THE IMPACT OF BOARD DIVERSITY ON FIRM VALUE: THE CASE OF TURKEY

Yıl 2019, Cilt: 6 Sayı: 1, 77 - 91, 29.04.2019

İbrahim Yağlı Ulaş Ünlü

https://doi.org/10.30798/makuiibf.441797

Cited By: 4

Öz

There
is a special attention to corporate governance during to past 10 years in the
wake of financial failures in world’s leading companies. Corporate governance
mechanisms are affected by various internal and external factors, therefore
they are divided into two categories: internal corporate governance mechanisms
and external corporate mechanisms. Market forces and legislative regulations
can be count as external corporate governance practices while board of
directors and ownership structure are classified in internal corporate
governance practices. The study aims to investigate the impact of board
structure that is one of the internal corporate mechanism on firm value. In
this direction, 2010-2015 data in balance sheets, annual reports and official
reports of ordinary general meeting which belongs to 67 BIST 100 companies are
employed. While percentage of female directors,
percentage of independent directors and percentage of foreign directors are
used for measurement of board diversity, Tobin’s Q is employed for measurement
of firm value. In addition, natural logarithm of number of directors and
natural logarithm of total assets are employed as control variables. Results reveal
that there is positive and statistically significant relation between firm
value and percentage of foreign directors and percentage of independent
directors. Besides, there is no statistically significant relation found
between percentage of women directors and Tobin’s Q

Anahtar Kelimeler

Corporate Governacne, Boardroom Diversity, Firm Value

YÖNETİM KURULU ÇEŞİTLİLİĞİNİN FİRMA DEĞERİNE ETKİSİ: TÜRKİYE ÖRNEĞİ

Öz

Geçtiğimiz son 10 yılda dünyanın önde gelen firmalarında meydana gelen finansal başarısızlıklar, kurumsal yönetim (kurumsal yönetişim) kavramına her zamankinden daha fazla önem verilmesine neden olmuştur. Kurumsal yönetim, içsel ve dışsal birçok faktör tarafından etkilenmektedir. Bu nedenle kurumsal yönetim mekanizmalarını, içsel kurumsal yönetim mekanizmaları ve dışsal kurumsal yönetim mekanizmaları olarak iki gruba ayırmak mümkündür. Piyasa güçleri ve yasal düzenlemeler dışsal kurumsal yönetim mekanizmaları iken, sahiplik yapısı ve yönetim kurulu içsel kurumsal yönetim mekanizmaları arasında yer almaktadır. Bu çalışmanın temel amacı içsel kurumsal yönetim mekanizmalarından biri olan yönetim kurulunun yapısının firma değeri üzerinde etkili olup olmadığını araştırmaktır. Bu doğrultuda, payları Borsa İstanbul 100 endeksinde işlem gören 67 finansal olmayan firmanın 2010-2015 yıllarındaki bilanço, faaliyet raporu ve olağan genel kurul toplantı tutanağı verileri kullanılmıştır. Yönetim kurulu yapısı ile ilgili olarak kadın üyelerinin toplam üye sayısına oranı, bağımsız üyelerin toplam üye sayısına oranı ile yabancı üyelerin toplam üye sayısına oranı kullanılırken, firma değerinin ölçümünde Tobin’s Q kullanılmıştır. Ayrıca, yönetim kurulu büyüklüğünün kontrolü için yönetim kurulu üye sayısının doğal logaritması ile firma büyüklüğünün kontrolü için varlıkların doğal logaritması kullanılmıştır. Sonuçlar, firma değeri ile yabancı üyelerin toplam üye sayısına oranı ve bağımsız üyelerin toplam üye sayısına oranı arasında pozitif ve istatiksel olarak anlamlı bir ilişki olduğunu ortaya çıkarmıştır. Bununla birlikte, kadın üyelerin toplam üye sayısına oranı ile Tobin’s Q arasında istatistiksel olarak anlamlı bir ilişki tespit edilememiştir. 

