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Kurumsal Yönetim İle Kurumsal Risk Yönetimi Arasındaki İlişki: Borsa İstanbul Örneği

Year 2018, Issue: 78, 235 - 248, 04.04.2018

Süleyman Serdar Karaca , Zekai Şenol , Özge Korkmaz

https://doi.org/10.25095/mufad.412709
Cited By: 1

Abstract

Enron sonrasında devam eden büyük şirket skandalları, 2008 küresel ekonomik krizi, finansal piyasaların derinleşmesi, firmalarda hissedar sayılarının artması, yatırımcı beklentilerinin önem kazanması gibi konular gerek kurumsal yönetim gerekse kurumsal risk yönetimi (KRY) konularını önemli hale getirmiştir. Kurumsal yönetimle ilgili finansal istikrar, sürdürülebilir büyüme, paydaş sorumlulukları gibi bazı konular KRY’nin etkinliğini etkilerken, KRY ile ilgili risk yanıtının yönetimce alınması, amaçlara ulaşmada makul güvence sağlanılması, risk raporlamasının yönetime yapılması gibi konular kurumsal yönetim etkinliğini artırmaktadır. Bu çalışmada birbirini etkileyen iki konu olan kurumsal yönetim ile KRY’nin birbirlerine etkileri araştırılmıştır. 2009-2015 dönemine ait 231 firma ve zaman örnekleminde yapılan logistik regresyon analizinde kurumsal yönetim ile KRY’nin birbirlerini pozitif şekilde etkiledikleri görülmüştür.

