The Effects of Women on Boards on Financial Performance: Literature Review

Yıl 2018, Cilt: 1 Sayı: 2, 132 - 141, 30.08.2018

Mesut Doğan

Öz

Corporate governance has
become a concept that has increased in importance since the early 2000s. In
particular, corporate governance practices have gained importance in increasing
competition power. Accounting scandals (Enron, Parmalat, etc.) revealed that
corporate governance practices are inadequate. In this study, it was aimed to
search the literature about the effect of the number of women’s board members
on the financial performance of the operator. The paper was based on
internationally indexed journals between 1993 and 2015. As a result of the
study, it is seen that besides the studies finding a positive relationship
between the number of women’s board members and firm performance, there are studies
that determine that female members have a negative effect on firm performance.
In the literature, there are writers who suggest that the increase in women's
board members will increase the independence of the board and that women's
board members will perform better in solving group problem solving and
discussions that require discussion and consensus. In contrast, other writers;
they argued that conflicts would increase and the decision-making processes
would slow down if the number of female members increased within the board of
directors.

Anahtar Kelimeler

Corporate Governance, Firm Performance, Women on Board

Kadın Yönetim Kurulu Üye Sayısının Finansal Performans Üzerinde Etkisi: Literatür Taraması

Öz

Kurumsal yönetim 2000’li yılların başından itibaren önemini artıran bir
kavram haline gelmiştir. Özellikle
rekabet gücünün artırılmasında kurumsal yönetim uygulamaları önem kazanmıştır.
Yaşanan muhasebe skandalları (Enron, Parmalat vb.) nedeniyle kurumsal yönetim
uygulamalarının yetersiz olduğu ortaya çıkmıştır. Bu çalışmada kadın yönetim kurulu üye sayısının işletmenin finansal
performansına etkisine yönelik literatür taraması yapılması amaçlanmıştır.
Araştırmada 1993-2015 yılları arasında uluslararası indekslerde taranan
dergiler baz alınmıştır. Çalışma sonucunda kadın yönetim kurulu üye sayısı ile
firma performansı arasında pozitif bir ilişki bulan çalışmaların yanı sıra kadın
üyelerin firma performansına olumsuz etki yaptığını tespit eden çalışmaların
olduğu görülmektedir. Literatürde kadın yönetim kurulu üyelerinin artışının
yönetim kurulu bağımsızlığını artıracağını ve tartışma ve konsensüs gerektiren
grup problem çözme ve karar almada kadın yönetim kurulu üyelerinin daha iyi bir
performans göstereceğini öne süren yazarlar bulunmaktadır. Buna karşın diğer
yazarlar ise; yönetim kurulu içerisinde kadın üye sayısının yükselmesi
durumunda çatışmaların artacağını ve karar alma süreçlerin yavaşlayacağını
ileri sürmüşlerdir.

