Yönetim Kurulu Büyüklüğü ile Finansal Performans Arasındaki İlişkiye Yönelik Literatür Taraması

Mesut Doğan; Yusuf Topal

doi:10.17541/oeybd.17415

Relationship between the Board Size and Financial Performance: Literature Review

Yıl 2015, Cilt: 2 Sayı: 1, - , 14.01.2015

Mesut Doğan Yusuf Topal

https://doi.org/10.17541/oeybd.17415

Cited By: 7

Öz

The Cadbury Report (1992), a pioneer in outlining the financial aspects of corporate governance, was the first to put the spotlight on corporate boards of directors. Around the same time, academic work started to gain impetus with the Hermalin and Weisbach (1991) study. The aim of this study is to examine the relationship between the number of members of the board of directors with accounting and market-based performance indicators empirical research in the national and international literature. For this purpose, all studies conducted in the early 1990s up to the present day are classified examined in a systematic way. A significant part of the board of directors of the studies indicated a negative relationship between financial performance.

Anahtar Kelimeler

Board Size, Financial Performance, Literature Review

Kaynakça

Ahmed, K., Hossain, M. & Adams, M. B. (2006). The Effects of Board Composition and Board Size on the Informativeness of Annual Accounting Earnings. Corporate Governance: An International Review, 14(5), 418-431.
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Andres, de P. A., Azofra, V. & Lopez, F. (2005). Corporate Boards in Some OECD Countries: Size, Composition, Functioning and Effectiveness. Corporate Governance. An International Review, 13, 197- 210.
Anne, H. C. & Williams, M. S. (2003). International Comparative Analysis of the Association Between Board Structure and The Efficiency of Value Added by a Firm from its Physical Capital and İntellectual Capital Resources. The International Journal of Accounting, 38, 465- 491.
Arosa B., Iturralde T. & Maseda A. (2010). Outsiders on The Board of Directors and Firm Performance: Evidence from Spanish Non-Listed Family Firms. Journal of Family Business Strategy, 1, 236– 245.
Arosa B., Iturralde T. & Maseda A. (2013). The Board Structure and Firm Performance in Smes: Evidence from Spain. Investigaciones Europeas de Dirección y Economía de la Empresa, 19, 127– 135.
Aygün, M., İç, S. & Sayın, C. (2011). Yönetim Kurulu Büyüklüğünü Belirleyen Faktörler ve Yönetim Kurulu Büyüklüğü İle Firma Performansı Arasındaki İlişki. Gaziantep Üniversitesi Sosyal Bilimler Dergisi, 10 , 77-92.
Baptista, M. A. A., Klotzle, M.C. & Melo, M.A.C. (2011). Ceo Duality and Firm Performance in Brazil: Evidence From 2008. Revista Persamento Contemporaneo em Aministracao, UFF, 11, 36- 55.
Barnhart, S. W. & Roseinstein, S. (1998). Board Composition, Managerial Ownership and Firm Performance: An Empirical Analysis. The Financial Review, 33, 1- 16.
Bhagat, S. & Black, B. (2002). The Non-Correlation Between Board İndependence And Long Term Firm Performance. Journal of Corporation Law, 27, 231– 274.
Bhagat, S. & Bolton, B. (2013). Director Ownership, Governance and Performance. Journal of Financial and Quantıtatıve Analysis, 48(1), 1- 33.
Beiner, S., Drobetz, W., Schmid, F. & Zimmermann, H. (2003). Is Board Size Anindependent Corporate Governance Mechanism?. Kyklos, 57, 327- 356.
Beiner, S., Drobetz, W., Schmid, M. M. & Zimmermann, H. (2006). An İntegrated Framework of Corporate Governance and Firm Valuation, European Financial Management, 12, 249- 283.
Bennedsen, M., Kongsted, H. C. & Nielsen, K. M. (2008). The Causal Effect of Board Size in the Performance of Small and Medium-Sized Firms. Journal of Banking & Finance, 32, 1098- 1109.
Birnbaum, P. H. (1984). The Choice of Strategic Alternatives Under Increasing Regulation in High Technology Industries. Academy of Management Journal, 27, 489- 510.
Bouaziz, Z. & Triki, M. (2012). The İmpact of The Board of Directors on the Financial Performance of Tunisian Companies. Universal Journal of Marketing and Business Research, 1(2), 56- 71.
Bozec, R. (2005). Boards of Directors, Market Discipline and Firm Performance. Journal of Business Finance & Accounting, 32(9), 1921- 1960.
Bøhren, Ø. (2013). Board Size in Private Firms. Master of Science in Business & Economics, Major in Finance, BI Norwegian Business School.
Cadbury, A. (1992). Report of the Committee on the Financial Aspects of Corporate Governance. London: Gee Publishing.
Carter, D. A., Simskins, B. J. & Simpson, W. G. (2003). The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance. Corporate Governance: An International Review, 18(5), 396–414.
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Chen, E-T. & Nowland, J. (2010). Optimal Monitoring in Family-Owned Companies? Evidence from Asia. Corporate Governance: An International Review, 18, 3- 17.
Chen, Z.L., Cherung, Y.L., Stouraitis & Wong, A. W. S. (2005). Ownership Concentration, Firm Performance and Dividend Policy in Hong Kong. Pacific-Basin Finance Journal, 13 (4), 431- 449.
Cheng, S. (2008). Board Size and the Variability of Corporate Performance. Journal of Financial Economics, 87, 157– 176.
Cheng, S., Evans III J. H. & Nagarajan, N. (2008). Board Size and Firm Performance: The Moderating Effects of the Market for Corporate Control, Review of Quantitative Finance and Accounting, forthcoming, DOI: 10.1007/s11156-007-0074-3, 31(2), 121-145.
Choi, J. J., Park, S.W. & Yoo, S. S. (2007). The Value of Outside Directors: Evidence from Corporate Governance Reform in Korea. Journal of Financial and Quantitative Analysis, 42(4), 941- 962.
Coles, J. L., Daniel, N. D. & Naveen, L. (2008). Boards: Does One Size Fit All?. Journal of Financial Economics, 87, 329- 356.
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Cook, R. (2013). The Relationship between Corporate Governance Practices and Firm Performance in the Junior Canadian Life Sciences Sector, Saint Mary’s University, Master of Business Administration, Halifax, Nova Scotia, Canada.
Cornett, M. M., Marcus A. J., Saunders, A. & Tehranian, H. (2007). The Impact of Institutional Ownership on Corporate Operating Performance. Journal of Banking & Finance, 31, 1771– 1794.
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Yönetim Kurulu Büyüklüğü ile Finansal Performans Arasındaki İlişkiye Yönelik Literatür Taraması

