KURUMSAL YÖNETİM VE FİNANSAL PERFORMANS İLİŞKİSİ: ULUSLARARASI LİTERATÜR TARAMASI (2000-2019)

Yıl 2022, Cilt: 24 Sayı: 3, 641 - 676, 30.09.2022

Şerafettin Arslan Ebru Saygılı

https://doi.org/10.31460/mbdd.970884

Öz

Son yıllarda giderek artan sayıda akademik araştırma kurumsal yönetimin finansal performansa olan etkisini incelemektedir. Bu literatür taramasının amacı, kurumsal yönetim ile finansal performans arasındaki ilişkinin incelenmesine yönelik zaman içinde gerçekleşen yapısal ve kavramsal değişikliklerin gözlemlenebilmesi ve karşılaştırılabilmesidir. Bu çalışmada, 2000 ile 2019 yılları arasında kurumsal yönetim ile finansal performans arasındaki ilişkiyi inceleyen uluslararası akademik çalışmalar taranmıştır. Çalışma bulgularına göre en çok kullanılan finansal performans göstergeleri aktif karlılığı ve Tobin’s Q, en çok tercih edilen yöntem ise panel veri analizidir. Mevcut uluslararası çalışmalar ağırlıklı olarak kurumsal yönetimin finansal performans üzerindeki olumlu etkisini vurgulamaktadır.

Anahtar Kelimeler

Kurumsal Yönetim, Finansal Performans, Literatür Taraması

THE RELATIONSHIP BETWEEN CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE: A LITERATURE REVIEW

Öz

In recent years, a growing number of academic papers have examined the impact of corporate governance on financial performance. The aim of this literature review is to observe and compare the structural and conceptual changes that have occurred over time to examine the relationship between corporate governance and financial performance. In this study, international academic studies examining the relationship between corporate governance and financial performance between 2000 and 2019 were reviewed. According to the study findings, the most commonly used financial performance indicators are return on assets and Tobin's Q, and panel data analysis is the most preferred method. Current international studies focus mostly on the favorable effect of corporate governance on financial performance.