Anahtar Kelimeler

Kurumsal Yönetim, Firma Performansı, Kadın Yöneticiler

Kaynakça

• ADAMS, Renee B. ve FERREIRA, Daniel (2009), "Women in the Boardroom and Their Impact on Governance and Performance", Journal of Financial Economics, S.94, ss.291-309.
• AHERN, Kenneth R. ve DITTMAR, Amy K. (2012), "The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation", The Quarterly Journal of Economics, S.127, ss.137-197.
• ARARAT, Melsa, AKSU, Mine Hatice ve ÇETİN, Ayşe Tansel (2010), "Impact of Board Diversity on Boards's Monitoring Intensity and Firm Performance: Evidence From The Istanbul Stock Exchange", 17th Annual Conference of The Multinational Finance Society, New Jersey (USA), ss.1-33.
• BOUAZIZ, Zied ve TRIKI, Mohamed (2012), "The İmpact of The Board of Directors on the Financial Performance of Tunisian Companies", Universal Journal of Marketing and Business Research, S.1(2), ss.56-71.
• BÖHREN, Öyvind ve STRÖM, R. Öystein (2010), "Governance and Politics: Regulating Independence and Diversity in the Board Room", Journal of Business Finance & Accounting, S.37(9), ss.1281-1308.
• CAMPBELL, Kevin ve MÍNGUEZ-VERA, Antonio (2010), "Female Board Appointments and Firm Valuation: Short And Long-Term Effects", Journal of Management and Governance, S.14, ss.37-59.
• CARTER, David A., SIMSKINS, Betty J. ve SIMPSON, W. Gary (2003), "The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance", Corporate Governance: An International Review, S.18(5), ss.396-414.
• CARTER, David A., D'SOUZA, Frank, SIMSKINS, Betty J. ve SIMPSON, W. Gary (2010), "The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance", Corporate Governance: An International Review, S.18(5), ss.396-414.
• CAVACO, Sandra, CHALLE, Edouard, CRIFO, Patricia, REBERIOUX, Antoine ve ROUDAUT, Gwenael (2014), "Board Independence and Operating Performance: Analysis On (French) Company and Individual Data", E-Document, Departement D'economie - Ecole Polytechnique Centre National De La Recherche Scientifique, ss.1-29, http://econpapers.repec.org/paper/drmwpaper/2014-2.htm (Erişim Tarihi: 01.07.2014).
• COOK, Robyn (2013), "The Relationship between Corporate Governance Practices and Firm Performance in the Junior Canadian Life Sciences Sector", Yüksek Lisans Tezi, Saint Mary’s University Master of Business Administration, Halifax - Nova Scotia (Canada).
• DOAN, Ngoc Phi Anh ve NGUYEN, Jeremy D. K. (2011), "Firm Characteristics, Capital Structure and Operational Performance: A Vietnamese Study", APEA 2011 - Conference Pusan, National University, Busan (Korea). http://www.apeaweb.org/confer/bus11/papers/Doan-Nguyen.pdf (Erişim Tarihi: 05.03.2013).
• DUTTA, Probal ve BOSE, Sudipta (2006), "Gender Diversity in the Boardroom and Financial Performance of Commercial Banks: Evidence from Bangladesh", The Cost and Management, S.34(6), ss.70-74.
• ERHARDT, Niclas L., WERBEL, James D. ve SHRADER, Charles B. (2003), "Board Director Diversity and Firm Financial Performance", Corporate Governance, S.11(2), ss.102-111.
• FAUZI, Fitriya ve LOCKE, Stuart (2012), "Board Structure, Ownership Structure and Firm Performance: A Study of New Zealand Listed-Firms", Asian Academy of Management Journal of Accounting and Finance, S.8(2), ss.43-67.
• HASLAM, S. Alexander, RYAN, Michelle K., KULICH, Clara, TROJANOWSKI, Grzegorz ve ATKINS, Cate (2010), "Investing with Prejudice: The Relationship Between Women’s Presence on Company Boards and Objective and Subjective Measures of Company Performance", British Journal of Management, S.21, ss.484-497.
• HE, Jinyu ve HUANG, Zhi (2011), "Board Informal Hierarchy and Firm Financial Performance: Exploring a Tacit Structure Guiding Boardroom Interactions", Academy of Management Journal, S.54(6), ss.1119-1139.
• HORVÁTH, Roman ve SPIROLLARI, Persida (2012), "Do the Board of Directors´ Characteristics Influence Firm´s Performance? The U.S. Evidence" Prague Economic Papers, S.4, ss.470-486.
• JOECKS, Jasmin, PULL, Kerstin ve VETTER, Karin (2013), "Gender Diversity in the Boardroom and Firm Performance: What Exactly Constitutes a “Critical Mass”?", Journal of Business Ethics, S.118(1), ss.61-72.
• JULIZAERMA, Mohamad Khudzari ve SORI, Zulkarnain Mohamad (2012), "Gender Diversity in the Boardroom and Firm Performance of Malaysian Public Listed Companies", Journal of Procedia-Social and Behavioral Sciences, S.65, ss.1077-1085.
• KARAYEL, Mete ve DOĞAN, Mesut (2014), "Yönetim Kurulunda Cinsiyet Çeşitliliği ve Finansal Performans İlişkisi: BİST 100 Şirketlerinde Bir Araştırma", SDÜ İktisadi ve İdari Bilimler Fakültesi Dergisi, S.19(2), ss.75-88.
