Araştırma Makalesi
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The Relationship Between Financial Performance and Existence of Members with Accounting or Audit Background in The Board of Directors: Evidence from Turkish Banking Sector

Yıl 2022, , 270 - 292, 31.12.2022
https://doi.org/10.38009/ekimad.1180859

Öz

The relationship between the financial performance and the composition and structure of board of directors (BoD) of enterprises is among the research topics in the literature. In this study, the relationship between the financial performance and existence of members with accounting or audit background in the BoD of banks, which has not been studied in previous academic literature is analyzed. Dependent variables are chosen as ROA and ROE and the ratio of members with accounting or audit background in the BoDs of banks is chosen as the independent variable. Two distinct periods are used to test the existence of the relationship, 2017-2021 and 2016-2020 periods. In the analysis, Kruskal-Wallis H test and Mann-Whitney U test are applied. As a result, a significant difference in bank performances depending on the presence of members with accounting or audit background in BoD is identified in both ROE and ROA with different extends.

Kaynakça

  • Abdel-Azim, M. H. & Soliman, S. (2020). “Board of Directors’ Characteristics and Bank Performance: Evidence from the Egyptian Banking Sector”, Journal of Governance and Regulation, 9, 116-125.
  • Aebi, V., Sabato, G. & Schmid, M. (2012). “Risk Management, Corporate Governance, and Bank Performance in the Financial Crisis”, Journal of Banking & Finance, 36(12), 3213-3226.
  • Alp, A. & Kılıç, S. (2014). Kurumsal Yönetim Nasıl Yönetilmeli. İstanbu: Doğan Kitap.
  • Arioğlu, E. & Arioğlu Kaya, P. (2015). “Busyness and Advising at Borsa Istanbul Firms”, Borsa İstanbul Review, 1-11.
  • Baker, H. K., Pandey, N., Kumar, S. & Haldar, A. (2020). “A Bibliometric Analysis of Board Diversity: Current Status, Development, and Future Research Directions”, Journal of Business Research, 108, 232-246.
  • Banking Law. (2005). Official Gazette of the Republic of Turkey (25983, 1 November 2005). [Access date: 7.9.2002]
  • Barney, J. B. & Hesterly, W. (1999). “Organizational Economics: Understanding the Relationship Between Organizations and Economic Analysis” in: Steward Clegg; Cynthia Hardy, (Eds), Studying Organization: Theory and Method: London, Sage Publication, pp. 109-141.
  • Capital Markets Law. (2012). Official Gazette of the Republic of Turkey (28513, 30 December 2012). [Access date: 11.9.2002]
  • De Fond, M. L., Hann, R. N. & Hu, X. (2005). “Does the Market Value Financial Expertise on Audit Committees of Boards of Directors?”, Journal of Accounting Research, 43(2), 153-193.
  • Demski, J., & Feltham, G. (1978). “Economic Incentives in Budgetary Control Systems”, Accounting Review, 53, 336-359.
  • Dionne, G. & T. Triki. (2005). “Risk Management and Corporate Governance: The importance of Independence and Financial Knowledge for the BoD and the Audit Committee”, unpublished working paper, HEC – Montreal.
  • Doğan, B. & Ekşi, İ. H. (2020). “The Effect of Board of Directors Characteristics on Risk and Bank Performance: Evidence from Turkey”, Economics and Business Review, 6(20), 88-104.
