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YÖNETİM KURULU YAPISININ SERMAYE YAPISI ÜZERİNE ETKİSİ: BİST 100 İŞLETMELERİ ÜZERİNE BİR İNCELEME

Year 2020, Volume: 12 Issue: 23, 437 - 458, 31.07.2020

Fettullah Evliyaoğlu

https://doi.org/10.14784/marufacd.782966
Cited By: 1

Abstract

Kurumsal yönetim bakış açısı ile sermaye yapısını değerlendiren bu çalışmada Borsa İstanbul faaliyet gösteren 100 büyük şirketi esas alan BİST 100 endeksi 2014-2018 yılları arasında analiz edilmiştir. Belirtilen dönemlerde endekste kalmış olan 63 şirket ele alınarak yönetim kurulu yapıları ve sermaye yapısı incelenmiştir. İşletmelerin kamuya açık raporları ve finansal tabloları esas alınmıştır. Sermaye yapısı değerlendirilirken borçlanma özellikleri ve oranları esas alınmıştır. Analizler sonucunda yönetim kurulu üye sayısındaki artışın borç/özkaynak oranındaki artışı pozitif etkilediği, bununla birlikte icrada bulunmayan üye oranı ile borç/özkaynak arasında negatif ilişki olduğu görülmüştür. Ayrıca yönetim kurulu üye sayısının negatif, yabancı yönetim kurulu üye oranının pozitif yönde kısa vadeli borçlar/uzun vadeli borçlar oranını etkilediği sonucuna ulaşılmıştır.

