YÖNETİCİ SAHİPLİĞİ VE FİRMA DEĞERİ: İMKB İÇİN AMPİRİK BİR UYGULAMA

Year 2011, Volume: 66 Issue: 02, 201 - 214, 01.02.2011

Ulaş Ünlü Ali Bayrakdaroğlu Famil Şamiloğlu

https://doi.org/10.1501/SBFder_0000002208

Cited By: 7

Abstract

Keywords

-

YÖNETİCİ SAHİPLİĞİ VE FİRMA DEĞERİ: İMKB İÇİN AMPİRİK BİR UYGULAMA

Abstract

Bu çalışmada İMKB’de işlem gören Türk firmaları için 2004-2008 döneminde, yönetici sahipliği (managerial ownership) ile firma performansı arasındaki ilişki araştırılmıştır. Çalışmada yönetici sahipliği ve performans arasındaki ilişki incelenirken içsellik problemiyle karşılaşmamak için Demsetz ve Lehn’in (1985) elde ettiği sonuçlar Türk firmaları için daha ileri bir aşamaya taşınmış ve Himmelberg vd.’nin(1999) önerdiği panel veri analizi yöntemi kullanılmıştır. Firma karakteristikleri kontrol altına alındığında yönetici sahipliği ve firma performansı arasındaki ilişkiye bakılmıştır. Elde edilen sonuçlara göre İMKB Tüm endeksinde işlem gören firmalar için incelenen dönemde yönetici sahipliği ve firma performansı arasında anlamlı bir ilişki bulunamamıştır.

