Firma Yönetim Kurulu Cinsiyet Çeşitliliğinin Temsil Maliyetleri Üzerindeki Etkisi: Borsa İstanbul Örneği

Year 2022, Issue: 96, 37 - 58, 24.10.2022

Aysel Öztürkçü Akçay , Gamze Sevimli Örgün , Halil Cem Sayın

https://doi.org/10.25095/mufad.1113214

Abstract

Bu çalışmanın amacı, firma yönetim kurulundaki cinsiyet çeşitliliğinin ve kadın üye dağılımının temsil maliyetleri
üzerindeki etkisini incelemektir. Bu amaç doğrultusunda çalışmada, Borsa İstanbul’a kayıtlı 202 finansal olmayan firmanın
2012-2020 dönemine ait verileri panel veri analiz yöntemiyle analize tabi tutularak, firmaların yönetim kurulunda kadın üye
bulunması ile temsil maliyetleri arasındaki ilişki belirlenmeye çalışılmıştır. Analiz sonuçları, yönetim kurulunda kadın
üyelerin varlığının temsil maliyetlerini anlamlı düzeyde azaltarak asil-vekil çatışmasını hafiflettiğini göstermiştir. Ayrıca,
kritik kitle teorisi ile tutarlı biçimde, üç veya daha fazla kadın üyeye sahip yönetim kurullarının daha az sayıda kadın üyeye
sahip yönetim kurullarına kıyasla temsil maliyetlerinin azaltılmasında daha güçlü bir etkiye sahip oldukları görülmüştür.
Çalışmanın sonuçları, kadın yöneticilerin firmada kurumsal yönetişimin yerleşmesinde, temsil sorununun çözümünde, temsil
maliyetlerinin azaltılmasında ve hissedarlar ile diğer paydaşların çıkarlarının korunmasında daha etkili olduklarına işaret
etmektedir. Dolayısıyla, firmaların yönetim kurullarında kadın üyelerin varlığını artırmaya yönelik düzenlemeler ve
çalışmalar yapılması önerilmektedir.

Keywords

Cinsiyet çeşitliliği, temsil maliyeti, kaynak bağımlılığı teorisi, kritik kitle teorisi, panel veri analizi.

Supporting Institution

Yok

Project Number

Yok

The Effect of Board Gender Diversity on Agency Costs: Evidence from Borsa Istanbul

Abstract

This study aims to examine the effects of board gender diversity and female member composition on agency costs.
For this aim, the data of 202 non-financial companies listed in Borsa Istanbul for the period of 2012-2020 were analyzed by
panel data analysis method, and the relationship between female presence on the board and the agency cost was tried to be
determined. The results indicate that female presence on the board significantly reduces the agency cost and, hence,
mitigates the principal-agent conflict. Moreover, consistent with the critical mass theory, it was found that boards with three
or more female members have a stronger impact on reducing the agency cost, as compared to fewer female members on the
board. The results of the study indicate that female directors are more effective in establishing corporate governance in the
firm, solving the agency problem, reducing the agency cost and are in a better position to safeguard the interests of
stakeholders. Therefore, it is recommended that the policymakers focus on regulations and programs to increase the female
members presence on the boards of firms.

Keywords

Gender diversity, agency cost, resource dependence theory, critical mass theory, panel data analysis.

