Kurumsal Yönetim Çerçevesinde Denetim Mekanizmaları ve Kar Payı Dağıtım Politikası İlişkisi: Türkiye Örneği

Yıl 2020, Sayı: 62, 255 - 284, 25.12.2020

Mehmet Levent Erdaş Emel Bachá Sımoes

https://doi.org/10.26650/JECS2019-0120

Öz

Firmalarda uygulanan kurumsal yönetim mekanizmaları kar payı dağıtım politikalarını etkiler mi? Firmaların uyguladıkları kar payı dağıtım politikalarında kurumsal yönetim mekanizmalarından biri olan denetim komitesinin rolü nedir? Bu sorulardan hareketle, bu çalışmanın amacı denetim mekanizmaları ile nakit kar payı dağıtım politikası arasındaki ilişkiyi incelemektir. Çalışmanın analizleri, 2002-2014 yılları arasında Borsa İstanbul endeksinde kayıtlı olan firmalara ait veriler ele alınarak gerçekleştirilmiştir. Analiz sürecinde, Sistem GMM tahmin yöntemi kullanılarak regresyon analizleri gerçekleştirilmiştir. Analizler sonucunda, denetim komitesinin bağımsızlık düzeyi arttıkça, firmada nakit kar payı dağıtım oranı artmaktadır. Çalışmada elde edilen bir diğer bulgu ise, yönetim kurulunun büyüklüğü ile nakit kar payı dağıtım oranı arasında istatistiksel açıdan anlamlı doğrusal olmayan bir ilişki elde edilmiştir. Elde edilen bulgular, firmalarda denetim komitesinin önemini ortaya koymaktadır. Dolayısıyla, bu çalışma kurumsal yönetim uygulamalarının Borsa İstanbul endeksinde kayıtlı firmaların kar payı dağıtım kararları üzerinde bir etkisi olduğu sonucunu ortaya koymuştur. Çalışmanın sonuçlarına dayanarak, kurumsal yönetim uygulamalarından olan denetim mekanizmalarının geliştirilmesi sonucunda, yatırımcılar açısından nakit kar payı dağıtımı konusunda etkinliğin sağlanabileceği anlaşılmaktadır.

Anahtar Kelimeler

Kurumsal Yönetim, Denetim Komitesi, Bağımsız Üye, Kar Payı Politikası

The Relationship between Audit Mechanisms and Dividend Payout Policy within the Framework of Corporate Governance: The Case of Turkey

Öz

Do corporate governance mechanisms implemented in firms affect dividend payout policies? What is the role of the audit committee, one of the corporate governance mechanisms, in the dividend payout policies implemented by firms? From this point of view, this study aims to examine the relationship between the audit mechanisms and cash dividend payout policies. We have used data from firms listed in Borsa Istanbul, covering the period 2002-2014, and the paper employs a regression analyses performed by using the System GMM estimation method. As a result of the analysis, the higher the level of independence of the audit committee, the higher the cash dividend payout rate. Another finding obtained in the study was a statistically significant nonlinear relationship between the size of the board of directors and the cash dividend payout ratio. The findings reveal the importance of the audit committee in firms. Therefore, this study reveals that corporate governance practices have an impact on dividend payout decisions of firms listed at the Borsa Istanbul. Based on the results, as a result of the development of audit mechanisms, one of the corporate governance practices, it is understood that efficiency can be achieved in terms of cash dividend payout for investors.

Anahtar Kelimeler

Corporate Governance, Audit Committee, Independent Board Member, Payout Policy

Kaynakça

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