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Tepe Yönetici Ücretlerinin FirmaPerformansına Duyarlılığı: Türkiye’denBulgular

Yıl 2017, Sayı: 631, 65 - 73, 01.09.2017

Öz

Bu çalışma, tepe yönetici ücretlerinin firma performansına duyarlılığını, 2009- 2013 yıllarını kapsayan bir panel veri modeli aracılığıyla belirlemeyi hedeflemiştir. Çalışmada ilgili yazına gelişen bir ülke bakış açısı getirilmekte ve kurumsal yönetim mekanizmalarının gelişmiş ülkelere göre farklılıklar gösterdiği Türkiye ortamında, tepe yönetici ücretlerinin performansa duyarlılığı konusunda bulgular sunulmaktadır. İncelememiz vekâlet kuramını destekler şekilde, tepe yönetici ücretleri ile şirketlerin aktif karlılığı arasında aynı yönlü bir ilişki belirlenmiştir. Halka açık ve finandışı şirketlerden oluşan örneklemimizde, tepe yönetici ücretlerinin firma performansına duyarlı olduğu, firm performansındaki artışların tepe yönetici ücretlerinde artışa neden olduğu belirlenmiştir. Bu bulgudan yola çıkarak, şirketlerin firma performansına dayalı özendiricileri içeren ücret sistemleri kullandıklarını söylemek mümkündür.

