Kurumsal Yönetimin İşletme Gruplarına Bağlı ve Bağımsız Firmalarda İncelenmesi

Yıl 2024, Cilt: 24 Sayı: 3, 1223 - 1240, 30.09.2024

Özlem Özen

https://doi.org/10.18037/ausbd.1405030

Öz

Bu çalışma, işletme gruplarına bağlı ve bağımsız firmaların kurumsal yönetim ilkelerine uyumları arasında fark olup olmadığını incelemektedir. Çalışmada kullanılan veri Borsa Istanbul (BIST) firmalarının kurumsal yönetim ilkelerine uyum raporlarından elde edilmiştir. Analiz sonuçlarına göre, işletme gruplarına bağlı firmaların kurumsal yönetime uyum düzeyi bağımsız firmaların uyum düzeyinden genel olarak daha yüksektir. İşletme gruplarına bağlı ve bağımsız firmaların, menfaat sahipleri ve yönetim kurulu ilkeleri ile kurumsal yönetime uyum ortalamaları arasındaki fark anlamlıdır. Gruplara bağlı ve bağımsız firmaların, kamuyu aydınlatma ve şeffaflık ve pay sahipleri ilkelerine uyum ortalamaları arasındaki fark anlamlı bulunmamıştır. Bu araştırma, gelişmekte olan bir ekonomide işletme gruplarına bağlı ve bağımsız firmaların kurumsal yönetim ilkelerine uyumları arasındaki farkı inceleyerek kurumsal yönetim ve işletme grupları ile ilgili yazını ilerletmeyi amaçlamaktadır.

Anahtar Kelimeler

İşletme Grupları, Kurumsal Yönetim, İşletme Gruplarına Bağlılık, Kurumsal Yönetim İlkeleri

Investigation of Corporate Governance in Business Group Affiliated and Independent Firms

Öz

This paper investigates whether there is a difference between business group affiliated and independent firms in terms of complying with the corporate governance principles. Based on data drawn from the corporate governance principles compliance reports of Borsa Istanbul (BIST) companies, the results of the study show that group affiliated firms have higher compliance with the corporate governance than the independent ones in general. The difference of the mean scores in compliance with the corporate governance, stakeholders, board of directors principles between group affiliated companies and independent ones is significant. However, the mean values in shareholders and public disclosure and transparency principles do not differ between these groups of firms. This study aims to advance the research on corporate governance and business groups by considering the corporate governance differences between business group companies and unaffiliated ones in an emerging economy.

Anahtar Kelimeler

Business Groups, Corporate Governance, Business Group Affiliation, Corporate Governance Principles