  • Ekadah, J. W. & Mboya, J. (2012). “Effect of BoD Gender Diversity on the Performance of Commercial Banks in Kenya”, European Scientific Journal, 8(7), 128-148.
  • Ersoy, E. and Aydın, Y. (2018). “Yönetim Kurulu Yapısı ve Banka Karlılığı İlişkisi: Dinamik Panel Veri Analizi”, Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 8(2), 248-264.
  • Ergyun, S. (2013). Stratejik İşbirliklerinde Kurumsal Yönetimin Önemi ve Bir Araştırma, [Doctoral dissertation, Marmara University]
  • Firth, M., Wong, S., Xin, Q. & Yick, H. Y. (2016). “Regulatory Sanctions on Independent Directors and Their Consequences to the Director Labor Market: Evidence from China”, Journal of Business Ethics, 134(4), 693-708.
  • Güner, B., Malmendier, U. & Tate, G. (2008). “Financial expertise of directors, Journal of Financial Economics”, 88(2), 323–354.
  • Hagendorff, J. & Keasey, K. (2012). “The Value of Board Diversity in Banking: Evidence from the Market for Corporate Control”, The European Journal of Finance, 18(1), 41-58.
  • Hillman, A. J., Cannella, J. A. & Paetzold, R. L. (2000). “The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change”, Journal of Management Studies, 37(2), 235-255.
  • Jadah, H. M., Murugiah, L. & Adsiz, A. A. (2016). “BoD Characteristics and Bank Performance: Evidence from Iraq”, JISR-MSSE, 14(1), 29-41.
  • Jensen, M. C. & Clifford, S. (2000). “Stockholders, Managers and Creditor Interests: Applications of Agency Theory”, Harvard University Press, 95–131.
  • Kakabadse A, Ward K, Korac-Kakabadse, N. & Bowman, C. (2001). “Role and Contribution of Non-Executive Directors”, Corporate Governance: The International Journal of Business in Society, 1(1), 4-8.
  • Karoğlu, E. (2016). “Vekâlet Kuramı Perspektifinden Yönetim Kurulu Kompozisyonunun Finansal Performans Üzerindeki Etkisi: BİST İmalat Sektörü Örneği”, Balkan and Near Eastern Journal of Social Sciences, 2(1), 65-77.
  • Karslıoğlu, O. (2014). Borsa İstanbul Kurumsal Yönetim Endeksinde Yer Alan Firmaların Kurumsal Yönetim Derecelendirme Notunun Marka Değeri Üzerindeki Etkisinin Analizi, [Master’s dissertation, TOBB Economy and Technology University]
  • Khatib, S. F. A., Abdullah, D. F. E. & Elamer, A. A. (2020). “Nudging Toward Diversity in the Boardroom: A Systematic Literature Review of Board Diversity of Financial Institutions”, SSRN Electronic Journal, 30(2), 985-1002.
  • Lester, L. H., Hillman, A., Zardkoohi, A. & Cannella, A. A. (2008). “Former Government Officials as Outside Directors: The Role of Human and Social Capital”, Academy of Management Journal, 51(5), 999-1013.
  • Madhani, P. M. (2017). “Diverse Roles of Corporate Board: A Review of Various Corporate Governance Theories”, Journal of Corporate Governance, 16(2), 7-28.
  • Mesjasz, K. (2008). “Ekonomik Güvenlik”, Uluslararası İlişkiler, 5(18), 125- 150.
  • Minton, B., Taillard, J. P. A., Williamson, R. (2010). “Do Independence and Financial Expertise of the BoD Matter for Risk Taking and Performance?”, Working Paper, Ohio State University.
  • Mojambo, G. A. M., Tulung J. E. & Saereng, R. T. (2020). “The Influence Of Top Management Team (Tmt) Characteristics Toward Indonesian Banks Performance During The Digital Era (2014-2018)”, JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi), 7(1), 1-20.
