ŞİRKET YÖNETİM KURULU’NDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ

Abstract

 Bu çalışmada, Türkiye’de şirketlerin yönetim kurulunda yer alan kadın üye sayısının firmaların performansına etkisi incelenmektedir. Çalışma kapsamında 2008-2015 yılları arasında BIST-100 endeksinde yer alan firmaların yönetim kurulunda yer alan kadın sayısının firmaların Aktif Karlılığı, Özkaynak Karlılığı ve Tobin Q oranı ile ölçümlenen performanslarına etkisi incelenmiştir. Çalışmada yönetim kurulunda ve bağımsız üyeler arasında kadın üye oranı ile yönetim kurulun büyüklüğü gibi yönetim kurulunun yapısına ilişkin değişkenler incelenmiştir. Bunların dışında firma karlılığını etkileyebileceğini düşündüğümüz firmanın büyüklüğü ve borç oranı gibi değişkenlerde modele katılmıştır. Sektörel farklılıkların da ele alındığı çalışmada panel regresyon yönteminden yararlanılmıştır. Çalışmadan elde edilen sonuçlar yönetim kurullarındaki kadın üye oranındaki artışın aktif karlılığı ve özsermaye karlılığını azalttığı ve Tobin Q değerini ise arttırdığını göstermektedir. Bunun yanında bağımsız kadın üye oranındaki artışın ise Tobin Q değerini azalttığı gözlemlenmiştir.

Keywords

• Kadın Yöneticiler,Cinsiyet Çeşitliliği,Yönetim Kurulu,Performans

The Impact of Women on Board of Directors on Firm Performance

Abstract

 

This paper analyzes the impact of number of women on the board of directors in Turkey on the performance of firms. The data covers the period between 2008-2015 for the BIST-100 companies and analyze the impact of number of women in the boards to the performance of companies proxied by return on assets, return on equity and Tobin’s Q ratios. The percentage of women in the board and the percentage of women among the independent board members and the size of the board are also scrutinized. Further, other factors which would affect the performance like firm size and debt ratio are also included in the analysis. The paper adopts a panel regression model which considers the industrial differences by assigning dummy variables for each sector. The results of the study show that the increases in the percentage of women in the boards decreases return on assets and return on equity but increases Tobin’s Q. On the other hand, the percentage of women in the independent directors decrease Tobin’s Q.

Keywords

• Women directors,Gender Diversity,Board of Directors,Performance

References

1. Adams, R.B. & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance, Journal of Financial Economics, 94(2), 291-309.
2. Ahern, K., & A. Dittmar. (2011). The changing of the boards: The impact on firm valuation of mandated female board representation. Quarterly Journal of Economics, 127(1), 137-197.
3. Ararat, M., Çetin, M. & Tansel, A. (2010). Impact of Board Diversity on Boards's Monitoring Intensity and Firm Performance: Evidence From The Istanbul Stock Exchange, 17 th Annual Conference of The Multinational Finance Society, New Jersey: Multinational Finance Society, 1-33.
4. Bantel, K. A. & Jackson, S. E. (1989), Top management and innovations in banking: Does the composition of the top team make a difference?. Strategic Management Journal, 10: 107–124.
5. Bell, L.A. (2005). Women-led Firms and the Gender Gap in Top Executive Jobs. IZA Discussion Paper, 1689, Bonn.
6. Bøhren, Ø., & Staubo, S. (2014). Does mandatory gender balance work? Changing organizational form to avoid board upheaval. Journal of Corporate Finance, 28, 152-168
7. Campbell, K. & A. Minguez-Vera (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83, 435-451.
8. Carter, D. A., D’Souza, Betty, F.S. & Simpson, W. G. (2010). The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance, Corporate Governance: An International Review, 18(5), 396-414.

9. Carter, D.A., Simkins, B. J. & Garry W. S. (2003). Corporate Governance, Board Diversity and Firm Value. The Financial Review, 38(1), 33-53.
10. Cox, T.H. & Blake, S. (1991). Managing Cultural Diversity: Implications for Organizational Competitiveness. Academy of Management Executive, 5
11. Dang, R.; Nguyen, D. K. & Vo, Linh-Chi (2013), “Women on Corporate Boards and Firm Performance: A Comparative Study”, http://events.emlyon.com/AFFI/Papers/252.pdf (10.05.2016).
12. Dobbin, F. & Jung, J.(2011), “Corporate Board Gender Diversity and Stock Performance: The Competence Gap or Institutional Investor Bias?” North Carolina Law Review, 89(3), 809–838.
13. Fama, E.F., & Jensen, M.C. (1983). Separation of Ownership and Control. Journal of Law and Economics. 26(2), 301-325.
14. Farrell, K.A. & Hersch,, P.L. (2005). Additions to corporate boards: the effect of gender. Journal of Corporate Finance,11 (1/2), 85-106.
15. Gul, F.A., Srindhi, B. & Tsui, J.S.L., (2008). Board diversity and the demand for higher audit effort. Working Paper, http://ssrn.com/paper=1359450S.
16. Gul, F.A., Srinidhi, B., & Ng, A.C. (2011) Does Board Gender Diversity Improve the Informativeness of stock prices, Journal of Accounting and Economics, 51(3), 314-338.
17. Hillman, A.J., Shropshire, C. & Cannella, A.A. (2007). Organizational Predictors of women on corporate boards. Academy of Management Journal, 50(4), 941-952.
18. Huang J. & Kisgen, D. J. (2013) Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108 (3), 822–839.
19. Kravitz, D.A., (2003). More women in the workplace: is there a payoff in firm performance? The Academy of Management Executive 17 (3), 148
20. Lee, P.M. & James, E.H. 2007. She’-E-Os: Gender Effects and Investor Reactions to the Announcements of Top Executive Appointments. Strategic Management Journal 28 (3), 227-241.
21. Levi, M., Li, K., & Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185–190.
22. Menteş, S. A. (2011), Gender Diversity at the Board and Financial Performance: A Study on ISE (Istanbul Stock Exchange), Middle Eastern Finance and Economics, 14, 6-15.
23. Mirza, H. H., Mahmood, S., Andleeb, S. & Farzana, R. (2012), Gender Diversity and Firm Performance: Evidence From Pakistan, Journal of Social and Development Science, 3(5), 161-166.
24. Morten H., & Solberg, A.G. (2006) Gender‐related boardroom dynamics: How Scandinavian women make and can make contributions on corporate boards, Women in Management Review, 21(2), 113 – 130.
25. Ocak, M. (2013). Yönetim Kurulu ve Üst Yönetimde Yer Alan Kadınların Finansal Performansa Etkisi: Türkiye'ye İlişkin Bulgular, Muhasebe ve Finansman Dergisi, Ocak 2013, 107-126.
26. Pfeffer, J. &Salancik, GR. 1978. The External Control of Organizations: A Resource Dependence Perspective. New York, NY: Harper ve Row Publishers.
27. Robinson, G. & Dechant, K. (1997). Building a Business Case for Diversity. Academy of Management Executive, 11, 21-30.
28. Schwizer, P., Soana, M. G. &Cucinelli, D. (2012) The Relationship Between Board Diversity and Firm Performance: The Italian Evidence, http://www.adeimf.it/new/images/stories/Convegni/Novara/Soana_Schwizer_Cucinelli_Board_diversity.pdf, (9.04.2015),
29. Trinidad, C. & Normore, A.H. (2005). Leadership and gender : a dangerous liaison? Leadership and Organization Development Journal, 26(7/8), 574-590.