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2001 FINANCIAL CRISIS, CORPORATE GOVERNANCE, AND THE AGENCY COST: EVIDENCE FROM ISO 500 FIRMS

Yıl 2021, , 107 - 121, 31.03.2021
https://doi.org/10.31460/mbdd.788086

Öz

Agency cost is a behavioral corporate finance problem that has an important place in finance literature. While it is often discussed in the current literature, Turkey oriented relative literature is quite limited. In this study, the agency costs before, during, and in the post-2001 financial crisis era are examined between companies with foreign owners and others by using cross-section regression analyzes and marginal effects based on these analyzes. The obtained findings show that there is a significant difference between the two firm groups in terms of agency costs during the 2001 financial crisis, before and after the crisis. The findings obtained do not show any change in different robustness checks.

Kaynakça

  • Aguilera, R.V.; Desender, K.; Bednar, M.K., ve Lee, J. H. (2015). “Connecting the Dots – Bringing External Corporate Governance into the Corporate Governance Puzzle”, The Academy of Management Annals, 9(1), DOI: 10.5465/19416520.2015.1024503.
  • Alper, D. ve Güvençer, Ü. C. (2006). “Türk Firmalarının Halka Arz Oranları İle Performansları Arasındaki İlişkinin Vekâlet Teorisi Çerçevesinde İncelenmesi: İMKB’de Hisse Senetleri İşlem Gören 128 Firma Üzerine Ampirik Bir Uygulama”, Uludağ Üniversitesi İİBF Dergisi, Uludağ Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, XXV (2), 71-83.
  • Anderson, R. C. ve Reeb, D. M. (2003). “Founding‐ Family Ownership and Firm Performance: Evidence from the S&P 500”, The Journal of Finance, 58(3), 1301-1328.
  • Aras, G. ve Kutlu Furtuna, O. (2015). Does Governance Efficiency Affect Equity Agency Costs? Evidence from Borsa Istanbul, Emerging Markets Finance and Trade, 51(sup2), S84-S100.
  • Athey,S. ve Imbens, G. (2006). “Identification and Inference In Nonlinear Difference-In-Differences Models”. Econometrica, 74 (2), 431–497.
  • Aygün, M. ve İç, S. (2010). “Genel Müdürün Aynı Zamanda Yönetim Kurulu Üyesi Olması Firma Performansını Etkiler mi?”, - Muhasebe ve Finansman Dergisi, 47, 192-201.
  • Bhagat, S., Bolton, B. ve Subramanian, A. (2017). “Investor Protection and Corporate Governance”, Journal of Accounting Research, 14, 471–517.
  • Berle, A. A., ve Means, G. C. (1932). The Modern Corporation and Private Property. New Brunswick. NJ: Transaction.
  • Beuselink, C. ve Du,Y. (2017). “Determinants of Cash Holdings in Multinational Corporation's Foreign Subsidiaries: US Subsidiaries in China”, Corporate Governance: An International Review, 25 (2), 100-115.
  • Demirci, N.S., (2017). “Serbest Nakit Akışlarının Şirket Değerine Etkisi: Serbest Nakit Akış Teorisi Bağlamında BIST 100 Endeksi Üzerine Dinamik Panel Veri Analizi”, İşletme Araştırmaları Dergisi, 9(2), 283-299.
  • Denis, D.K. ve Mc Connell, J.J. (2003). “International Corporate Governance”, The Journal of Financial and Quantitative Analysis, 38 (1),1-36.
  • Easterbrook, F. H. (1984). “Two Agency-Cost Explanations of Dividends”. The American Economic Review ,74, 650–59.
  • Eisenhardt, K. M. (1989). “Agency Theory: An Assessment and Review”, Academy Of Management Review, 14(1), 57-74.
  • Emanuel, D., Wong, J., ve Wong, N. (2003). “Efficient Contracting and Accounting”. Accounting and Finance, 43, 149–66.
  • Fama, E. F. (1980). Agency Problems and the Theory of the Firm. Journal of Political Economy, 88(2), 288-307.