Keywords

Kurumsal Yönetim Kurumsal Risk yönetimi Panel Veri Analizi Panel Logit Model

References

  • Akındele, R. I. (2012). Risk Managementand Corporate Governance Performance – Emprical Evidence from The Nigerian Banking Sector. IFEPsychologIA. 20(1), p. 103-120. 18p.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data. England: John &WileySons, Ltd.
  • Baskıcı, Ç. (2015). Kurumsal Yönetim Uygulamalarında İç Kontrol Sisteminin Önemi: Borsa İstanbul Şirketleri Üzerine Bir Araştırma. Uluslararası Yönetim İktisat ve İşletme Dergisi. 11(25): 163-180.
  • Baxter, R., Bedard, J. C., Hoitash, R and Yezegel, A. (2013). Enterprise Risk Management Program Quality: Determinants, Value Relevance, and the Financial Crisis. Contemporary Accounting Research. 30(4): 1264-1295.
  • Beasley, M. S., Clune, R., and Hermanson, D. R., (2005). Enterprise Risk Management: AN Emprical Analysis of Factors Associated with the Extent of Implementation, Journal of Accounting and Public Policy, 24: 521-531.
  • Bertinetti, G. S., Cavezzali, E. and Gardenal, G. (2013). The Effect of The Enterprise Risk Management Implementation on The Firm Value of European Companies, WorkingPaper Series, http://virgo.unive.it/wpideas/storage/2013wp10.pdf, (13.07.2014).
  • Bhadat, S. and Bolton, B. (2008). Corporate Governance and Firm Performance. Journal of Corporate Finance. 14(3), 257-273.
  • Boghean, F. (2015). Researh on Risk Management, As Part of Corporate Governance, in Entities, The USV Annals of Economics and Public Administration. 15(Special Issue), 127-135.
  • Bozkurt, C. (2010). Risk, Kurumsal Risk Yönetimi ve İç Denetim. Denetişim Dergisi. (4): 17–30.
  • Brezeanu, P., Al Essawı, M. S., Poanta, D. and Badea, L. (2011). Does Corporate Governance Impact Risk Management System? Theoretical and Applied Economics. 17(4), 49-64.
  • Brown, I, Steen, A. and Foreman, J. (2009). Risk Management in Corporate Governance: A Review and Proposal. Corporate Governance: An International Review, 17(5), 546-558.
  • Carden, L. L., Boyd, R. O. and Valenti, A. (2015). Risk Management and Corporate Governance: Safety and Health Work Model. Southern Journal of Business and Ethics, Vol 7, 137-148.
  • Demidenko, E. and McNutt, P. (2010). The Ethics of Enterprise Risk Management as a Key Component of Corporate Governance. International Journal of Social Economics, 37(10), 802-815.
  • Dikmen, R. (2012) Ekonometri: Temel Kavramlar ve Uygulamalar. İstanbul Dora Yayınları.
  • Doğan, M. (2007). Kurumsal Yönetim. Ankara: Siyasal Kitabevi.
  • Drobetz, W., Schillhofer, A., and Zimmermann, H. (2004). Corporate Governance and Expected Stock Returns: Evidence from Germany. European Financial Management, 10 (2), 267-293.
  • Evrim Mandacı, P. and Bozkuş Kahyaoğlu, S. (2012). The Role of Internal Auditing and Corporate Governance in Enterprise Risk Management: Empirical Evidence on Non-Financial Firms Listed in Istanbul Stock Exchange. World of Accounting Science. 14(1), 43-66.
  • Farrell, M. and Gallagher, R. (2015). TheValuation Implıcations of Enterprise Risk Management Maturity, TheJournal of Risk and Insurance, 82(3): 625-657.
  • Florio, C. and Leoni, G. (2016) Enterprise Risk Management and Firm Performance: The Italian Case, The British Accounting Review.
  • Fraser, J. R. S., Simkins, B. J. and Narvaez, K. (Edit). (2015). Implementing Enterprise Risk Management: Cases Stuies and Best Practices. John &Wiley Sons. Inc., New Jersey. U.S.A.
  • Fraser, J. and Simkins, B. J. (Edit). (2010). Enterprise Risk Management: Today’s Leading Research and Best Practices for Tomorrow’s Executives, John Wiley&Sons Inc., New Jersey, USA.
  • Gordon, L. A., Loeb, M. P. and Tseng, C-Y. (2009). Enterprise Risk Management and Firm Performance Contingency Perspective, Journal of Accounting and PublicPolicy, 28(4): 301-327.
  • Gujarati, D. N. (2011). Temel Ekonometri. Çev. Ümit Şeneses ve Gülay Günlük Şeneses, İstanbul: Literatür Yayıncılık.
  • Hardy, K. (2015). Enterprise Risk Management: A Guide for Government Professionals, John Wiley&Sons. Inc., San Francisco, USA.
  • Hopkin, P. (2010). Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management. USA: KoganPage Limited.
  • Hoyt, R. E. and Liebenberg, A.P. (2011). The Value of Enterprise Risk Management. Journal of Risk and Insurance. 78 (4), 795-822.
  • Karamustafa, O., Varıcı, İ. and Er, B. (2009). Kurumsal Yönetim ve Firma Performansı: İMKB Kurumsal Yönetim Endeksi Kapsamındaki Firmalar Üzerinde Bir Uygulama. Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 17(1), 100 –119.
  • Kleffner, A. E., Lee, R. B. and McGannon B. (2003). The Effect of Corporate Governance on the Use of Enterprise Risk Management: Evidence from Canada. Risk Management and Insurance Review. 6(1), 53-73.
  • Kleffner, A. E., Lee, R. B. and McGannon, B. (2003). The Effect of Corporate Governance on the Use of Enterprise Risk Management: Evidence from Canada. Risk Management and Insurance Review, 6(1): 53-73.
  • Marchetti, A. M. (2012). Enterprise Risk Management: From Assessment toCompliance. John Wiley&Sons. New Jersey. USA.
  • McShane, M. K.,Nair, A. and Rustambekov, E. (2011). Does Enterprise Risk Management Increase firm Value? Journal of Accounting, Auditing & Finance. 26 (14): 641-658.
  • Merna, T. and AL-Thani, F. F. (2008). Corporate Risk Management. John Wiley&Sons Ltd. England.
  • Mitton, T. (2002). A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis. Journal of Financial Economics. 64, 215–241.
  • OECD (2016). G20/OECD Principles of Corporate Governance (TurkishVersion). OECD Publishing. Paris.
  • Önder, Ş. and Ergin, H., (2012), Determiners of Enterprise Risk Management Applications in Turkey: An Empirical Study with Logistic Regression Model on The Companies in ISE(IstanbulStocks Exchange), Business and Economic Horizons, 7(1): 19-26
  • Özsoy. Z. (2011). Kurumsal Yönetim ve Yönetim Kurulları. İmge Kitabevi: Ankara.
  • Paape, L. and Spekle, R. F. (2012). The Adoptionand Design of Enterprise Risk Management Practices: An Empirical Study. European Accounting Review. 21(3), 533-564.
  • Pagach, D. and Warr, R. (2010). The Effects of Enterprise Risk Management on Firm Performance. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1155218, (26.10.2014).
  • Simkins, B. and Ramirez, S. A. (2008). Enterprise-Wide Risk Management and Corporate Governance. Loyola University Chicago Law Journal. 39(3): 570- 594.
  • Simkins, B. and Ramirez, S. A. (2008). Enterprise-Wide Risk Management and Corporate Governance. Loyola University Chicago Law Journal. 39(3): 570- 594.
  • Switzer L. N. and Tang, M. (2009). The Impact of Corporate Governance on the Performance of U.S. Small Cap-Firms. International Journal of Business. 14(4), 341-355.
  • The Committee of Sponsoring Organizations of the Treadway Commission-COSO. (2004). Enterprise Risk Management - Integrated Framework: ExecutivesSummary. Jersey City. U.S.A.
  • The Conference Board. (2007). Emerging Governance Practices In Enterprise Risk Management. Research Report. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=963221, (26.10.2014).
  • Top, S. and Öğe, E. (2012). Yeni Ekonomide İşletmelerin Kurumsallaşması ve Kurumsallaşmanın Boyutları. Yeni Ekonomi. İstanbul: Beta Basım.
  • Türk Sanayicileri ve İşadamları Derneği-TÜSİAD. (2008). Kurumsal Risk Yönetimi. İstanbul: Yayın No 452.
  • Yerdelen Tatoğlu, F. (2013). İleri Panel Veri Analizi: Stata Uygulamalı. 2. Baskı. İstanbul. Beta Basım.