Anahtar Kelimeler

Kurumsal Yönetim, Yönetim Kurulu Çeşitliliği, Firma Değeri

Kaynakça

• ADAMS, R. B., FERREIRA, D. (2004) Gender Diversity In The Boardroom. European Corporate Governance Institute. Finance Working Paper, 57, 30.
• ADAMS, R. B., FERREIRA, D. (2009). Women In The Boardroom And Their Impact On Governance And Performance. Journal of Financial Economics, 94(2), 291-309.
• BOOK, E. W. (2000). Why The Best Man For The Job Is A Woman: The Unique Female Qualities Of Leadership. NewYork: Harper Business.
• CALLEN, J. L., KLEIN, A., TINKELMAN, D. (2003). Board composition, committees, and organizational efficiency: The case of nonprofits. Nonprofit and Voluntary Sector Quarterly, 32(4), 493–520.
• CAMPBELL, K., MÍNGUEZ-VERA, A. (2008). Gender Diversity In The Boardroom And Firm Financial Performance. Journal of Business Ethics, 83(3), 435-451.
• CARTER, D. A., D' SOUZA, F., SIMKINS, B. J., SIMPSON, W. G. (2010). The Gender And Ethnic Diversity Of US Boards And Board Committees And Firm Financial Performance. Corporate Governance: An International Review, 18(5), 396-414.
• CHUNG, K. H., PRUITT, S. W. (1994). A Simple Approximation Of Tobin's Q. Financial Management, 70-74.
• DAILY, C. M., DALTON, D. R. (2003). Women In The Boardroom: A Business Imperative. Journal of Business Strategy, 24(5), 8-10.
• DARMADI, S. (2011). Board Diversity And Firm Performance: The Indonesian Evidence. Corporate Ownership and Control Journal.
• DOĞAN, M., TOPAL, Y. (2016). Yönetim Kurulundaki Yabancı Üye Sayısının ve Yabancı Sahipliğinin Finansal Performans Üzerindeki Etkisi. Ege Academic Review, 16(1).
• EAGLY, A. H., JOHANNESEN‐SCHMIDT, M. C. (2001). The Leadership Styles Of Women And Men. Journal of Social Issues, 57(4), 781-797.
• ERHARDT, N. L., WERBEL, J. D., SHRADER, C. B. (2003). Board Of Director Diversity And Firm Financial Performance. Corporate Governance: An International Review, 11(2), 102-111.
• FRANCOEUR, C., LABELLE, R., SINCLAIR-DESGAGNÉ, B. (2008). Gender Diversity In Corporate Governance And Top Management. Journal of Business Ethics, 81(1), 83-95.
• GARG, A. K. (2007). Influence Of Board Size And Independence On Firm Performance: A Study Of Indian Companies. Vikalpa, 32(3), 39-60.
• HAFSI, T., TURGUT, G. (2013). Boardroom Diversity And Its Effect On Social Performance: Conceptualization And Empirical Evidence. Journal of Business Ethics, 112(3), 463-479.
• HILLMAN, A. J., SHROPSHIRE, C., CANNELLA, A. A. (2007). Organizational Predictors Of Women On Corporate Boards. Academy of Management Journal, 50(4), 941-952.
• http://www.resmigazete.gov.tr/eskiler/2014/01/20140103-3.htm?submenuheader=null (18.08.2016).
• HUSE, M. (2007). Boards, Governance And Value Creation: The Human Side Of Corporate Governance. Cambridge University Press.
• KANG, H., CHENG, M., GRAY, S. J. (2007). Corporate Governance And Board Composition: Diversity And Independence Of Australian Boards. Corporate Governance, 15(2), 194–207.
• KARAYEL, M., DOĞAN, M. (2016). Board Composition And Firm Performance: Evidence Fom BIST 100 Companies In Turkey, Annals of “Dunarea de Jos” University of Galati Fascicle I. Economics and Applied Informatics.
• KARAYEL, M., DOĞAN, Ö. G. M. (2014). Yönetim Kurulunda Cinsiyet Çeşitliliği Ve Finansal Performans İlişkisi: BİST 100 Şirketlerinde Bir Araştırma. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 19(2).
• KOERNIADI H., TOURANI-RAD A. (2012). Does Board Independence Matter? Evidence From New Zealand. Australasian Accounting, Business And Finance Journal, 6(2), 3-18.
• LAM T.Y., LEE S.K. (2008). CEO Duality And Firm Performance: Evidence From Hong Kong. Corporate Governance: The International Journal Business In Society, 8(3), 299-316.
• LERNER, M., ALMOR, T. (2002). Relationships Among Strategic Capabilities And The Performance Of Women‐Owned Small Ventures. Journal of Small Business Management, 40(2), 109-125.
