INVESTMENT EFFICIENCY AND BOARD STRUCTURE: THE CASE OF BORSA ISTANBUL

Öz

This study's primary goal is to investigate the connection between investment efficiency and board structure using information from 189 companies listed on Borsa Istanbul between 2012 and 2023. The deviation from the anticipated level of investment, which is calculated by accounting for firms' growth prospects, is the measure of investment efficiency. Board structure is represented by board size, the proportion of independent directors, the proportion of female directors, and CEO duality. The findings from panel data regression analysis indicate that board size and the proportion of independent directors have positive and statistically significant effects on investment efficiency. On the other hand, neither CEO duality nor the percentage of female directors are found to have a statistically significant impact on investment efficiency.

Anahtar Kelimeler

• Investment efficiency
• board structure
• panel data analysis
• Borsa Istanbıl

Yatırım Etkinliği ve Yönetim Kurulu Yapısı: Borsa İstanbul Uygulaması

Öz

Bu çalışmanın temel amacı, 2012–2023 döneminde Borsa İstanbul’da işlem gören 189 firmaya ait verilerden yararlanarak yönetim kurulu yapısı ile yatırım etkinliği arasındaki ilişkiyi tespit etmektir. Yatırım etkinliği, firmaların büyüme fırsatlarının dikkate alınarak, tahmin edilen beklenen yatırım düzeyinden sapması olarak ölçülmüştür. Yönetim kurulu yapısı ise yönetim kurulu büyüklüğü, bağımsız üye oranı, kadın üye oranı ve CEO dualitesi değişkenleriyle temsil edilmiştir. Panel veri regresyon analizi bulguları, yönetim kurulu büyüklüğü ile bağımsız üye oranının yatırım etkinliği üzerinde pozitif yönlü ve istatistiksel olarak anlamlı etkilerinin olduğunu göstermektedir. Buna karşın, kadın üye oranı ile CEO dualitesinin yatırım etkinliği üzerinde istatistiksel olarak anlamlı bir etkisinin bulunmadığı sonucuna ulaşılmıştır.

Anahtar Kelimeler

• Yatırım etkinliği
• yönetim kurulu yapısı
• panel veri analizi
• Borsa İstanbul

Kaynakça

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