Project Number

Yok

References

• Adams, R. B. & Ferreira, D. (2009). “Women in the boardroom and their impact on governance and performance”, Journal of Financial Economics, 94(2), pp.291–309.
• Ain, Q. U., Yuan, X., Javaid, H. M., Usman, M. & Haris, M. (2021). “Female directors and agency costs: Evidence from Chinese listed firms”, International Journal of Emerging Markets, 16(8), pp.1604–1633.
• Alluwi, F. & Sarun, A. (2018). “Female directors, mechanisms for corporate governance and agency cost”, International Business Education Journal, 11(1), pp.1–15.
• Amin, A., Rehman, R. U., Ali, R. & Ntim, C. G. (2022). “Does gender diversity on the board reduce agency cost?”, Evidence from Pakistan. Gender in Management: An International Journal, 37(2), pp.164-181.
• Ang, J. S., Cole, R. A. & Lin, J. W. (2000). “Agency costs and ownership structure”, The Journal of Finance, 55(1), pp.81-106.
• Apesteguia, J., Azmat, G. & Iriberri, N. (2012). “The impact of gender composition on team performance and decision-making: Evidence from the field”, Management Science, 58, pp.219–235.
• Baker, H. K. & Powell, G. E. (2005). Understanding financial management : a practical guide (1st ed). Blackwell Publishing, USA.
• Baltagi, B. H. (2013). Econometric analysis of panel data. 5th Edition, Chichester, West Sussex: John Wiley & Sons Press.
• Baltagi, B.H. & Wu, P.X. (1999). Unequally spaced panel data regressions with AR(1) disturbances. Econometric Theory, 15, 814–823.
• Baum, C. F. & Christopher, F. (2006). An introduction to modern econometrics using Stata. Stata press.
• Baykara, S., & Baykara, B. (2021). The Impact of Agency Costs on Firm Performance: An Analysis on BIST SME Firms. PressAcademia Procedia, 14(1), pp.28-32.
• Bear, J. A., & Woolley, A. W. (2011). “The role of gender in team collaboration and performance”, Interdisciplinary Science Reviews, 36, pp.146–153.
• Bhargava, A., Franzini, L. & Narendranathan, W. (1982). “Serial correlation and the fixed effects model”, The Review of Economic Studies, 49(4), pp.533–549.
• Brahma, S., Nwafor, C. & Boateng, A. (2021). “Board gender diversity and firm performance: The UK evidence”, International Journal of Finance & Economics, 26(4), pp.5704–5719.
• Breusch, T. & Pagan, A. (1980). “The lagrange multiplier test and its applications to model specification in econometrics”, Review of Economic Studies, 47(1), pp.239- 253.
• Broadbridge, A., Hearn, J., Huse, M. & Grethe Solberg, A. (2006). “Gender-related boardroom dynamics: How Scandinavian women make and can make contributions on corporate boards”, Women in Management Review, 12(2), pp.113-130.
• Canarella, G. & Miller, S.M. (2022). “Firm size, corporate debt, R&D activity, and agency costs: Exploring dynamic and non-linear effects”, The Journal of Economic Asymmetries, 25(2022), pp.1-18.
• Chaudhary, P. (2021). “Agency costs, board structure and institutional investors: Case of India”, Asian Journal of Accounting Research, 7(1), pp.44-58.
• Daily, C. M., Certo, S. T. & Dalton, D. R. (1999). “A decade of corporate women: some progress in the boardroom, none in the executive suite”, Strategic Management Journal, 20(1), pp.93-99.
• Doğan, M. (2018). “Kadın yönetim kurulu üye sayısının finansal performans üzerinde etkisi: Literatür taraması”, Uluslararası Yönetim Akademisi Dergisi , 1 (2), ss.132-141.
• Du, X. (2013). “Does religion matter to owner-manager agency costs?”, Evidence from China. Journal of Business Ethics, 118(2), pp.319–347.
• Eagly, A. H. & Johannesen-Schmidt, M. C. (2001). “The leadership styles of women and men”, Journal of Social Issues, 57(4), pp.781-797.
