KURUMSAL YÖNETİŞİMİN ŞİRKET PERFORMANSI ÜZERİNDEKİ ETKİSİ: VİETNAM’DA GERÇEKLEŞTİRİLEN DENEYSEL ÇALIŞMA

Year 2018, Volume: 1 Issue: 1, 35 - 49, 25.04.2018

Esra Sipahi , Erkin Artantaş , Deniz Şişman

https://doi.org/10.33723/rs.413108

Abstract

Vietnam’da faaliyet gösteren borsaya kayıtlı şirketler üzerinde gerçekleştirilen bu deneysel çalışma, kurumsal yönetişim ve şirket performansı arasındaki ilişkiyi incelemeyi amaçlamaktadır. Bu çalışmada kurumsal yönetişim; CEO’nun ikili rolü, yönetim kurulunun büyüklüğü, kurulun özerkliği ve sahiplik konsantrasyonları dâhil olmak üzere bir dizi değişken ile temsil edilmiştir. Buna ek olarak şirket performansı; (i) varlık getirisi (ROA), (ii) özsermaye karlılığı (ROE), (iii) Altman’ın (1968) z-skoru ve (iv) Tobin’in Q oranı olmak üzere dört farklı yöntemle ölçülmüştür. Vietnam’da faaliyet gösteren 177 şirketten oluşan veri kümesi üzerinde 2008 ile 2012 arasında 5 senelik bir süre için uygulanabilir genelleştirilmiş En Küçük Kareler (FGLS) modeli kullanılarak elde edilen bulgular kurumsal yönetişim firma performansı üzerindeki birçok etkisini ortaya koymuştur. İlk olarak CEO’nun ikili rolü şirket performansıyla pozitif korelasyona sahiptir. İkinci olarak yönetimsel insiyatifleri ve şirket performansı arasındaki ilişkide yapısal bir değişim mevcuttur. Üçüncüsü ise yönetim kurulunun özerkliğinin şirket performansı üzerinde zıt etkilere sahip olmasıdır. Dördüncü olarak, bu çalışma yönetim kurulu büyüklüğü ile şirket performansı arasında istatistiksel olarak anlamlı bir ilişki olduğunu destekleyen deneysel bulgulara ulaşamamıştır.

Keywords

Kurumsal Yönetişim, Şirket Performansı, Borsaya Kayıtlı Şirketler, Vietnam

The Impact of Corporate Governance on Firm Performance: Empirical Study in Vietnam

Abstract

This empirical research for listed firms in Vietnam is conducted to examine the relationship between corporate governance and firm performance. In this study, corporate governance is proxied by a set of variables, including a dual role of the CEO, board’s size, board independence and ownership concentration. In addition, firm performance is measured by four different methods which are (i) return on asset (ROA), (ii) return on equity (ROE), (iii) Z-score by Altman (1968) and (iv) Tobin’s Q. Using the Feasible Generalized Least Squares (FGLS) on the dataset of 177 listed companies in Vietnam for the period of 5 years, from 2008 to 2012, the findings of this study indicate multiple effects of corporate governance on firm performance. First, duality role of the CEO is positively correlated with firm performance. Second, there is a structural change in relation between managerial ownership and firm performance. Third, board independence has opposite impacts on firm performance. Fourth, this study however fails to provide an empirical evidence support the statistically significant relationship between board size and firm performance.

Keywords

Corporate Governance, Firm Performance, Listed Companies, Vietnam

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