  • Fama, E. F. ve Jensen, M. C. (1983). “Separation of Ownership and Control”, The Journal of Law and Economics, 26(2), 301-325.
  • Ghoshal,S. ve Bartlett, C.A. (1990). “The Multinational Corporation as an Interorganizational Network”, The Academy of Management Review, 15 (4), 603-625.
  • Gündüz Ş. (2018). “Founder’s Syndrome at the Backstage of Agency Theory: A Threat to Corporate Governance and Corporate Social Responsibility”, Business and Management Studies: An International Journal, 6(1), 1-16.
  • İlhan Nas, T. ve Çarkçı, A. (2015). “Yönetim Güçlendirmenin Firmanın Finansal Performansı ve Risk Alma Davranışı Üzerindeki Etkisi”, ODTÜ Gelişme Dergisi, 42, 355-4.
  • James, H. S. (1999). “Owner as Manager, Extended Horizons and the Family Firm”, International Journal of The Economics of Business, 6(1), 41-55.
  • Jensen, M. C., ve Meckling, W. H. (1976). “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3(4), 305-360.
  • Lang, Larry H.P., ve Litzenberger, R. H. (1989). “Dividend Announcements: Cash Flow Signalling vs. Free Cash Flow Hypothesis?”, Journal of Financial Economics, 24, 181–91.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A. ve Vishny, R. (2000). “Investor Protection and Corporate Governance”, Journal of Financial Economics 58, 3–27.
  • Lei,Q., Lin, B. ve Wei, M. (2013). “Types of Agency Cost, Corporate Governance and Liquidity”, Journal of Accounting and Public Policy, 32 (3), 147-172.
  • Li, H.-X, Wang, Z.-J., ve Deng, X.-I. (2008). “Ownership, Independent Directors, Agency Costs and Financial Distress: Evidence from Chinese Listed Companies”, Corporate Governance, 8, 622–36.
  • Lu, S.-L. ve Li, Y.-H. (2019). “Effect of Corporate Governance on Institutional Investors’ Preferences: An Empirical Investigation in Taiwan”, Journal of Risk and Financial Management 12(1), 32.
  • Malmquist, D. H. (1990). “Efficient Contracting and the Choice of Accounting Method in the Oil and Gas Industry.” Journal of Accounting and Economics 12, 173–205.
  • Modigliani, F. ve Miller, M. (1958). “The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, 48 (3), 261-297.
  • O’Donnell, S. W. (2000). “Managing Foreign Subsidiaries: Agents of Headquarters, or An Interdependent Network?”, Strategic Management Journal,21, 525–548.
  • Öner, Ö. ve Uyar, M. (2018). “Vekâlet Teorisi Bağlamında Denetim Faaliyetlerinin ve Kontrol Sistemlerinin Yönetim Riskine Etkisi: Küçük ve Orta Boy İşletmelerde Bir Uygulama”, Muhasebe Bilim Dünyası, Dergisi, 20 (ÖzelSayı), ös66- ös91.
  • Ross, S. A. (1973). “The Economic Theory Of Agency: The Principal's Problem”, The American Economic Review, 63(2), 134-139.
  • Shleifer, A. ve Vishny, R. (1986). “Large Shareholders and Corporate Control”, Journal of Political Economy 94: 461–88.
  • Siregar, S. V. ve Utama, S. (2008). “Type of Earnings Management and the Effect of Ownership Structure, Firm Size, and Corporate-Governance Practices: Evidence from Indonesia”, International Journal of Accounting, 43, 1–27
  • Su, Y., Xu, D. ve Phan, P. H. (2008). “Principal—Principal Conflict in the Governance of the Chinese Public Corporation”, Management and Organization Review, 4, 17–38.
  • Şahin, K., Eser, B., Kaplan, T., Özdündar, G., (2018). “Yönetim Kurullarında Kadın Yönetici Temsili: Türkiye’de Yönetim Kurulları Yapısının Cinsiyet Bağlamında İncelenmesi”, Uluslararası Yönetim İktisat ve İşletme Dergisi, 14(4), 1147-1166.
  • Xu, X., ve Wang, Y. (1999). Ownership structure and corporate governance in Chinese stock companies. China Economic Review, 10, 75–98.

