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ŞİRKET YÖNETİM KURULU’NDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ

Year 2017, Volume: 18 Issue: 1, 29 - 45, 08.06.2017
https://doi.org/10.24889/ifede.297685

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.

References

  • 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.
  • 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.
  • 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.
  • 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.
  • Bell, L.A. (2005). Women-led Firms and the Gender Gap in Top Executive Jobs. IZA Discussion Paper, 1689, Bonn.
  • Bøhren, Ø., & Staubo, S. (2014). Does mandatory gender balance work? Changing organizational form to avoid board upheaval. Journal of Corporate Finance, 28, 152-168
  • Campbell, K. & A. Minguez-Vera (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83, 435-451.
  • 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.
  • Carter, D.A., Simkins, B. J. & Garry W. S. (2003). Corporate Governance, Board Diversity and Firm Value. The Financial Review, 38(1), 33-53.
  • Cox, T.H. & Blake, S. (1991). Managing Cultural Diversity: Implications for Organizational Competitiveness. Academy of Management Executive, 5
  • 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).
  • 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.
  • Fama, E.F., & Jensen, M.C. (1983). Separation of Ownership and Control. Journal of Law and Economics. 26(2), 301-325.
  • Farrell, K.A. & Hersch,, P.L. (2005). Additions to corporate boards: the effect of gender. Journal of Corporate Finance,11 (1/2), 85-106.
  • 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.
  • 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.
  • Hillman, A.J., Shropshire, C. & Cannella, A.A. (2007). Organizational Predictors of women on corporate boards. Academy of Management Journal, 50(4), 941-952.
  • 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.
  • Kravitz, D.A., (2003). More women in the workplace: is there a payoff in firm performance? The Academy of Management Executive 17 (3), 148
  • 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.
  • Levi, M., Li, K., & Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185–190.
  • 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.
  • 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.
  • 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.
  • 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.
  • Pfeffer, J. &Salancik, GR. 1978. The External Control of Organizations: A Resource Dependence Perspective. New York, NY: Harper ve Row Publishers.
  • Robinson, G. & Dechant, K. (1997). Building a Business Case for Diversity. Academy of Management Executive, 11, 21-30.
  • 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),
  • Trinidad, C. & Normore, A.H. (2005). Leadership and gender : a dangerous liaison? Leadership and Organization Development Journal, 26(7/8), 574-590.

The Impact of Women on Board of Directors on Firm Performance

Year 2017, Volume: 18 Issue: 1, 29 - 45, 08.06.2017
https://doi.org/10.24889/ifede.297685

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.



References

  • 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.
  • 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.
  • 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.
  • 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.
  • Bell, L.A. (2005). Women-led Firms and the Gender Gap in Top Executive Jobs. IZA Discussion Paper, 1689, Bonn.
  • Bøhren, Ø., & Staubo, S. (2014). Does mandatory gender balance work? Changing organizational form to avoid board upheaval. Journal of Corporate Finance, 28, 152-168
  • Campbell, K. & A. Minguez-Vera (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83, 435-451.
  • 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.
  • Carter, D.A., Simkins, B. J. & Garry W. S. (2003). Corporate Governance, Board Diversity and Firm Value. The Financial Review, 38(1), 33-53.
  • Cox, T.H. & Blake, S. (1991). Managing Cultural Diversity: Implications for Organizational Competitiveness. Academy of Management Executive, 5
  • 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).
  • 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.
  • Fama, E.F., & Jensen, M.C. (1983). Separation of Ownership and Control. Journal of Law and Economics. 26(2), 301-325.
  • Farrell, K.A. & Hersch,, P.L. (2005). Additions to corporate boards: the effect of gender. Journal of Corporate Finance,11 (1/2), 85-106.
  • 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.
  • 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.
  • Hillman, A.J., Shropshire, C. & Cannella, A.A. (2007). Organizational Predictors of women on corporate boards. Academy of Management Journal, 50(4), 941-952.
  • 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.
  • Kravitz, D.A., (2003). More women in the workplace: is there a payoff in firm performance? The Academy of Management Executive 17 (3), 148
  • 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.
  • Levi, M., Li, K., & Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185–190.
  • 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.
  • 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.
  • 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.
  • 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.
  • Pfeffer, J. &Salancik, GR. 1978. The External Control of Organizations: A Resource Dependence Perspective. New York, NY: Harper ve Row Publishers.
  • Robinson, G. & Dechant, K. (1997). Building a Business Case for Diversity. Academy of Management Executive, 11, 21-30.
  • 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),
  • Trinidad, C. & Normore, A.H. (2005). Leadership and gender : a dangerous liaison? Leadership and Organization Development Journal, 26(7/8), 574-590.
There are 29 citations in total.

Details

Journal Section Articles
Authors

DİLVİN Taşkın

PINAR Evrim Mandacı

Publication Date June 8, 2017
Published in Issue Year 2017 Volume: 18 Issue: 1

Cite

APA Taşkın, D., & Evrim Mandacı, P. (2017). ŞİRKET YÖNETİM KURULU’NDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, 18(1), 29-45. https://doi.org/10.24889/ifede.297685
AMA Taşkın D, Evrim Mandacı P. ŞİRKET YÖNETİM KURULU’NDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi. June 2017;18(1):29-45. doi:10.24889/ifede.297685
Chicago Taşkın, DİLVİN, and PINAR Evrim Mandacı. “ŞİRKET YÖNETİM KURULU’NDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ”. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi 18, no. 1 (June 2017): 29-45. https://doi.org/10.24889/ifede.297685.
EndNote Taşkın D, Evrim Mandacı P (June 1, 2017) ŞİRKET YÖNETİM KURULU’NDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi 18 1 29–45.
IEEE D. Taşkın and P. Evrim Mandacı, “ŞİRKET YÖNETİM KURULU’NDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ”, Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, vol. 18, no. 1, pp. 29–45, 2017, doi: 10.24889/ifede.297685.
ISNAD Taşkın, DİLVİN - Evrim Mandacı, PINAR. “ŞİRKET YÖNETİM KURULU’NDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ”. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi 18/1 (June 2017), 29-45. https://doi.org/10.24889/ifede.297685.
JAMA Taşkın D, Evrim Mandacı P. ŞİRKET YÖNETİM KURULU’NDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi. 2017;18:29–45.
MLA Taşkın, DİLVİN and PINAR Evrim Mandacı. “ŞİRKET YÖNETİM KURULU’NDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ”. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, vol. 18, no. 1, 2017, pp. 29-45, doi:10.24889/ifede.297685.
Vancouver Taşkın D, Evrim Mandacı P. ŞİRKET YÖNETİM KURULU’NDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi. 2017;18(1):29-45.

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