FİNANSAL OLMAYAN BİLGİLERİN KAMUYA AÇIKLANMASINDA YÖNETİM KURULU YAPISININ ROLÜ: GELİŞMEKTE OLAN ÜLKELER ÖRNEĞİ

Yıl 2023, Cilt: 23 Sayı: 69, 97 - 116, 10.05.2023

Hüseyin Temiz Fevzi Serkan Özdemir

https://doi.org/10.55322/mdbakis.1170341

Öz

Günümüzde işletmeler, finansal bilgilerinin yanı sıra finansal olmayan bilgilerini de paydaşlarına (kamuoyuna) sunarak piyasalardaki etkinliklerini artırmayı hedeflemektedirler. İşletmelerin paydaşlarına sunabileceği ve finansal olmayan başlıca bilgiler çevresel, sosyal ve kurumsal yönetim (ESG) olmak üzere 3 bileşenden oluşmaktadır. Çalışmanın amacı gelişmekte olan ülkeler özelinde işletmelerin yönetim kurulu yapılarının (yönetim kurulu büyüklüğü, yönetim kurulundaki kadın üye oranı, yönetim kurulundaki bağımsız üye oranı ve CEO’ların aynı zamanda yönetim kurulu üyesi olup olmadığı) ESG ve bileşenleri (çevresel, sosyal ve kurumsal yönetim) bakımından kamuyu aydınlatma skorlarına olan etkilerini Morgan Stanley Capital International (MSCI)’ın gelişmekte olan ülkeler sınıflandırmasından hareket ederek irdelemektir. Bu amaçla 21 ülkeden 842 işletmenin 2010-2019 yılları arasındaki toplam 4.973 firma-yıllık veri seti kullanılmış ve panel regresyon analizi yapılmıştır. Buna göre; işletmelerin yönetim kurulu büyüklüğünün, yönetim kurulunda yer alan kadın üye sayısının toplam üye sayısına oranının, yönetim kurulunda yer alan bağımsız üye sayısının toplam üye sayısına oranının ve CEO ve yönetim kurulu başkanı görevlerinin aynı kişi tarafından üstlenilmesinin işletmelerin finansal olmayan bilgiler kapsamında kamuyu aydınlatma düzeyi üzerinde anlamlı etkisi olduğunu göstermektedir. Bu da işletmelerin yönetim kurulu yapısının, finansal olmayan bilgi raporlama davranışını açıklanmasında anlamlı bir faktör olduğunu doğrulamaktadır.

Anahtar Kelimeler

Finansal olmayan bilgi, ESG, yönetim kurulu yapısı, gelişmekte olan ülkeler

THE ROLE OF BOARD OF DIRECTORS ON ENVIRONMENTAL, SOCIAL AND GOVERNANCE DISCLOSURE (ESG): EVIDENCE FROM EMERGING MARKETS

Öz

Companies aim to improve their efficiency in the markets by disclosing their non-financial information as well as their financial information to their stakeholders. Non-financial information consists of three components as environmental, social and governance (ESG) related disclosures. This study aims to investigate the effects of the board structures of companies (such as board size, board gender diversity, ratio of independent members in the board of directors, and whether CEO is also the chairman of the board of directors) on their disclosure scores in terms of both ESG and its components (environmental, social and corporate governance) in developing countries context. Morgan Stanley Capital International (MSCI) classification is followed in the study to determine sample countries. The sample of the study consists of 4,973 firm-year observations of 842 unique companies from 21 countries between the years 2010-2019 and panel regression analysis is utilized. Findings show that board size, gender diversity, board independence, and CEO duality are significant factors in explaining companies’ non-financial information disclosure scores. These findings also suggest that companies’ board structure has significant impact on their non-financial information disclosure policy.

Anahtar Kelimeler

Non-financial information, ESG, board structure, emerging markets

Kaynakça

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