Kaynakça

  • ABOWD, John M.; (1990), “Does Performance-Based Managerial Compensation Affect Corporate Performance?”, Industrial and Labor Relations Review, 43(Special Issue), pp. 52S-73S.
  • AGGARWAL, Rajesh K., ve Andrew A. SAMWICK; (1999a), The Other Side of the Trade-Off: The Impact of Risk on Executive Compensation, Journal of Political Economy, 107(1), pp. 65-105.
  • AGGARWAL, Rajesh K., ve Andrew A. SAMWICK; (1999b), “Executive Compensation, Strategic Competition, and Relative Performance Evaluation: Theory and Evidence”, The Journal of Finance, 54(6), pp. 1999-2043.
  • AGGARWAL, Rajesh K., ve Andrew A. SAMWICK; (2003), “Why Do Managers Diversify Their Firms? Agency Reconsidered”, The Journal of Finance, 58(1), pp. 71-118
  • BAREKET-BOJMEL, Liad, Guy HOCHMAN ve Dan ARIELY; (2014), “It’s (Not) All About the Jacksons: Testing Different Types of Short-Term Bonuses in the Field”, Journal of Management, 43(2), pp. 534-554.
  • BARKEMA, Harry G. ve Luis R. GOMEZ-MEJIA; (1998), “Managerial Compensation and Firm Performance: A General Research Framework”, Academy of Management Journal, 41(2), pp. 135-145.
  • BEBCHUK, Lucian A. ve Jesse M. FRIED; (2004), Pay Without Performance: The Unfulfilled Promise Of Executive Compensation, Harvard University Press, Cambridge, MA.
  • BEBCHUK, Lucian A. ve Jesse M. FRIED; (2006), “Pay Without Performance: Overview of the Issues”, Academy of Management Perspective, 20(1), pp. 5-24.
  • BERTRAND, Marianne ve SENDHIL Mullainathan; (2001), “Are CEOs Rewarded for Luck? The Ones Without Principals Are”, The Quarterly Journal of Economics, 116(3), pp. 901-932.
  • BRICK, Ivan E., Oded PALMON ve John K. WALD; (2006), “CEO Compensation, Director Compensation and Firm Performance: Evidence from Cronyism”, Journal of Corporate Finance, 12(3), pp. 403-423.
  • BRUCE, Alistair, Trevor BUCK, ve Brian G.M. MAIN; (2005), “Top Executive Remuneration: A View From Europe”, Journal of Management Studies, 42(7), pp. 1493-1506.
  • BUCK, Trevor, Alistair BRUCE, Brian G.M. MAIN ve UDUENI, Henry; (2003), “Long Term Incentive Plans, Executive Pay and UK Company Performance”, Journal of Management Studies, 40(7), pp. 1709–1721.
  • BUCK, Trevor, Xiaohui LIU ve Rodion SKOVORODA; (2008), “Top Executive Pay and Firm Performance in China”, Journal of International Business Studies, 39(5), pp. 833–850.
  • CARPENTER, Mason A., Marta A. GELETKANYCZ ve W. Gerard SANDERS; (2004), “Upper Echelons Research Revisited: Antecedents, Elements, and Consequences of Top Management Team Composition”, Journal of Management, 30(6), pp. 749-778.
  • CHEN, Jing, Mahmoud EZZAMEL, ve Ziming CAI; (2011), “Managerial Power Theory, Tournament Theory, and Executive Pay in China”, Journal of Corporate Finance, 17 (4), pp. 1176-1199.
  • CHEN, Jean J., Xuguang LIU ve Weian LI; (2010), “The Effect of Insider Control and Global Benchmarks on Chinese Executive Compensation”, Corporate Governance: An International Review, 18(2), pp107-123.
  • CONYON, Martin ve Kevin J. MURPHY; (2000), “The Prince and the Pauper? CEO Pay in The United States and United Kingdom”, Economic Journal, 110(467), pp. 640–671.
  • CAPEZIO, Alessandra, John SHIELDS ve Michael O’DONNELL; (2011), “Too Good to be True: Board Structural Independence as a Moderator of CEO Pay-For-Firm-Performance”, Journal of Management Studies, 48(3), pp. 487-513.
  • CORE, John E., Robert W. HOLTHAUSEN ve David F. LARCKER; (1999), “Corporate Governance, Chief Executive Officer Compensation, and Firm Performance”, Journal of Financial Economics, 51(3), pp. 371-406.
  • CORE, John E. ve David F. LARCKER; (2002), “Performance Consequences of Mandatory Increases In Executive Stock Ownership”, Journal of Financial Economics, 64(3), pp. 317- 340.
  • CORE, John E., R. Guay WAYNE ve David F. LARCKER; (2003), “Executive Equity Compensation and Incentives: A Survey”, FRBNY Economic Policy Review, 9(1), pp. 27-50.
  • DEVERS, Cynthia E., Albert A. CANNELLA, Gregory P. REILLY ve Michele E. YODER; (2007), “Executive Compensation: A Multidisciplinary Review of Recent Developments”, Journal of Management, 33(6), pp. 1016-1072.
  • DOWELL, Glen W., Margaret B. SHACKELL ve Nathan V. STUART; (2011), “Boards, CEOs and Surviving Financial Crisis”, Strategic Management Journal, 32(10), pp. 1025- 1045.
  • DUFFHUES, Pieter ve Rezaul KABIR; (2008), “Is the PayPerformance Relationship Always Positive? Evidence from the Netherlands”, Journal of Multinational Financial Management, 18, pp. 45-60.
  • FAMA, Eugene F. ve Michael C. JENSEN; (1983), “Separation of Ownership and Control”, The Journal of Law and Economics, 26(2), 301-325.
  • FILATOTCHEV, Igor ve Deborah ALLCOCK; (2010), “Corporate Governance and Executive Remuneration: A Contingency Framework”, Academy of Management Perspectives, 24(1), pp. 20-33.
  • FINKELSTEIN, Sydney ve Donald C. HAMBRICK; (1988), “Chief Executive Compensation: A Synthesis and Reconciliation”, Strategic Management Journal, 9(6), 543-558.
  • FINKELSTEIN, Sydney ve Donald C. HAMBRICK; (1989), “Chief Executive Compensation: A Study of the Intersection of Markets and Political Processes”, Strategic Management Journal, 10(2), 121-134.
  • FINKELSTEIN, Sydney, Donald C. HAMBRICK, D. C. ve Albert A. CANNELLA; (2009), Strategic leadership: Theory and research on executives, top management teams, and boards, Oxford University Press, USA.
  • FIRTH, Michael, Peter M.Y. FUNG, ve Oliver RUI, (2006), “Corporate Performance and CEO Compensation in China”, Journal of Corporate Finance, 12(4), pp. 693–714.
  • GERHART, Barry A. ve George T. MILKOVICH; (1990), “Organizational differences in managerial compensation and financial performance”, Academy of Management Journal, 33(4), pp. 663-691.
  • GOMEZ-MEJIA, Luis R.; (1994), “Executive Compensation: A Reassessment and a Future Research Agenda”. Research in Personnel and Human Resources Management, 12(2), pp. 161-222.
  • GOMEZ-MEJIA, Luis R., Martin LARRAZA-KINTANA ve Marianna MAKRI; (2003), “The Determinants of Executive Compensation in Family-Controlled Public Corporations”, Academy of Management Journal, 46(2), pp. 226-237.

