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Kurumsal Yönetimin İşletme Gruplarına Bağlı ve Bağımsız Firmalarda İncelenmesi

Year 2024, Volume: 24 Issue: 3, 1223 - 1240, 30.09.2024
https://doi.org/10.18037/ausbd.1405030

Abstract

Bu çalışma, işletme gruplarına bağlı ve bağımsız firmaların kurumsal yönetim ilkelerine uyumları arasında fark olup olmadığını incelemektedir. Çalışmada kullanılan veri Borsa Istanbul (BIST) firmalarının kurumsal yönetim ilkelerine uyum raporlarından elde edilmiştir. Analiz sonuçlarına göre, işletme gruplarına bağlı firmaların kurumsal yönetime uyum düzeyi bağımsız firmaların uyum düzeyinden genel olarak daha yüksektir. İşletme gruplarına bağlı ve bağımsız firmaların, menfaat sahipleri ve yönetim kurulu ilkeleri ile kurumsal yönetime uyum ortalamaları arasındaki fark anlamlıdır. Gruplara bağlı ve bağımsız firmaların, kamuyu aydınlatma ve şeffaflık ve pay sahipleri ilkelerine uyum ortalamaları arasındaki fark anlamlı bulunmamıştır. Bu araştırma, gelişmekte olan bir ekonomide işletme gruplarına bağlı ve bağımsız firmaların kurumsal yönetim ilkelerine uyumları arasındaki farkı inceleyerek kurumsal yönetim ve işletme grupları ile ilgili yazını ilerletmeyi amaçlamaktadır.

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Investigation of Corporate Governance in Business Group Affiliated and Independent Firms

Year 2024, Volume: 24 Issue: 3, 1223 - 1240, 30.09.2024
https://doi.org/10.18037/ausbd.1405030

Abstract

This paper investigates whether there is a difference between business group affiliated and independent firms in terms of complying with the corporate governance principles. Based on data drawn from the corporate governance principles compliance reports of Borsa Istanbul (BIST) companies, the results of the study show that group affiliated firms have higher compliance with the corporate governance than the independent ones in general. The difference of the mean scores in compliance with the corporate governance, stakeholders, board of directors principles between group affiliated companies and independent ones is significant. However, the mean values in shareholders and public disclosure and transparency principles do not differ between these groups of firms. This study aims to advance the research on corporate governance and business groups by considering the corporate governance differences between business group companies and unaffiliated ones in an emerging economy.

