Yönetim Kurullarındaki Cinsiyet Çeşitliliği ile Çeşitliliğin Finansal Performans Etkisi: Gelişmekte Olan Piyasa Örneği

Yıl 2018, Sayı: 109, 71 - 90, 01.04.2018

Levent Ataünal Aslı Aybars

https://doi.org/10.33203/mfy.344407

Cited By: 2

Öz

Cinsiyet eşitliği farkındalığı son yıllarda artmıştır. Ancak yönetim kurullarında kadınların temsili hâlen düşük seviyelerdedir. Öte yandan, yönetim kurullarında farklı cinslerin eşit oranda temsil edilmesinin daha iyi finansal sonuçlara neden olup olmadığı sorusu da henüz tam olarak cevaplanamamıştır. Bu çalışma BIST’te finans sektörü dışında faaliyet gösteren 151 şirketin 2008 – 2015 yılları arasındaki verilerini inceleyerek bu konu üzerinde yeni kanıt sunmayı amaçlamıştır. Yönetim kurullarında kadınların varlığı şirketin performansını arttırır hipotezi, performans ölçüsü olarak ROA ve ROE kullanıldığı durumlarda reddedilmiştir. Kadın yönetim kurulu üyesi ve Tobin Q oranı arasında, sistem GMM yöntemi kullanılarak içsellik (endogeneity) göz önünde bulundurulduğu durumda dahi ters ilişki bulunmuştur. 

Anahtar Kelimeler

Gender diversity, board diversity, firm performance, board of directors

Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market

Öz

Awareness on gender equality has recently increased, however, representation of women on boards is still low and it is still an unanswered question that leveling gender diversity leads
to better financial results. This study, based on a data of 151 nonfinancial firms of BIST between 2008 to 2015, aimed to provide evidence on this relationship. The hypothesis that presence of woman directors improves firm’s performance was rejected, when firm performance was measured by ROE and ROA. A negative relation between presence of woman directors and Tobin’s Q is revealed when endogeneity of gender diversity was addressed, using system GMM estimation. 

Anahtar Kelimeler

Gender diversity, board diversity, firm performance, woman directors

Kaynakça

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