Year 2018, Issue: 78, 235 - 248, 04.04.2018

Süleyman Serdar Karaca , Zekai Şenol , Özge Korkmaz

https://doi.org/10.25095/mufad.412709
Cited By: 1

Abstract

References

  • Akındele, R. I. (2012). Risk Managementand Corporate Governance Performance – Emprical Evidence from The Nigerian Banking Sector. IFEPsychologIA. 20(1), p. 103-120. 18p.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data. England: John &WileySons, Ltd.
  • Baskıcı, Ç. (2015). Kurumsal Yönetim Uygulamalarında İç Kontrol Sisteminin Önemi: Borsa İstanbul Şirketleri Üzerine Bir Araştırma. Uluslararası Yönetim İktisat ve İşletme Dergisi. 11(25): 163-180.
  • Baxter, R., Bedard, J. C., Hoitash, R and Yezegel, A. (2013). Enterprise Risk Management Program Quality: Determinants, Value Relevance, and the Financial Crisis. Contemporary Accounting Research. 30(4): 1264-1295.
  • Beasley, M. S., Clune, R., and Hermanson, D. R., (2005). Enterprise Risk Management: AN Emprical Analysis of Factors Associated with the Extent of Implementation, Journal of Accounting and Public Policy, 24: 521-531.
  • Bertinetti, G. S., Cavezzali, E. and Gardenal, G. (2013). The Effect of The Enterprise Risk Management Implementation on The Firm Value of European Companies, WorkingPaper Series, http://virgo.unive.it/wpideas/storage/2013wp10.pdf, (13.07.2014).
  • Bhadat, S. and Bolton, B. (2008). Corporate Governance and Firm Performance. Journal of Corporate Finance. 14(3), 257-273.
  • Boghean, F. (2015). Researh on Risk Management, As Part of Corporate Governance, in Entities, The USV Annals of Economics and Public Administration. 15(Special Issue), 127-135.
  • Bozkurt, C. (2010). Risk, Kurumsal Risk Yönetimi ve İç Denetim. Denetişim Dergisi. (4): 17–30.
  • Brezeanu, P., Al Essawı, M. S., Poanta, D. and Badea, L. (2011). Does Corporate Governance Impact Risk Management System? Theoretical and Applied Economics. 17(4), 49-64.
  • Brown, I, Steen, A. and Foreman, J. (2009). Risk Management in Corporate Governance: A Review and Proposal. Corporate Governance: An International Review, 17(5), 546-558.
  • Carden, L. L., Boyd, R. O. and Valenti, A. (2015). Risk Management and Corporate Governance: Safety and Health Work Model. Southern Journal of Business and Ethics, Vol 7, 137-148.
  • Demidenko, E. and McNutt, P. (2010). The Ethics of Enterprise Risk Management as a Key Component of Corporate Governance. International Journal of Social Economics, 37(10), 802-815.
  • Dikmen, R. (2012) Ekonometri: Temel Kavramlar ve Uygulamalar. İstanbul Dora Yayınları.
  • Doğan, M. (2007). Kurumsal Yönetim. Ankara: Siyasal Kitabevi.
  • Drobetz, W., Schillhofer, A., and Zimmermann, H. (2004). Corporate Governance and Expected Stock Returns: Evidence from Germany. European Financial Management, 10 (2), 267-293.
  • Evrim Mandacı, P. and Bozkuş Kahyaoğlu, S. (2012). The Role of Internal Auditing and Corporate Governance in Enterprise Risk Management: Empirical Evidence on Non-Financial Firms Listed in Istanbul Stock Exchange. World of Accounting Science. 14(1), 43-66.
  • Farrell, M. and Gallagher, R. (2015). TheValuation Implıcations of Enterprise Risk Management Maturity, TheJournal of Risk and Insurance, 82(3): 625-657.
  • Florio, C. and Leoni, G. (2016) Enterprise Risk Management and Firm Performance: The Italian Case, The British Accounting Review.
  • Fraser, J. R. S., Simkins, B. J. and Narvaez, K. (Edit). (2015). Implementing Enterprise Risk Management: Cases Stuies and Best Practices. John &Wiley Sons. Inc., New Jersey. U.S.A.
  • Fraser, J. and Simkins, B. J. (Edit). (2010). Enterprise Risk Management: Today’s Leading Research and Best Practices for Tomorrow’s Executives, John Wiley&Sons Inc., New Jersey, USA.