Keywords

Sermaye Yapısı Yönetim Kurulları Kurumsal Yönetim

References

  • ADUSEI, M. & OBENG, E. Y. T. (2019). Board Gender Diversity and The Capital Structure of Microfinance Institutions: A Global Analysis. The Quarterly Review of Economics and Finance, 71, 258-269.
  • AGHA, J. A., REHMAN, S., BAJURI, N. H., KARAMI, M. & AHMADIMOUSAABAD, A. (2013). Trade-Off Theory, Pecking Order Theory and Market Timing Theory: A Comprehensive Review of Capital Structure Theories. International Journal of Management and Commerce Innovations, 1(1), 11-18.
  • ALVES, P., COUTO, E. B. & FRANCISCO, P. M. (2015). Board of Directors’ Composition and Capital Structure. Research in International Business and Finance, 35, 1–32 .
  • BERGER, P. G., OFEK, E. & YERMACK, D. L.(1997). Managerial Entrenchment and Capital Structure Decisions. The Journal of Finance, (52), 1411-1438.
  • BIN-SARIMAN, A. S., ALI, A. & NOR, M. N. M.(2016). Board of Directors’ Quality and Firms’ Debt Financing: The Moderating Effect of Insider Ownership – Evidence from Omani Firms. Applied Economics, 48(5), 402-410.
  • BUVANENDRA, S., SRIDHARAN, P. & THIYAGARAJAN, S. (2017). Firm Characteristics, Corporate Governance and Capital Structure Adjustments: A Comparative Study of Listed Firms in Sri Lanka and India. IIMB Management Review, 29, 245-258.
  • CADBURY (1992). The Financial Aspects of Corporate Governance. The Committee on the Financial Aspects of Corporate Governance and Gee and Co. Ltd. https://ecgi.global/sites/default/files//codes/documents/cadbury.pdf adresinden 17/05/2019 tarihinde erişilmiştir.
  • CHAABOUNI, I. & JARBOURI, A. (2013). Interaction Board of Directors - Capital Structure: Integrating skills and networks. Open Journal of Knowledge Management, http://www.community-of-knowledge.de/beitrag/interaction-board-of-directors-capital-structure-integrating-skills-and-networks/ adresinden 13/04/2019 tarihinde erişilmiştir.
  • DAMODARAN, A.(2015). Applied Corporate Finance. John Wiley & Sons Inc, NJ.
  • DEMIRCI, S. N. (2017). Serbest Nakit Akışlarının Şirket Değerine Etkisi: Serbest Nakit Akış Teorisi Bağlamında BIST 100 Endeksi Üzerine Dinamik Panel Veri Analizi. İşletme Araştırmaları Dergisi, 9(2), 283-299.
  • DETTHAMRONGA, U., CHANCHARATA, N. & VITHESSONTHI, C. (2017). Corporate Governance, Capital Structure and Firm Performance: Evidence from Thailand. Research in International Business and Finance, 42, 689-709.
  • DOAN, T. & NGUYEN, N. Q. (2018). Boards of Directors and Firm Leverage: Evidence From Real Estate Investment Trusts. Journal of Corporate Finance, 51, 109-124.
  • ELMAGRHI, M. H., NTIM, C. G., MALAGILA, J., FOSU, S. & TUNYI, A. A. (2018). Trustee Board Diversity, Governance Mechanisms, Capital Structure and Performance in UK Charities. Corporate Governance: The International Journal of Business in Society, 18(3), 478-508.
  • GHASEMI, M. & RAZAK, N. H. A. (2016). Does the Size of Board of Directors and Executives Affect Firm Performance in Malaysian Listed Firms?. International Journal of Economics and Financial Issues, 6(S6), 1-5.
  • GRANADO-PEIRÓ, N. & LOPEZ-GRACIA, J.(2017). Corporate Governance and Capital Structure: A Spanish Study. European Management Review, 14, 33–45.
  • HEMEDOĞLU, E., EVLIYAOĞLU, F. & ASLANTAŞ, C. C. (2012). Stakeholder Relationship of ISE 50 Firms in Terms of Corporate Governance: A Corporate Perspective of Stakeholder Theory. Istanbul Management Journal, 23(71), 83-99.
