An Investigation of Corporate Governance Practices of Businesses in Terms of Financial Performance: An Application on Borsa Istanbul Corporate Governance Index Companies

Öz

This study examines the impact of corporate governance on financial performance in firms listed on the BIST Corporate Governance Index (BIST XKURY) over the 2010–2022 period using panel data analysis. The significance of the research lies not only in investigating this relationship but also in analyzing the role of female representation on board of directors. Corporate governance is evaluated across four dimensions: shareholders, transparency, stakeholders, and the board of directors. Financial performance is measured through ROA, ROE, and EPS, with firm size and leverage included as control variables. The sample is divided by a 25% threshold of female board members. The findings indicate that in firms with ≥25% female representation, the link between board effectiveness and profitability is stronger, highlighting the performance-enhancing role of gender diversity.

Anahtar Kelimeler

• corporate governance
• financial performance
• ratings

İşletmelerin Kurumsal Yönetim Uygulamalarının Finansal Performans Açısından İncelenmesi: Borsa İstanbul Kurumsal Yönetim Endeksi Şirketleri Üzerine Bir Uygulama

Öz

Bu çalışma, 2010–2022 döneminde BIST Kurumsal Yönetim Endeksi (BİST XKURY)’nde yer alan şirketlerde kurumsal yönetimin finansal performans üzerindeki etkisini panel veri analiziyle incelemektedir. Araştırmanın önemi, yalnızca bu ilişkiyi incelemekle kalmayıp yönetim kurullarındaki kadın temsilini de çalışmada incelemesidir. Kurumsal yönetim; pay sahipleri, şeffaflık, paydaşlar ve yönetim kurulu boyutlarıyla değerlendirilmiş, finansal performans ROA, ROE ve EPS göstergeleriyle ölçülmüş, firma büyüklüğü ve kaldıraç oranı kontrol değişkeni olarak kullanılmıştır. Örneklem, %25 kadın üye eşiğine göre ayrılmış, sonuçlar ise bu oranın üzerindeki şirketlerde yönetim kurulu etkinliği ile kârlılık ilişkisinin daha güçlü olduğunu ve cinsiyet çeşitliliğinin finansal performansı artırıcı rol oynadığını göstermiştir.

Anahtar Kelimeler

• kurumsal yönetim
• finansal performans
• derecelendirme

Kaynakça

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