<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.4 20241031//EN"
        "https://jats.nlm.nih.gov/publishing/1.4/JATS-journalpublishing1-4.dtd">
<article  article-type="research-article"        dtd-version="1.4">
            <front>

                <journal-meta>
                                                                <journal-id>malatya turgut ozal university journal of business and management sciences</journal-id>
            <journal-title-group>
                                                                                    <journal-title>Malatya Turgut Özal Üniversitesi İşletme ve Yönetim Bilimleri Dergisi</journal-title>
            </journal-title-group>
                            <issn pub-type="ppub">2717-7890</issn>
                                                                                                        <publisher>
                    <publisher-name>Malatya Turgut Ozal University</publisher-name>
                </publisher>
                    </journal-meta>
                <article-meta>
                                        <article-id/>
                                                                <article-categories>
                                            <subj-group  xml:lang="en">
                                                            <subject>Finance</subject>
                                                            <subject>Business Administration</subject>
                                                    </subj-group>
                                            <subj-group  xml:lang="tr">
                                                            <subject>Finans</subject>
                                                            <subject>İşletme </subject>
                                                    </subj-group>
                                    </article-categories>
                                                                                                                                                        <title-group>
                                                                                                                        <trans-title-group xml:lang="en">
                                    <trans-title>THE EFFECT OF FEMALE MEMBERS ON FIRM BOARDS ON THE COMPANY RISK: A CASE OF BIST</trans-title>
                                </trans-title-group>
                                                                                                                                                                                                <article-title>ŞİRKET YÖNETİM KURULLARINDAKİ KADIN ÜYELERİN FİRMA RİSKİNE ETKİSİ: BİST ÖRNEĞİ</article-title>
                                                                                                    </title-group>
            
                                                    <contrib-group content-type="authors">
                                                                        <contrib contrib-type="author">
                                                                    <contrib-id contrib-id-type="orcid">
                                        https://orcid.org/0000-0002-0955-3344</contrib-id>
                                                                <name>
                                    <surname>Gözel</surname>
                                    <given-names>Mehmet</given-names>
                                </name>
                                                                    <aff>ATATÜRK ÜNİVERSİTESİ OLTU BEŞERİ VE SOSYAL BİLİMLER FAKÜLTESİ</aff>
                                                            </contrib>
                                                                                </contrib-group>
                        
                                        <pub-date pub-type="pub" iso-8601-date="20200328">
                    <day>03</day>
                    <month>28</month>
                    <year>2020</year>
                </pub-date>
                                        <volume>1</volume>
                                        <issue>1</issue>
                                        <fpage>38</fpage>
                                        <lpage>64</lpage>
                        
                        <history>
                                    <date date-type="received" iso-8601-date="20200103">
                        <day>01</day>
                        <month>03</month>
                        <year>2020</year>
                    </date>
                                                    <date date-type="accepted" iso-8601-date="20200323">
                        <day>03</day>
                        <month>23</month>
                        <year>2020</year>
                    </date>
