BOARD INDEPENDENCE AND FINANCIAL PERFORMANCE IN TURKEY: AN EVIDENCE ON BIST 100

Öz

                SPK’nın 2011 yılında yayınladığı tebliğ ile halka açık şirketlerin yönetim kurullarında bağımsız üye bulundurması zorunlu hale gelmiştir. Bu çalışma, yönetim kurullarında bağımsız üye bulunmasının finansal performans üzerindeki etkisini arştırmaktadır. Çalışmanın örneklemini BİST100 Endeksi’nde yer alan şirketler oluşturmaktadır. Çalışmada yönetim kurulu bağımsızlığı ile muhasebe temelli, piyasa temelli ve nakit temelli finansal performans ölçütleri arasındaki ilişki incelenmiştir. Uygulanan regresyon analizinin sonuçlarına göre yönetim kurulu bağımsızlığının, Tobin’in q oranı üzerine olumlu yönde, özsermaye kârlılığı ve nakit akışları üzerinde olumsuz yönde etkisi olduğu gözlemlenmiştir. Bu çalışma yönetim kurullarında bağımsız üye bulunmasının piyasa temelli finansal performans ölçütleri üzerinde bir artış meydana getirdiğini göstermiştir. 

Anahtar Kelimeler

• Board Independence,Financial Performance,Corporate Governance,Regression Analysis

Kaynakça

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