  • HENG, T. B., AZRBAIJANI, S. & SAN O.T.(2012). Board of Directors and Capital Structure: Evidence from Leading Malaysian Companies. Asian Social Science, 8(3), 123-136.
  • IBRAHIM, H. A. & ZULKAFLI , A. H. (2018). Corporate Governance Mechanisms and Capital Structure Adjustment – A Conceptual Model. Global Business and Management Research: An International Journal, 10(3), 392-402.
  • ISHAK, Z., MANAF, N. A. A. & KASSIM, A. A.(2011). Quality of Boards of Directors and Capital Structure Decisions in Malaysian Companies. Corporate Ownership & Control, 8 (4), 264-274.
  • JENSEN, M.C. (1983), Organization Theory and Methodology. The Accounting Review, 8(2), 319-333.
  • JENSEN, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323-329.
  • KASSIM, A. A., ISHAK, Z. & MANAF, N. A. A.(2013). Board Effectiveness and Company Performance: Assessing The Mediating Role of Capital Structure Decisions. International Journal of Business and Society, 14(2), 319-338.
  • LIAO, L., MUKHERJEE, T. & WANG, W.(2015). Corporate Governance and Capital Structure Dynamics. The Journal of Financial Research, 38, 169-191.
  • MILLER, M. (1977). Debt and Taxes. Journal of Finance, vol.32, 261-275.
  • MODIGLIANI, F. & MILLER, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48, 261–297.
  • MODIGLIANI, F. & MILLER, M.H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53, 433-443.
  • MYERS, S. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 575-592.
  • MYERS, S. C., & MAJLUF, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
  • ONBULAK, E. (2018). Kurumsal Yönetim ve Türkiye Yansımaları. Journal of Social Policy Conferences, 72, 101-126.
  • REDDY, K. & LOCKE, S. (2014). The Relationship Between Ownership Structure, Capital Structure and Corporate Governance Practices: A Case Study of Co-operatives and Mutuals in New Zealand. International Journal of Managerial Finance, 10(4), 511-536.
  • ROCCA, M.L. (2007). The Influence of Corporate Governance on The Relation Between Capital Structure and Value. Corporate Governance: The International Journal of Business in Society, 7(3), 312-325.
  • SAKARYA, Ş. & ÖZMEN, H. İ. (2008). Türkiye’de Kurumsal Yönetim Sürecinin Gelişimi ve Balıkesir’deki İşletmeler Tarafından Algılanması Üzerine Bir Araştırma. Muhasebe ve Denetime Bakış, 103-126.
  • SAYILGAN, G. (2017). İşletme Finansmanı. Siyasal Yayınevi, Ankara.
  • SHEIKH, N. A. & WANG, Z. (2012). Effects of Corporate Governance on Capital Structure: Empirical Evidence from Pakistan. Corporate Governance: The international Journal of Business in Society, 12(5),629-641.
  • TARUS, D. K. & AYABEI, E.(2016). Board Composition and Capital Structure: Evidence from Kenya", Management Research Review, 39(9), 1056-1079.
  • TÜSİAD.(2002). Kurumsal Yönetim En İyi Uygulama Kodu: Yönetim Kurulunun Yapısı ve İşleyişi. Lebib Yalkın Yayımları ve Basım İşleri A.Ş., https://www.tusiad.org/tr/yayinlar/raporlar/item/1877-kurumsalyonetim-%09en-iyi-uygulama-kodu--yonetim-kurulunun-yapisi-ve-isleyisi adresinden 16/05/2019 tarihinde erişilmiştir.
  • VARLIK, B. (2017). Borsa İstanbul’da(BİST) Hisse Senedi Fiyatlarının Spektral Analizi. Doktora Tezi, Adnan Menderes Üniversitesi, Aydın.
  • ISO (2017). www.iso500.org.tr/file/ISO-500-2016-98.pdf adresinden 13/01/2019 tarihinde erişilmiştir.
  • KAP.(2019). https://www.kap.org.tr/tr/bist-sirketler adresinden 13/04/2019 tarihinde erişilmiştir.
  • SPK. (2011). Kurumsal Yönetim İlkeleri. http://www.spk.gov.tr/Sayfa/Dosya/66 adresinden 23/04/2019 tarihinde erişilmiştir.