                            </history>
                                        <permissions>
                    <copyright-statement>Copyright © 2020, Malatya Turgut Özal Üniversitesi İşletme ve Yönetim Bilimleri Dergisi</copyright-statement>
                    <copyright-year>2020</copyright-year>
                    <copyright-holder>Malatya Turgut Özal Üniversitesi İşletme ve Yönetim Bilimleri Dergisi</copyright-holder>
                </permissions>
            
                                                                                                <trans-abstract xml:lang="en">
                            <p>The aim of this study is to investigate the relationship between the presence of female board members and firm risk with a sample of non-financial companies quoted on the Borsa Istanbul between the years 2012 and 2016. Firm beta and financial leverage ratios are employed as risk proxies, and pooled regression and fixed effects models are utilized to test the hypoteses. The results of the current study suggest that there is no statistically significant relationship between the presence of female board board members and firm risk.</p></trans-abstract>
                                                                                                                                    <abstract><p>Bu çalışmanın amacı; Borsa İstanbul’da payları işlem gören firmaların yönetim kurullarında görev yapan kadın üyelerin firma riskine olan etkisini incelemektir. Bu bağlamda; çalışma kapsamında, 2012-2016 dönemleri arasında Borsa İstanbul’da payları işlem gören finansal olmayan şirketler, sistematik risk ölçütü beta ve finansal kaldıraç oranı ile analiz edilmiştir. İncelenen şirketlere ait verileri test edebilmek amacıyla da, havuzlanmış regresyon ve sabit etkiler modelleri kullanılmıştır. Yapılan araştırma ve testler sonucunda, yönetim kurullarında bulunan kadın üyelerin firma riskine etkisinin olmadığı saptanmıştır.</p></abstract>
                                                            
            
                                                                                        <kwd-group>
                                                    <kwd>Kurumsal Yönetim</kwd>
                                                    <kwd>  Kadın Yönetim Kurulu Üyeleri</kwd>
                                                    <kwd>  Firma Riski</kwd>
                                            </kwd-group>
                            
                                                <kwd-group xml:lang="en">
                                                    <kwd>Corporate Governance</kwd>
                                                    <kwd>  Female Board Members</kwd>
                                                    <kwd>  Firm Risk</kwd>
                                            </kwd-group>
                                                                                                                                        </article-meta>
    </front>
    <back>
                            <ref-list>
                                    <ref id="ref1">
                        <label>1</label>
                        <mixed-citation publication-type="journal">Adams, R. B., &amp; Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of financial economics, 94(2), 291-309.</mixed-citation>
                    </ref>
                                    <ref id="ref2">
                        <label>2</label>
                        <mixed-citation publication-type="journal">Adams, R. B., &amp; Ragunathan, V. (2017). Lehman sisters. Available at SSRN 3046451.</mixed-citation>
                    </ref>
                                    <ref id="ref3">
                        <label>3</label>
                        <mixed-citation publication-type="journal">Adnan, M. F., Sabli, N., Rashid, M. Z. A., Hashim, A., Paino, H., &amp; Abdullah, A. (2016). The Impact of Educational Level of Board of 
Directors on Firms’ Performance. In Regional Conference on Science, Technology and Social Sciences (RCSTSS 2014) (pp. 37-48). Springer, Singapore.</mixed-citation>
                    </ref>
                                    <ref id="ref4">
                        <label>4</label>
                        <mixed-citation publication-type="journal">Arioglu, E. (2014). Demographic Diversity in the Boardroom: Evidence from Borsa Istanbul. Research Journal of Business and Management, 2(1), 18-36</mixed-citation>
                    </ref>
                                    <ref id="ref5">
                        <label>5</label>
                        <mixed-citation publication-type="journal">Arioglu, E. (2018a). Do Director Age Diversity and Values Affect Company Performance and Risk?. Available at SSRN 3295848.</mixed-citation>
                    </ref>
