Firm Performance? Evidence from US Public Firms" International Journal of the Economics of Business, 16(2): 189-203.
  • LEFORT, F. And URZUA, F. (2008) "Board Independence, Firm Performance and Ownership Concentration: Evidence From Chile" Journal of Business Research, 61: 615-622.
  • LIU, Y., MILETKOV, M.K., WEI, Z. And YANG, T. (2015) "Board Independence and Firm Performance in China" Journal of Corporate Finance, 30: 223-244.
  • MORCK, R., SHLEIFER, A., and VISHNY , R. (1988) "Management ownership and market valuation: An empirical analysis" Journal of Financial Economic, 20: 239-315.
  • OTLUOGLU, E., SARI, E.S., CAKMAK - OTLUOGLU, K.O. (2016). "The Impact of Board Diversity on Financial Performance: An Evidence On BIST 100” The Journal of International Research, Vol:9, Issue: 46: 749-758
  • PONNU, C.H. And KARTHIGEYAN, R.M. (2010) "Board Independence and Corporate Performance: Evidence from Malaysia" African Journal of Business Management, 4(6): 858-868.
  • REHMAN, A. And 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.
  • SAAT, N.A.M., KARBHARI, Y., HERAVI, S. And NASSIR, A.M. (2011) "Effective Oversight Roles of Board of Directors - The Case of Listed Firms on Bursa Malaysia" World Review of Business Research, 1(1): 231-245.
  • SANDA, A.U., GARBA, T. And MIKAILU, A.S. (2008) "Board Independence and Firm Financial Perfromance: Evidence From Nigeria" Centre for the Study of African Economics Congress, 16-18 March, Oxford
  • SMITH, N., SMITH, V. and VERNER, M. (2006) "Do Women inTop Management Affect Firm Performance? A Panel Study of 2,500 Danish Firms" International Journal of Productivity and Performance Management, 55(7): 569–593.
  • ZINGALES, L.(2000) "In Search of New Foundations" The Journal of Finance, 55(4): 1623–1653.
Toplam 31 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm İktisadi ve idari Bilimler Sayısı
Yazarlar

Emre Selçuk Sarı

Emir Otluoğlu

Yayımlanma Tarihi 30 Haziran 2018
Yayımlandığı Sayı Yıl 2018 Cilt: 16 Sayı: 2

Kaynak Göster

APA Sarı, E. S., & Otluoğlu, E. (2018). BOARD INDEPENDENCE AND FINANCIAL PERFORMANCE IN TURKEY: AN EVIDENCE ON BIST 100. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 16(2), 99-116.