INVESTIGATION OF STUDIES ON CORPORATE GOVERNANCE RELATED TURKEY WITH BIBLIOMETRIC METHOD AND SYSTEMATIC ANALYSIS: A LITERATURE REVIEW

Yıl 2023, , 125 - 145, 29.12.2023

Ersin Yenisu , Diler Türkoğlu , Sedat Yenice

https://doi.org/10.46849/guiibd.1387382

Cited By: 1

Öz

Corporate governance is a tool that can be used to manage organizations more effectively and more transparently. Since the beginning of the 21st century, the importance given to corporate governance principles has increased both in the world and in Turkey. As a matter of fact, the academic literature in this field has shown an interesting development as the application has spread to a wide area. In other words, the subject of corporate governance has become increasingly common in business/management literature in recent years. In this study, 245 Turkey-related articles on corporate governance, accessed through the Web of Science database, were examined. Descriptive analysis, bibliometric analysis and systematic (thematic) analysis were used as methods, respectively. Using these three methods, literature gaps and researcher trends in this field were tried to be identified. In this regard, firstly, in the descriptive analysis, it was seen that there were not enough publications in the fields of "ethics" and "law" in Turkey-related publications. Again, it has been concluded that the number of studies on corporate governance is increasing rapidly both in Turkey and around the world. Again, within the framework of bibliometric analysis, in the visualization made with the VOSviewer program, it was found that articles related to corporate governance were especially related to the subject of "financial performance". In the study, within the framework of thematic analysis, six themes were determined and each theme was evaluated and six literature gaps were identified. In this context, it has been stated that in addition to specifically explaining the research gaps that can contribute to the literature, attention should be paid to the citation performance of possible qualitative or conceptual studies as a general evaluation.

Anahtar Kelimeler

Corporate Governance, Bibliometric Analysis, Systematic Literature Review, Türkiye

TÜRKİYE İLİŞKİLİ KURUMSAL YÖNETİM KONULU MAKALELERİN BİBLİYOMETRİK YÖNTEM VE SİSTEMATİK ANALİZLE İNCELENMESİ: BİR LİTERATÜR ARAŞTIRMASI

Öz

Kurumsal yönetim organizasyonların daha etkin ve daha şeffaf yönetilebilmeleri için kullanılabilecek bir araçtır. 21. yüzyılın başından itibaren hem dünyada hem de Türkiye’de kurumsal yönetim ilkelerine verilen önem artmıştır. Nitekim, bu alandaki akademik literatür de uygulamanın geniş bir alana yayılmasıyla ilgi çekici bir gelişim göstermiştir. Diğer bir ifadeyle işletme/yönetim literatüründe kurumsal yönetim konusuyla son yıllarda giderek daha sık karşılaşılır olmuştur. Bu çalışmada Web of Science veri tabanı üzerinden ulaşılan, kurumsal yönetimle ilgili Türkiye ilişkili 245 makale incelenmiştir. Yöntem olarak ise sırasıyla tanımlayıcı analiz, bibliometrik analiz ve sistematik (tematik) analiz kullanılmıştır. Söz konusu üç methodla bu alandaki literatür boşlukları ve araştırmacı yönelimleri tespit edilmeye çalışılmıştır. Bu doğrultuda ilk olarak tanımlayıcı analizde Türkiye ilişkili yayınlarda “etik” ve “hukuk” alanlarında yeterince yayın yapılmadığı görülmüştür. Yine kurumsal yönetimle ilgili çalışmaların sayısının hem Türkiye ilişkili olanlarda hem de dünya genelinde hızla arttığı sonucuna varılmıştır. Yine bibliometrik analiz çerçevesinde VOSviewer programı ile yapılan görselleştirmede kurumsal yönetimle ilgili makalelerin özellikle “finansal performans” konusu ile ilişkili olduğu bulgulanmıştır. Çalışmada tematik analiz çerçevesinde ise altı tema belirlenmiş ve her tema değerlendirilerek altı literatür boşluğu tespit edilmiştir. Bu kapsamda literatüre katkıda bulunabilecek araştırma boşluklarının spesifik olarak açıklanmasının yanı sıra genel bir değerlendirme olarak muhtemel nitel ya da kavramsal çalışmaların atıf performanslarına dikkat edilmesi gerektiği ifade edilmiştir.