Yıl 2015, Cilt: 2 Sayı: 1, - , 14.01.2015

Mesut Doğan Yusuf Topal

https://doi.org/10.17541/oeybd.17415

Cited By: 7

Öz

Şirket yönetim kurullarının mercek altına alınması, kurumsal yönetimin finansal boyutunu ilk kez ortaya koyan Cadbury (1992) raporu ile gerçekleşmiştir. Bu alandaki akademik çalışmalar aynı dönemde Hermalin ve Weisbach (1991)’ın çalışmaları ile hız kazanmıştır. Bu çalışmanın amacı ulusal ve uluslararası literatürde yönetim kurulu üye sayısı ile muhasebe ve piyasa esaslı performans göstergeleri arasındaki ilişkiyi inceleyen ampirik araştırmaları irdelemektir. Bu amaçla 1990’lı yılların başından günümüze kadar yapılmış olan bütün çalışmalar sistematik bir şekilde incelenerek sınıflandırılmıştır. Yapılan çalışmaların önemli bir bölümünde yönetim kurulu büyüklüğü artışı ile finansal performans arasında negatif ilişkiler tespit edilmiştir.

Anahtar Kelimeler

Yönetim Kurulu Büyüklüğü, Finansal Performans, Literatür Taraması

Kaynakça

Ahmed, K., Hossain, M. & Adams, M. B. (2006). The Effects of Board Composition and Board Size on the Informativeness of Annual Accounting Earnings. Corporate Governance: An International Review, 14(5), 418-431.
Akdoğan, Y. E. & Boyacıoğlu, M. A. (2010). Corporate Governance In Turkey: An Overview. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 24, 11-30.
Andres, de P. A., Azofra, V. & Lopez, F. (2005). Corporate Boards in Some OECD Countries: Size, Composition, Functioning and Effectiveness. Corporate Governance. An International Review, 13, 197- 210.
Anne, H. C. & Williams, M. S. (2003). International Comparative Analysis of the Association Between Board Structure and The Efficiency of Value Added by a Firm from its Physical Capital and İntellectual Capital Resources. The International Journal of Accounting, 38, 465- 491.
Arosa B., Iturralde T. & Maseda A. (2010). Outsiders on The Board of Directors and Firm Performance: Evidence from Spanish Non-Listed Family Firms. Journal of Family Business Strategy, 1, 236– 245.
Arosa B., Iturralde T. & Maseda A. (2013). The Board Structure and Firm Performance in Smes: Evidence from Spain. Investigaciones Europeas de Dirección y Economía de la Empresa, 19, 127– 135.
Aygün, M., İç, S. & Sayın, C. (2011). Yönetim Kurulu Büyüklüğünü Belirleyen Faktörler ve Yönetim Kurulu Büyüklüğü İle Firma Performansı Arasındaki İlişki. Gaziantep Üniversitesi Sosyal Bilimler Dergisi, 10 , 77-92.
Baptista, M. A. A., Klotzle, M.C. & Melo, M.A.C. (2011). Ceo Duality and Firm Performance in Brazil: Evidence From 2008. Revista Persamento Contemporaneo em Aministracao, UFF, 11, 36- 55.
Barnhart, S. W. & Roseinstein, S. (1998). Board Composition, Managerial Ownership and Firm Performance: An Empirical Analysis. The Financial Review, 33, 1- 16.
Bhagat, S. & Black, B. (2002). The Non-Correlation Between Board İndependence And Long Term Firm Performance. Journal of Corporation Law, 27, 231– 274.
Bhagat, S. & Bolton, B. (2013). Director Ownership, Governance and Performance. Journal of Financial and Quantıtatıve Analysis, 48(1), 1- 33.
Beiner, S., Drobetz, W., Schmid, F. & Zimmermann, H. (2003). Is Board Size Anindependent Corporate Governance Mechanism?. Kyklos, 57, 327- 356.
Beiner, S., Drobetz, W., Schmid, M. M. & Zimmermann, H. (2006). An İntegrated Framework of Corporate Governance and Firm Valuation, European Financial Management, 12, 249- 283.
