BibTex RIS Kaynak Göster

Effects of Compliance Ratings With Corporate Governance Principles on Financial Performance in Turkey

Yıl 2015, Cilt: 3 Sayı: 3, 53 - 69, 01.07.2015

Öz

Kurumsal yönetim uyum derecelendirmesine temel teşkil eden kodlarda yer alan; iyi işleyen gözetim ve denetim mekanizmalarının oluşturulması, etkili risk yönetiminin yapılması, şeffaflık seviyesinin yüksekliği, görev ve sorumluluk tanımlarının belirginleştirilmesi ve yazılı hale getirilmesi gibi “iyi kural ve uygulamalar” şirketler ve menfaat sahipleri açısından büyük önem taşımaktadır. Türkiye’de iyi kural ve uygulamaları içeren kod Sermaye Piyasası Kurulu SPK Kurumsal Yönetim İlkeleri'dir. Özellikle halka açık şirketler göz önüne alınarak oluşturulan bu ilkelerde, şirketlere fayda sağlayacağı düşünülen kural ve uygulamalar bulunmaktadır. Kurumsal yönetim uyum derecelendirmesi ise bir şirkette bu ilkelerin ne ölçüde hayata geçirildiğini ortaya koyan bir değerleme ve not verme çalışmasıdır. Makalenin amacı, yüksek uyum notuna sahip şirketlerin almış oldukları notun finansal başarıları üzerine etkili olup olmadığının ve belirli bir zaman diliminde her yıl uyum derecelendirmesi yaptıran şirketlerinin aldıkları notlar ile aynı dönem içindeki finansal başarıları arasında bir ilişkinin var olup olmadığının araştırılmasıdır. Bu amaçla, Türkiye’de derecelendirme faaliyetini yürütme ile yetkili dört derecelendirme kuruluşundan derlenen derecelendirme notları ile derecelendirilen şirketlerin finansal tablolarından elde edilen finansal oranları temel istatistik yöntemlerle analiz edilmiştir

Kaynakça

  • Ararat, Melsa- Mehmet Uğur(2006), ''Turkey, Corporate Governance at the Crossroads'', Handbook on International Corporate Governance, Edited by Chritine Mallin, Edward Elgar Publishing, London.
  • Battal, Ahmet (2006), Bankacılık Kanunu Şerhi, 1. Baskı, Seçkin Yayıncılık, İstanbul.
  • Bauer, Rob, Bart Fijns, Roger Otten- AliezaTourani-Rad (2008), ''The Impact of Corporate Governance on Corporate Performance: Evidence from Japan'', Pacific-Basin Finance Journal, Vol. 16, p. 236-251.
  • Black, Bernard (2001), ''The corporate governance behavior and market value of Russian firms'', Emerging Market Review, Vol. 2. Cadbury, Adrian 1992, Cadbury Committee Report: The Financial Aspects of Corporate Governance, Burgess Science Press, England.
  • Davies, Adrian (2006), Best Practice in Corporate Governance: Building Reputation and Sustainable Success, England.
  • Ergin, Emre (2012), ''Corporate Governance Ratings and Market-based Financial Performance: Evidence from Turkey'', International Journal of Economics and Finance, Vol. 4, No. 9, p: 61-68.
  • Ficici, Aysun, C. Bülent Aybar (2012), ''Corporate Governance and Firm Value in Emerging Markets An Empirical Analysis of ADR Issuing Emerging Market Firms'', Emerging Market Review, Vol. 2, p: 38-51.
  • Grandmont, Renato, Gavin Grant- Flavia Silva (2004), Beyond The Numbers Corporate Governance: Implications for Investors, Deutsch Bank Publishing, Germany.
  • Jensen, Micheal C.- William H. Meckling (1976), ''Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure'', Journal of Financial Economics, vol:3, p:146-178.
  • Kalaycı, Şeref (2010), SPSS Uygulamalı Çok Değişkenli İstatistik Teknikleri, 5. Baskı, Asil Yayıncılık, İstanbul.
  • Monks, Robert- Nell Minov (2005), Corporate Governance, Third Edition, Blackwell Publishing, USA.
  • Mukhopadhyay, Jiban K., Debasis Mallik- Dolly Dhamodiwala (2012), Corporate Governance Practices and Financial Performance of Selected Family Managed Medium Sized Listed Companies in India, S. P. Jain Institute of Management & Research, Mumbai.
  • OECD, (Organization for Economic Co-operation and Development) (2004), Principles of Corporate Governance.
  • Özdamar, Kazım (2004), Paket Programlar ile İstatistiksel Veri Analizi, 5. Baskı, Kaan Kitabevi, İstanbul.
  • SPK (2004), (Sermaye Piyasası Kurulu), Kurumsal Yönetim İlkeleri, www.spk.gov.tr
  • TÜSİAD (2002), (Türkiye Sanayici ve İşadamları Derneği), Kurumsal Yönetim En İyi Uygulama Kodu: Yönetim Kurulunun İşleyişi Ve Yapısı, Yayın No: TÜSİAD-T/2002-12/336, İstanbul.
  • Wanyama, David W.- Tobias Olweyn (2013), ''Effects of Corporate Governance on Financial Performance of Listed Insurance Firms in Kenya'', Public Policy and Administration Research, Vol. 3, No. 4, p: 96-120.
  • IFC, (International Finance Corparation), (December 2008)
  • http://www.ifc.org/ifcext/corporategovernance.nsf/Content/DFI_Statement.
  • KAP, (Kamuyu Aydınlatma Platformu), (September 2013), www.kap.gov.tr.
  • SPK, (Sermaye Piyasası Kurulu), (September 2013)www.spk.gov.tr.
  • TKYD, (Türkiye Kurumsal Yönetim Derneği), (September 2013)

