The Impact of Foreign Directors and Foreign Ownership on Financial Performance

Abstract

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

Keywords

• Foreign Directors, Foreign Ownership, Financial Performance

Yönetim Kurulundaki Yabancı Üye Sayısının Ve Yabancı Sahipliğinin Finansal Performans Üzerindeki Etkisi

Abstract

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

Keywords

• Yönetim Kurulundaki Yabancı Üye, Yabancı Sahiplik, Finansal Performans

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