References

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  • Bae, K. H. and Jeong, S. W. (2007). The value-relevance of earnings and book value, ownership structure, and business group affiliation: Evidence from Korean business groups. Journal of Business Finance & Accounting, 34(5-6), 740-766. https://doi.org/10.1111/j.1468-5957.2007.02017.x
  • Balasubramanian, N., Black, B. S. and Khanna, V. (2010). The relation between firm-level corporate governance and market value: A case study of India. Emerging Markets Review, 11, 319-340. https://doi.org/10.1016/j.ememar.2010.05.001
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  • Chauhan, Y., Dey, D. K. and Jha, R. R. (2016). Board structure, controlling ownership, and business groups: Evidence from India. Emerging Markets Review, 27, 63-83. https://doi.org/10.1016/j.ememar.2016.03.003
  • Chung, C. N. and Luo, X. (2008). Institutional logics or agency costs: The influence of corporate governance models on business group restructuring in emerging economies. Organization Science, 19(5), 766-784. https://doi.org/10.1287/orsc.1070.0342
  • Colli, A. and Colpan, A. M. (2016). Business groups and corporate governance: Review, synthesis, and extension. Corporate Governance: An International Review, 24(3), 274-302. https://doi.org/10.1111/corg.12144
  • Colpan, A.M. and Hikino, T. (2008). Türkiye’nin büyük şirketler kesiminde işletme gruplarının iktisadi rolü ve çeşitlendirme stratejileri. Yönetim Araştırmaları Dergisi, 8(1-2), 23-58. Retrieved from http://yad.baskent.edu.tr/files/2008_cilt_8_2.pdf
  • Cuervo-Cazurra, A. (2006). Business groups and their types. Asia Pacific Journal of Management, 23, 419-437. https://doi.org/10.1007/s10490-006-9012-5
  • Denis, D. K. and McConnell, J. J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis, 38(1), 1-36. https://doi.org/10.2307/4126762
  • Filatotchev, I. and Boyd, B. K. (2009). Taking stock of corporate governance research while looking to the future. Corporate Governance: An International Review, 17(3), 257-265. https://doi.org/10.1111/j.1467-8683.2009.00748.x
  • Filatotchev, I., Isachenkova, N. and Mickiewicz, T. (2007). Corporate governance, managers' independence, exporting, and performance of firms in transition economies. Emerging Markets Finance and Trade, 43(5), 62-77. https://doi.org/10.2753/REE1540-496X430504
  • Filatotchev, I. and Toms, S. (2003). Corporate governance, strategy and survival in a declining industry: A study of UK cotton textile companies. Journal of Management Studies, 40(4), 895-920. https://doi.org/10.1111/1467-6486.00364
  • Filatotchev, I., Toms, S. and Wright, M. (2006). The firm’s strategic dynamics and corporate governance life-cycle. International Journal of Managerial Finance, 2(4), 256-279. https://doi.org/10.1108/17439130610705481
  • Filatotchev, I. and Wright, M. (2017). Methodological issues in governance research: An editor's perspective. Corporate Governance: An International Review, 25(6), 454-460. https://doi.org/10.1111/corg.12211
  • Gama, M. A. B. and Bandeira-de-Mello, R. (2021). The effect of affiliation structure on the performance of pyramidal business groups. Journal of Business Research, 124, 24-37. https://doi.org/10.1016/j.jbusres.2020.11.041
  • Granovetter, M. (1995). Coase Revisited: Business groups in the modern economy. Industrial and Corporate Change, 4(1), 93-130. https://doi.org/10.1093/icc/4.1.93
  • Granovetter, M. (2005). Business groups and social organization. N. Smelser and R. Swedberg (Ed.). In The handbook of economic sociology (2nd ed., p. 429-450). Princeton, NJ: Princeton University Press. Retrieved from https://www.jstor.org/stable/j.ctt2tt8hg.23
  • Holmes, R. M., Hoskisson, R. E., Kim, H., Wan, W. P. and Holcomb, T. R. (2015). Business groups research: A comprehensive review, theoretical framework, and future research agenda. Conference paper, Academy of Management Proceedings, Vancouver. Retrieved from https://www.researchgate.net/publication/288818222_Business_Group_ Research_in_Strategy_and_its_Related_Fields_A_Review_and_Research_Agenda
  • Holmes, R. M., Hoskisson, R. E., Kim, H., Wan, W. P. and Holcomb, T. R. (2018). International strategy and business groups: A review and future research agenda. Journal of World Business, 53, 134-150. https://doi.org/10.1016/j.jwb.2016.11.003
  • Hoskisson, R. E., Eden, L., Lau, C. M. and Wright, M. (2000). Strategy in emerging economies. The Academy of Management Journal, 43(3), 249-267. https://doi.org/10.5465/1556394
  • Khanna, T. and Palepu, K. (1997). Why focused strategies may be wrong for emerging markets. Harvard Business Review, 75, 41–51. https://hbr.org/1997/07/why-focused-strategies-may-be-wrong-for-emerging-markets
  • Khanna, T. and Palepu, K. (2000a). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance, 55(2), 867-891. https://doi.org/10.1111/0022-1082.00229
  • Khanna, T. and Palepu, K. (2000b). The future of business groups in emerging markets: Long-run evidence from Chile. Academy of Management Journal, 43(3), 268-285. https://doi.org/10.2307/1556395
  • Khanna, T. and Palepu, K.G. (2004). Globalization and convergence in corporate governance: evidence from Infosys and the Indian software industry. Journal of International Business Studies, 35, 484-507. https://doi.org/10.1057/palgrave.jibs.8400103
  • Khanna, T. and Rivkin, J. W. (2001). Estimating the performance effects of business groups in emerging markets. Strategic Management Journal, 22, 45-74. https://doi.org/10.1002/1097-0266(200101)22:1<45::AID-SMJ147>3.0.CO;2-F
  • Kim, E. (2006). The impact of family ownership and capital structures on productivity performance of Korean manufacturing firms: Corporate governance and the “chaebol problem”. Journal of the Japanese and International Economies, 20(2), 209-233. https://doi.org/10.1016/j.jjie.2005.02.001
  • Kumar, T. V. A. and Manikandan, K. S. (2022). Business group affiliation and competitive repertoire. Asia Pacific Journal of Management, 41(2), 477-505. https://doi.org/10.1007/s10490-022-09855-4
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58, 3-27. https://doi.org/ 10.1016/S0304-405X(00)00065-9 Lien, Y. C. and Li, S. (2013). Does diversification add firm value in emerging economies? Effect of corporate governance. Journal of Business Research, 66, 2425-2430. https://doi.org/10.1016/j.jbusres.2013.05.030
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Details

Primary Language English
Subjects Corporate Governance
Journal Section Articles
Authors

Özlem Özen 0000-0001-6061-0001

Publication Date September 30, 2024
Submission Date December 14, 2023
Acceptance Date September 2, 2024
Published in Issue Year 2024 Volume: 24 Issue: 3

Cite

APA Özen, Ö. (2024). Investigation of Corporate Governance in Business Group Affiliated and Independent Firms. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 24(3), 1223-1240. https://doi.org/10.18037/ausbd.1405030

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