                                    <ref id="ref6">
                        <label>6</label>
                        <mixed-citation publication-type="journal">Arioglu, E. (2018b). Gender Diversity and Company Performance: The Effects of Director Affiliation.</mixed-citation>
                    </ref>
                                    <ref id="ref7">
                        <label>7</label>
                        <mixed-citation publication-type="journal">Arioglu, E. (2018c). Gender Diversity and Earnings Management: The Effects of Director Characteristics. Available at SSRN 3291150.</mixed-citation>
                    </ref>
                                    <ref id="ref8">
                        <label>8</label>
                        <mixed-citation publication-type="journal">Aven, T. (2008). Risk analysis: assessing uncertainties beyond expected values and probabilities.. Wiley, Chichester.</mixed-citation>
                    </ref>
                                    <ref id="ref9">
                        <label>9</label>
                        <mixed-citation publication-type="journal">Beck, T., Behr, P., &amp; Guettler, A. (2012). Gender and banking: are women better loan officers?. Review of Finance, 17(4), 1279-1321.</mixed-citation>
                    </ref>
                                    <ref id="ref10">
                        <label>10</label>
                        <mixed-citation publication-type="journal">Beck, T., Behr, P., Guettler, A., 2013. Gender and banking: are women better loan officers? Rev. Financ. 17, 1279–1321.</mixed-citation>
                    </ref>
                                    <ref id="ref11">
                        <label>11</label>
                        <mixed-citation publication-type="journal">Berger, A.N., Kick, T., Schaeck, K., 2014. Executive board composition and bank risk taking. Journal of Corporate Finance. 28, 48–65.</mixed-citation>
                    </ref>
                                    <ref id="ref12">
                        <label>12</label>
                        <mixed-citation publication-type="journal">Bhuiyan, M., Uddin, B., Cheema, M. A., &amp; Man, Y. (2017). Risk committee, corporate risk-taking and firm value. In 2017 Auckland Finance Meeting.</mixed-citation>
                    </ref>
                                    <ref id="ref13">
                        <label>13</label>
                        <mixed-citation publication-type="journal">Byrnes, J. P., Miller, D. C., &amp; Schafer, W. D. (1999). Gender differences in risk taking: A meta-analysis. Psychological bulletin, 125(3), 367.</mixed-citation>
                    </ref>
                                    <ref id="ref14">
                        <label>14</label>
                        <mixed-citation publication-type="journal">Chapman, C., &amp; Ward, S. (2003). Project risk management: processes, techniques, and insights. Wiley.
Coles, J. L., Daniel, N. D., Naveen, L. (2006). Managerial incentives and risk-taking. Journal of financial Economics, 79(2), 431-468.</mixed-citation>
                    </ref>
                                    <ref id="ref15">
                        <label>15</label>
                        <mixed-citation publication-type="journal">Deloitte. (2008). Kurumsal Yönetim ve İtibarın Sigortası: “Denetim Komitesi”. İç Denetim Dergisi, 21, 40-44.</mixed-citation>
                    </ref>
                                    <ref id="ref16">
                        <label>16</label>
                        <mixed-citation publication-type="journal">Dey, D. K., &amp; Chauhan, Y. K. (2009). Board Composition and Performance. The IUP Journal of Corporate Governance , 8 (2), 7-19.</mixed-citation>
                    </ref>
                                    <ref id="ref17">
                        <label>17</label>
                        <mixed-citation publication-type="journal">Egonzehnder, (2014). Yönetim Kurulu Kadın Yönetici Çeşitliliği Oranları. https://www.egonzehnder.com/global-board-diversity-tracker/customize-the-data?report=Board+size+%2F+Women+per+board&amp;subgroup=Global&amp;year=2014, Erişim Tarihi: 03.10.2019</mixed-citation>
                    </ref>
                                    <ref id="ref18">
                        <label>18</label>
                        <mixed-citation publication-type="journal">Erişmiş, A. (2013). Yönetim Kurulu Yapısının BİST Şirketlerinin Performansı Üzerine Etkisi. Doktora Tezi. Çukurova Üniversitesi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Adana.</mixed-citation>
                    </ref>
                                    <ref id="ref19">
                        <label>19</label>
                        <mixed-citation publication-type="journal">Faccio, M., Marchica, M. &amp; Mura, R., 2016. CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193-209.</mixed-citation>