2001 FİNANSAL KRİZİ, KURUMSAL YÖNETİM VE VEKALET MALİYETİ: İSO 500 FİRMALARINDAN BULGULAR

Yıl 2021, , 107 - 121, 31.03.2021
https://doi.org/10.31460/mbdd.788086

Öz

Vekalet maliyeti, finans literatüründe oldukça önemli bir yer tutan bir davranışsal kurumsal finans sorunu olma özelliğindedir. Vekalet maliyeti uluslararası literatürde sıkça tartışılmasına rağmen Türkiye eksenli literatür göreli olarak oldukça sınırlıdır. Bu çalışmada 2001 finansal krizi öncesi, kriz esnasında ve kriz dönemlerinde vekalet maliyeti yabancı ortakları olan firmalar ile diğerleri arasında yatay kesit regresyon analizleri ve bu analizlere dayalı marjinal etkiler vasıtasıyla test edilmektedir. Elde edilen bulgular vekalet maliyeti açısından 2001 finansal krizi döneminde, kriz öncesi ve sonrasında iki firma grubu arasında önemli bir farklılaşma olduğunu göstermektedir. Elde edilen bulgular farklı sağlamlık kontrollerinde bir değişiklik göstermemektedir.

Kaynakça

  • Aguilera, R.V.; Desender, K.; Bednar, M.K., ve Lee, J. H. (2015). “Connecting the Dots – Bringing External Corporate Governance into the Corporate Governance Puzzle”, The Academy of Management Annals, 9(1), DOI: 10.5465/19416520.2015.1024503.
  • Alper, D. ve Güvençer, Ü. C. (2006). “Türk Firmalarının Halka Arz Oranları İle Performansları Arasındaki İlişkinin Vekâlet Teorisi Çerçevesinde İncelenmesi: İMKB’de Hisse Senetleri İşlem Gören 128 Firma Üzerine Ampirik Bir Uygulama”, Uludağ Üniversitesi İİBF Dergisi, Uludağ Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, XXV (2), 71-83.
  • Anderson, R. C. ve Reeb, D. M. (2003). “Founding‐ Family Ownership and Firm Performance: Evidence from the S&P 500”, The Journal of Finance, 58(3), 1301-1328.
  • Aras, G. ve Kutlu Furtuna, O. (2015). Does Governance Efficiency Affect Equity Agency Costs? Evidence from Borsa Istanbul, Emerging Markets Finance and Trade, 51(sup2), S84-S100.
  • Athey,S. ve Imbens, G. (2006). “Identification and Inference In Nonlinear Difference-In-Differences Models”. Econometrica, 74 (2), 431–497.
  • Aygün, M. ve İç, S. (2010). “Genel Müdürün Aynı Zamanda Yönetim Kurulu Üyesi Olması Firma Performansını Etkiler mi?”, - Muhasebe ve Finansman Dergisi, 47, 192-201.
  • Bhagat, S., Bolton, B. ve Subramanian, A. (2017). “Investor Protection and Corporate Governance”, Journal of Accounting Research, 14, 471–517.
  • Berle, A. A., ve Means, G. C. (1932). The Modern Corporation and Private Property. New Brunswick. NJ: Transaction.
  • Beuselink, C. ve Du,Y. (2017). “Determinants of Cash Holdings in Multinational Corporation's Foreign Subsidiaries: US Subsidiaries in China”, Corporate Governance: An International Review, 25 (2), 100-115.
  • Demirci, N.S., (2017). “Serbest Nakit Akışlarının Şirket Değerine Etkisi: Serbest Nakit Akış Teorisi Bağlamında BIST 100 Endeksi Üzerine Dinamik Panel Veri Analizi”, İşletme Araştırmaları Dergisi, 9(2), 283-299.
  • Denis, D.K. ve Mc Connell, J.J. (2003). “International Corporate Governance”, The Journal of Financial and Quantitative Analysis, 38 (1),1-36.
  • Easterbrook, F. H. (1984). “Two Agency-Cost Explanations of Dividends”. The American Economic Review ,74, 650–59.
  • Eisenhardt, K. M. (1989). “Agency Theory: An Assessment and Review”, Academy Of Management Review, 14(1), 57-74.
  • Emanuel, D., Wong, J., ve Wong, N. (2003). “Efficient Contracting and Accounting”. Accounting and Finance, 43, 149–66.
  • Fama, E. F. (1980). Agency Problems and the Theory of the Firm. Journal of Political Economy, 88(2), 288-307.
  • Fama, E. F. ve Jensen, M. C. (1983). “Separation of Ownership and Control”, The Journal of Law and Economics, 26(2), 301-325.
  • Ghoshal,S. ve Bartlett, C.A. (1990). “The Multinational Corporation as an Interorganizational Network”, The Academy of Management Review, 15 (4), 603-625.