Kaynakça

• Aguilera, R. V., Kabbach-Castro, L. R.., Lee, J. H. and You, J. (2012). Corporate governance in emerging markets. G. Morgan and R. Whitley (Ed.). In Capitalisms and capitalism in the twenty-first century (p. 319-344). New York, NY: Oxford University Press. Retrieved from http://ssrn.com/abstract=1806525
• Ararat, M., Colpan, A. M. and Matten, D. (2018). Business groups and corporate responsibility for the public good. Journal of Business Ethics, 153, 911-929. https://doi.org/10.1007/s10551-018-3920-4
• Bae, K. H. and Jeong, S. W. (2007). The value-relevance of earnings and book value, ownership structure, and business group affiliation: Evidence from Korean business groups. Journal of Business Finance & Accounting, 34(5-6), 740-766. https://doi.org/10.1111/j.1468-5957.2007.02017.x
• Balasubramanian, N., Black, B. S. and Khanna, V. (2010). The relation between firm-level corporate governance and market value: A case study of India. Emerging Markets Review, 11, 319-340. https://doi.org/10.1016/j.ememar.2010.05.001
• Barney, J., Wright, M. and Ketchen, D. J. (2001). The resource-based view of the firm: Ten years after 1991. Journal of Management, 27, 625-641. https://doi.org/10.1177/014920630102700601
• Birhanu, A. G. and Wezel, F. C. (2022). The competitive advantage of affiliation with business groups in the political environment: Evidence from the Arab spring. Strategic Organization, 20(2), 389-411. https://doi.org/10.1177/1476127020952174
• Boyd, B. K. and Hoskisson, R. E. (2010). Corporate governance of business groups. A. M. Colpan, T. Hikino and J. R. Lincoln (Ed.). In The Oxford handbook of business groups (p. 670-695). New York, NY: Oxford University Press. https://doi.org/10.1093/oxfordhb /9780199552863.003.0024
• Cai, G. and Zheng, G. (2016). Executive compensation in business groups: Evidence from China. China Journal of Accounting Research, 9, 25-39. https://doi.org/10.1016/ j.cjar.2015.06.003
• Capital Markets Board of Turkey. (2005). Corporate governance principles. Retrieved from https://spk.gov.tr/data/61e87f0b1b41c611a4c53a90/01fe1c97538d3badf990eb96c4d5701d.pdf
• Carney, M. (2005). Corporate governance and competitive advantage in family-controlled firms. Entrepreneurship Theory and Practice, 29(3), 249-265. https://doi.org/ 10.1111/j.1540-6520.2005.00081.x
• Carney, M., Van Essen, M., Estrin, S. and Shapiro, D. (2018). Business groups reconsidered: Beyond paragons and parasites. Academy of Management Perspectives, 32(4), 493-516. https://doi.org/10.5465/amp.2016.0058
• Chang, J. J. and Shin, H. H. (2006). Governance system effectiveness following the crisis: The case of Korean business group headquarters. Corporate Governance: An International Review, 14(2), 85-97. https://doi.org/10.1111/j.1467-8683.2006.00489.x
• Chauhan, Y., Dey, D. K. and Jha, R. R. (2016). Board structure, controlling ownership, and business groups: Evidence from India. Emerging Markets Review, 27, 63-83. https://doi.org/10.1016/j.ememar.2016.03.003
• Chung, C. N. and Luo, X. (2008). Institutional logics or agency costs: The influence of corporate governance models on business group restructuring in emerging economies. Organization Science, 19(5), 766-784. https://doi.org/10.1287/orsc.1070.0342
• Colli, A. and Colpan, A. M. (2016). Business groups and corporate governance: Review, synthesis, and extension. Corporate Governance: An International Review, 24(3), 274-302. https://doi.org/10.1111/corg.12144
• Colpan, A.M. and Hikino, T. (2008). Türkiye’nin büyük şirketler kesiminde işletme gruplarının iktisadi rolü ve çeşitlendirme stratejileri. Yönetim Araştırmaları Dergisi, 8(1-2), 23-58. Retrieved from http://yad.baskent.edu.tr/files/2008_cilt_8_2.pdf
• Cuervo-Cazurra, A. (2006). Business groups and their types. Asia Pacific Journal of Management, 23, 419-437. https://doi.org/10.1007/s10490-006-9012-5
• Denis, D. K. and McConnell, J. J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis, 38(1), 1-36. https://doi.org/10.2307/4126762
• Filatotchev, I. and Boyd, B. K. (2009). Taking stock of corporate governance research while looking to the future. Corporate Governance: An International Review, 17(3), 257-265. https://doi.org/10.1111/j.1467-8683.2009.00748.x
• Filatotchev, I., Isachenkova, N. and Mickiewicz, T. (2007). Corporate governance, managers' independence, exporting, and performance of firms in transition economies. Emerging Markets Finance and Trade, 43(5), 62-77. https://doi.org/10.2753/REE1540-496X430504
