Kurumsal Yönetim İlkesi Olarak Şeffaflık ve BİST’te İşlem Gören Mali Kuruluşların Şeffaflık Düzeyleri

Yıl 2022, Cilt: 6 Sayı: 2, 207 - 228, 30.12.2022

Erhan Daştan , Suat Yıldırım

https://doi.org/10.33399/biibfad.1085603

Öz

Bu çalışmanın amacı; Borsa İstanbul’da kayıtlı olan mali kuruluşların 2018 yılı itibariyle şeffaflık düzeylerinin belirlenmesidir. Çalışmanın amacına uygun olarak mali kuruluşlara anket yapılarak elde edilen verilerin frekans dağılımları ortaya konulmuştur. Bu ankette Standart & Poor’s (S&P) tarafından geliştirilen “Şeffaflık ve Kamuya Açıklama Endeksi” metodolojisi kullanılmıştır. Sonuç olarak araştırma kapsamındaki mali kuruluşların şeffaflık düzeylerinin ortalaması %81 olarak tespit edilmiştir. Tüm sonuçlar incelendiğinde en yüksek şeffaflık yüzdesine sahip şirket grubu %85 şeffaflık oranı ile Banka ve Özel Finans Kurumlarıdır. %80’lik şeffaflık oranıyla Aracı Kurumlar ikici sırada, %79’la Finansal Kiralama ve Factoring Şirketleri üçüncü, %78’lik şeffaflık oranıyla Sigorta Şirketleri dördüncü sıradadır. Ayrıca çalışmada şirketlerin çalışan sayısı, faaliyet yılı, halka açıklık oranı ve bilanço büyüklüklerinin şeffaflık düzeylerine etki edip etmediği regresyon analizi ile incelenmiştir. Elde edilen sonuçlara göre hiçbir değişkenin şeffaflık düzeyine etki etmediği görülmüştür. Çalışmada analizler SPSS paket programı aracılıyla yapılmıştır.

Anahtar Kelimeler

Kurumsal Yönetim, Şeffaflık, Kamuyu Aydınlatma, Mali Kuruluşlar

Transparency as a Corporate Governance Principle and Transparency Levels of Financial Institutions Traded in BIST

Öz

The aim of this study is to determine of the transparency levels of financial institutions registered in Borsa Istanbul as of 2018. In accordance with the purpose of the study, the frequency distribution of the data obtained by surveying financial institutions was revealed. The "Transparency and Disclosure Index" methodology developed by Standard & Poor's (S&P) was used in this survey. As a result, the average transparency level of financial institutions within the scope of the research was determined as 81%. When all the results are analyzed, the company group with the highest transparency rate is Banks and Private Finance Institutions, with a transparency rate of 85%. Intermediary Institutions are in second place with a transparency rate of 80%, Financial Leasing and Factoring Companies are in third place with 79%, and Insurance Companies are in fourth place with a transparency rate of 78%. In addition, the number of employees, year of operation, free float ratio, and balance sheet sizes have been examined by regression analysis. According to the results obtained, it was seen that none of the variables affected the level of transparency. In the study, the analyzes were made using the SPSS package program.