  • Gordon, L. A., Loeb, M. P. and Tseng, C-Y. (2009). Enterprise Risk Management and Firm Performance Contingency Perspective, Journal of Accounting and PublicPolicy, 28(4): 301-327.
  • Gujarati, D. N. (2011). Temel Ekonometri. Çev. Ümit Şeneses ve Gülay Günlük Şeneses, İstanbul: Literatür Yayıncılık.
  • Hardy, K. (2015). Enterprise Risk Management: A Guide for Government Professionals, John Wiley&Sons. Inc., San Francisco, USA.
  • Hopkin, P. (2010). Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management. USA: KoganPage Limited.
  • Hoyt, R. E. and Liebenberg, A.P. (2011). The Value of Enterprise Risk Management. Journal of Risk and Insurance. 78 (4), 795-822.
  • Karamustafa, O., Varıcı, İ. and Er, B. (2009). Kurumsal Yönetim ve Firma Performansı: İMKB Kurumsal Yönetim Endeksi Kapsamındaki Firmalar Üzerinde Bir Uygulama. Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 17(1), 100 –119.
  • Kleffner, A. E., Lee, R. B. and McGannon B. (2003). The Effect of Corporate Governance on the Use of Enterprise Risk Management: Evidence from Canada. Risk Management and Insurance Review. 6(1), 53-73.
  • Kleffner, A. E., Lee, R. B. and McGannon, B. (2003). The Effect of Corporate Governance on the Use of Enterprise Risk Management: Evidence from Canada. Risk Management and Insurance Review, 6(1): 53-73.
  • Marchetti, A. M. (2012). Enterprise Risk Management: From Assessment toCompliance. John Wiley&Sons. New Jersey. USA.
  • McShane, M. K.,Nair, A. and Rustambekov, E. (2011). Does Enterprise Risk Management Increase firm Value? Journal of Accounting, Auditing & Finance. 26 (14): 641-658.
  • Merna, T. and AL-Thani, F. F. (2008). Corporate Risk Management. John Wiley&Sons Ltd. England.
  • Mitton, T. (2002). A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis. Journal of Financial Economics. 64, 215–241.
  • OECD (2016). G20/OECD Principles of Corporate Governance (TurkishVersion). OECD Publishing. Paris.
  • Önder, Ş. and Ergin, H., (2012), Determiners of Enterprise Risk Management Applications in Turkey: An Empirical Study with Logistic Regression Model on The Companies in ISE(IstanbulStocks Exchange), Business and Economic Horizons, 7(1): 19-26
  • Özsoy. Z. (2011). Kurumsal Yönetim ve Yönetim Kurulları. İmge Kitabevi: Ankara.
  • Paape, L. and Spekle, R. F. (2012). The Adoptionand Design of Enterprise Risk Management Practices: An Empirical Study. European Accounting Review. 21(3), 533-564.
  • Pagach, D. and Warr, R. (2010). The Effects of Enterprise Risk Management on Firm Performance. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1155218, (26.10.2014).
  • Simkins, B. and Ramirez, S. A. (2008). Enterprise-Wide Risk Management and Corporate Governance. Loyola University Chicago Law Journal. 39(3): 570- 594.
  • Simkins, B. and Ramirez, S. A. (2008). Enterprise-Wide Risk Management and Corporate Governance. Loyola University Chicago Law Journal. 39(3): 570- 594.
  • Switzer L. N. and Tang, M. (2009). The Impact of Corporate Governance on the Performance of U.S. Small Cap-Firms. International Journal of Business. 14(4), 341-355.
  • The Committee of Sponsoring Organizations of the Treadway Commission-COSO. (2004). Enterprise Risk Management - Integrated Framework: ExecutivesSummary. Jersey City. U.S.A.
  • The Conference Board. (2007). Emerging Governance Practices In Enterprise Risk Management. Research Report. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=963221, (26.10.2014).
  • Top, S. and Öğe, E. (2012). Yeni Ekonomide İşletmelerin Kurumsallaşması ve Kurumsallaşmanın Boyutları. Yeni Ekonomi. İstanbul: Beta Basım.
  • Türk Sanayicileri ve İşadamları Derneği-TÜSİAD. (2008). Kurumsal Risk Yönetimi. İstanbul: Yayın No 452.
  • Yerdelen Tatoğlu, F. (2013). İleri Panel Veri Analizi: Stata Uygulamalı. 2. Baskı. İstanbul. Beta Basım.
There are 46 citations in total.