• Filatotchev, I. and Toms, S. (2003). Corporate governance, strategy and survival in a declining industry: A study of UK cotton textile companies. Journal of Management Studies, 40(4), 895-920. https://doi.org/10.1111/1467-6486.00364
• Filatotchev, I., Toms, S. and Wright, M. (2006). The firm’s strategic dynamics and corporate governance life-cycle. International Journal of Managerial Finance, 2(4), 256-279. https://doi.org/10.1108/17439130610705481
• Filatotchev, I. and Wright, M. (2017). Methodological issues in governance research: An editor's perspective. Corporate Governance: An International Review, 25(6), 454-460. https://doi.org/10.1111/corg.12211
• Gama, M. A. B. and Bandeira-de-Mello, R. (2021). The effect of affiliation structure on the performance of pyramidal business groups. Journal of Business Research, 124, 24-37. https://doi.org/10.1016/j.jbusres.2020.11.041
• Granovetter, M. (1995). Coase Revisited: Business groups in the modern economy. Industrial and Corporate Change, 4(1), 93-130. https://doi.org/10.1093/icc/4.1.93
• Granovetter, M. (2005). Business groups and social organization. N. Smelser and R. Swedberg (Ed.). In The handbook of economic sociology (2nd ed., p. 429-450). Princeton, NJ: Princeton University Press. Retrieved from https://www.jstor.org/stable/j.ctt2tt8hg.23
• Holmes, R. M., Hoskisson, R. E., Kim, H., Wan, W. P. and Holcomb, T. R. (2015). Business groups research: A comprehensive review, theoretical framework, and future research agenda. Conference paper, Academy of Management Proceedings, Vancouver. Retrieved from https://www.researchgate.net/publication/288818222_Business_Group_ Research_in_Strategy_and_its_Related_Fields_A_Review_and_Research_Agenda
• Holmes, R. M., Hoskisson, R. E., Kim, H., Wan, W. P. and Holcomb, T. R. (2018). International strategy and business groups: A review and future research agenda. Journal of World Business, 53, 134-150. https://doi.org/10.1016/j.jwb.2016.11.003
• Hoskisson, R. E., Eden, L., Lau, C. M. and Wright, M. (2000). Strategy in emerging economies. The Academy of Management Journal, 43(3), 249-267. https://doi.org/10.5465/1556394
• Khanna, T. and Palepu, K. (1997). Why focused strategies may be wrong for emerging markets. Harvard Business Review, 75, 41–51. https://hbr.org/1997/07/why-focused-strategies-may-be-wrong-for-emerging-markets
• Khanna, T. and Palepu, K. (2000a). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance, 55(2), 867-891. https://doi.org/10.1111/0022-1082.00229
• Khanna, T. and Palepu, K. (2000b). The future of business groups in emerging markets: Long-run evidence from Chile. Academy of Management Journal, 43(3), 268-285. https://doi.org/10.2307/1556395
• Khanna, T. and Palepu, K.G. (2004). Globalization and convergence in corporate governance: evidence from Infosys and the Indian software industry. Journal of International Business Studies, 35, 484-507. https://doi.org/10.1057/palgrave.jibs.8400103
• Khanna, T. and Rivkin, J. W. (2001). Estimating the performance effects of business groups in emerging markets. Strategic Management Journal, 22, 45-74. https://doi.org/10.1002/1097-0266(200101)22:1<45::AID-SMJ147>3.0.CO;2-F
• Kim, E. (2006). The impact of family ownership and capital structures on productivity performance of Korean manufacturing firms: Corporate governance and the “chaebol problem”. Journal of the Japanese and International Economies, 20(2), 209-233. https://doi.org/10.1016/j.jjie.2005.02.001
• Kumar, T. V. A. and Manikandan, K. S. (2022). Business group affiliation and competitive repertoire. Asia Pacific Journal of Management, 41(2), 477-505. https://doi.org/10.1007/s10490-022-09855-4
• La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58, 3-27. https://doi.org/ 10.1016/S0304-405X(00)00065-9 Lien, Y. C. and Li, S. (2013). Does diversification add firm value in emerging economies? Effect of corporate governance. Journal of Business Research, 66, 2425-2430. https://doi.org/10.1016/j.jbusres.2013.05.030
• McNulty, T., Zattoni, A. and Douglas, T. (2013). Developing corporate governance research through qualitative methods: A review of previous studies. Corporate Governance: An International Review, 21(2), 183-198. https://doi.org/10.1111/corg.12006
• Morck, R. and Yeung, B. (2003). Agency problems in large family business groups. Entrepreneurship Theory and Practice, 27(4), 367-382. https://doi.org/10.1111/1540-8520.t01-1-0