Anahtar Kelimeler

Corporate Governance, Financial Performance, Literature Review

Kaynakça

• Abdallah, A.A.N., & Ismail, A.K. (2016). Corporate Governance Practices, Ownership Structure, and Corporate Performance in the GCC Countries. Journal of International Financial Markets, Institutions and Money, 46(2017), 98-115.
• Adams, R.B., & Ferreira, D. (2009). Women in the Boardroom and Their Impact on Governance and Performance. Journal of Financial Economics, 94(2), 291-309.
• Amba, S.M. (2014). Corporate Governance and Firms’ Financial Performance. Journal of Academic and Business Ethics, 8(1), 1-11.
• Assenga, M.P., Aly, D., & Hussainey, K. (2018). The Impact of Board Characteristics on The Financial Performance of Tanzanian Firms. Corporate Governance: The International Journal of Business in Society, 18(6), 1089-1106.
• Bauer, R., Frijns, B., Otten, R., & Tourani-Rad, A. (2008). The Impact of Corporate Governance on Corporate Performance: Evidence from Japan. Pacific-Basin Finance Journal, 16(3), 236-251.
• Bauer, R., Eichholtz, P., & Kok, N. (2010). Corporate Governance and Performance: the REIT Effect. Real Estate Economics, 38(1), 1-29.
• Bebchuk, L., Cohen, A., & Ferrell, A. (2009). What Matters in Corporate Governance? Review of Financial Studies, 22(2), 783-827.
• Bhagat, S., & Bolton, B. (2007). Corporate Governance and Firm Performance. Journal of Corporate Finance, 14(3), 257-273.
• Black, B.S., Jang, H., & Kim, W. (2006). Does Corporate Governance Predict Firms' Market Values? Evidence from Korea. Journal of Law, Economics, and Organization, 22(2), 366-413.
• Boubakri, N., Cosset, J.C., & Guedhami, O. (2004). Privatization, Corporate Governance and Economic Environment: Firm-level evidence from Asia. Pacific-Basin Finance Journal, 12(1), 65-90.
• Brown, L.D., & Caylor, M.L. (2006). Corporate Governance and Firm Valuation. Journal of Accounting and Public Policy, 25(4), 409-434.
• Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate Social Responsibility and Access to Finance. Strategic Management Journal, 35(1), 1-23.
• Chung, K.H., Wright, P., & Kedia, B. (2003). Corporate Governance and Market Valuation of Capital and R&D Investments. Review of Financial Economics, 12(2), 161-172.
• Cornett, M.M., Marcus, A.J., & Tehranian, H. (2008). Corporate Governance and Pay-for-performance: The Impact of Earnings Management. Journal of Financial Economics, 87(2), 357-373.
• Da Silva, A.L.C., & Leal, R.P.C. (2005). Corporate Governance Index, Firm Valuation and Performance in Brazil. Revista Brasileira de Finanças, 3(1), 1-18.
• Dittmar, A., & Mahrt-Smith, J. (2007). Corporate Governance and the Value of Cash Holdings. Journal of Financial Economics, 83(3), 599-634.
• Doğan, M. (2018). Kadın Yönetim Kurulu Üye Sayısının Finansal Performans Üzerinde Etkisi: Literatür Taraması. Uluslararası Yönetim Akademisi Dergisi, 1(2), 132-141.
• Eccles, R.G., Ioannou, I., & Serafeim, G. (2014). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2835-2857.
• Ertosun, Ö.G., & Özer, G. (2021). Firma Düzeyinde Kurumsal Yönetim İndekslerinin Karşılaştırılması- Literatür İncelemesi. Ekonomi İşletme ve Maliye Araştırmaları Dergisi, 3(2), 115-136.
• Ertugrul, M., & Hegde, S. (2009). Corporate Governance Ratings and Firm Performance. Financial Management, 38(1), 139-160.
• Flammer, C. (2015). Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach. Management Science, 61(11), 2549-2568.
• Filatotchev, I., Lien, Y.C., & Piesse, J. (2005). Corporate Governance and Performance in Publicly Listed, Family-Controlled Firms: Evidence from Taiwan. Asia Pacific Journal of Management, 22(3), 257-283.
• Francis, B., Hasan, I., & Wu, Q. (2015). Professors in the Boardroom and Their Impact on Corporate Governance and Firm Performance. Financial Management, 44(3), 547-581.
• Ghazali, N.A.M. (2010). Ownership Structure, Corporate Governance and Corporate Performance in Malaysia. International Journal of Commerce and Management, 20(2), 109-119.
• Giroud, X., & Mueller, H.M. (2011). Corporate Governance, Product Market Competition, and Equity Prices. The Journal of Finance, 66(2), 563-600.
• Gompers, P., Ishii, J., & Metrick, A. (2001). Corporate Governance and Equity Prices. The Quarterly Journal of Economics, 118(1), 107-156.
• Gugler, K., & Yurtoglu, B.B. (2003). Corporate Governance and Dividend Pay-out Policy in Germany. European Economic Review, 47(4), 731-758.
• Habib, M.A. (2016). Relationship Between Corporate Governance and Firm Performance: A Case Study in Bangladesh. International Scholar Journal Accounting and Finance, 2(1), 11-20.