Performance Sensitivity of Top Management Team Compensation: Evidence from Turkey

Yıl 2017, Sayı: 631, 65 - 73, 01.09.2017

Öz

This study aims to investigate the sensitivity of top management team compensation to firm performance through a panel data model covering the period of 2009-2013. The study brings a perspective of emerging economy in the current literature and aims to contribute to the field by presenting findings on performance sensitivity of top executive pay from Turkey where corporate governance mechanisms differ drastically from that of the developed countries. In line with the agency theory expectations, we found a positive relationship between firms’ return on assets and executive compensation. In other words, in our sample which consists of publicly traded non-financial companies, we found that executive pay is sensitive to firm performance. Based on this finding, we conclude that listed public companies in Turkey adopt compensation systems that include incentives based on firm performance.

Kaynakça

  • ABOWD, John M.; (1990), “Does Performance-Based Managerial Compensation Affect Corporate Performance?”, Industrial and Labor Relations Review, 43(Special Issue), pp. 52S-73S.
  • AGGARWAL, Rajesh K., ve Andrew A. SAMWICK; (1999a), The Other Side of the Trade-Off: The Impact of Risk on Executive Compensation, Journal of Political Economy, 107(1), pp. 65-105.
  • AGGARWAL, Rajesh K., ve Andrew A. SAMWICK; (1999b), “Executive Compensation, Strategic Competition, and Relative Performance Evaluation: Theory and Evidence”, The Journal of Finance, 54(6), pp. 1999-2043.
  • AGGARWAL, Rajesh K., ve Andrew A. SAMWICK; (2003), “Why Do Managers Diversify Their Firms? Agency Reconsidered”, The Journal of Finance, 58(1), pp. 71-118
  • BAREKET-BOJMEL, Liad, Guy HOCHMAN ve Dan ARIELY; (2014), “It’s (Not) All About the Jacksons: Testing Different Types of Short-Term Bonuses in the Field”, Journal of Management, 43(2), pp. 534-554.
  • BARKEMA, Harry G. ve Luis R. GOMEZ-MEJIA; (1998), “Managerial Compensation and Firm Performance: A General Research Framework”, Academy of Management Journal, 41(2), pp. 135-145.
  • BEBCHUK, Lucian A. ve Jesse M. FRIED; (2004), Pay Without Performance: The Unfulfilled Promise Of Executive Compensation, Harvard University Press, Cambridge, MA.
  • BEBCHUK, Lucian A. ve Jesse M. FRIED; (2006), “Pay Without Performance: Overview of the Issues”, Academy of Management Perspective, 20(1), pp. 5-24.
  • BERTRAND, Marianne ve SENDHIL Mullainathan; (2001), “Are CEOs Rewarded for Luck? The Ones Without Principals Are”, The Quarterly Journal of Economics, 116(3), pp. 901-932.
  • BRICK, Ivan E., Oded PALMON ve John K. WALD; (2006), “CEO Compensation, Director Compensation and Firm Performance: Evidence from Cronyism”, Journal of Corporate Finance, 12(3), pp. 403-423.
  • BRUCE, Alistair, Trevor BUCK, ve Brian G.M. MAIN; (2005), “Top Executive Remuneration: A View From Europe”, Journal of Management Studies, 42(7), pp. 1493-1506.
  • BUCK, Trevor, Alistair BRUCE, Brian G.M. MAIN ve UDUENI, Henry; (2003), “Long Term Incentive Plans, Executive Pay and UK Company Performance”, Journal of Management Studies, 40(7), pp. 1709–1721.
  • BUCK, Trevor, Xiaohui LIU ve Rodion SKOVORODA; (2008), “Top Executive Pay and Firm Performance in China”, Journal of International Business Studies, 39(5), pp. 833–850.
  • CARPENTER, Mason A., Marta A. GELETKANYCZ ve W. Gerard SANDERS; (2004), “Upper Echelons Research Revisited: Antecedents, Elements, and Consequences of Top Management Team Composition”, Journal of Management, 30(6), pp. 749-778.