• Organisation for Economic Co-operation and Development. (2015). G20/OECD Principles of corporate governance. Paris: OECD Publishing. http://dx.doi.org/10.1787/ 9789264236882-en
• Pattnaik, C., Chang, J. J. and Shin, H. H. (2013). Business groups and corporate transparency in emerging markets: Empirical evidence from India. Asia Pacific Journal of Management, 30, 987-1004. https://doi.org/10.1007/s10490-011-9273-5
• Pattnaik, C., Lu, Q. and Gaur, A. S. (2018). Group affiliation and entry barriers: The dark side of business groups in emerging markets. Journal of Business Ethics, 153, 1051-1066. https://doi.org/10.1007/s10551-018-3914-2
• Public Disclosure Platform. (n.d.). Companies. Retrieved from https://www.kap.org.tr/ en/bist-sirketler
• Purkayastha, A. and Gupta, V. K. (2023). Business group affiliation and entrepreneurial orientation: Contingent effect of level of internationalization and firm’s performance. Asia Pacific Journal of Management, 40, 847-876. https://doi.org/10.1007/s10490-022-09809-w
• Purkayastha, A., Pattnaik, C. and Pathak, A. A. (2022). Agency conflict in diversified business groups and performance of affiliated firms in India: Contingent effect of external constraint and internal governance. European Management Journal, 40, 283-294. https://doi.org/10.1016/j.emj.2021.05.004
• Sauerwald, S., Heugens, P. P. M. A. R., Turturea, R. and Van Essen, M. (2019). Are all private benefits of control ineffective? Principal–principal benefits, external governance quality, and firm performance. Journal of Management Studies, 56(4), 725-757. https://doi.org/10.1111/joms.12420
• Shleifer, A. and Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737-783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
• Singh, D. A. and Gaur, A. S. (2009). Business group affiliation, firm governance, and firm performance: Evidence from China and India. Corporate Governance: An International Review, 17(4), 411-425. https://doi.org/10.1111/j.1467-8683.2009.00750.x
• StataCorp. (2015). Stata Statistical Software (Release 14). College Station, TX: StataCorp LP. Retrieved from https://www.stata.com/
• Sueyoshi, T., Goto, M. and Omi, Y. (2010). Corporate governance and firm performance: Evidence from Japanese manufacturing industries after the lost decade. European Journal of Operational Research, 203, 724-736. https://doi.org/10.1016/ j.ejor.2009.09.021
• Wright, M., Filatotchev, I., Hoskisson, R. E. and Peng, M. W. (2005). Strategy research in emerging economies: Challenging the conventional wisdom. Journal of Management Studies, 42(1), 1-33. https://doi.org/10.1111/j.1467-6486.2005.00487.x
• Yang, K. P. and Schwarz, G. M. (2016). A multilevel analysis of the performance implications of excess control in business groups. Organization Science, 27(5), 1219-1236. https:// doi.org/10.1287/orsc.2016.1086
• Yiu, D. W., Chen, X. and Xu, Y. (2013). Corporate governance in business groups. D. M. Wright, D. S. Siegel, K. Keasey and I. Filatotchev (Ed.). In The Oxford handbook of corporate governance (p. 465-488). Oxford: Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199642007.013.0021
• Yiu, D. W., Lu, Y., Bruton, G. D. and Hoskisson, R. E. (2007). Business groups: An integrated model to focus future research. Journal of Management Studies, 44(8), 1551-1579. https://doi.org/10.1111/j.1467-6486.2007.00735.x
• Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D. and Jiang, Y. (2008). Corporate governance in emerging economies: A review of the principal–principal perspective. Journal of Management Studies, 45(1), 196-220. https://doi.org/10.1111/j.1467-6486.2007.00752.x
• Zahra, S. A., Neubaum, D. O. and Huse, M. (2000). Entrepreneurship in medium-size companies: Exploring the effects of ownership and governance systems. Journal of Management, 26(5), 947-976. https://doi.org/10.1016/S0149-2063(00)00064-7
• Zattoni, A., Douglas, T. and Judge, W. (2013). Developing corporate governance theory through qualitative research. Corporate Governance: An International Review, 21(2), 119-122. https://doi.org/10.1111/corg.12016
• Zhou, C. (2019). Effects of corporate governance on the decision to voluntarily disclose corporate social responsibility reports: evidence from China. Applied Economics, 51(55), 5900-5910. https://doi.org/10.1080/00036846.2019.1631440
• Zimmerman, D.W. (1987). Comparative power of Student T Test and Mann-Whitney U Test for unequal sample sizes and variances. The Journal of Experimental Education, 55(3), 171-174. https://doi.org/10.1080/00220973.1987.10806451