DOES CORPORATE GOVERNANCE MATTER FOR INSTITUTIONAL INVESTORS? INSIGHTS FROM INTERNATIONAL EVIDENCE

Yıl 2025, Cilt: 16 Sayı: 31, 85 - 111, 27.06.2025

İsmail Hakkı Ünal , Hüseyin Temiz

https://doi.org/10.36543/kauiibfd.2025.004

Öz

We examine the impact of firms’ board structure, as a significant provision of firm-level corporate governance mechanism, institutional investors’ investment decisions. The results show that firms with independent board members, a higher representation of women on their boards, and a separation between CEO and chairman roles share characteristics that attract institutional investors, encouraging them to invest in these firms’ shares. Furthermore, the number of board members does not have a effect on the investment decisions of institutional investors. Similar results are observed for domestic and foreign institutional investors, indicating that these sub-groups share common factors influencing their investment decisions, except for the factor of CEO duality. The findings are robust to several sensitivity tests, including alternative measures of firm-level corporate governance, controlling for country fixed effects, and including additional control variables.

Anahtar Kelimeler

Institutional investor , corporate governance , board structure

KURUMSAL YÖNETİM KURUMSAL YATIRIMCILAR İÇİN ÖNEMLİ Mİ? ULUSLARARASI KANITLARDAN ÇIKARIMLAR

Öz

Bu çalışma, firmaların yönetim kurulu yapısının, kurumsal yönetim mekanizmasının önemli bir unsuru olarak, kurumsal yatırımcıların yatırım kararları üzerindeki etkisini incelemektedir. Bulgular, bağımsız yönetim kurulu üyelerine sahip olan, yönetim kurullarında kadın temsili daha yüksek olan ve CEO ile yönetim kurulu başkanı rollerinin ayrıldığı firmaların, kurumsal yatırımcıları çekme ve bu firmaların hisselerine yatırım yapmaya teşvik etme özelliklerine sahip olduğunu göstermektedir. Ek olarak, firma yönetim kurulu üye sayısının kurumsal yatırımcıların yatırım kararları üzerinde benzer bir etkisi bulunmamaktadır. Yerli ve yabancı kurumsal yatırımcılar için benzer sonuçlar gözlemlenmiş olup, CEO’nun çift rol üstlenmesi (CEO duality) faktörü dışında bu alt grupların yatırım kararlarını etkileyen ortak faktörlere sahip olduğu görülmüştür. Elde edilen bulgular firma düzeyinde kurumsal yönetimin alternatif ölçümlerini kullanarak, ülke sabit etkilerini kontrol ederek ve ek kontrol değişkenlerini dahil ederek güvenilirliği test edilmiştir.

Anahtar Kelimeler

Kurumsal yatırımcı , kurumsal yönetim , yönetim kurulu yapısı

Kaynakça

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