The Effect of Corporate Governance on the Timing of Annual Reports: Evidence from Borsa Istanbul

Öz

Annual reports serve as significant corporate informational tools by providing an overview of a business's financial performance and future prospects for various users, such as shareholders, potential investors, or regulators. Annual reports, which help users make decisions, are considered the primary source of information, especially in developing countries. This study examines the effects of corporate governance characteristics of enterprises on the timing of annual report publication. For this purpose, 259 companies operating in Borsa Istanbul were selected as a sample, and logistic regression analysis was applied to the relevant sample. According to the empirical findings, it was observed that the variables representing the number of board members and the independence of the board of directors had significant effects on the timing of publishing the annual report of the enterprises. The results showed that the increase in the number of members of the board of directors and the independence of the board of directors increased the probability of publishing the annual report of the enterprise during periods of high market interest (weekdays).

Anahtar Kelimeler

• Annual Reports
• Corporate Governance
• BIST
• Logistics Regression

Kurumsal Yönetimin Faaliyet Raporlarının Yayınlanma Zamanı Üzerindeki Etkisi: Borsa İstanbul’da Bir Uygulama

Öz

Faaliyet raporları hissedarlar, potansiyel yatırımcılar veya düzenleyiciler gibi çeşitli kullanıcılara bir işletmenin mali performansını ve gelecek beklentileri hakkında genel bir bakış sağlayarak kurumsal bilgilendirme amacı taşıyan önemli araçlar olarak hizmet etmektedir. Kullanıcıların karar alımlarında önemli yardımı olan faaliyet raporları özellikle gelişmekte olan ülkelerde temel bilgi kaynağı olarak kabul edilmektedir. Bu çalışma işletmelerin kurumsal yönetim özelliklerinin faaliyet raporu yayınlanma zamanlaması üzerindeki etkisini incelemektedir. Bu amaçla 2009 ile 2019 yılları arasında Borsa İstanbul’da faaliyet gösteren 259 işletme örneklem olarak seçilmiş ve ilgili örnekleme lojistik regresyon analizi uygulanmıştır. Elde edilen ampirik bulgulara göre, yönetim kurulu üye sayısı ve yönetim kurulu bağımsızlığını temsil eden değişkenlerin işletmelerin faaliyet raporu yayınlama zamanlaması üzerinde anlamlı etkileri olduğu görülmüştür. Sonuçlar, yönetim kurulu toplam üye sayısı ve yönetim kurulu bağımsızlığının artması işletmenin faaliyet raporunu piyasa ilgisinin yoğun olduğu dönemlerde (hafta içi) yayınlama ihtimalini artırdığını göstermektedir.

Anahtar Kelimeler

• Faaliyet Raporları
• Kurumsal Yönetim
• BİST
• Lojistik Regresyon

Kaynakça

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