• Haniffa, R., & Hudaib, M. (2006). Corporate Governance structure and Performance of Malaysian Listed Companies. Journal of Business Finance & Accounting, 33(7‐8), 1034-1062.
• Harford, J., Mansi, S.A., & Maxwell, W.F. (2012). Corporate Governance and Firm Cash Holdings in the US. In S.
• Boubaker, B. D. Nguyen, and D. K. Nguyen (Eds.), Corporate Governance (pp. 107-138). Springer Berlin Heidelberg.
• Ibrahim, H., & Samad, F.A. (2011). Corporate Governance Mechanisms and Performance of Public-Listed Family-Ownership in Malaysia. International Journal of Economics and Finance, 3(1), 105.
• Iqbal, S., Nawaz, A., & Ehsan, S. (2019). Financial Performance and Corporate Governance in Microfinance: Evidence from Asia. Journal of Asian Economics, 60, 1-13.
• Joh, S.W. (2003). Corporate Governance and Firm Profitability: Evidence from Korea Before the Economic Crisis. Journal of Financial Economics, 68(2), 287-322.
• Johnson, S., Boone, P., Breach, A., & Friedman, E. (2000). Corporate Governance in the Asian Financial Crisis. Journal of financial Economics, 58(1), 141-186.
• Kato, T., & Long, C. (2005). Executive Compensation, Firm Performance, and Corporate Governance in China: Evidence from Firms Listed in the Shanghai and Shenzhen Stock Exchanges. Economic Development and Cultural Change, 54(4), 945-983.
• Klapper, L.F., & Love, I. (2004). Corporate Governance, Investor Protection, and Performance in Emerging Markets. Journal of Corporate Finance, 10(5), 703-728.
• Larcker, D.F., Richardson, S.A., & Tuna, I. (2007). Corporate Governance, Accounting Outcomes, and Organizational Performance. The Accounting Review, 82(4), 963-1008.
• Luo, X., Wang, H., Raithel, S., & Zheng, Q. (2015). Corporate Social Performance, Analyst Stock Recommendations, and Firm Future Returns. Strategic Management Journal, 36(1), 123-136.
• Lückerath-Rovers, M. (2013). Women on Boards and Firm Performance. Journal of Management and Governance, 17(2), 491-509.
• Mahrani, M., & Soewarno, N. (2018). The Effect of Good Corporate Governance Mechanism And Corporate Social Responsibility on Financial Performance with Earnings Management as Mediating Variable. Asian Journal of Accounting Research, 3(1), 41-60.
• Mashayekhi, B., & Bazaz, M.S. (2008). Corporate Governance and Firm Performance in Iran. Journal of Contemporary Accounting and Economics, 4(2), 156-172.
• Masulis, R.W., Wang, C., & Xie, F. (2012). Globalizing the Boardroom—The Effects of Foreign Directors on Corporate Governance and Firm Performance. Journal of Accounting and Economics, 53(3), 527- 554.
• Ntim, C.G., & Soobaroyen, T. (2013). Corporate Governance and Performance in Socially Responsible Corporations: New Emperical Insights from a Neo-Institutional Framework. Corporate Governance: An International Review, 21(5), 468-494.
• Odegaard, B.A., & Bohren, O. (2003). Governance and Performance Revisited. ECGI-Finance Working Paper, 28(2003), 1-32.
• Paniagua, J., Rivelles, R., & Sapena, J. (2018). Corporate governance and Financial Performance: The Role of Ownership and Board Structure. Journal of Business Research, 89, 229-234.
• Pham, P.K., Suchard, J.A., & Zein, J. (2011). Corporate Governance and Alternative Performance Measures: Evidence from Australian Firms. Australian Journal of Management, 36(3), 371-386.
• Renders, A., Gaeremynck, A., & Sercu, P. (2010). Corporate‐Governance Ratings and Company Performance: a Cross‐European Study. Corporate Governance: An International Review, 18(2), 87-106.
• Renneboog, L. (2000). Ownership, Managerial Control and the Governance of Companies Listed on the Brussels Stock Exchange. Journal of Banking & Finance, 24(12), 1959-1995.
• Rizwan, M., Asrar, H., Siddiqui, N.A., & Usmani, W.U. (2016) The Impact of Corporate Governance on Financial Performance: An Empirical Investigation. International Journal of Management Sciences and Business Research, 5(9), 11-27.
• Saidat, Z., Silva, M., & Seaman, C. (2019). The Relationship between Corporate Governance and Financial Performance: Evidence from Jordanian Family and Nonfamily Firms. Journal of Family Business Management, 9(1), 54-78.
• Suhadak, S., Kurniaty, K., Handayani, S.R., & Rahayu, S.M. (2018). Stock Return and Financial Performance as Moderation Variable in Influence of Good Corporate Governance towards Corporate Value. Asian Journal of Accounting Research. 4(1), 18-34.
• Vo, D., & Phan, T. (2013). Corporate Governance and Firm Performance: Empirical Evidence from Vietnam. Journal of Economic Development, 7(1), 62-78.
• Wintoki, M.B., Linck, J.S., & Netter, J.M. (2012). Endogeneity and the Dynamics of Internal Corporate Governance. Journal of Financial Economics, 105(3), 581-606.