                    </ref>
                                    <ref id="ref20">
                        <label>20</label>
                        <mixed-citation publication-type="journal">Fama, E. F., &amp; Jensen, M. C. (1983). Agency Problems and Residual Claims.Journal of Law and Economics, 26(2), 327-349.</mixed-citation>
                    </ref>
                                    <ref id="ref21">
                        <label>21</label>
                        <mixed-citation publication-type="journal">Farrell, K. A., &amp; Hersch, P. L. (2005). Additions to corporate boards: the effect of gender. Journal of Corporate finance, 11(1-2), 85-106.</mixed-citation>
                    </ref>
                                    <ref id="ref22">
                        <label>22</label>
                        <mixed-citation publication-type="journal">Fehr-Duda, H., De Gennaro, M., &amp; Schubert, R. (2006). Gender, financial risk, and probability weights. Theory and decision, 60(2-3), 283-313.</mixed-citation>
                    </ref>
                                    <ref id="ref23">
                        <label>23</label>
                        <mixed-citation publication-type="journal">Finkelstein, S., ve Mooney, A. C., (2003). Not The Usual Suspects: How to Use Board Process to Make Boards Better. Academy of Management Executive, 17(2), 101-113.</mixed-citation>
                    </ref>
                                    <ref id="ref24">
                        <label>24</label>
                        <mixed-citation publication-type="journal">Gujarati, Damodar N. (2003). Basic econometrics. (International Edition), USA, McGraw Hill</mixed-citation>
                    </ref>
                                    <ref id="ref25">
                        <label>25</label>
                        <mixed-citation publication-type="journal">Güzeldere, H. (2015).  Kurumsal Şeffaflık, Firma Değeri ve Firma Performansları İlişkisi: BİST İncelemesi. Doktora Tezi, İstanbul Üniversitesi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Finans Bilim Dalı, İstanbul.</mixed-citation>
                    </ref>
                                    <ref id="ref26">
                        <label>26</label>
                        <mixed-citation publication-type="journal">Harris, M., &amp; Raviv, A. (2006). A theory of board control and size. The Review of Financial Studies, 21(4), 1797-1832.</mixed-citation>
                    </ref>
                                    <ref id="ref27">
                        <label>27</label>
                        <mixed-citation publication-type="journal">Hassan, F. (2019). The Impact of Audit Committees on firm Performance: An Aplication on BIST Companies. Yüksek Lisans Tezi. Çukurova Üniversitesi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Adana.</mixed-citation>
                    </ref>
                                    <ref id="ref28">
                        <label>28</label>
                        <mixed-citation publication-type="journal">Hermalin, B. E., &amp; Weisbach, M. S. (2003). Boards of directors as an endogenously determined institution: A survey of the economic literature . FRBNY Economic Policy Review. 6-26.</mixed-citation>
                    </ref>
                                    <ref id="ref29">
                        <label>29</label>
                        <mixed-citation publication-type="journal">Hsiao, C. (2003). Analysis of panel data. UK: Cambridge University Press. Second Edition.</mixed-citation>
                    </ref>
                                    <ref id="ref30">
                        <label>30</label>
                        <mixed-citation publication-type="journal">Huang, J., &amp; Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives?. Journal of Financial Economics, 108(3), 822-839.</mixed-citation>
                    </ref>
                                    <ref id="ref31">
                        <label>31</label>
                        <mixed-citation publication-type="journal">Kalsie, A., &amp; Shrivastav, S. M. (2016). Analysis of Board Size and Firm Performance: Evidence from NSE Companies Using Panel Data Approach. Indian Journal of Corporate Governance, 9(2), 148–172.</mixed-citation>
                    </ref>
                                    <ref id="ref32">
                        <label>32</label>
                        <mixed-citation publication-type="journal">Khazanchi, D. 1995. Unethical behavior in information systems: The gender factor. Journal of Business Ethics 14 (9), 741-749.</mixed-citation>
                    </ref>
                                    <ref id="ref33">
                        <label>33</label>