  • Monticelli, J. M., Calixto, C. V. Vasconcellos, S. L. & Garrido, I. L. (2017). “The Influence of Formal Institutions on the Internationalization of Companies in an Emerging Country”, Review of Business Management, 19(65), 358-374.
  • Niazi, M., Othman, Z. & Chandren, S. (2021). “The Moderating Role of Director’s Financial Expertise in Political Connections and Corporate Financial Performance in Pakistan”, Accounting, 7(4), 865-874.
  • Osnabrugge, M.V. (2000). “A Comprasion of Business Angel and Venture Capitalist Investment Procedures: An Agency Theory-Based Analysis”, Venture Capital, 2(2), 91-109.
  • Özbek, C. Y. (2019). “Türkiye’de Bankalarda Lisansüstü Eğitime Sahip Yönetim Kurulu Üyelerinin Bankaların Kârlılıkları Üzerindeki Etkisi: Borsa İstanbul Bankalar ve Özel Finans Kurumları Sektörü Örneği”, Muhasebe ve Vergi Uygulamaları Dergisi, 12(1), 147-166.
  • Papadimitri, P., Pasiouras, F., Tasiou, M. & Ventouri, A. (2020). “The Effects of Board of Directors’ Education on Firms’ Credit Ratings”, Journal of Business Research, 116(C), 294-313.
  • Peng, M. W., Sun, W., Vlas, C., Minichilli, A. & Corbetta, G. (2018). “An Institution–Based View of Large Family Firms: A Recap and Overview”, Entrepreneurship Theory and Practice, 42(2), 187-205.
  • Peteraf, M. (1993). “The Cornerstones of Competitive Advantage: A Resource-Based View”, Strategic Management Journal, 14(3), 179-191.
  • Qiao, Z., Chen, K. Y. & Hung, S. (2018). “Professionals Inside the Board Room: Accounting Expertise of Directors and Dividend Policy”, Applied Economics, 50(56), 6100-6111.
  • Regulation on the Banks’ Accounting Practices and Document Retention Rules and Principles. (2006). Official Gazette of the Republic of Turkey (26333, 1 November 2006). [Access date: 13.9.2002]
  • Regulation on the Banks’ Corporate Governance Principles. (2006). Official Gazette of the Republic of Turkey (26333, 1 November 2006). [Access date: 13.9.2002]
  • Romano, G., Ferretti, P. & Rigolini, A. (2012). Corporate Governance and Performance in Italian Banking Groups. International Conference Corporate Governance & Regulation: Outlining New Horizons for Theory and Practice. Pisa/ Italy.
  • Tan, Z. & Bal, K. (2021). “Vekâlet Teorisi Çerçevesinde Yönetim Kurulu Çeşitlendirmesi ve Finansal Performans İlişkisi: Yatırım Kuruluşları Örneği”, Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi, 8(1), 38-54.
  • Tepegöz, Ş. M. & Ala, T. (2019). “Yönetim Kurullarının Yapısı Açısından Türkiye’deki Faktoring Şirketlerinin Karlılık/Özkaynak İlişkisinin Analizi”, Muhasebe ve Denetime Bakış, (59), 195-212.
  • Topaloğlu, E. E. & Ege, İ. (2018). “Borsa İstanbul’da İşlem Gören Bankaların Yönetim Kurulu Yapısının Finansal Performansa Etkisi: Panel Veri Analizi”, Sosyal ve Beşeri Bilimler Araştırmaları Dergisi, 19(41), 9-34.
  • Topçu, G. (2020). “Bank Performance and BoD Structure: Evidence from Turkey”, Management and Political Sciences Review, 2(1), 1-17.
  • Wernerfelt, B. (1984). “A Resource-Based View of the Firm”, Strategic Management Journal, 5(2), 171-180.
  • Yağlı, İ. (2019). “Yönetim Kurulu Çeşitliliği – Finansal Performans İlişkisi: Türk Bankacılık Sektörü Örneği”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 37(3), 565-585.
  • Zahra, S. A. & Pearce, J. A. (1989). “Boards of Directors and Corporate Financial Performance: A Review and Integrative Model”, Journal of Management, 15, 291-334.

