Kurumsal Yönetim Özelliklerinin Finansal Performans Üzerindeki Etkisi: Uluslararası Bir Analiz

Year 2025, Volume: 8 Issue: 4, 643 - 680, 25.10.2025

Erol Geçici

https://doi.org/10.33723/rs.1788890

Abstract

Bu çalışma, kurumsal yönetim özelliklerinin finansal performans üzerindeki etkilerini incelemeyi amaçlamaktadır. Analiz, 2016–2023 dönemine ait 569 şirket ve 4.283 şirket-yıl gözleminden oluşan bir örneklem üzerinde gerçekleştirilmiş ve 32 ülkeyi kapsamaktadır. Finansal performans göstergeleri olarak aktif kârlılık oranı (ROA) ve Tobin’s Q kullanılmıştır. Yönetim kurulu büyüklüğü, cinsiyet çeşitliliği, yönetim kurulu uzmanlığı, yönetim kurulu üyelerinin dış bağlantıları, denetim komitesi bağımsızlığı ve denetim komitesinde yönetici olmayan üye oranı bağımsız değişkenler olarak modele dâhil edilirken; işletme büyüklüğü, kaldıraç oranı ve işletme yaşı kontrol değişkenleri olarak ele alınmıştır.
Panel veri regresyon analizi sonuçları, yönetim kurullarında cinsiyet çeşitliliğinin hem ROA hem de Tobin’s Q üzerinde pozitif ve anlamlı bir etkisi olduğunu göstermektedir. Denetim komitesi bağımsızlığı ise ROA ile negatif ve anlamlı bir ilişkiye sahiptir. Diğer değişkenlerin finansal performans üzerinde anlamlı bir etkisi bulunmamıştır. Çalışma, yönetim kurulu yapısının ve denetim komitesi özelliklerinin şirket performansını şekillendirmede belirleyici rol oynadığını ve bu mekanizmaların farklı finansal performans göstergeleri üzerinde ayrışan etkiler yaratabileceğini ortaya koymaktadır. Bu bulgular, gelişmiş ve gelişmekte olan ülkeler bağlamında yönetim kurulu dinamiklerinin finansal performans üzerindeki etkilerini karşılaştırmalı olarak ele alan literatüre yeni ampirik kanıtlar sunmaktadır.

Keywords

Kurumsal Yönetim , Finansal Performans , Yönetim Kurulu , Cinsiyet Çeşitliliği , Tobin Q

THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS

Abstract

This study aims to examine the effects of corporate governance characteristics on financial performance. The analysis was conducted on a sample of 569 firms and 4,283 firm-year observations covering the period 2016–2023, covering 32 countries. Return on assets (ROA) and Tobin's Q were used as financial performance indicators. Board size, gender diversity, board-specific skill, Board members’ affiliations, audit committee independence, and the proportion of non-executive members on the audit committee were included in the model as independent variables. In contrast, firm size, leverage ratio, and firm age were treated as control variables.
Panel data regression analysis results indicate that gender diversity on boards has a positive and significant effect on both ROA and Tobin's Q. The independence of the audit committee has a negative and significant relationship with ROA. Other variables have no significant effect on financial performance. The study reveals that the structure of the board of directors and the characteristics of the audit committee play a decisive role in shaping firm performance and that these mechanisms can have divergent effects on different financial performance indicators. These findings provide new empirical evidence to the literature that comparatively examines the effects of board dynamics on financial performance in the context of developed and developing countries.

Keywords

Corporate Governance , Financial Performance , Board of Directors , Gender Diversity , Tobin Q

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