• Eisenhardt, K.M. (1989) “Agency theory: an assessment and review”, Academy of Management Review, 14(1), pp.57-74.
• Faccio, M., Marchica, M. T. & Mura, R. (2016). “CEO gender, corporate risk-taking, and the efficiency of capital allocation”, Journal of Corporate Finance, 39, pp.193-209.
• Fama, E.F. & Jensen, M.C. (1983). “Agency problems and residual claims”, The Journal of Law and Economics, 26(2), pp.327-349.
• Ferreira, D. (2010). Corporate governance: A synthesis of theory, research, and practice. 1st ed. USA: John Wiley & Sons, Inc, pp.225-241.
• Fleming, G., Heaney, R., & McCosker, R. (2005). “Agency costs and ownership structure in Australia”, Pacific-Basin Finance Journal, 13(1), pp.29-52.
• Florackis, C. (2008). “Agency costs and corporate governance mechanisms: Evidence for UK firms”, International Journal of Managerial Finance, 4(1), pp.37–59.
• Florackis, C. & Ozkan, A. (2009). “The impact of managerial entrenchment on agency costs: an empirical investigation using UK panel data”, European Financial Management, 15(3), pp.497-528.
• Ford, R. & Richardson, W. (1994). “Ethical decision making: A review of the empirical literatüre”, Journal of Business Ethics, 13(3), pp.205-221.
• Garanina, T. & Kaikova, E. (2016). “Corporate governance mechanisms and agency costs: cross-country analysis”, Corporate Governance: The International Journal of Business in Society, 16(2), pp.347-360.
• Gull, A. A., Nekhili, M., Nagati, H. & Chtioui, T. (2018). “Beyond gender diversity: how specific attributes of female directors affect earnings management”, The British Accounting Review, 50(3), pp.255-274.
• Gyapong, E., Monem, R.M. & Hu, F. (2016). “Do women and ethnic minority directors influence firm value? Evidence from post-apartheid South Africa”, Journal of Business Finance and Accounting, 43(3), pp.370-413.
• Hambrick, D. C., Werder, A. V. & Zajac, E. J. (2008). “New directions in corporate governance research”, Organization Science, 19(3), pp.381-385.
• Harvey, C. R., Lins, K. V., & Roper, A. H. (2004). “The effect of capital structure when expected agency costs are extreme”, Journal of financial economics, 74(1), pp.3-30.
• Hausman, J. (1978). “Specification tests in econometrics”, Econometrica: Journal of the Econometric Society, 46(4), pp.1251–1271.
• He, W. & Luo, J.H. (2018). “Agency problems in firms with an even number of directors: evidence from China”, Journal of Banking and Finance, 93, pp.139-150.
• Henry, D. (2010). “Agency costs, ownership structure and corporate governance compliance: A private contracting perspective” Pacific-Basin Finance Journal, 18(1), pp.24–46.
• Hijazi, B. M. & Conover, J. A. (2011). “Empirical performance of accounting measures of direct agency costs”, Research in Finance, 27, pp.223-272.
• Hillman, A. J., Shropshire, C. & Cannella, A. A. (2007). “Organizational predictors of women on corporate boards”, Academy of Management Journal, 50(4), pp.941-952.
• Hoang, L. D., Tuan, T. M., Nha, P. V. T., Long, T.P. & Phuong, T. T. (2019). Impact of agency costs on firm performance: Evidence from Vietnam”, Organizations and Markets in Emerging Economies, 10(2), pp.294–309.
• Hoogendoorn, S., Oosterbeek, H. & van Praag, M. (2013). “The impact of gender diversity on the performance of business teams: Evidence from a field experiment”, Management Science, 59, pp.1514–1528.
• Jadiyappa, N., Jyothi, P., Sireesha, B. & Hickman, L. E. (2019). “CEO gender, firm performance and agency costs: Evidence from India”, Journal of Economic Studies, 46(2), pp.482-495.
• Jelinek, K., & Stuerke, P. S. (2009). “The nonlinear relation between agency costs and managerial equity ownership: Evidence of decreasing benefits of increasing ownership”, International Journal of Managerial Finance, 5, pp.156–178.