  • CHEN, Jing, Mahmoud EZZAMEL, ve Ziming CAI; (2011), “Managerial Power Theory, Tournament Theory, and Executive Pay in China”, Journal of Corporate Finance, 17 (4), pp. 1176-1199.
  • CHEN, Jean J., Xuguang LIU ve Weian LI; (2010), “The Effect of Insider Control and Global Benchmarks on Chinese Executive Compensation”, Corporate Governance: An International Review, 18(2), pp107-123.
  • CONYON, Martin ve Kevin J. MURPHY; (2000), “The Prince and the Pauper? CEO Pay in The United States and United Kingdom”, Economic Journal, 110(467), pp. 640–671.
  • CAPEZIO, Alessandra, John SHIELDS ve Michael O’DONNELL; (2011), “Too Good to be True: Board Structural Independence as a Moderator of CEO Pay-For-Firm-Performance”, Journal of Management Studies, 48(3), pp. 487-513.
  • CORE, John E., Robert W. HOLTHAUSEN ve David F. LARCKER; (1999), “Corporate Governance, Chief Executive Officer Compensation, and Firm Performance”, Journal of Financial Economics, 51(3), pp. 371-406.
  • CORE, John E. ve David F. LARCKER; (2002), “Performance Consequences of Mandatory Increases In Executive Stock Ownership”, Journal of Financial Economics, 64(3), pp. 317- 340.
  • CORE, John E., R. Guay WAYNE ve David F. LARCKER; (2003), “Executive Equity Compensation and Incentives: A Survey”, FRBNY Economic Policy Review, 9(1), pp. 27-50.
  • DEVERS, Cynthia E., Albert A. CANNELLA, Gregory P. REILLY ve Michele E. YODER; (2007), “Executive Compensation: A Multidisciplinary Review of Recent Developments”, Journal of Management, 33(6), pp. 1016-1072.
  • DOWELL, Glen W., Margaret B. SHACKELL ve Nathan V. STUART; (2011), “Boards, CEOs and Surviving Financial Crisis”, Strategic Management Journal, 32(10), pp. 1025- 1045.
  • DUFFHUES, Pieter ve Rezaul KABIR; (2008), “Is the PayPerformance Relationship Always Positive? Evidence from the Netherlands”, Journal of Multinational Financial Management, 18, pp. 45-60.
  • FAMA, Eugene F. ve Michael C. JENSEN; (1983), “Separation of Ownership and Control”, The Journal of Law and Economics, 26(2), 301-325.
  • FILATOTCHEV, Igor ve Deborah ALLCOCK; (2010), “Corporate Governance and Executive Remuneration: A Contingency Framework”, Academy of Management Perspectives, 24(1), pp. 20-33.
  • FINKELSTEIN, Sydney ve Donald C. HAMBRICK; (1988), “Chief Executive Compensation: A Synthesis and Reconciliation”, Strategic Management Journal, 9(6), 543-558.
  • FINKELSTEIN, Sydney ve Donald C. HAMBRICK; (1989), “Chief Executive Compensation: A Study of the Intersection of Markets and Political Processes”, Strategic Management Journal, 10(2), 121-134.
  • FINKELSTEIN, Sydney, Donald C. HAMBRICK, D. C. ve Albert A. CANNELLA; (2009), Strategic leadership: Theory and research on executives, top management teams, and boards, Oxford University Press, USA.
  • FIRTH, Michael, Peter M.Y. FUNG, ve Oliver RUI, (2006), “Corporate Performance and CEO Compensation in China”, Journal of Corporate Finance, 12(4), pp. 693–714.
  • GERHART, Barry A. ve George T. MILKOVICH; (1990), “Organizational differences in managerial compensation and financial performance”, Academy of Management Journal, 33(4), pp. 663-691.
  • GOMEZ-MEJIA, Luis R.; (1994), “Executive Compensation: A Reassessment and a Future Research Agenda”. Research in Personnel and Human Resources Management, 12(2), pp. 161-222.
  • GOMEZ-MEJIA, Luis R., Martin LARRAZA-KINTANA ve Marianna MAKRI; (2003), “The Determinants of Executive Compensation in Family-Controlled Public Corporations”, Academy of Management Journal, 46(2), pp. 226-237.
Toplam 33 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Aylin Ataay Bu kişi benim