Anahtar Kelimeler

Corporate Governance, Transparency, Public Disclosure, Financial Institutions

Kaynakça

• Akgül, A. & Çelik, O. (2003). İstatiksel Analiz Teknikleri, Emek Ofset, Ankara.
• Akkaya, Ş. & Pazarlıoğlu, M.V. (2000). Ekonometri I, 4. Baskı, İzmir: Anadolu Matbaacılık.
• Aksu, M. & Kosedag, A. (2006). Transparency and disclosure scores and their determinants in the Istanbul Stock Exchange. Corporate Governance: An International Review, 14(4), 277-296.
• Bae, K. H. & 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.
• Ball, R. & Shivakumar, L. (2005). Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics, 39, 83–128.
• Bardossy, A. (1990). Notes on fuzzy regression. Fuzy Sets and Systems, 37(1), s.65-67.
• Black, B. S., Kim, W., Jang, H., & Park, K. S. (2005). How corporate governance affects firm value: Evidence on channels from Korea. ECGI-Finance Working Paper, (103), 08-19.
• Black, B. S., Love, I., & Rachinsky, A. (2006). Corporate governance indices and firms' market values: Time series evidence from Russia. Emerging Markets Review, 7(4), 361-379.
• Brown, L. D., & Caylor, M. L. (2004). Corporate governance and firm performance. Available at SSRN 586423.
• Chebbi, T. (2009). Corporate Yield Spread and Transparency Spread: An Empirical Examination International. Research Journal of Finance and Economics, 2(5), 1450-2887
• Chen, K. C., Chen, Z., & Wei, K. J. (2009). Legal protection of investors, corporate governance, and the cost of equity capital. Journal of corporate finance, 15(3), 273-289.
• Chen, W. P., Chung, H., Lee, C., & Liao, W. L. (2007). Corporate governance and equity liquidity: Analysis of S&P transparency and disclosure rankings. Corporate Governance: An International Review, 15(4), 644-660.
• Chiang, H. (2005). An Empircal Study of Corporate Governance and corporate Performance. Journal of American Academy of Business, 6(1), 95-101
• Churaev, K. (2003). The Impacts of Corporate Governance Issues on Values of Turkish Companies (Yüksek Lisans Tezi). İstanbul Üniversitesi, İstanbul.
• Erkan, N. (2002). Regresyon Analizi Ve Ormancılıkta Kullanımı. İstanbul Üniversitesi Ormancılık Dergisi, 52(1), s.56-76.
• Fan, J. P. & Wong, T. J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of accounting and economics, 33(3), 401-425.
• Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The quarterly journal of economics, 118(1), 107-156.
• Güzeldere, H. (2015). Kurumsal şeffaflık, firma değeri ve firma performansları ilişkisi: Bist incelemesi, İstanbul: İktisadi Araştırmalar Vakfı.
• Hsiu J. F. (2006). Effect of Financial Information Transparency on the Investor Behavior in Taiwan Stok Market. ProQest Database, 16(3), 6-22
• Jiamsagul, S. (2007). The performance effects of transparency and disclosure, and board of directors: the case of set100 Thailand (Doctoral dissertation, Faculty of Commerce and Accountancy, Thammasat University).
• Kalaycı, Ş. (2011), SPSS Uygulamalı Çok Değişkenli İstatistik Teknikleri, 8.Baskı, Ankara: Dinamik Akademi.
• Khanna, T., Palepu, K. G., & Srinivasan, S. (2004). Disclosure practices of foreign companies interacting with US markets. Journal of accounting research, 42(2), 475-508.
• La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of financial economics, 58(1-2), 3-27.
• Lang, M., Lins, K. V., & Maffett, M. (2012). Transparency, liquidity, and valuation: International evidence on when transparency matters most. Journal of Accounting Research, 50(3), 729-774.
• Özbay, E. (2007). İstanbul Menkul Kıymetler Borsası’nda İşlem Gören Şirketlerin Yıllar İtibariyle Şeffaflık Düzeyleri İle Likiditeleri Arasındaki İlişki (1995-2005) (Yüksek Lisans Tezi). İstanbul Teknik Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.
• Patel, S. A., & Dallas, G. S. (2002). Transparency and disclosure: Overview of methodology and study results-United States. Available at SSRN 422800.
• Rani, N., Yadav, S. S., & Jain, P. K. (2013). Impact of corporate governance score on abnormal returns of mergers and acquisitions. Procedia Economics and Finance, 5, 637-646.
• Skaife, H. A., Collins, D. W., and LaFond, R. (2004). Corporate governance and the cost of equity capital. Available at SSRN 639681.
• Xue, Y., Kim, I. S., Son, J. S., Park, C. E., Kim, H. H., Sung, B. S., & Kang, B. Y. (2005). Fuzzy regression method for prediction and control the bead width in the robotic arc-welding process. Journal of Materials Processing Technology, 164, 1134-1139.