The Moderating Effect of Board Structure on Investment Efficiency and Firm Value: BIST Example / Yönetim Kurulu Yapısının Yatırım Etkinliği ve Firma Değeri Üzerindeki Moderatör Etkisi: BİST Örneği

Year 2023, , 242 - 261, 05.10.2023

Gökhan Özer , İlhan Çam , Muhammet Kocaman

https://doi.org/10.29216/ueip.1315545

Abstract

In this research, this paper examines the moderating effects of board size and board independence on the relationship between investment efficiency and firm value. The sample consists of 269 non-financial firms listed on Borsa Istanbul (BİST) between 2012 and 2021. Firm value is measured using Tobin's Q ratio. The results reveal that there is a positive relationship between investment efficiency and firm value. Moreover, board size is found to have a positive and significant moderating effect on the relationship between investment efficiency and firm value. Accordingly, as the size of the board of directors increases, the effect of investment efficiency on firm value also increases. However, board independence does not have a significant moderating effect on this relationship. These findings contribute to an understanding of how board structure affects the impact of investment efficiency on firm value, thereby contributing to the corporate finance literature.

Keywords

Investment Efficiency, Firm Value, Corporate Governance, Board Structure, Panel Data Analysis

Yönetim Kurulu Yapısının Yatırım Etkinliği ve Firma Değeri Üzerindeki Moderatör Etkisi: BİST Örneği / The Moderating Effect of Board Structure on Investment Efficiency and Firm Value: BIST Example

Abstract

Bu araştırmada, yönetim kurulu büyüklüğü ve yönetim kurulu bağımsızlığının yatırım etkinliği ve firma değeri arasındaki ilişki üzerindeki ılımlaştırıcı etkileri incelenmiştir. Örneklem, 2012-2021 yılları arasında Borsa İstanbul'da (BİST) işlem gören 269 finans sektörü dışındaki firmadan oluşmaktadır. Firma değeri Tobin Q oranı kullanılarak ölçülmüştür. Sonuçlar, yatırım etkinliği ile firma değeri arasında pozitif bir ilişki olduğunu ortaya koymuştur. Ayrıca, yönetim kurulu büyüklüğünün yatırım etkinliği ve firma değeri arasındaki ilişki üzerinde pozitif ve anlamlı bir ılımlaştırıcı etkiye sahip olduğu bulunmuştur. Buna göre yönetim kurulu büyüklüğü arttıkça yatırım etkinliğinin firma değeri üzerindeki etkisi de artmaktadır. Ancak, yönetim kurulu bağımsızlığı bu ilişki üzerinde anlamlı bir ılımlaştırıcı etki göstermemiştir. Bu bulgular, yönetim kurulu yapısının yatırım etkinliğinin firma değeri üzerindeki etkisini nasıl etkilediğinin anlaşılmasına katkıda sağlamakta ve böylelikle kurumsal finans literatürüne katkıda bulunmaktadır.

Keywords

Yatırım Etkinliği, Firma Değeri, Kurumsal Yönetim, Yönetim Kurulu Yapısı, Panel Veri Analizi

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