Finansal Performans ve Yönetim Kurullarında Muhasebe veya Denetim Geçmişi Olan Üyelerin Bulunması Arasındaki İlişki: Türk Bankacılık Sektörü Örneği

Yıl 2022, , 270 - 292, 31.12.2022
https://doi.org/10.38009/ekimad.1180859

Öz

İşletmelerin finansal performansı ve yönetim kurullarının yapısı arasındaki ilişki literatürdeki araştırma konuları arasında yer almaktadır. Bu çalışmada, daha önceki akademik çalışmalarda araştırılmayan, bankaların yönetim kurullarındaki muhasebe veya denetim geçmişi olan üyelerin dahil edilmesi ile bankaların finansal performansları arasındaki ilişki araştırılmıştır. Çalışmanın bağımlı değişkeni olarak özkaynak kârlılığı ve aktif kârlılığı, bağımsız değişken olarak ise bankaların yönetim kurullarında yer alan muhasebe veya denetim geçmişine sahip üyelerin oranı seçilmiştir. İlişkinin mevcudiyetini test etmek için iki farklı dönem, 2016-2020 ve 2017-2021 kullanılmıştır. Analizlerde, Kruskal-Wallis H testi ve Mann-Whitney U testi uygulanmıştır. Sonuç olarak, yönetim kurullarında muhasebe veya denetim geçmişi olan üyelerin bulunmasına bağlı olarak, ROE ve ROA’de farklı seviyelerde, banka performansları açısından anlamlı bir farklılık bulunduğu belirlenmiştir.

