Yönetim Kurulu Cinsiyet Çeşitliliği ve Firma Değeri: Yönetim Kurulundaki Kadınlar Fark Yaratır mı?

Yıl 2025, Cilt: 10 Sayı: 1, 137 - 167, 30.06.2025

Yasemin Altinyay , Muzaffer Aydemir , Onur Tugman

https://doi.org/10.62393/aurum.1678616

Öz

Öz
Yönetim kurulu düzeyinde cinsiyet çeşitliliği, küresel şirketlerin stratejik kararlarını ve yönetişim sonuçlarını şekillendirmede hayati bir rol oynamaktadır. Çeşitliliğin en görünür ve ölçülebilir boyutlarından biri olan cinsiyet temsili, son yıllarda akademik ve kurumsal düzeyde artan bir ilgi görmektedir. Bu çalışma, küresel firmalar arasında yönetim kurulundaki cinsiyet çeşitliliği ile finansal performans arasındaki ilişkiyi incelemektedir ve özellikle finans sektörüne odaklanmaktadır. Analiz, 2022 Forbes Global 2000 listesinde yer alan 326 uluslararası finans kuruluşundan elde edilen kesitsel verilere dayanmaktadır. Korelasyon ve çoklu regresyon analizleri kullanılarak, kadın yönetim kurulu üyeliği ile özkaynak kârlılığı (ROE), varlık karlılığı (ROA) ve piyasa değeri gibi temel finansal göstergeler arasındaki ilişki incelenmiştir. Bulgular, yönetim kurullarında kadın temsilinin ROE üzerinde olumlu bir etkisi olduğunu, ancak ROA ve piyasa değeri üzerindeki etkilerin daha zayıf olduğunu göstermektedir. Bu sonuçlar, kurumsal yönetişim yapılarında cinsiyet çeşitliliğinin artırılmasına yönelik ampirik kanıtlar sunmaktadır.

Anahtar Kelimeler: Cinsiyet çeşitliliği, Yönetim kurulunda kadınlar, Kurumsal yönetim, Firma performansı, Üst Kademeler Teorisi

Anahtar Kelimeler

Gender Diversity , Women on Boards , Corporate Governance , Firm Performance , Market Value , Upper Echelon Theory

Board Gender Diversity and Firm Value: Do Women on Boards Make a Difference?

Öz

Gender diversity at the board level plays a vital role in shaping strategic decisions and governance outcomes in global corporations. As one of the most visible and measurable dimensions of diversity, gender representation has attracted increasing academic and institutional interest in recent years. This study investigates the relationship between board-level gender diversity and financial performance among global firms, focusing specifically on the financial sector. The analysis draws on cross-sectional data from 326 international financial institutions included in the 2022 Forbes Global 2000 list. Employing both correlation and multiple regression analyses, the study explores how female board representation correlates with key financial indicators, such as Return on Equity (ROE), Return on Assets (ROA), and market value. The results suggest that greater female participation on boards is positively associated with higher ROE, while the effects on ROA and market value appear to be weaker. These findings offer empirical support for enhancing gender diversity in corporate governance frameworks.

Anahtar Kelimeler

Gender Diversity , Women on Boards , Corporate Governance , Firm Performance , Market Value , Upper Echelon Theory

Kaynakça

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