Anahtar Kelimeler

Corporate Governance, Bibliometric Analysis, Systematic Literature Review, Türkiye

Kaynakça

• Akbas, H. E. (2016), “The relationship Between Board Characteristics and Environmental Disclosure: Evidence from Turkish Listed Companies”, South East European Journal of Economics and Business, 11(2), 7-19. http s://doi.org/10.1515/jeb-2016-0007
• 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. https://doi.org/10.1111/j.1467-8683.2006.00507.x
• Aktan, B., Turen, S., Tvaronavičienė, M., Celik, S., & Alsadeh, H. A. (2018), “Corporate Governance and Performance of the Financial Firms in Bahrain”, Polish Journal of Management Studies, 17(1), 39-58. https://doi.org/10.17512/pjms.2018.17.1.04
• Alareeni, B. A., & Hamdan, A. (2020), “ESG Impact on Performance of US S&P 500-Listed Firms”, Corporate Governance: The International Journal of Business in Society, 20(7), 1409-1428. https://doi.org/10.1108/CG-06-2020-0258
• Alayo, M., Iturralde, T., Maseda, A., & Aparicio, G. (2021), “Mapping Family Firm Internationalization Research: Bibliometric and Literature Review”, Review of Managerial Science, 15(6), 1517-1560. https://doi.org/10.1007/s11846-020-00404-1
• Alosi, A., Annunziata, E., Rizzi, F., & Frey, M. (2022), “Conceptualising Active Management of Paradoxical Tensions in Corporate Sustainability: A Systematic Literature Review”, Business Strategy and the Environment, n/a(n/a). https://doi.org/10.1002/bse.3314
• Amorelli, M.-F., & García-Sánchez, I.-M. (2021), “Trends in the Dynamic Evolution of Board Gender Diversity and Corporate Social Responsibility”, Corporate Social Responsibility and Environmental Management, 28(2), 537-554. https://doi.org/10.1002/csr.2079
• Ararat, M., Aksu, M., & Tansel Cetin, A. (2015). “How Board Diversity Affects Firm Performance in Emerging Markets: Evidence on Channels in Controlled Firms”, Corporate Governance: An International Review, 23(2), 83-103. https://doi.org/10.1111/corg.12103
• Ararat, M., Black, B. S., & Yurtoglu, B. B. (2017), “The Effect of Corporate Governance on Firm Value and Profitability: Time-Series Evidence from Turkey”, Emerging Markets Review, 30, 113-132. https://doi.org/10.1016/j.ememar.2016.10.001
• Ararat, M., & Yurtoglu, B. B. (2021), “Female Directors, Board Committees, and Firm Performance: Time-Series Evidence from Turkey”, Emerging Markets Review, 48, 100768. https://doi.org/10.1016/j.ememar.2020.100768
• Aras, G., & Crowther, D. (2008), “Governance and Sustainability: An Investigation into the Relationship Between Corporate Governance and Corporate Sustainability”, Management Decision, 46(3), 433-448. https://doi.org/10.1108/00251740810863870
• Bahoo, S. (2020) “Corruption in Banks: A Bibliometric Review and Agenda”, Finance Research Letters, 35, 101499. https://doi.org/10.1016/j.frl.2020.101499
• Baker, H. K., Kumar, S., & Pandey, N. (2020), “A Bibliometric Analysis of European Financial Managementʼs First 25 Years”, European Financial Management, 26(5), 1224-1260. https://doi.org/10.1111/eufm.12286
• Behrend, J., & Eulerich, M. (2019). The Evolution of Internal Audit Research: A Bibliometric Analysis of Published Documents (1926–2016)”, Accounting History Review, 29(1), 103-139. https://doi.org/10.1080/21552851.2019.1606721
• Beji, R., Yousfi, O., Loukil, N., & Omri, A. (2021), “Board Diversity and Corporate Social Responsibility: Empirical Evidence from France”, Journal of Business Ethics, 173(1), 133-155. https://doi.org/10.1007/s10551-020-04522-4
• Bhagat, S., & Bolton, B. (2019), “Corporate Governance and Firm Performance: The Sequel”, Journal of Corporate Finance, 58, 142-168. https://doi.org/10.1016/j.jcorpfin.2019.04.006
• Cartwright, S., Liu, H., & Raddats, C. (2021), “Strategic Use of Social Media Within Business-To-Business (B2B) Marketing: A Systematic Literature Review”, Industrial Marketing Management, 97, 35-58. https://doi.org/10.1016/j.indmarman.2021.06.005