• LEVIN A., LIN C. F., CHU C. S. J. (2002). Unit Root Tests In Panel Data: Asymptotic And Finite-Sample Properties. Journal Of Econometrics, 108(1), 1-24.
• LUCKERATH-ROVERS, M. (2013). Women On Boards And Firm Performance. Journal of Management & Governance, 17(2), 491-509.
• MARINOVA, J., PLANTENGA, J., REMERY, C. (2015). Gender Diversity And Firm Performance: Evidence From Dutch And Danish Boardrooms. The International Journal of Human Resource Management, 1-14.
• MASULIS, R. W., WANG, C., XİE, F. (2012). Globalizing The Boardroom—The Effects Of Foreign Directors On Corporate Governance And Firm Performance. Journal of Accounting and Economics, 53(3), 527-554.
• MILLIKEN, F. J., BARTEL, C. A., KURTZBERG, T. R. (2003). Diversity And Creativity In Work Groups: A Dynamic Perspective On The Affective And Cognitive Processes That Link Diversity And Performance. Group Creativity: Innovation Through Collaboration, 32-62.
• MILLER, T., DEL CARMEN TRIANA, M. (2009). Demographic Diversity İn The Boardroom: Mediators Of The Board Diversity–Firm Performance Relationship. Journal of Management Studies, 46(5), 755-786.
• O’CONNELL, V., CRAMER, N. (2010). The Relationship Between Firm Performance And Board Characteristics In Ireland. European Management Journal, 28(5), 387-399.
• OCAK, M. (2013). Yönetim Kurulu Ve Üst Yönetimde Yer Alan Kadınların Finansal Performansa Etkisi: Türkiye'ye İlişkin Bulgular. Muhasebe ve Finansman Dergisi, (60).
• OTLUOĞLU E., SARI E.S., OTLUOĞLU Ö.Ç. (2016). Yönetim Kurulu Çeşitliliğinin Finansal Performansa Etkisi: BIST 100 Üzerinde Bir Araştırma. Uluslararası Sosyal Araştırmalar Dergisi, 9(46),749-758.
• PEARCE J. A., ZAHRA S. A. (1992). Board Composition From A Strategic Contingency Perspective. Journal of Management Studies, 29, 411-438.
• PFEFFER, J. (1972). Size And Composition Of Corporate Boards Of Directors. Administrative Science Quarterly, 17, 218-229.
• PFEFFER, J. (1973). Size, Composition, And Function Of Hospital Boards Of Directors: A Study Of Organization Environment Linkage. Administrative Science Quarterly, 18, 349-364.
• PFEFFER, J., SALANCIK, G. R. (1978). The External Control Of Organizations: A Resource Dependence Perspective. New York, NY: Harper & Row, Publishers, Inc.
• PFEFFER, J., SALANCIK, G. R. (2003). The External Control Of Organizations: A Resource Dependence Perspective. Stanford University Press.
• ROBERGE, M. É., VAN DICK, R. (2010). Recognizing The Benefits Of Diversity: When And How Does Diversity Increase Group Performance?. Human Resource Management Review, 20(4), 295-308.
• ROSE, C. (2007). Does Female Board Representation Influence Firm Performance? The Danish Evidence. Corporate Governance: An International Review, 15(2), 404-413.
• ROSENER, J. B. (1995). America’s Competitive Secret: Utilizing Women As Management Strategy. New York: Oxford University Press.
• SMITH, N., SMITH, V., VERNER, M. (2006). Do Women In Top Management Affect Firm Performance? A Panel Study Of 2,500 Danish Firms. International Journal of Productivity And Performance Management, 55(7), 569-593.
• TERJESEN, S., COUTO, E. B., FRANCISCO, P. M. (2016). Does The Presence Of Independent And Female Directors Impact Firm Performance? A Multi-Country Study Of Board Diversity. Journal of Management & Governance, 1-37.
• TERJESEN, S., SEALY, R., SINGH, V. (2009). Women Directors On Corporate Boards: A Review And Research Agenda. Corporate Governance: An International Review, 17(3), 320-337.
• VAN KNIPPENBERG, D., DE DREU, C. K., HOMAN, A. C. (2004). Work Group Diversity And Group Performance: An Integrative Model And Research Agenda. Journal of Applied Psychology, 89(6), 1008.
• WILLIAMS, K. Y., O’REILLY III, C. A. (1998). A Review Of 40 Years Of Research. Res Organ Behav, 20, 77-140.
• WIERSEMA, M. F., BANTEL, K. A. (1992). Top Management Team Demography And Corporate Strategic Change. Academy of Management Journal, 35(1), 91-121.