Effects Of Corporate Governance Level On The Financial Performance Of Companies: A Research On BIST Corporate Governance Index (XKURY)

Year 2015, Volume: 15 Issue: 2, 265 - 274, 01.05.2015

Esen Kara Duygu Acar Erdur Lale Karabıyık

Abstract

Purpose of the study is to analyze the effect of corporate governance on financial performance. For this purpose, the relationship between the financial performance and corporate governance level of companies listed on XKURY index in the period of 2006-2012 have examined using panel data analysis. Financial data used in the study is derived from annual financial reports published on Public Disclosure Platform web site and corporate governance rating scores are derived from Turkish Corporate Governance Association. Results show that; there is a statistically meaningful and positive relationship between corporate governance rating score and Tobin’s q value and also leverage ratio. On the other hand, results are showing that there is no meaningful relationship between corporate governance level and return on equity ratio, return on assets ratio, return on sales ratio and net profit

Keywords

Corporate Governance, Financial Performance, Corporate Governance Index, Panel Data Analysis, Turkey

Kurumsal Yönetim Düzeyinin Işletmelerin Finansal Performansı Üzerindeki Etkisi: Borsa İstanbul Kurumsal Yönetim Endeksi (XKURY) Üzerine Bir Araştırma

Abstract

Bu çalışmanın amacı kurumsal yönetim uygulamalarının finansal performans üzerindeki etkilerini analiz etmektir. Bu amaçla 2006-2012 yılları arasında XKURY endeksinde bulunan şirketlerin kurumsal yönetim seviyeleri ile finansal performansları arasındaki ilişki panel veri analizi kullanılarak açıklanmaya çalışılmıştır. Çalışmada kullanılan finansal veriler, şirketlerin Kamuyu Aydınlatma Platformunda yayınlanan yıllık finansal raporlarından ve Türkiye Kurumsal Yönetim Derneği’nin internet sitesinden elde edilmiştir. Bulgular, kurumsal yönetim derecelendirme notu ile Tobin’s q oranı ve kaldıraç oranı arasında istatistikî olarak anlamlı ve pozitif yönlü bir ilişki bulunduğu göstermektedir. Diğer taraftan, özsermaye karlılığı, aktif karlılığı, satış karlılığı ve net kar ile kurumsal yönetim düzeyi arasında anlamlı bir ilişkiye rastlanmamıştır

Keywords

Kurumsal Yönetim, Finansal Performans, Kurumsal Yönetim Endeksi, Panel Veri Analizi, Türkiye

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