• Chatjuthamard, P., Jiraporn, P., Lee, S. M., Uyar, A., & Kilic, M. (2021), “Does Board Gender Diversity Matter? Evidence from Hostile Takeover Vulnerability”, Corporate Governance: The International Journal of Business in Society, 21(5), 845-864. https://doi.org/10.1108/CG-08-2020-0353
• Ciftci, I., Tatoglu, E., Wood, G., Demirbag, M., & Zaim, S. (2019), “Corporate Governance and Firm Performance in Emerging Markets: Evidence from Turkey”, International Business Review, 28(1), 90-103. https://doi.org/10.1016/j.ibusrev.2018.08.004
• Disli, M., Yilmaz, M. K., & Mohamed, F. F. M. (2022), “Board Characteristics and Sustainability Performance: Empirical Evidence from Emerging Markets”, Sustainability Accounting, Management and Policy Journal, 13(4), 929-952. https://doi.org/10.1108/SAMPJ-09-2020-0313
• Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021), “How to Conduct a Bibliometric Analysis: An Overview and Guidelines”, Journal of Business Research, 133, 285-296. https://doi.org/10.1016/j.jbusres.2021.04.070
• Dwekat, A., Seguí-Mas, E., & Tormo-Carbó, G. (2020), “The Effect of the Board on Corporate Social Responsibility: Bibliometric and Social Network Analysis”, Economic Research-Ekonomska Istraživanja, 33(1), 3580-3603. https://doi.org/10.1080/1331677X.2020.1776139
• Fernández-Temprano, M. A., & Tejerina-Gaite, F. (2020), “Types of Director, Board Diversity and Firm Performance”, Corporate Governance: The International Journal of Business in Society, 20(2), 324-342. https://doi.org/10.1108/CG-03-2019-0096
• Gao, S., Meng, F., Gu, Z., Liu, Z., & Farrukh, M. (2021), “Mapping and Clustering Analysis on Environmental, Social and Governance Field a Bibliometric Analysis Using Scopus”, Sustainability, 13(13), Article 13. https://doi.org/10.3390/su13137304
• Gürsoy, G., & Aydoğan, K. (2002), “Equity Ownership Structure, Risk Taking, and Performance: An Empirical Investigation in Turkish Listed Companies”, Emerging Markets Finance & Trade, 38(6), 6-25.
• Haldar, A., Shah, R., Nageswara, R. S. V. D., Stokes, P., Demirbas, D., & Dardour, A. (2018), “Corporate Performance: Does Board Independence Matter? – Indian Evidence”, International Journal of Organizational Analysis, 26(1), 185-200. https://doi.org/10.1108/IJOA-12-2017-1296
• Huang, C.-Y., & Ho, Y.-S. (2011), “Historical Research on Corporate Governance: A Bibliometric Analysis”, Afrrican Journal of Business Management, 5(2), 276-284.
• Jo, H., & Harjoto, M. A. (2012), “The Causal Effect of Corporate Governance on Corporate Social Responsibility”, Journal of Business Ethics, 106(1), 53-72. https://doi.org/10.1007/s10551-011-1052-1
• Kakabadse, N. K., Figueira, C., Nicolopoulou, K., Hong Yang, J., Kakabadse, A. P., & Özbilgin, M. F. (2015), “Gender Diversity and Board Performance: Women’s Experiences and Perspectives”, Human Resource Management, 54(2), 265-281. https://doi.org/10.1002/hrm.21694
• Kao, M.-F., Hodgkinson, L., & Jaafar, A. (2018), “Ownership Structure, Board of Directors and Firm Performance: Evidence from Taiwan”, Corporate Governance: The International Journal of Business in Society, 19(1), 189-216. https://doi.org/10.1108/CG-04-2018-0144
• Kaymak, T., & Bektas, E. (2008), “East Meets West? Board Characteristics in an Emerging Market: Evidence from Turkish Banks”, Corporate Governance: An International Review, 16(6), 550-561. https://doi.org/10.1111/j.1467-8683.2008.00713.x
• Kaymak, T., & Bektas, E. (2017), “Corporate Social Responsibility and Governance: Information Disclosure in Multinational Corporations”, Corporate Social Responsibility and Environmental Management, 24(6), 555-569. https://doi.org/10.1002/csr.1428
• Khan, A., Goodell, J. W., Hassan, M. K., & Paltrinieri, A. (2022), “A Bibliometric Review of Finance Bibliometric Papers”, Finance Research Letters, 47, 102520. https://doi.org/10.1016/j.frl.2021.102520