Year 2020, Volume: 12 Issue: 23, 437 - 458, 31.07.2020

Fettullah Evliyaoğlu

https://doi.org/10.14784/marufacd.782966
Cited By: 1

Abstract

References

  • ADUSEI, M. & OBENG, E. Y. T. (2019). Board Gender Diversity and The Capital Structure of Microfinance Institutions: A Global Analysis. The Quarterly Review of Economics and Finance, 71, 258-269.
  • AGHA, J. A., REHMAN, S., BAJURI, N. H., KARAMI, M. & AHMADIMOUSAABAD, A. (2013). Trade-Off Theory, Pecking Order Theory and Market Timing Theory: A Comprehensive Review of Capital Structure Theories. International Journal of Management and Commerce Innovations, 1(1), 11-18.
  • ALVES, P., COUTO, E. B. & FRANCISCO, P. M. (2015). Board of Directors’ Composition and Capital Structure. Research in International Business and Finance, 35, 1–32 .
  • BERGER, P. G., OFEK, E. & YERMACK, D. L.(1997). Managerial Entrenchment and Capital Structure Decisions. The Journal of Finance, (52), 1411-1438.
  • BIN-SARIMAN, A. S., ALI, A. & NOR, M. N. M.(2016). Board of Directors’ Quality and Firms’ Debt Financing: The Moderating Effect of Insider Ownership – Evidence from Omani Firms. Applied Economics, 48(5), 402-410.
  • BUVANENDRA, S., SRIDHARAN, P. & THIYAGARAJAN, S. (2017). Firm Characteristics, Corporate Governance and Capital Structure Adjustments: A Comparative Study of Listed Firms in Sri Lanka and India. IIMB Management Review, 29, 245-258.
  • CADBURY (1992). The Financial Aspects of Corporate Governance. The Committee on the Financial Aspects of Corporate Governance and Gee and Co. Ltd. https://ecgi.global/sites/default/files//codes/documents/cadbury.pdf adresinden 17/05/2019 tarihinde erişilmiştir.
  • CHAABOUNI, I. & JARBOURI, A. (2013). Interaction Board of Directors - Capital Structure: Integrating skills and networks. Open Journal of Knowledge Management, http://www.community-of-knowledge.de/beitrag/interaction-board-of-directors-capital-structure-integrating-skills-and-networks/ adresinden 13/04/2019 tarihinde erişilmiştir.
  • DAMODARAN, A.(2015). Applied Corporate Finance. John Wiley & Sons Inc, NJ.
  • DEMIRCI, S. N. (2017). Serbest Nakit Akışlarının Şirket Değerine Etkisi: Serbest Nakit Akış Teorisi Bağlamında BIST 100 Endeksi Üzerine Dinamik Panel Veri Analizi. İşletme Araştırmaları Dergisi, 9(2), 283-299.
  • DETTHAMRONGA, U., CHANCHARATA, N. & VITHESSONTHI, C. (2017). Corporate Governance, Capital Structure and Firm Performance: Evidence from Thailand. Research in International Business and Finance, 42, 689-709.
  • DOAN, T. & NGUYEN, N. Q. (2018). Boards of Directors and Firm Leverage: Evidence From Real Estate Investment Trusts. Journal of Corporate Finance, 51, 109-124.
  • ELMAGRHI, M. H., NTIM, C. G., MALAGILA, J., FOSU, S. & TUNYI, A. A. (2018). Trustee Board Diversity, Governance Mechanisms, Capital Structure and Performance in UK Charities. Corporate Governance: The International Journal of Business in Society, 18(3), 478-508.
  • GHASEMI, M. & RAZAK, N. H. A. (2016). Does the Size of Board of Directors and Executives Affect Firm Performance in Malaysian Listed Firms?. International Journal of Economics and Financial Issues, 6(S6), 1-5.
  • GRANADO-PEIRÓ, N. & LOPEZ-GRACIA, J.(2017). Corporate Governance and Capital Structure: A Spanish Study. European Management Review, 14, 33–45.
  • HEMEDOĞLU, E., EVLIYAOĞLU, F. & ASLANTAŞ, C. C. (2012). Stakeholder Relationship of ISE 50 Firms in Terms of Corporate Governance: A Corporate Perspective of Stakeholder Theory. Istanbul Management Journal, 23(71), 83-99.
  • HENG, T. B., AZRBAIJANI, S. & SAN O.T.(2012). Board of Directors and Capital Structure: Evidence from Leading Malaysian Companies. Asian Social Science, 8(3), 123-136.
  • IBRAHIM, H. A. & ZULKAFLI , A. H. (2018). Corporate Governance Mechanisms and Capital Structure Adjustment – A Conceptual Model. Global Business and Management Research: An International Journal, 10(3), 392-402.