Bennedsen, M., Kongsted, H. C. & Nielsen, K. M. (2008). The Causal Effect of Board Size in the Performance of Small and Medium-Sized Firms. Journal of Banking & Finance, 32, 1098- 1109.
Birnbaum, P. H. (1984). The Choice of Strategic Alternatives Under Increasing Regulation in High Technology Industries. Academy of Management Journal, 27, 489- 510.
Bouaziz, Z. & Triki, M. (2012). The İmpact of The Board of Directors on the Financial Performance of Tunisian Companies. Universal Journal of Marketing and Business Research, 1(2), 56- 71.
Bozec, R. (2005). Boards of Directors, Market Discipline and Firm Performance. Journal of Business Finance & Accounting, 32(9), 1921- 1960.
Bøhren, Ø. (2013). Board Size in Private Firms. Master of Science in Business & Economics, Major in Finance, BI Norwegian Business School.
Cadbury, A. (1992). Report of the Committee on the Financial Aspects of Corporate Governance. London: Gee Publishing.
Carter, D. A., Simskins, B. J. & Simpson, W. G. (2003). The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance. Corporate Governance: An International Review, 18(5), 396–414.
Cavaco, S., Challe, E., Crifo, P., Reberioux, A. & Roudaut, G. (2013). Board Independence and Operating Performance: Analysis On (French) Company and Individual Data. Departement D'economie, Ecole Polytechnique Centre National De La Recherche Scientifique, http://econpapers.repec.org/paper/drmwpaper/2014-2.htm, 01.07.2014.
Chen, E-T. & Nowland, J. (2010). Optimal Monitoring in Family-Owned Companies? Evidence from Asia. Corporate Governance: An International Review, 18, 3- 17.
Chen, Z.L., Cherung, Y.L., Stouraitis & Wong, A. W. S. (2005). Ownership Concentration, Firm Performance and Dividend Policy in Hong Kong. Pacific-Basin Finance Journal, 13 (4), 431- 449.
Cheng, S. (2008). Board Size and the Variability of Corporate Performance. Journal of Financial Economics, 87, 157– 176.
Cheng, S., Evans III J. H. & Nagarajan, N. (2008). Board Size and Firm Performance: The Moderating Effects of the Market for Corporate Control, Review of Quantitative Finance and Accounting, forthcoming, DOI: 10.1007/s11156-007-0074-3, 31(2), 121-145.
Choi, J. J., Park, S.W. & Yoo, S. S. (2007). The Value of Outside Directors: Evidence from Corporate Governance Reform in Korea. Journal of Financial and Quantitative Analysis, 42(4), 941- 962.
Coles, J. L., Daniel, N. D. & Naveen, L. (2008). Boards: Does One Size Fit All?. Journal of Financial Economics, 87, 329- 356.
Conyon, J. M. & Peck, I. S. (1998). Board Size and Corporate Performance: Evidence from European Countries. The European Journal of Finance, 4, 291- 304.
Cook, R. (2013). The Relationship between Corporate Governance Practices and Firm Performance in the Junior Canadian Life Sciences Sector, Saint Mary’s University, Master of Business Administration, Halifax, Nova Scotia, Canada.
Cornett, M. M., Marcus A. J., Saunders, A. & Tehranian, H. (2007). The Impact of Institutional Ownership on Corporate Operating Performance. Journal of Banking & Finance, 31, 1771– 1794.
Dalton, R. D., Daily, M. C., Johnson, L. J. & Ellstarnd, A. E. (1999). Number of Directors and Financial Performance: A Meta-Analysis. Academy of Management Journal, 42(6), 674- 686.
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Toplam 105 adet kaynakça vardır.