Kaynakça

  • Abdel-Azim, M. H. & Soliman, S. (2020). “Board of Directors’ Characteristics and Bank Performance: Evidence from the Egyptian Banking Sector”, Journal of Governance and Regulation, 9, 116-125.
  • Aebi, V., Sabato, G. & Schmid, M. (2012). “Risk Management, Corporate Governance, and Bank Performance in the Financial Crisis”, Journal of Banking & Finance, 36(12), 3213-3226.
  • Alp, A. & Kılıç, S. (2014). Kurumsal Yönetim Nasıl Yönetilmeli. İstanbu: Doğan Kitap.
  • Arioğlu, E. & Arioğlu Kaya, P. (2015). “Busyness and Advising at Borsa Istanbul Firms”, Borsa İstanbul Review, 1-11.
  • Baker, H. K., Pandey, N., Kumar, S. & Haldar, A. (2020). “A Bibliometric Analysis of Board Diversity: Current Status, Development, and Future Research Directions”, Journal of Business Research, 108, 232-246.
  • Banking Law. (2005). Official Gazette of the Republic of Turkey (25983, 1 November 2005). [Access date: 7.9.2002]
  • Barney, J. B. & Hesterly, W. (1999). “Organizational Economics: Understanding the Relationship Between Organizations and Economic Analysis” in: Steward Clegg; Cynthia Hardy, (Eds), Studying Organization: Theory and Method: London, Sage Publication, pp. 109-141.
  • Capital Markets Law. (2012). Official Gazette of the Republic of Turkey (28513, 30 December 2012). [Access date: 11.9.2002]
  • De Fond, M. L., Hann, R. N. & Hu, X. (2005). “Does the Market Value Financial Expertise on Audit Committees of Boards of Directors?”, Journal of Accounting Research, 43(2), 153-193.
  • Demski, J., & Feltham, G. (1978). “Economic Incentives in Budgetary Control Systems”, Accounting Review, 53, 336-359.
  • Dionne, G. & T. Triki. (2005). “Risk Management and Corporate Governance: The importance of Independence and Financial Knowledge for the BoD and the Audit Committee”, unpublished working paper, HEC – Montreal.
  • Doğan, B. & Ekşi, İ. H. (2020). “The Effect of Board of Directors Characteristics on Risk and Bank Performance: Evidence from Turkey”, Economics and Business Review, 6(20), 88-104.
  • Ekadah, J. W. & Mboya, J. (2012). “Effect of BoD Gender Diversity on the Performance of Commercial Banks in Kenya”, European Scientific Journal, 8(7), 128-148.
  • Ersoy, E. and Aydın, Y. (2018). “Yönetim Kurulu Yapısı ve Banka Karlılığı İlişkisi: Dinamik Panel Veri Analizi”, Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 8(2), 248-264.
  • Ergyun, S. (2013). Stratejik İşbirliklerinde Kurumsal Yönetimin Önemi ve Bir Araştırma, [Doctoral dissertation, Marmara University]
  • Firth, M., Wong, S., Xin, Q. & Yick, H. Y. (2016). “Regulatory Sanctions on Independent Directors and Their Consequences to the Director Labor Market: Evidence from China”, Journal of Business Ethics, 134(4), 693-708.
  • Güner, B., Malmendier, U. & Tate, G. (2008). “Financial expertise of directors, Journal of Financial Economics”, 88(2), 323–354.
  • Hagendorff, J. & Keasey, K. (2012). “The Value of Board Diversity in Banking: Evidence from the Market for Corporate Control”, The European Journal of Finance, 18(1), 41-58.
  • Hillman, A. J., Cannella, J. A. & Paetzold, R. L. (2000). “The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change”, Journal of Management Studies, 37(2), 235-255.
  • Jadah, H. M., Murugiah, L. & Adsiz, A. A. (2016). “BoD Characteristics and Bank Performance: Evidence from Iraq”, JISR-MSSE, 14(1), 29-41.
  • Jensen, M. C. & Clifford, S. (2000). “Stockholders, Managers and Creditor Interests: Applications of Agency Theory”, Harvard University Press, 95–131.
  • Kakabadse A, Ward K, Korac-Kakabadse, N. & Bowman, C. (2001). “Role and Contribution of Non-Executive Directors”, Corporate Governance: The International Journal of Business in Society, 1(1), 4-8.
  • Karoğlu, E. (2016). “Vekâlet Kuramı Perspektifinden Yönetim Kurulu Kompozisyonunun Finansal Performans Üzerindeki Etkisi: BİST İmalat Sektörü Örneği”, Balkan and Near Eastern Journal of Social Sciences, 2(1), 65-77.
  • Karslıoğlu, O. (2014). Borsa İstanbul Kurumsal Yönetim Endeksinde Yer Alan Firmaların Kurumsal Yönetim Derecelendirme Notunun Marka Değeri Üzerindeki Etkisinin Analizi, [Master’s dissertation, TOBB Economy and Technology University]
  • Khatib, S. F. A., Abdullah, D. F. E. & Elamer, A. A. (2020). “Nudging Toward Diversity in the Boardroom: A Systematic Literature Review of Board Diversity of Financial Institutions”, SSRN Electronic Journal, 30(2), 985-1002.
  • Lester, L. H., Hillman, A., Zardkoohi, A. & Cannella, A. A. (2008). “Former Government Officials as Outside Directors: The Role of Human and Social Capital”, Academy of Management Journal, 51(5), 999-1013.