                        <mixed-citation publication-type="journal">Lenard, M., Yu, B., Anne York, E., &amp; Wu, S. (2014). Impact of board gender diversity on firm risk. Managerial Finance, 40(8), 787-803.</mixed-citation>
                    </ref>
                                    <ref id="ref34">
                        <label>34</label>
                        <mixed-citation publication-type="journal">Levi, M.D., Li, K., Zhang, F., 2013. Director gender and mergers and acquisitions. Journal of Corporate. Finance. 28, 185–200.</mixed-citation>
                    </ref>
                                    <ref id="ref35">
                        <label>35</label>
                        <mixed-citation publication-type="journal">Lückerath-Rovers, M. (2013). Women on boards and firm performance. Journal of Management &amp; Governance, 17(2), 491-509.</mixed-citation>
                    </ref>
                                    <ref id="ref36">
                        <label>36</label>
                        <mixed-citation publication-type="journal">Malgharni, A. M., &amp; Karimnia, M. (2014). Investigate the Relationship Between Unsystematic Risk and Profit Growth of Accepted Companies in Tehran Stock Exchange. Singaporean Journal of Business, Economics and Management Studies, 51(1448), 1-8.</mixed-citation>
                    </ref>
                                    <ref id="ref37">
                        <label>37</label>
                        <mixed-citation publication-type="journal">Matsa, D.A., Miller, A.R., 2013. A female style in corporate leadership? Evidence from quotas. Am. Econ. J. Appl. Econ. 5, 136–169.</mixed-citation>
                    </ref>
                                    <ref id="ref38">
                        <label>38</label>
                        <mixed-citation publication-type="journal">Minton, B. A., Taillard, J. P., &amp; Williamson, R. (2014). Financial expertise of the board, risk taking, and performance: Evidence from bank holding companies. Journal of Financial and Quantitative Analysis, 49(2), 351-380.</mixed-citation>
                    </ref>
                                    <ref id="ref39">
                        <label>39</label>
                        <mixed-citation publication-type="journal">Murphy, E. V. (2012, May). What Is Systemic Risk? Does It Apply to Recent JP Morgan Losses?. Library of Congress, Congressional Research Service. 1-11.</mixed-citation>
                    </ref>
                                    <ref id="ref40">
                        <label>40</label>
                        <mixed-citation publication-type="journal">OECD (2004), Corporate Governance-A Survey Of OECD Countries, OECD yayınları, 	Paris,  25-31.</mixed-citation>
                    </ref>
                                    <ref id="ref41">
                        <label>41</label>
                        <mixed-citation publication-type="journal">Özdündar, G. (2017). Türkiye’ de Yönetim Kurullarında Kadın Yönetici İstihdamı: 2011 Sonrası. Yüksek Lisans Tezi, Karadeniz Üniversitesi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Trabzon.</mixed-citation>
                    </ref>
                                    <ref id="ref42">
                        <label>42</label>
                        <mixed-citation publication-type="journal">Pazarlıoğlu, M. V., &amp; Gürler, Ö. K. (2007). Telekomünikasyon yatırımları ve ekonomik büyüme: panel veri yaklaşımı. Finans Politik ve Ekonomik Yorumlar, 44(508), 35-43.</mixed-citation>
                    </ref>
                                    <ref id="ref43">
                        <label>43</label>
                        <mixed-citation publication-type="journal">Powell, M., D. Ansic. 1997. Gender differences in risk behaviour in financial decisionmaking: An experimental analysis. Journal of Economic Psychology 18 (6), 605-628.</mixed-citation>
                    </ref>
                                    <ref id="ref44">
                        <label>44</label>
                        <mixed-citation publication-type="journal">Rosenberg, B. (1985). Prediction of Common Stock Betas. The Journal of Portfolio Management Winter 11 (2), 5-14.</mixed-citation>
                    </ref>
                                    <ref id="ref45">
                        <label>45</label>
                        <mixed-citation publication-type="journal">Rosener, J.: 1990. &quot;Ways women lead&quot;, Harvard Business Review,November-December: 119-125.</mixed-citation>
                    </ref>
                                    <ref id="ref46">
                        <label>46</label>
                        <mixed-citation publication-type="journal">Sila, V., Gonzalez, A., &amp; Hagendorff, J. (2016). Women on board: Does boardroom gender diversity affect firm risk? Journal of Corporate Finance, 36, 26-53.</mixed-citation>
