CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE: EMPIRICAL EVIDENCE FROM TURKEY

Year 2022, Volume: 15 Issue: 2, 321 - 348, 01.07.2022

Sevgi Cengiz , Mehmet Emin Karabayır

https://doi.org/10.29067/muvu.1053921

Cited By: 3

Abstract

Ineffective implementation of corporate governance or having a low corporate governance understanding is shown as one of the reasons for the emergence of financial crises at micro (enterprise level) and macro level (global scale), which have increased in recent years.
The role of corporate governance in the production of accurate, reliable, transparent and comparable financial information directly affects the financial performance of enterprises that are facing more and more resource constraints.
In this context, the aim of this study is to determine the relationship between corporate governance practices and financial performance of 156 companies continuously traded in İstanbul Stock Exchange (BIST) during 2008-2018 period, using Dynamic Panel Data Analysis. While corporate governance rating is used as a measure of corporate governance, Return on Assets (ROA), Return on Equity (ROE) and Tobin's Q are used as proxies of financial performance. The results revealed a positive relationship between corporate governance practices and the financial performance of companies, i.e., as corporate governance of firms increases, financial performance increases correspondingly.

Keywords

Corporate Governance, Corporate Governance Rating, Financial Performance

KURUMSAL YÖNETİM İLE FİNANSAL PERFORMANS İLİŞKİSİ: TÜRKİYE’DE AMPİRİK BİR ARAŞTIRMA

Abstract

Kurumsal yönetimin etkin bir şekilde uygulanmaması veya düşük kurumsal yönetim anlayışına sahip olma, özellikle son yıllarda artış gösteren mikro seviyede (işletme düzeyinde) ve makro seviyede (küresel ölçekte) finansal krizlerin ortaya çıkma sebeplerinden birisi olarak gösterilmektedir.
Kurumsal yönetimin doğru, güvenilir, şeffaf ve karşılaştırılabilir finansal bilgi üretimindeki rolü, gün geçtikçe daha fazla kaynak sıkıntısı çekmekte olan işletmelerin finansal performansını da doğrudan etkilemektedir.
Bu kapsamda, çalışmanın amacı Borsa İstanbul’da (BİST) 2008-2018 yılları arasında kesintisiz işlem gören 156 şirkette kurumsal yönetim uygulamaları ile finansal performans ilişkisini Dinamik Panel Veri Analizi Yöntemi ile tespit etmektir. Kurumsal yönetimin ölçümünde Kurumsal Yönetim Derecelendirme Notu kullanılırken, finansal performans için ise Aktif Karlılığı (ROA), Özsermaye Karlılığı (ROE) ve Tobin’s Q vekil olarak kullanılmıştır. Çalışma sonucunda, şirketlerin kurumsal yönetim uygulamaları ile finansal performansı arasında pozitif bir ilişki olduğu, kurumsal yönetim arttıkça finansal performansın da arttığı tespit edilmiştir.

Keywords

Kurumsal Yönetim, Kurumsal Yönetim Derecelendirmesi, Finansal Performans

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