Keywords

Yönetici sahipliği, firma değeri, firma performansı, İMKB, panel veri analizi

References

• AGRAWAL, Anup / KNOEBER, Charles R. (1996), “Firm Performance and Mechanisms to Control
• Agency Problems Between Managers and Shareholders,” Journal of Financial and Quantitative Analysis, 31:377-397.
• ALBA, Joseph D./DAVID H. Papell.(2007), “Purchasing Power Parity and Country Characteristics: Evidence from Panel Data Test,” Journal of Development Economics, 83: 240-251.
• BEATY, Randolph P./ZAJAC, Edward. (1994), “Managerial Incentives, Monitoring, and Risk Bearing: A Study of Executive’s Compensation, Ownership, and Board Structure in Initial Offerings,” Administrative Science Quarterly 39: 313-316.
• CHEN, Anlin / KAO, Lanfeng. (2005), “The Conflict Between Agency Theory and Corporate Control on Managerial Ownership: The Evidence from Taiwan IPO Performance”, İnternational Journal of Business, 10: 39-61.
• CHO, Myeong Hyeon. (1998), “Ownership Structure, Investment And The Corporate Value: An Empirical Analysis”. Journal of Financial Economics 47: 103–121.
• DAMANPOUR, Fariborz / CHAGANTİ, Rajeswararao. (1991), “Institutional Ownership, Capital Structure and Firm Performance,” Strategic Management Journal, 12: 479-491.
• DAVIES, J.R. / HILLIER, David/ MCCOLGAN, Patrick.(2005), “Ownership Structure, Managerial Behaviour and Corporate Value,” Journal of Corporate Finance, 11: 645-660.
• CLAESSENS, Stijn/DJANKOV, Simeon. (1998), “Managers, Incentives and Corporate Performance: Evidence from the Czech Republic”. World Bank.
• COLE, Rebel/MEHRAN, Hamid. (1998), “The effect of Changes in Ownership Structure on Performance: Evidence From The Thrift Industry,” Journal of Financial Economics, 50: 291-317.
• CRASWELL, A.T. / TAYLOR, Stephen L. / SAYWELL, Richard A. (1997), “Ownership Structure and Corporate Performance”. Pacific-Basin Finance Journal, 5: 301-323.
• ÇITAK, Levent (2007). “The Impact of Ownership Structure on Company Performance: A Panel Data Analysis on Istanbul Stock Exchange Listed (ISE-100) Companies”. International Research Journal of Finance and Economics, 9: 231-245.
• DEMSETZ, Harold / LEHN, Kenneth. (1985), “The Structure of Corporate Ownership: Causes and Consequences,” Journal of Political Economy, 93: 1155-1177.
• DEMSETZ, Harold / VILLALONGA, Belen.(2001), “Ownership Structure and Corporate Performance,” Journal of Corporate Finance, 7/3: 209–233.
• FACCIO, Mara/LARRY, H.P. Lang. (2002), “The Ultimate Ownership of Western European Corporations,” Journal of Financial Economics, 65: 365-396.
• FAHLENBRACH, Rüdiger/RENE, M. Stulz. (2007), “Managerial Ownership Dynamics and Firm Value,” Fisher College of Business Working Paper Series, Dice Center.
• FISHMAN, J./ GANNON, G./VINNING, R. (2008), “Ownership Structure and Corporate Performance: Australian Evidence,” Corporate Ownership & Control, 6/2: 114-131.
• FRYDMAN, Roman/GRAY Cheryl W. / HESSEL Marek P. /RAPACZYNSKI Andrzej.(1997), “Private Ownership and Corporate Performance: Evidence From Transition Economies,” Research Report, New York University Press.
• GUILLAUMIN, Cyriac. (2009), “Financial Integration in East Asia: Evidence from Panel Unit Root and Panel Cointegration Tests,” Journal of Asian Economics, 20/3: 314-326.
• GREENE, H. William. (2000), Econometric Analysis. Fourth Prentice-Hall; Inc., USA.
• GURSOY, Güner/AYDOĞAN, Kürşat. (1999), “Equity Ownership Structure, Risk Taking and Performance; An Empirical Investigation in Turkish Companies,” ERC/METU International Conference in Economics. Ankara, Turkey.
• HAN, Ki/DAVID Y. Suk.(1998), “The Effect of Ownership Structure on the Firm Performance: Additional Evidence,” Review of Financial Economics, 7/2: 143-156.
• HERMALIN, Benjamin/WEISBACH, Micheal.(1988), “The Determinants of Board Composition”. RAND Journal of Economics, 19: 589–606.
• HIMMELBERG, Charles/ HUBBARD R. Glenn/ PALIA Darius. (1999), “Understanding The Determinants of Managerial Ownership and The Link Between Ownership and Performance,” Journal of Financial Economics, 53/3: 353-384.
• HOLTHAUSEN, Robert.W./LARCKER, David.F. (1996). “The Financial Performance of Reverse Leveraged Buyouts,” Journal of Financial Economics, 42 : 293-332.
• JAHMANI, Yousef / MOHAMMED, Ansari. (2006), “Managerial Ownership, Risk, and Corporate Performance,” International Journal of Commerce and Management, 16/3: 212-221.
• JARRELL, Gregg / POULSEN, Annette. (1988) “Dual Class Recapitalizations As Antitakeover
• Mechanisms: The Recent Evidence,” Journal of Financial Economics 20: 129-152.
• KHAN, Rahman A. / BALACHANDRAN Balasingham / MATHER, Paul. (2008), Managerial Share Ownership and Operating Performance: Do Independent and Executive Directors have Different Incentives?,” FINSIA-MCFS Banking and Finance Conference.
• LEE, Seoki/WOO, Gon Kim. (2009), “EVA, Refined E VA, MVA, or Traditional Performance Measures for the Hospitality Industry?”International Journal of Hospitality Management, 28/3: 439-455.
• LODERER, Claudio / MARTIN, Kenneth.(1997), “Executive Stock Ownership and Performance,” Journal of Financial Economics 45: 223-255.
• MCCONNELL, John. J. / SERVAES, Henri (1990). “Additional Evidence on Equity Ownership and Corporate Value”. Journal of Financial Economics 27: 595-612.
• MEHRAN, Hamid. (1992), “Executive Incentive Plans, Corporate Control, and Capital Structure,” Journal of Financial and Quantitative Analysis, 27: 539-560.
• MEHRAN, Hamid. (1995), “Executive Compensation Structure, Ownership and Firm Performance,” Journal of Financial Economics, 38: 163-184.
• MORCK, Randall / SHLEIFER, Andrei / VISHNY, Robert W. (1988), “Management Ownership and Market Valuation: An Empirical Analysis,” Journal of Financial Economics, 20: 293–315.
• OSWALD, Sharon. L./JAHERA, John, J.S. (1991), “The Influence of Ownership on Performance: An Empirical Study,” Strategic Management Journal, 12: 321-326.
• ÖNDER, Zeynep. (2003), “Ownership Concentration and Firm Performance; Evidence from Turkish Firms,” METU Studies in Development, 30 (December): 181-203.
• ROSE, Caspar. (2005), “Managerial Ownership and Firm Performance in Listed Danish Firms: In Search of The Missing Link,” European Management Journal, 23/5: 542–553.
• ŞAMİLOĞLU, Famil/ÜNLÜ, Ulaş. (2010), “Sahiplik Yapısı ve Firma Performansı Arasındaki İlişki: İMKB 100 Endeksi Firmaları Üzerine Bir Uygulama”, Muhasebe ve Finansman Dergisi, 46: 66-73.
• SHORT, Helen/KEASEY, Kevin. (1999), “Managerial Ownership and The Performance of Firms: Evidence From The UK,” Journal of Corporate Finance, 5: 79–101.
• SLOVIN, Myron/SUSHKA, Marie E. (1993), “Ownership Concentration, Corporate Control Activity and Firm Value: Evidence From The Death of Inside Blockholders,” Journal of Finance, 48: 1293–1321.
• WELCH, Emma. (2003), “The Relation Between Ownership Structure and Performance in Listed Australian Companies,” Australian Journal of Management, 28/3: 287-305.
• VILLALONGA, Belen/RAPHAEL, Amit. (2006), “How Do Family Ownership, Control, and Management Affect Firm Value?”. Journal of Financial Economics, 80/2: 385–417.
• YURTOĞLU, Burçin. (2000), “Ownership, Control and Performance of Turkish Listed Firms,” Empirica 27/2: 193-222.