Effects of Compliance Ratings With Corporate Governance Principles on Financial Performance in Turkey

Yıl 2015, Cilt: 3 Sayı: 3, 53 - 69, 01.07.2015

Öz

“Good Procedures and Practices such as the creation of well-functioning supervision and audit mechanisms, performance of efficient risk management, sufficient transparency level and the clarification and documentation of duties and responsibilities are very important to both companies and stakeholders. These practices, contained in various codes, form the basis of ratings of compliance with corporate governance. In Turkey this code is the Corporate Governance Principles, as established by the Capital Market Board CMB . Taking into account publicly quoted companies in particular, the principles contain procedures and practices deemed beneficial to the companies. The rating of compliance with corporate governance principles is an attempt to assess the extent of the implementation of these principles in a certain company and rate the same accordingly. This study is intended to analyze whether rates granted to companies with higher compliance ratings have influence on their financial performance and whether there is any connection between the rates granted to the companies which undergo a compliance rating in a certain time frame and their financial performance within that said time frame. To this end, financial ratios obtained from the financial statements of the rated companies and ratings complied from the four rating agencies authorized to carry out rating activities in Turkey have been analyzed using statistical methods.”

Kaynakça

  • Ararat, Melsa- Mehmet Uğur(2006), ''Turkey, Corporate Governance at the Crossroads'', Handbook on International Corporate Governance, Edited by Chritine Mallin, Edward Elgar Publishing, London.
  • Battal, Ahmet (2006), Bankacılık Kanunu Şerhi, 1. Baskı, Seçkin Yayıncılık, İstanbul.
  • Bauer, Rob, Bart Fijns, Roger Otten- AliezaTourani-Rad (2008), ''The Impact of Corporate Governance on Corporate Performance: Evidence from Japan'', Pacific-Basin Finance Journal, Vol. 16, p. 236-251.
  • Black, Bernard (2001), ''The corporate governance behavior and market value of Russian firms'', Emerging Market Review, Vol. 2. Cadbury, Adrian 1992, Cadbury Committee Report: The Financial Aspects of Corporate Governance, Burgess Science Press, England.
  • Davies, Adrian (2006), Best Practice in Corporate Governance: Building Reputation and Sustainable Success, England.
  • Ergin, Emre (2012), ''Corporate Governance Ratings and Market-based Financial Performance: Evidence from Turkey'', International Journal of Economics and Finance, Vol. 4, No. 9, p: 61-68.
  • Ficici, Aysun, C. Bülent Aybar (2012), ''Corporate Governance and Firm Value in Emerging Markets An Empirical Analysis of ADR Issuing Emerging Market Firms'', Emerging Market Review, Vol. 2, p: 38-51.
  • Grandmont, Renato, Gavin Grant- Flavia Silva (2004), Beyond The Numbers Corporate Governance: Implications for Investors, Deutsch Bank Publishing, Germany.
  • Jensen, Micheal C.- William H. Meckling (1976), ''Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure'', Journal of Financial Economics, vol:3, p:146-178.
  • Kalaycı, Şeref (2010), SPSS Uygulamalı Çok Değişkenli İstatistik Teknikleri, 5. Baskı, Asil Yayıncılık, İstanbul.
  • Monks, Robert- Nell Minov (2005), Corporate Governance, Third Edition, Blackwell Publishing, USA.
  • Mukhopadhyay, Jiban K., Debasis Mallik- Dolly Dhamodiwala (2012), Corporate Governance Practices and Financial Performance of Selected Family Managed Medium Sized Listed Companies in India, S. P. Jain Institute of Management & Research, Mumbai.
  • OECD, (Organization for Economic Co-operation and Development) (2004), Principles of Corporate Governance.
  • Özdamar, Kazım (2004), Paket Programlar ile İstatistiksel Veri Analizi, 5. Baskı, Kaan Kitabevi, İstanbul.
  • SPK (2004), (Sermaye Piyasası Kurulu), Kurumsal Yönetim İlkeleri, www.spk.gov.tr
  • TÜSİAD (2002), (Türkiye Sanayici ve İşadamları Derneği), Kurumsal Yönetim En İyi Uygulama Kodu: Yönetim Kurulunun İşleyişi Ve Yapısı, Yayın No: TÜSİAD-T/2002-12/336, İstanbul.
  • Wanyama, David W.- Tobias Olweyn (2013), ''Effects of Corporate Governance on Financial Performance of Listed Insurance Firms in Kenya'', Public Policy and Administration Research, Vol. 3, No. 4, p: 96-120.
  • IFC, (International Finance Corparation), (December 2008)
  • http://www.ifc.org/ifcext/corporategovernance.nsf/Content/DFI_Statement.
  • KAP, (Kamuyu Aydınlatma Platformu), (September 2013), www.kap.gov.tr.
  • SPK, (Sermaye Piyasası Kurulu), (September 2013)www.spk.gov.tr.
  • TKYD, (Türkiye Kurumsal Yönetim Derneği), (September 2013)
Toplam 22 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Ceyhun Kır Bu kişi benim

Vildan Gülpınar Bu kişi benim

Yayımlanma Tarihi 1 Temmuz 2015
Yayımlandığı Sayı Yıl 2015 Cilt: 3 Sayı: 3

Kaynak Göster

ISNAD Kır, Ceyhun - Gülpınar, Vildan. “Effects of Compliance Ratings With Corporate Governance Principles on Financial Performance in Turkey”. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi 3/3 (Temmuz 2015), 53-69.