Relationship between Financial Performance and Corporate Governance in Small and Medium Sized Companies: An Emprical Analysis on Borsa Istanbul Emerging Companies

Abstract

The aim of this study is to measure the impact of corporate governance practices of SMSEs on their own financial performance indicators. For this purpose, 25 companies that are traded in Borsa İstanbul, Emerging Companies Market in 2011-2017 are examined. The major corporate governance principles such as the size of the board of directors of the companies, the duration and duality of the CEO, the ratio of independent directors in the board of directors and the ratio of women managers are used as independent variables. The dependent variables of the model are ROA (asset profitability), ROE (return on equity) of the companies. Panel data regression analysis method was used in the study. As a result of the analysis, it is concluded that only the CEO 's duration in the company in terms of corporate governance principles positively affects the financial performance of SMEs and is an important parameter for them. This result supports previous studies.

Keywords

• Corporate Governance Principles,Financial Performance,SME,Istanbul Stock Exchange

Küçük ve Orta Ölçekli Şirketlerde Finansal Performans ve Kurumsal Yönetim İlişkisi: Borsa İstanbul Gelişen Şirketler Piyasası Üzerine Bir Uygulama

Abstract

Bu çalışmanın amacı, Borsa İstanbul’da işlem gören Küçük ve Orta Ölçekli Şirketlerin kurumsal yönetim uygulamalarının, onların finansal performans göstergelerine etkisini ölçmektir. Bu amaçla, 2011-2017 döneminde Borsa İstanbul, Gelişen İşletmeler Pazarı’nda işlem gören 25 şirket incelenmiştir. Bu şirketlerin yönetim kurulu büyüklüğü, CEO’nun görevde kalma süresi ve ikililiği(duality), yönetim kurulundaki bağımsız yönetici oranı ve kadın yönetici oranı gibi kurumsal yönetim ilkeleri değişkenlerinin şirketlerin ROA (aktif karlılık), ROE (öz sermaye karlılığı) oranlarına test edilmiştir. Araştırmada panel veri regresyon analizi yöntemi kullanılmıştır. Çalışmada panel veri regresyon analizi sonucunda kurumsal yönetim ilkeleri değişkenlerinden sadece CEO’nun görevde kalma süresinin KOBİ’lerin finansal performansını olumlu yönde etkilediği ve onlar için önemli bir parametre olduğu sonucuna ulaşılmıştır. Bu sonuç önceki çalışmaları desteklemektedir.

Keywords

• Kurumsal Yönetim İlkeleri,Finansal Performans,KOBİ,BİST

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