• Khatib, S. F. A., Abdullah, D. F., Elamer, A., Yahaya, I. S., & Owusu, A. (2021), “Global Trends in Board Diversity Research: A Bibliometric View”, Meditari Accountancy Research, 1-30, https://doi.org/10.1108/MEDAR-02-2021-1194
• Kılıç, M., & Kuzey, C. (2016), “The Effect of Board Gender Diversity on Firm Performance: Evidence from Turkey”, Gender in Management: An International Journal, 31(7), 434-455. https://doi.org/10.1108/GM-10-2015-0088
• Kula, V., & Tatoglu, E. (2006), “Board Process Attributes and Company Performance of Family‐Owned Businesses in Turkey”, Corporate Governance: The International Journal of Business in Society, 6(5), 624-634. https://doi.org/10.1108/14720700610706108
• Li, C., Wu, K., & Wu, J. (2017), “A Bibliometric Analysis of Research on Haze During 2000–2016”, Environmental Science and Pollution Research, 24(32), 24733-24742. https://doi.org/10.1007/s11356-017-0440-1
• Lin, J. W., & Hwang, M. I. (2010). Audit Quality, Corporate Governance, and Earnings Management: A Meta-Analysis”, International Journal of Auditing, 14(1), 57-77. https://doi.org/10.1111/j.1099-1123.2009.00403.x
• Liñán, F., & Fayolle, A. (2015), “A Systematic Literature Review on Entrepreneurial Intentions: Citation, Thematic Analyses, and Research Agenda”, International Entrepreneurship and Management Journal, 11(4), 907-933. https://doi.org/10.1007/s11365-015-0356-5
• Linnenluecke, M. K., Marrone, M., & Singh, A. K. (2020), “Conducting Systematic Literature Reviews and Bibliometric Analyses”, Australian Journal of Management, 45(2), 175-194. https://doi.org/10.1177/0312896219877678
• Mandacı, P., & Gumus, G. (2010), “Ownership Concentration, Managerial Ownership and Firm Performance: Evidence from Turkey”, South East European Journal of Economics and Business, 5(1), 57-66. https://doi.org/10.2478/v10033-010-0005-4
• Mariani, M. M., Al-Sultan, K., & De Massis, A. (2021), “Corporate Social Responsibility in Family Firms: A Systematic Literature Review”, Journal of Small Business Management, 0(0), 1-55. https://doi.org/10.1080/00472778.2021.1955122
• Memili, E., Fang, H. “Chevy”, Koç, B., Yildirim-Öktem, Ö., & Sonmez, S. (2018), “Sustainability Practices of Family Firms: The İnterplay Between Family Ownership and Long-Term Orientation”, Journal of Sustainable Tourism, 26(1), 9-28. https://doi.org/10.1080/09669582.2017.1308371
• Naciti, V. (2019), “Corporate Governance and Board of Directors: The Effect of a Board Composition on Firm Sustainability Performance”, Journal of Cleaner Production, 237, 117727. https://doi.org/10.1016/j.jclepro.2019.117727
• Noyons, E. C. M., Moed, H. F., & Van Raan, A. F. J. (1999), “Integrating Research Performance Analysis and Science Mapping”, Scientometrics, 46(3), 591-604. https://doi.org/10.1007/BF02459614
• Oba, B., Ozsoy, Z., & Atakan, S. (2010), “Power in the Boardroom: A Study on Turkish Family‐Owned and Listed Companies”, Corporate Governance: The International Journal of Business in Society, 10(5), 603-616. https://doi.org/10.1108/14720701011085571
• Okten, C., & Arin, K. P. (2006), “The Effects of Privatization on Efficiency: How Does Privatization Work?”, World Development, 34(9), 1537-1556. https://doi.org/10.1016/j.worlddev.2006.01.004
• Orazalin, N., & Baydauletov, M. (2020), “Corporate Social Responsibility Strategy and Corporate Environmental and Social Performance: The Moderating Role of Board Gender Diversity”, Corporate Social Responsibility and Environmental Management, 27(4), 1664-1676. https://doi.org/10.1002/csr.1915
• Orbay, H., & Yurtoglu, B. B. (2006), “The Impact of Corporate Governance Structures on the Corporate Investment Performance in Turkey”, Corporate Governance: An International Review, 14(4), 349-363. https://doi.org/10.1111/j.1467-8683.2006.00511.x