                    </ref>
                                    <ref id="ref47">
                        <label>47</label>
                        <mixed-citation publication-type="journal">Smith, N., Smith, V., &amp; Verner, M. (2006). Do women in top management affect firm performance? A panel study of 2,500 Danish firms. International Journal of productivity and Performance management, 55(7), 569-593.</mixed-citation>
                    </ref>
                                    <ref id="ref48">
                        <label>48</label>
                        <mixed-citation publication-type="journal">Subramaniam, N., McManus, L., &amp; Zhang, J. (2009). Corporate governance, firm characteristics and risk management committee formation in Australian companies. Managerial Auditing Journal, 24(4), 316-339.</mixed-citation>
                    </ref>
                                    <ref id="ref49">
                        <label>49</label>
                        <mixed-citation publication-type="journal">Şahin, K., Eser, B., Kaplan, T., &amp; Özdündar, G. (2018). Yönetim Kurullarında Kadın Yönetici Temsili: Türkiye’de Yönetim Kurulları Yapısının Cinsiyet Bağlamında İncelenmesi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 14(4), 1147-1166.</mixed-citation>
                    </ref>
                                    <ref id="ref50">
                        <label>50</label>
                        <mixed-citation publication-type="journal">Tariq, W., Ali, İ., Ibrahim, M., Asim, M. ve Rehman, N.U., (2014). Theory and Empirical Evidence on Corporate Governance From Banking Sector of Pakistan. Business and Economic Research ISSN 2162-4860, 4(1).</mixed-citation>
                    </ref>
                                    <ref id="ref51">
                        <label>51</label>
                        <mixed-citation publication-type="journal">Tepeli, Y. (2018). Yönetim Muhasebesi Açısından Sistematik Risk ile Mali Oranlar Arasındaki İlişkinin Analizi ve Halka Açık Olmayan Şirketlerde Sistematik Riskin Tahmin Edilmesi: Turizm Sektörü’ nde Bir Araştırma. Doktora Tezi, Muğla Sıtkı Koçman Üniversitesi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Muğla.</mixed-citation>
                    </ref>
                                    <ref id="ref52">
                        <label>52</label>
                        <mixed-citation publication-type="journal">Terjesen, S., Singh, V. 2008. Female Presence on Corporate Boards: A Multi-Country Study of Environmental Context. Journal of Business Ethics, 83(1), 55-63.</mixed-citation>
                    </ref>
                                    <ref id="ref53">
                        <label>53</label>
                        <mixed-citation publication-type="journal">Uğurlu, M., Erdaş, M. L., &amp; Eroğlu, A. (2012). Portföy Yönetiminde Sistematik Olmayan Riski Azaltacak Bir Doğrusal Programlama Model Önerisi. Çankırı Karatekin Üniversitesi İİBF Dergisi, 6(1), 147-174.</mixed-citation>
                    </ref>
                                    <ref id="ref54">
                        <label>54</label>
                        <mixed-citation publication-type="journal">Ülgen, H., Mirze, S. K. (2007). İşletmelerde Stratejik Yönetim. (Dördüncü Baskı) İstanbul Arıkan Yayın Evi.</mixed-citation>
                    </ref>
                                    <ref id="ref55">
                        <label>55</label>
                        <mixed-citation publication-type="journal">Verbeek, M. (2004). A guide to modern econometrics. John Wiley &amp; Sons. Second edition.</mixed-citation>
                    </ref>
                                    <ref id="ref56">
                        <label>56</label>
                        <mixed-citation publication-type="journal">Wilson, N., Altanlar, A., 2011. Director characteristics, gender balance and insolvency risk: An empirical study. Unpublished Working Paper.</mixed-citation>
                    </ref>
                                    <ref id="ref57">
                        <label>57</label>
                        <mixed-citation publication-type="journal">World Bank (1999). Ukranian Corporate Governance Manual, 49-50.</mixed-citation>
                    </ref>
                                    <ref id="ref58">
                        <label>58</label>
                        <mixed-citation publication-type="journal">Yased (2016). Kadınların üst yönetimde temsilinin arttırılmasına yönelik uygulamalar ve öneriler. https://www.yased.org.tr/ReportFiles/2016/YASED-KadinRaporu.pdf, Erişim Tarihi: 03.10.2019</mixed-citation>
                    </ref>
                            </ref-list>
                    </back>
    </article>