• Jensen, M. C. & Meckling, W. H. (1976). “Theory of the Firm: Managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, 3(4), pp.305-360.
• Jurkus, A. F., Park, J. C. & Woodard, L. S. (2011). “Women in top management and agency costs”, Journal of Business Research, 64(2), pp.180-186.
• Khuong, N.V., Anh, L.H.T., Quyen, P.N. & Thao, N.T.T. (2022). “Agency cost: A missing link between female on board and firm performance”, Business Strategy and Development, pp.1-17.
• Kontuš, E. (2021). “Agency costs, capital structure and corporate performance: A survey of Croatian, Slovenian and Czech listed companies”, Ekonomski Vjesnik, 34(1), pp.73-85.
• Kramer, V.W., Konrad, A.M. & Erkut, S. (2006). Critical Mass on corporate boards: Why three or more women enhance governance. Wellesley Centers for Women Working Paper Series, Wellesley, MA (Report No. WCW 11).
• Kristie, J. (2011). “The power of three”, Director and Boards, 35(5), pp.22–32.
• Lara, J. M. G., Osma, B. G., Mora, A. & Scapin, M. (2017). “The monitoring role of female directors over accounting quality”, Journal of Corporate Finance, 45, pp.651–668.
• Leftwich, R. W., Watts, R. L. & Zimmerman, J. L. (1981). “Voluntary corporate disclosure: The case of interim reporting”, Journal of Accounting Research, 18(1), pp.50–77.
• Levi, M., Li, K. & Zhang, F. (2014). “Director gender and mergers and acquisitions”, Journal of Corporate Finance, 28, pp.185-200.
• Li, H., & Cui, L. (2003). “Empirical study of capital structure on agency costs in Chinese listed firms”, Nature and science, 1(1), pp.12-20.
• Li, K., Lu, L., Mittoo, U. R. & Zhang, Z. (2015). “Board independence, ownership concentration and corporate performance-Chinese evidence”, International Review of Financial Analysis, 41, pp.162-175.
• Li, Y., Yang, J., & Zhao, S. (2021). “Commitment, agency costs and dynamic capital structure”, The European Journal of Finance, pp.1-20.
• Liu, Y., Wei, Z. & Xie, F. (2014). “Do women directors improve firm performance in China?”, Journal of Corporate Finance, 28, pp.169–184.
• Mauer, D. C., & Ott, S. H. (2000). Agency costs, underinvestment, and optimal capital structure. Project flexibility, agency, and competition: New developments in the theory and application of real options. Oxford, pp.151-179.
• McConnell, J. J. & Servaes, H. (1990). “Additional evidence on equity ownership and corporate value”, Journal of Financial Economics, 27(2), pp.595–612.
• McKnight, P. J. & Weir, C. (2009). “Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis”, The Quarterly Review of Economics and Finance, 49(2), pp.139–158.
• Nguyen, A. H., Doan, D. T. & Nguyen, L. H. (2020). “Corporate governance and agency cost: Empirical evidence from Vietnam”, Journal of Risk and Financial Management, 13(5), pp.1-15.
• Rashid, A. (2015). “Revisiting agency theory: Evidence of board independence and agency cost from Bangladesh”, Journal of Business Ethics, 1308(1), pp.181-198.
• Russell, L. A., Briggeman, B. C. & Featherstone, A. M. (2017). “Financial leverage and agency costs in agricultural cooperatives”, Agricultural Finance Review,77(2), pp.312–323.
• Schwartz-Ziv, M. (2017). “Gender and board activeness: The role of a critical mass”, Journal Of Financial And Quantitative Analysis, 52(2), pp.751-780.
• Sehrawat, N. K., Kumar, A., Lohia, N., Bansal, S. & Agarwal, T. (2019). “Impact of corporate governance on earnings management: Large sample evidence from India”, Asian Economic and Financial Review, 9, pp.1335–1345.
