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

Year 2018, Volume: 16 Issue: 2, 99 - 116, 30.06.2018

Emre Selçuk Sarı Emir Otluoğlu

Abstract

                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. 

Keywords

Board Independence, Financial Performance, Corporate Governance, Regression Analysis

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