• Pizzi, S., Caputo, A., Corvino, A., & Venturelli, A. (2020), “Management Research and the UN Sustainable Development Goals (Sdgs): A Bibliometric Investigation and Systematic Review”, Journal of Cleaner Production, 276, 124033. https://doi.org/10.1016/j.jclepro.2020.124033
• Post, C., & Byron, K. (2015), “Women on Boards and Firm Financial Performance: A Meta-Analysis”, Academy of Management Journal, 58(5), 1546-1571. https://doi.org/10.5465/amj.2013.0319
• Pritchard, A. (1969), “Statistical Bibliography or Bibliometrics?” Journal of Documentation, 25, 348-349.
• Sarhan, A. A., Ntim, C. G., & Al-Najjar, B. (2019), “Board Diversity, Corporate Governance, Corporate Performance, and Executive Pay”, International Journal of Finance & Economics, 24(2), 761-786. https://doi.org/10.1002/ijfe.1690
• Saygili, E., Arslan, S., & Birkan, A. O. (2022), “ESG Practices and Corporate Financial Performance: Evidence from Borsa Istanbul”, Borsa Istanbul Review, 22(3), 525-533. https://doi.org/10.1016/j.bir.2021.07.001
• Selekler-Goksen, N. N., & Yildirim Öktem, Ö. (2009), “Countervailing Institutional Forces: Corporate Governance in Turkish Family Business Groups”, Journal of Management & Governance, 13(3), 193-213. https://doi.org/10.1007/s10997-009-9083-z
• Su, Y.-S., Lin, C.-L., Chen, S.-Y., & Lai, C.-F. (2020), “Bibliometric Study of Social Network Analysis Literatüre”, Library Hi Tech, 38(2), 420-433. https://doi.org/10.1108/LHT-01-2019-0028
• Tranfield, D., Denyer, D., & Smart, P. (2003), “Towards a Methodology for Developing Evidence-Informed Management Knowledge by Means of Systematic Review”, British Journal of Management, 14(3), 207-222. https://doi.org/10.1111/1467-8551.00375
• Uyar, A., Kilic, M., & Bayyurt, N. (2013), “Association Between Firm Characteristics and Corporate Voluntary Disclosure: Evidence from Turkish Listed Companies”, Intangible Capital, 9(4), Article 4. https://doi.org/10.3926/ic.439
• Vitolla, F., Raimo, N., & Rubino, M. (2020), “Board Characteristics and Integrated Reporting Quality: An Agency Theory Perspective”, Corporate Social Responsibility and Environmental Management, 27(2), 1152-1163. https://doi.org/10.1002/csr.1879
• Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012), “Endogeneity and the Dynamics of Internal Corporate Governance”, Journal of Financial Economics, 105(3), 581-606. https://doi.org/10.1016/j.jfineco.2012.03.005
• Yang, P., Riepe, J., Moser, K., Pull, K., & Terjesen, S. (2019), “Women Directors, Firm Performance, and Firm Risk: A Causal Perspective”, The Leadership Quarterly, 30(5), 101297. https://doi.org/10.1016/j.leaqua.2019.05.004
• Ye, D., Deng, J., Liu, Y., Szewczyk, S. H., & Chen, X. (2019), “Does Board Gender Diversity Increase Dividend Payouts? Analysis Of Global Evidence”, Journal of Corporate Finance, 58, 1-26. https://doi.org/10.1016/j.jcorpfin.2019.04.002
• Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & 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
• Zahid, M., Rahman, H. U., Ali, W., Khan, M., Alharthi, M., Imran Qureshi, M., & Jan, A. (2020), “Boardroom Gender Diversity: Implications for Corporate Sustainability Disclosures in Malaysia”, Journal of Cleaner Production, 244, 118683. https://doi.org/10.1016/j.jclepro.2019.118683
• Zhang, D., Cao, H., Dickinson, D. G., & Kutan, A. M. (2016), “Free Cash Flows and Overinvestment: Further Evidence from Chinese Energy Firms”, Energy Economics, 58, 116-124. https://doi.org/10.1016/j.eneco.2016.06.018
• Zheng, C., & Kouwenberg, R. (2019), “A Bibliometric Review of Global Research on Corporate Governance and Board Attributes”, Sustainability, 11(12), Article 12. Https://Doi.Org/10.3390/Su11123428
• Zupic, I., & Čater, T. (2015), “Bibliometric Methods in Management and Organization”, Organizational Research Methods, 18(3), 429-472. https://doi.org/10.1177/1094428114562629