  • Madhani, P. M. (2017). “Diverse Roles of Corporate Board: A Review of Various Corporate Governance Theories”, Journal of Corporate Governance, 16(2), 7-28.
  • Mesjasz, K. (2008). “Ekonomik Güvenlik”, Uluslararası İlişkiler, 5(18), 125- 150.
  • Minton, B., Taillard, J. P. A., Williamson, R. (2010). “Do Independence and Financial Expertise of the BoD Matter for Risk Taking and Performance?”, Working Paper, Ohio State University.
  • Mojambo, G. A. M., Tulung J. E. & Saereng, R. T. (2020). “The Influence Of Top Management Team (Tmt) Characteristics Toward Indonesian Banks Performance During The Digital Era (2014-2018)”, JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi), 7(1), 1-20.
  • Monticelli, J. M., Calixto, C. V. Vasconcellos, S. L. & Garrido, I. L. (2017). “The Influence of Formal Institutions on the Internationalization of Companies in an Emerging Country”, Review of Business Management, 19(65), 358-374.
  • Niazi, M., Othman, Z. & Chandren, S. (2021). “The Moderating Role of Director’s Financial Expertise in Political Connections and Corporate Financial Performance in Pakistan”, Accounting, 7(4), 865-874.
  • Osnabrugge, M.V. (2000). “A Comprasion of Business Angel and Venture Capitalist Investment Procedures: An Agency Theory-Based Analysis”, Venture Capital, 2(2), 91-109.
  • Özbek, C. Y. (2019). “Türkiye’de Bankalarda Lisansüstü Eğitime Sahip Yönetim Kurulu Üyelerinin Bankaların Kârlılıkları Üzerindeki Etkisi: Borsa İstanbul Bankalar ve Özel Finans Kurumları Sektörü Örneği”, Muhasebe ve Vergi Uygulamaları Dergisi, 12(1), 147-166.
  • Papadimitri, P., Pasiouras, F., Tasiou, M. & Ventouri, A. (2020). “The Effects of Board of Directors’ Education on Firms’ Credit Ratings”, Journal of Business Research, 116(C), 294-313.
  • Peng, M. W., Sun, W., Vlas, C., Minichilli, A. & Corbetta, G. (2018). “An Institution–Based View of Large Family Firms: A Recap and Overview”, Entrepreneurship Theory and Practice, 42(2), 187-205.
  • Peteraf, M. (1993). “The Cornerstones of Competitive Advantage: A Resource-Based View”, Strategic Management Journal, 14(3), 179-191.
  • Qiao, Z., Chen, K. Y. & Hung, S. (2018). “Professionals Inside the Board Room: Accounting Expertise of Directors and Dividend Policy”, Applied Economics, 50(56), 6100-6111.
  • Regulation on the Banks’ Accounting Practices and Document Retention Rules and Principles. (2006). Official Gazette of the Republic of Turkey (26333, 1 November 2006). [Access date: 13.9.2002]
  • Regulation on the Banks’ Corporate Governance Principles. (2006). Official Gazette of the Republic of Turkey (26333, 1 November 2006). [Access date: 13.9.2002]
  • Romano, G., Ferretti, P. & Rigolini, A. (2012). Corporate Governance and Performance in Italian Banking Groups. International Conference Corporate Governance & Regulation: Outlining New Horizons for Theory and Practice. Pisa/ Italy.
  • Tan, Z. & Bal, K. (2021). “Vekâlet Teorisi Çerçevesinde Yönetim Kurulu Çeşitlendirmesi ve Finansal Performans İlişkisi: Yatırım Kuruluşları Örneği”, Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi, 8(1), 38-54.
  • Tepegöz, Ş. M. & Ala, T. (2019). “Yönetim Kurullarının Yapısı Açısından Türkiye’deki Faktoring Şirketlerinin Karlılık/Özkaynak İlişkisinin Analizi”, Muhasebe ve Denetime Bakış, (59), 195-212.
  • Topaloğlu, E. E. & Ege, İ. (2018). “Borsa İstanbul’da İşlem Gören Bankaların Yönetim Kurulu Yapısının Finansal Performansa Etkisi: Panel Veri Analizi”, Sosyal ve Beşeri Bilimler Araştırmaları Dergisi, 19(41), 9-34.
  • Topçu, G. (2020). “Bank Performance and BoD Structure: Evidence from Turkey”, Management and Political Sciences Review, 2(1), 1-17.
  • Wernerfelt, B. (1984). “A Resource-Based View of the Firm”, Strategic Management Journal, 5(2), 171-180.
  • Yağlı, İ. (2019). “Yönetim Kurulu Çeşitliliği – Finansal Performans İlişkisi: Türk Bankacılık Sektörü Örneği”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 37(3), 565-585.
  • Zahra, S. A. & Pearce, J. A. (1989). “Boards of Directors and Corporate Financial Performance: A Review and Integrative Model”, Journal of Management, 15, 291-334.
Toplam 48 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Makaleler
Yazarlar

Gürol Baloğlu 0000-0003-1093-2664

Kaan Ramazan Çakalı 0000-0003-4186-2291

Yayımlanma Tarihi 31 Aralık 2022
Gönderilme Tarihi 27 Eylül 2022
Yayımlandığı Sayı Yıl 2022

Kaynak Göster

APA Baloğlu, G., & Çakalı, K. R. (2022). The Relationship Between Financial Performance and Existence of Members with Accounting or Audit Background in The Board of Directors: Evidence from Turkish Banking Sector. Ekonomi İşletme Ve Maliye Araştırmaları Dergisi, 4(3), 270-292. https://doi.org/10.38009/ekimad.1180859