THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS

Erol Geçici

doi:10.33723/rs.1788890

TR EN

Kurumsal Yönetim Özelliklerinin Finansal Performans Üzerindeki Etkisi: Uluslararası Bir Analiz

Öz

Bu çalışma, kurumsal yönetim özelliklerinin finansal performans üzerindeki etkilerini incelemeyi amaçlamaktadır. Analiz, 2016–2023 dönemine ait 569 şirket ve 4.283 şirket-yıl gözleminden oluşan bir örneklem üzerinde gerçekleştirilmiş ve 32 ülkeyi kapsamaktadır. Finansal performans göstergeleri olarak aktif kârlılık oranı (ROA) ve Tobin’s Q kullanılmıştır. Yönetim kurulu büyüklüğü, cinsiyet çeşitliliği, yönetim kurulu uzmanlığı, yönetim kurulu üyelerinin dış bağlantıları, denetim komitesi bağımsızlığı ve denetim komitesinde yönetici olmayan üye oranı bağımsız değişkenler olarak modele dâhil edilirken; işletme büyüklüğü, kaldıraç oranı ve işletme yaşı kontrol değişkenleri olarak ele alınmıştır. Panel veri regresyon analizi sonuçları, yönetim kurullarında cinsiyet çeşitliliğinin hem ROA hem de Tobin’s Q üzerinde pozitif ve anlamlı bir etkisi olduğunu göstermektedir. Denetim komitesi bağımsızlığı ise ROA ile negatif ve anlamlı bir ilişkiye sahiptir. Diğer değişkenlerin finansal performans üzerinde anlamlı bir etkisi bulunmamıştır. Çalışma, yönetim kurulu yapısının ve denetim komitesi özelliklerinin şirket performansını şekillendirmede belirleyici rol oynadığını ve bu mekanizmaların farklı finansal performans göstergeleri üzerinde ayrışan etkiler yaratabileceğini ortaya koymaktadır. Bu bulgular, gelişmiş ve gelişmekte olan ülkeler bağlamında yönetim kurulu dinamiklerinin finansal performans üzerindeki etkilerini karşılaştırmalı olarak ele alan literatüre yeni ampirik kanıtlar sunmaktadır.

Anahtar Kelimeler

Kurumsal Yönetim, Finansal Performans, Yönetim Kurulu, Cinsiyet Çeşitliliği, Tobin Q

THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS

Öz

This study aims to examine the effects of corporate governance characteristics on financial performance. The analysis was conducted on a sample of 569 firms and 4,283 firm-year observations covering the period 2016–2023, covering 32 countries. Return on assets (ROA) and Tobin's Q were used as financial performance indicators. Board size, gender diversity, board-specific skill, Board members’ affiliations, audit committee independence, and the proportion of non-executive members on the audit committee were included in the model as independent variables. In contrast, firm size, leverage ratio, and firm age were treated as control variables. Panel data regression analysis results indicate that gender diversity on boards has a positive and significant effect on both ROA and Tobin's Q. The independence of the audit committee has a negative and significant relationship with ROA. Other variables have no significant effect on financial performance. The study reveals that the structure of the board of directors and the characteristics of the audit committee play a decisive role in shaping firm performance and that these mechanisms can have divergent effects on different financial performance indicators. These findings provide new empirical evidence to the literature that comparatively examines the effects of board dynamics on financial performance in the context of developed and developing countries.

Anahtar Kelimeler

Corporate Governance, Financial Performance, Board of Directors, Gender Diversity, Tobin Q

Kaynakça

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Ayrıntılar

Birincil Dil

İngilizce

Konular

Kurumsal Yönetişim

Bölüm

Araştırma Makalesi

Yazarlar

Erol Geçici ^*
0000-0002-3511-0176
Türkiye

Erken Görünüm Tarihi

25 Ekim 2025

Yayımlanma Tarihi

25 Ekim 2025

Gönderilme Tarihi

22 Eylül 2025

Kabul Tarihi

23 Ekim 2025

Yayımlandığı Sayı

Yıl 2025 Cilt: 8 Sayı: 4

DOI

https://doi.org/10.33723/rs.1788890

IZ

https://izlik.org/JA42LC49LY

APA

Geçici, E. (2025). THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS. R&S - Research Studies Anatolia Journal, 8(4), 643-680. https://doi.org/10.33723/rs.1788890

AMA

1.Geçici E. THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS. R&S - Research Studies Anatolia Journal. 2025;8(4):643-680. doi:10.33723/rs.1788890

Chicago

Geçici, Erol. 2025. “THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS”. R&S - Research Studies Anatolia Journal 8 (4): 643-80. https://doi.org/10.33723/rs.1788890.

EndNote

Geçici E (01 Ekim 2025) THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS. R&S - Research Studies Anatolia Journal 8 4 643–680.

IEEE

[1]E. Geçici, “THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS”, R&S - Research Studies Anatolia Journal, c. 8, sy 4, ss. 643–680, Eki. 2025, doi: 10.33723/rs.1788890.

ISNAD

Geçici, Erol. “THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS”. R&S - Research Studies Anatolia Journal 8/4 (01 Ekim 2025): 643-680. https://doi.org/10.33723/rs.1788890.

JAMA

1.Geçici E. THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS. R&S - Research Studies Anatolia Journal. 2025;8:643–680.

MLA

Geçici, Erol. “THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS”. R&S - Research Studies Anatolia Journal, c. 8, sy 4, Ekim 2025, ss. 643-80, doi:10.33723/rs.1788890.

Vancouver

1.Erol Geçici. THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS. R&S - Research Studies Anatolia Journal. 01 Ekim 2025;8(4):643-80. doi:10.33723/rs.1788890

R&S - Research Studies Anatolia Journal

https://dergipark.org.tr/rs

rsanatolia@gmail.com

Kurumsal Yönetim Özelliklerinin Finansal Performans Üzerindeki Etkisi: Uluslararası Bir Analiz

Öz

Anahtar Kelimeler

THE IMPACT OF CORPORATE GOVERNANCE CHARACTERISTICS ON FINANCIAL PERFORMANCE: AN INTERNATIONAL ANALYSIS

Öz

Anahtar Kelimeler

Kaynakça

Ayrıntılar

Birincil Dil

Konular

Bölüm

Yazarlar

Erken Görünüm Tarihi

Yayımlanma Tarihi

Gönderilme Tarihi

Kabul Tarihi

Yayımlandığı Sayı

DOI

IZ

Kaynak Göster