  • Gündüz Ş. (2018). “Founder’s Syndrome at the Backstage of Agency Theory: A Threat to Corporate Governance and Corporate Social Responsibility”, Business and Management Studies: An International Journal, 6(1), 1-16.
  • İlhan Nas, T. ve Çarkçı, A. (2015). “Yönetim Güçlendirmenin Firmanın Finansal Performansı ve Risk Alma Davranışı Üzerindeki Etkisi”, ODTÜ Gelişme Dergisi, 42, 355-4.
  • James, H. S. (1999). “Owner as Manager, Extended Horizons and the Family Firm”, International Journal of The Economics of Business, 6(1), 41-55.
  • Jensen, M. C., ve Meckling, W. H. (1976). “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3(4), 305-360.
  • Lang, Larry H.P., ve Litzenberger, R. H. (1989). “Dividend Announcements: Cash Flow Signalling vs. Free Cash Flow Hypothesis?”, Journal of Financial Economics, 24, 181–91.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A. ve Vishny, R. (2000). “Investor Protection and Corporate Governance”, Journal of Financial Economics 58, 3–27.
  • Lei,Q., Lin, B. ve Wei, M. (2013). “Types of Agency Cost, Corporate Governance and Liquidity”, Journal of Accounting and Public Policy, 32 (3), 147-172.
  • Li, H.-X, Wang, Z.-J., ve Deng, X.-I. (2008). “Ownership, Independent Directors, Agency Costs and Financial Distress: Evidence from Chinese Listed Companies”, Corporate Governance, 8, 622–36.
  • Lu, S.-L. ve Li, Y.-H. (2019). “Effect of Corporate Governance on Institutional Investors’ Preferences: An Empirical Investigation in Taiwan”, Journal of Risk and Financial Management 12(1), 32.
  • Malmquist, D. H. (1990). “Efficient Contracting and the Choice of Accounting Method in the Oil and Gas Industry.” Journal of Accounting and Economics 12, 173–205.
  • Modigliani, F. ve Miller, M. (1958). “The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, 48 (3), 261-297.
  • O’Donnell, S. W. (2000). “Managing Foreign Subsidiaries: Agents of Headquarters, or An Interdependent Network?”, Strategic Management Journal,21, 525–548.
  • Öner, Ö. ve Uyar, M. (2018). “Vekâlet Teorisi Bağlamında Denetim Faaliyetlerinin ve Kontrol Sistemlerinin Yönetim Riskine Etkisi: Küçük ve Orta Boy İşletmelerde Bir Uygulama”, Muhasebe Bilim Dünyası, Dergisi, 20 (ÖzelSayı), ös66- ös91.
  • Ross, S. A. (1973). “The Economic Theory Of Agency: The Principal's Problem”, The American Economic Review, 63(2), 134-139.
  • Shleifer, A. ve Vishny, R. (1986). “Large Shareholders and Corporate Control”, Journal of Political Economy 94: 461–88.
  • Siregar, S. V. ve Utama, S. (2008). “Type of Earnings Management and the Effect of Ownership Structure, Firm Size, and Corporate-Governance Practices: Evidence from Indonesia”, International Journal of Accounting, 43, 1–27
  • Su, Y., Xu, D. ve Phan, P. H. (2008). “Principal—Principal Conflict in the Governance of the Chinese Public Corporation”, Management and Organization Review, 4, 17–38.
  • Şahin, K., Eser, B., Kaplan, T., Özdündar, G., (2018). “Yönetim Kurullarında Kadın Yönetici Temsili: Türkiye’de Yönetim Kurulları Yapısının Cinsiyet Bağlamında İncelenmesi”, Uluslararası Yönetim İktisat ve İşletme Dergisi, 14(4), 1147-1166.
  • Xu, X., ve Wang, Y. (1999). Ownership structure and corporate governance in Chinese stock companies. China Economic Review, 10, 75–98.
Toplam 36 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm ANABÖLÜM
Yazarlar

Ömer Tuğsal Doruk 0000-0002-2382-1042

Yayımlanma Tarihi 31 Mart 2021
Gönderilme Tarihi 2 Eylül 2020
Yayımlandığı Sayı Yıl 2021

Kaynak Göster

APA Doruk, Ö. T. (2021). 2001 FİNANSAL KRİZİ, KURUMSAL YÖNETİM VE VEKALET MALİYETİ: İSO 500 FİRMALARINDAN BULGULAR. Muhasebe Bilim Dünyası Dergisi, 23(1), 107-121. https://doi.org/10.31460/mbdd.788086