Yayımlanma Tarihi 1 Eylül 2017
Yayımlandığı Sayı Yıl 2017 Sayı: 631

Kaynak Göster

APA Ataay, A. (2017). Tepe Yönetici Ücretlerinin FirmaPerformansına Duyarlılığı: Türkiye’denBulgular. Finans Politik Ve Ekonomik Yorumlar(631), 65-73.
AMA Ataay A. Tepe Yönetici Ücretlerinin FirmaPerformansına Duyarlılığı: Türkiye’denBulgular. FPEYD. Eylül 2017;(631):65-73.
Chicago Ataay, Aylin. “Tepe Yönetici Ücretlerinin FirmaPerformansına Duyarlılığı: Türkiye’denBulgular”. Finans Politik Ve Ekonomik Yorumlar, sy. 631 (Eylül 2017): 65-73.
EndNote Ataay A (01 Eylül 2017) Tepe Yönetici Ücretlerinin FirmaPerformansına Duyarlılığı: Türkiye’denBulgular. Finans Politik ve Ekonomik Yorumlar 631 65–73.
IEEE A. Ataay, “Tepe Yönetici Ücretlerinin FirmaPerformansına Duyarlılığı: Türkiye’denBulgular”, FPEYD, sy. 631, ss. 65–73, Eylül 2017.
ISNAD Ataay, Aylin. “Tepe Yönetici Ücretlerinin FirmaPerformansına Duyarlılığı: Türkiye’denBulgular”. Finans Politik ve Ekonomik Yorumlar 631 (Eylül 2017), 65-73.
JAMA Ataay A. Tepe Yönetici Ücretlerinin FirmaPerformansına Duyarlılığı: Türkiye’denBulgular. FPEYD. 2017;:65–73.
MLA Ataay, Aylin. “Tepe Yönetici Ücretlerinin FirmaPerformansına Duyarlılığı: Türkiye’denBulgular”. Finans Politik Ve Ekonomik Yorumlar, sy. 631, 2017, ss. 65-73.
Vancouver Ataay A. Tepe Yönetici Ücretlerinin FirmaPerformansına Duyarlılığı: Türkiye’denBulgular. FPEYD. 2017(631):65-73.