Ayrıntılar

Birincil Dil	Türkçe
Bölüm	Makaleler
Yazarlar	Mesut Doğan Yusuf Topal Bu kişi benim
Yayımlanma Tarihi	14 Ocak 2015
Gönderilme Tarihi	14 Ocak 2015
Yayımlandığı Sayı	Yıl 2015 Cilt: 2 Sayı: 1

Kaynak Göster

APA	Doğan, M., & Topal, Y. (2015). Yönetim Kurulu Büyüklüğü ile Finansal Performans Arasındaki İlişkiye Yönelik Literatür Taraması. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi, 2(1). https://doi.org/10.17541/oeybd.17415
AMA	Doğan M, Topal Y. Yönetim Kurulu Büyüklüğü ile Finansal Performans Arasındaki İlişkiye Yönelik Literatür Taraması. OEYBD. Ocak 2015;2(1). doi:10.17541/oeybd.17415
Chicago	Doğan, Mesut, ve Yusuf Topal. “Yönetim Kurulu Büyüklüğü Ile Finansal Performans Arasındaki İlişkiye Yönelik Literatür Taraması”. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi 2, sy. 1 (Ocak 2015). https://doi.org/10.17541/oeybd.17415.
EndNote	Doğan M, Topal Y (01 Ocak 2015) Yönetim Kurulu Büyüklüğü ile Finansal Performans Arasındaki İlişkiye Yönelik Literatür Taraması. Optimum Ekonomi ve Yönetim Bilimleri Dergisi 2 1
IEEE	M. Doğan ve Y. Topal, “Yönetim Kurulu Büyüklüğü ile Finansal Performans Arasındaki İlişkiye Yönelik Literatür Taraması”, OEYBD, c. 2, sy. 1, 2015, doi: 10.17541/oeybd.17415.
ISNAD	Doğan, Mesut - Topal, Yusuf. “Yönetim Kurulu Büyüklüğü Ile Finansal Performans Arasındaki İlişkiye Yönelik Literatür Taraması”. Optimum Ekonomi ve Yönetim Bilimleri Dergisi 2/1 (Ocak 2015). https://doi.org/10.17541/oeybd.17415.
JAMA	Doğan M, Topal Y. Yönetim Kurulu Büyüklüğü ile Finansal Performans Arasındaki İlişkiye Yönelik Literatür Taraması. OEYBD. 2015;2. doi:10.17541/oeybd.17415.
MLA	Doğan, Mesut ve Yusuf Topal. “Yönetim Kurulu Büyüklüğü Ile Finansal Performans Arasındaki İlişkiye Yönelik Literatür Taraması”. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi, c. 2, sy. 1, 2015, doi:10.17541/oeybd.17415.
Vancouver	Doğan M, Topal Y. Yönetim Kurulu Büyüklüğü ile Finansal Performans Arasındaki İlişkiye Yönelik Literatür Taraması. OEYBD. 2015;2(1).