• Siddiqui, M. F., Razzaq, N., Malik, F. & Gul, S. (2013). “Internal corporate governance mechanisms and agency cost: evidence from large KSE listed firms”, European Journal of Business and Management, 5(23), pp.103-109.
• Singh, M. & Davidson, W.N. (2003). “Agency costs, ownership structure and corporate governance mechanisms”, Journal of Banking & Finance, 27(5), pp.793-816.
• SPK (2014). Kurumsal Yönetim Tebliği. Resmî Gazete, Tarih: 3 Ocak 2014, Sayı: 28871, m.4.3.9. https://www.resmigazete.gov.tr/eskiler/2014/01/20140103-3.htm (Erişim tarihi: 21.04.2022).
• Şahin, K., Eser, B., Kaplan, T. & Özdündar, G. (2018). “Yönetim kurullarında kadın yönetici temsili: Türkiye’de yönetim kurulları yapısının cinsiyet bağlamında incelenmesi”, Uluslararası Yönetim İktisat ve İşletme Dergisi, 14(4), ss.1147-1166.
• Taşkın D. & Evrim Mandacı P. (2017). “Şirket yönetim kurulundaki kadın üyelerin firma performansına etkisi”, Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, 18(1), ss.29-45.
• Topal, M., Eyduran, E., Yağanoğlu, A. M., Sönmez, A. Y. & Keskin, S. (2010). “Çoklu doğrusal bağlantı durumunda ridge ve temel bileşenler regresyon analiz yöntemlerinin kullanımı”, Atatürk Üniversitesi Ziraat Fakültesi Dergisi, 41(1), ss.53-57.
• Torchia, M., A. Calabrò, M. H. & Brogi, M. (2010). “Critical mass theory and women directors’ contribution to board strategic tasks”, Corporate Board: Role, Duties & Composition, 6(3), pp.42-51.
• Tripathi, V. (2019). “Agency theory, ownership structure and capital structure: an empirical investigation in the Indian automobile industry”, Asia-Pacific Management Accounting Journal, 14(2), pp.1-22.
• Truong, T. T., & Heaney, R. (2013). “The determinants of equity agency conflicts between managers and shareholders: Evidence from Australia”, Journal of Multinational Financial Management, 23, pp.314–326.
• Usman, M., Zhang, J. R., Wang, F. J., Sun, J. Q. & Makki, M. A. M. (2018). “Gender diversity in compensation committees and CEO pay: evidence from China”, Management Decision, 56(5), pp.1065-1087.
• Vilasuso, J., & Minkler, A. (2001). “Agency costs, asset specificity, and the capital structure of the firm”, Journal of Economic Behavior & Organization, 44(1), pp.55-69.
• Wellalage, N. H., & Locke, S. (2011). “Agency costs, ownership structure and corporate governance mechanisms: A case study in New Zealand unlisted small companies”, International Research Journal of Finance and Economics, 78, pp.178-192.
• Wellalage, N. H. & Locke, S. (2013). “Women on board, firm financial performance and agency costs”, Asian Journal of Business Ethics, 2(2), pp.113–127.
• Yağlı, İ. & Ünlü, U. (2019). “Yönetim kurulu çeşitliliğinin firma değerine etkisi: Türkiye örneği”, Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6 (1), ss.77-91.
• Yang, W., Yang, J. & Gao, Z. (2019). “Do female board directors promote corporate social responsibility? An empirical study based on the critical mass theory”, Emerging Markets Finance and Trade, 55(15), pp.3452-3471.
• Yegon, C., Sang, J. & Kirui, J. (2014). “The impact of corporate governance on agency cost: Empirical analysis of quoted services firms in Kenya”, Research Journal of Finance and Accounting, 5(12), pp.145-154.
• Zhang, H., & Li, S. (2008). The impact of capital structure on agency costs: Evidence from UK public companies. In C.-F. Lee (Ed.), Proceedings of the 16th annual conference on pacific basin finance, economics, accounting and management, Brisbane, Australia (pp. 1–18).
• Zhao-guo, Z., Wei-feng, H., & Sha-sha, Z. (2007). Capital structure and agency costs. In 2007 International Conference on Management Science and Engineering (pp. 1238-1247). IEEE.