EFFECTS OF BOARD AND OWNERSHIP STRUCTURE ON CEO TURNOVER: A STUDY ON THE FIRMS LISTED IN BIST MANUFACTURING INDEX

Year 2016, , 366 - 383, 07.04.2016

Mesut Doğan , Mete Karayel

https://doi.org/10.20875/sb.70539

Cited By: 1

Abstract

In this study, it was aimed to determine the effects of board and ownership structure on CEO turnover at the firms listed in Borsa Istanbul (BIST). Data was gathered from 136 firms operating in manufacturing industry for the years between 2009-2013. For these years firms were divided into two groups as firms with CEO turnover and firms with no CEO turnover and thus management and ownership differences of those two groups were analysed. Logistic regression, correlation, t-test methods and exploratory statistics were used in empirical analysis. At the end of the analysis, A positive relationship between board size-the capital share of the blockholder and CEO turnover was found; by contrast with this, it was determined that there is a negative relationship between board and CEO ownership and CEO turnover. In addition to this, it was found that CEO duality decreases the possibility of CEO turnover.

Keywords

CEO Turnover, Board Structure, Ownership Structure, BIST

YÖNETİM KURULU VE SAHİPLİK YAPISININ CEO DEĞİŞİMİ ÜZERİNDEKİ ETKİSİ: BİST İMALAT ENDEKSİ’NDE FAALİYET GÖSTEREN FİRMALAR ÜZERİNE BİR ARAŞTIRMA

Abstract

Bu çalışmada Borsa İstanbul’da (BİST) işlem gören firmaların yönetim kurulu ve sahiplik yapısının CEO değişimi üzerindeki etkisinin tespit edilmesi amaçlanmıştır. Araştırmada 2009-2013 yılları arasında BİST imalat sanayide işlem gören 136 firmanın verilerinden yararlanılmıştır. Söz konusu yıllar arasında CEO’su değişen firmalar ve değişmeyen firmalar olarak iki gruba ayrılmış ve böylelikle iki grubun yönetim ve sahiplik yapısında ne gibi farklılıklar olduğunu tespit edilmiştir. Ampirik analizlerde lojistik regresyon, korelasyon, t-testi yöntemlerine ve tanımlayıcı istatistiklere yer verilmiştir. Yapılan analizler sonucunda yönetim kurulu üye sayısı ve büyük hissedarın sermaye payı ile CEO değişimi arasında pozitif bir ilişki; buna karşın yönetim kurulu ve CEO sahipliği ile CEO değişimi arasında negatif bir ilişki tespit edilmiştir. Bununla birlikte CEO’nun aynı zamanda yönetim kurulu başkanı olması durumunda CEO değişme ihtimali azaldığı belirlenmiştir. 

Keywords

CEO Değişimi, Yönetim Kurulu Yapısı, Sahiplik Yapısı, BİST.

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