• LINDSTAEDT, Hagen, WOLFF, Michael ve FEHRE, Kerstin (2011), Frauen in Führungspositionen - Auswirkungen auf den Unternehmenserfolg, German Federal Ministry of Family - Senior Citizens - Women and Youth Published, Germany. http://www.bmfsfj.de/RedaktionBMFSFJ/Abteilung4/Anlagen__binaer/frauen-in-f_C3_BChrungspositionen-lange fassung,property=blob,bereich=bmfsfj,sprache=de,rwb=true.pdf (Erişim Tarihi: 01.02.2014).
• LIU, Yu, WEI, Zuobao ve XIE, Feixue (2014), "Do Women Directors Improve Firm Performance in China?", Journal of Corporate Finance, S.28(c), ss.169-184. http://cbt2.nsuok.edu/kwok/conference/submissions/swfa2013_submission_159.pdf (Erişim Tarihi: 02.06.2014).
• LÜCKERATH-ROVERS, Mijntje (2010), "Women on Board and Firm Performance", Journal of Corporate Governance, S.11, ss.1-30, http://download.springer.com/static/pdf/96/art%253A10.1007%252Fs10997-011-9186-1.pdf?auth66=1416167068_199cc40999f7e7d4a7f2ca741f611a7b&ext=.pdf (Erişim Tarihi: 20.05.2014).
• MAHADEO, Jyoti D., SOOBAROYEN, Teerooven ve HANUMAN, Vanisha Oogarah (2012), "Board Composition and Financial Performance: Uncovering the Effects of Diversity in an Emerging Economy", Journal of Business Ethics, S.105, ss.375-388.
• MENTEŞ, Süleyman Ahmet (2011), "Gender Iversity at the Board and Financial Performance: A Study on ISE (Istanbul Stock Exchange)" Middle Eastern Finance and Economics, S.14, ss.6-15.
• MIRZA, Hammad Hassan, MAHMOOD, Shahid, ANDLEEB, Sumaira ve RAMZAN, Farzana (2012), "Gender Diversity and Firm Performance: Evidence From Pakistan", Journal of Social and Development Science, S.3(5), ss.161-166.
• OCAK, Murat (2013), "Yönetim Kurulu ve Üst Yönetimde Yer Alan Kadınların Finansal Performansa Etkisi: Türkiye'ye İlişkin Bulgular", Muhasebe ve Finansman Dergisi, S.60, ss.107-126.
• PEARCE, John A. ve ZAHRA, Shaker A. (1991), "The Relative Power of CEOs and Boards of Directors: Associations with Corporate Performance", Strategic Management Journal, S.12(2), ss.135-153.
• PRIYA, Kogulan ve NIMALATHASAN, Balasundaram (2013), "Board of Directors’ Characteristics and Financial Performance: A Case Study of Selected Hotels and Restaurants in Sri Lanka", Merit Research Journal of Accounting, Auditing, Economics and Finance, S.1(2), ss.18-25.
• RANDØY, Trond, THOMSEN, Steen ve OXELHEIM, Lars (2006), "A Nordic Perspective on Corporate Board Diversity", Project E-Document, Nordic Innovation Centre, ss.1-29, http://www.nordicinnovation.org/Global/_Publications/Reports/2006/The%20performance%20effects%20of%20board%20diversity%20in%20Nordic%20Firms.pdf (Erişim Tarihi: 01.01.2014).
• ROBINSON, Gail ve DECHANT, Kathleen (1997), "Building a Business Case for Diversity", Academy of Management Executive, S.11(3), ss.21-31.
• ROSE, Caspar (2007), "Does Female Board Representation Influence Firm Performance? The Danish Evidence", Journal of Corporate Governance: An International Review, S.15, ss.404-413.
• SCHWIZER, Paola, SOANA Maria Gaia ve CUCINELLI, Doriana (2013), "The Relationship between Board Diversity and Firm Performance: The Italian Evidence", Arbeitspapier, http://www.adeimf.it/new/images/stories/Convegni/Novara/Soana_Schwizer_Cucinelli_Board_diversity.pdf (Erişim Tarihi: 11.02.2014).
• SHRADER, Charles B., BLACKBURN, Virginia ve ILES, Paul (1997), "Women in Management and Firm Financial Performance: An Exploratory Study", Journal of Managerial, S.9(3), ss.355-376.
• SHUKERI, Siti Norwahida, SHIN, Ong Wei ve SHAARI, Mohd Shahidan (2012), "Does Board of Director's Characteristics Affect Firm Performance? Evidence From Malaysian Public Listed Companies", International Business Research, S.5(9), ss.120-127.
• SINGH, Val, TERJESEN, Siri ve VINNICOMBE, Susan (2008), "Newly Appointed Directors in the Boardroom: How Do Women and Men Differ?", European Management Journal, S.26(1), ss.48-58.
• TAGHIZADEH, Maryam ve SAREMI, Seyedeh Yalda (2013), "Board of Directors and Firms Performance: Evidence from Malaysian Public Listed Firm", International Proceedings of Economics Development & Research, S.59, ss.178-182, http://www.ipedr.com/vol59/037-ICEMM2013-P10030.pdf (Erişim Tarihi: 03.07.2014).
• VO, Duc ve PHAN, Thuy (2013), "Corporate Governance and Firm Performance: Empirical Evidence From Vietnam", International Journal of Economics and Finance, S.6(6), ss.62-77 http://www.murdoch.edu.au/School-of-Management-and-Governance/_document/Australian-Conference-of-Economists/Corporate-governance-and-firm-performance.pdf (Erişim Tarihi: 03.12.2013).
• WANG, Yi ve CLIFT, Bob (2009), "Is There a “Business Case” for Board Diversity?", Pacific Accounting Review, S.21(2), ss.88-103.