Details

Primary Language English
Journal Section Research Article
Authors

Süleyman Serdar Karaca

Zekai Şenol

Özge Korkmaz

Publication Date April 4, 2018
Submission Date November 16, 2017
Published in Issue Year 2018 Issue: 78

Cite

APA Karaca, S. S., Şenol, Z., & Korkmaz, Ö. (2018). Kurumsal Yönetim İle Kurumsal Risk Yönetimi Arasındaki İlişki: Borsa İstanbul Örneği. The Journal of Accounting and Finance(78), 235-248. https://doi.org/10.25095/mufad.412709
AMA Karaca SS, Şenol Z, Korkmaz Ö. Kurumsal Yönetim İle Kurumsal Risk Yönetimi Arasındaki İlişki: Borsa İstanbul Örneği. The Journal of Accounting and Finance. April 2018;(78):235-248. doi:10.25095/mufad.412709
Chicago Karaca, Süleyman Serdar, Zekai Şenol, and Özge Korkmaz. “Kurumsal Yönetim İle Kurumsal Risk Yönetimi Arasındaki İlişki: Borsa İstanbul Örneği”. The Journal of Accounting and Finance, no. 78 (April 2018): 235-48. https://doi.org/10.25095/mufad.412709.
EndNote Karaca SS, Şenol Z, Korkmaz Ö (April 1, 2018) Kurumsal Yönetim İle Kurumsal Risk Yönetimi Arasındaki İlişki: Borsa İstanbul Örneği. The Journal of Accounting and Finance 78 235–248.
IEEE S. S. Karaca, Z. Şenol, and Ö. Korkmaz, “Kurumsal Yönetim İle Kurumsal Risk Yönetimi Arasındaki İlişki: Borsa İstanbul Örneği”, The Journal of Accounting and Finance, no. 78, pp. 235–248, April 2018, doi: 10.25095/mufad.412709.
ISNAD Karaca, Süleyman Serdar et al. “Kurumsal Yönetim İle Kurumsal Risk Yönetimi Arasındaki İlişki: Borsa İstanbul Örneği”. The Journal of Accounting and Finance 78 (April 2018), 235-248. https://doi.org/10.25095/mufad.412709.
JAMA Karaca SS, Şenol Z, Korkmaz Ö. Kurumsal Yönetim İle Kurumsal Risk Yönetimi Arasındaki İlişki: Borsa İstanbul Örneği. The Journal of Accounting and Finance. 2018;:235–248.
MLA Karaca, Süleyman Serdar et al. “Kurumsal Yönetim İle Kurumsal Risk Yönetimi Arasındaki İlişki: Borsa İstanbul Örneği”. The Journal of Accounting and Finance, no. 78, 2018, pp. 235-48, doi:10.25095/mufad.412709.
Vancouver Karaca SS, Şenol Z, Korkmaz Ö. Kurumsal Yönetim İle Kurumsal Risk Yönetimi Arasındaki İlişki: Borsa İstanbul Örneği. The Journal of Accounting and Finance. 2018(78):235-48.

Cited By

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https://doi.org/10.29023/alanyaakademik.675661
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