The Moderator Effect of The Internal Control System on The Financial Success of Corporate Governance

Year 2022, Volume: 8 Issue: 2, 311 - 335, 25.10.2022

Sevda Kanca , Fikret Çankaya , Engin Dinç , Aykut Karakaya

https://doi.org/10.20979/ueyd.1170268

Abstract

In the literature, there are studies investigating whether the internal control system and corporate governance principles have an effect on financial performance. However, there is no study investigating the moderator effect of the internal control system on the financial success of corporate governance. For this purpose, it was examined in this study whether there was a moderator effect of the internal control system on the financial success of corporate governance. The study was conducted on companies in the Borsa Istanbul (BIST) corporate governance index (XKURY). The effectiveness of the internal control system was determined by the survey method, and then corporate governance effectiveness ranking was obtained with corporate governance rating scores. The moderator effect was investigated by regression analysis using the data obtained. As a result of the analysis, it has been determined that the internal control system has a moderator effect on the financial success of corporate governance. On the other hand, it is concluded that although corporate governance is thought to have a moderator effect on the financial performance of the internal control system, it does not. This result indicates that the efficiency of the internal control system should be increased for the financial success of corporate governance in enterprises. The reasons for this theoretically unexpected result were investigated in the study.

Keywords

Corporate Governance Rating, Monitoring, Moderator Effect, Internal Audit

Kurumsal Yönetimin Finansal Başarısında İç Kontrol Sisteminin Moderatör Etkisi

Abstract

Literatürde iç kontrol sistemi ile kurumsal yönetim ilkelerinin finansal performans üzerine etkisinin bulunup bulunmadığına yönelik çalışmalar olduğu görülmektedir. Ancak, her bir faktörün finansal başarısında diğer faktörün moderatör etkisinin olup olmadığına veya hangi faktörün daha güçlü bir moderatör etkiye sahip olduğuna dair bir çalışma mevcut değildir. Bu amaçla çalışmada, önce iç kontrol sisteminin daha sonra kurumsal yönetimin finansal performans üzerine etkisinde hem kurumsal yönetimin hem de iç kontrol sisteminin moderatör etkisinin olup olmadığı incelenmiştir. Araştırma, BİST (XKURY) kurumsal yönetim endeksindeki şirketler üzerinde gerçekleştirilmiştir. Anket yöntemi ile iç kontrol sistemi etkinliği tespit edilmiş daha sonra kurumsal yönetim derecelendirme puanları ile kurumsal yönetim etkinlik sıralaması oluşturulmuştur. Elde edilen veriler kullanılarak, moderatör etki, regresyon analizi ile tespit edilmeye çalışılmıştır. Sonuç olarak şirketlerde iç kontrol sisteminin finansal performansı üzerinde, kurumsal yönetimin moderatör etkisinin olmadığı, kurumsal yönetimin finansal başarısında iç kontrol sisteminin moderatör etkisinin güçlü olduğu sonucuna ulaşılmıştır. Bu sonuç işletmelerde kurumsal yönetimin finansal başarısı için iç kontrol sisteminin etkinliğini artırılmaları gerektiğini ifade etmektedir. Çalışmada teorik olarak beklenmeyen bu sonuçların nedenleri araştırılmıştır.

Keywords

Kurumsal Yönetim Derecelendirmesi, İzleme, Moderatör Etkisi, İç Denetim

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