  • ISHAK, Z., MANAF, N. A. A. & KASSIM, A. A.(2011). Quality of Boards of Directors and Capital Structure Decisions in Malaysian Companies. Corporate Ownership & Control, 8 (4), 264-274.
  • JENSEN, M.C. (1983), Organization Theory and Methodology. The Accounting Review, 8(2), 319-333.
  • JENSEN, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323-329.
  • KASSIM, A. A., ISHAK, Z. & MANAF, N. A. A.(2013). Board Effectiveness and Company Performance: Assessing The Mediating Role of Capital Structure Decisions. International Journal of Business and Society, 14(2), 319-338.
  • LIAO, L., MUKHERJEE, T. & WANG, W.(2015). Corporate Governance and Capital Structure Dynamics. The Journal of Financial Research, 38, 169-191.
  • MILLER, M. (1977). Debt and Taxes. Journal of Finance, vol.32, 261-275.
  • MODIGLIANI, F. & MILLER, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48, 261–297.
  • MODIGLIANI, F. & MILLER, M.H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53, 433-443.
  • MYERS, S. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 575-592.
  • MYERS, S. C., & MAJLUF, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
  • ONBULAK, E. (2018). Kurumsal Yönetim ve Türkiye Yansımaları. Journal of Social Policy Conferences, 72, 101-126.
  • REDDY, K. & LOCKE, S. (2014). The Relationship Between Ownership Structure, Capital Structure and Corporate Governance Practices: A Case Study of Co-operatives and Mutuals in New Zealand. International Journal of Managerial Finance, 10(4), 511-536.
  • ROCCA, M.L. (2007). The Influence of Corporate Governance on The Relation Between Capital Structure and Value. Corporate Governance: The International Journal of Business in Society, 7(3), 312-325.
  • SAKARYA, Ş. & ÖZMEN, H. İ. (2008). Türkiye’de Kurumsal Yönetim Sürecinin Gelişimi ve Balıkesir’deki İşletmeler Tarafından Algılanması Üzerine Bir Araştırma. Muhasebe ve Denetime Bakış, 103-126.
  • SAYILGAN, G. (2017). İşletme Finansmanı. Siyasal Yayınevi, Ankara.
  • SHEIKH, N. A. & WANG, Z. (2012). Effects of Corporate Governance on Capital Structure: Empirical Evidence from Pakistan. Corporate Governance: The international Journal of Business in Society, 12(5),629-641.
  • TARUS, D. K. & AYABEI, E.(2016). Board Composition and Capital Structure: Evidence from Kenya", Management Research Review, 39(9), 1056-1079.
  • TÜSİAD.(2002). Kurumsal Yönetim En İyi Uygulama Kodu: Yönetim Kurulunun Yapısı ve İşleyişi. Lebib Yalkın Yayımları ve Basım İşleri A.Ş., https://www.tusiad.org/tr/yayinlar/raporlar/item/1877-kurumsalyonetim-%09en-iyi-uygulama-kodu--yonetim-kurulunun-yapisi-ve-isleyisi adresinden 16/05/2019 tarihinde erişilmiştir.
  • VARLIK, B. (2017). Borsa İstanbul’da(BİST) Hisse Senedi Fiyatlarının Spektral Analizi. Doktora Tezi, Adnan Menderes Üniversitesi, Aydın.
  • ISO (2017). www.iso500.org.tr/file/ISO-500-2016-98.pdf adresinden 13/01/2019 tarihinde erişilmiştir.
  • KAP.(2019). https://www.kap.org.tr/tr/bist-sirketler adresinden 13/04/2019 tarihinde erişilmiştir.
  • SPK. (2011). Kurumsal Yönetim İlkeleri. http://www.spk.gov.tr/Sayfa/Dosya/66 adresinden 23/04/2019 tarihinde erişilmiştir.
There are 40 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Fettullah Evliyaoğlu

Publication Date July 31, 2020
Submission Date November 8, 2019
Published in Issue Year 2020 Volume: 12 Issue: 23

Cite

APA Evliyaoğlu, F. (2020). YÖNETİM KURULU YAPISININ SERMAYE YAPISI ÜZERİNE ETKİSİ: BİST 100 İŞLETMELERİ ÜZERİNE BİR İNCELEME. Finansal Araştırmalar Ve Çalışmalar Dergisi, 12(23), 437-458. https://doi.org/10.14784/marufacd.782966

Cited By

Finansal Gevşeklik, Mülkiyet-Yönetim Kurulu Yapısı ve Firma Performansı Arasındaki İlişki: BİST 100 Örneği
Ekonomi Politika ve Finans Arastirmalari Dergisi
https://doi.org/10.30784/epfad.1483523