Yönetim Kurulu ve Firma Özelliklerinin Firma Performansı Üzerindeki Etkisinin Meta Analiz Yöntemiyle İncelenmesi

Year 2023, Volume: 16 Issue: Prof. Dr. Mehmet Özbirecikli Özel Sayısı, 141 - 157, 28.10.2023

Meltem Altın

https://doi.org/10.29067/muvu.1284394

Abstract

Yönetim kurulu, kurumsal yönetişimin temel unsurudur. Yönetim kurulu özellikleri, bir firmanın başarısının belirlenmesinde önemli bir rol oynar. Yönetim kurulunun büyüklüğü, bağımsızlığı, toplantılarının sıklığı, kadın üye oranı ve uzmanlığı gibi yönetim kurulu özellikleri firmalarda etkili gözetim, hesap verebilirlik ve stratejik karar verebilmek için gereklidir. Bu çalışmada, meta-analiz yöntemi kullanılarak yönetim kurulu ve firma özelliklerinin firma performansı üzerindeki etkisi araştırılmıştır. 2023 yılına kadar yayınlanan 60 çalışma analiz edilmiştir. Bulgular, yönetim kurulu büyüklüğünün firma performansı üzerinde anlamlı bir etkisi olmadığını göstermektedir. Yönetim kurulu bağımsızlığının, yönetim kurulu toplantıları sıklığının, yönetim kurulu kadın üyeleri oranının ve yönetim kurulu uzmanlığının firma performansı üzerinde anlamlı ve pozitif etkisi bulunmaktadır. Ayrıca, toplam varlıkların firma performansı üzerinde anlamlı ve pozitif bir etkisinin olduğu görülmektedir. CEO duality’nin, kaldıraç oranının, firma yaşının firma performansı üzerinde anlamlı ve negatif etkisi bulunmaktadır. Sonuçlar, yönetim kurulu özelliklerinin firma performansını şekillendirmedeki rolünü anlamaya çalışan politika yapıcılar, yatırımcılar ve kurumsal liderler için önemli çıkarımlara sahiptir.

Keywords

Yönetim Kurulu Özellikleri, Firma Özellikleri, Firma Performansı, Meta-Analiz.

A Meta-Analysis of the Effect of Board and Firm Characteristics on Firm Performance

Abstract

The board of directors is a key element of corporate governance. Board characteristics play a significant role in determining a company’s success. Besides, for effective supervision, accountability, and strategic decision-making, board characteristics such as board independence, expertise, frequency of board meetings, size and ratio of female directors are essential. Using meta-analysis technique, this study examines the effect of board and firm characteristics on firm performance. The detected 60 studies published by 2023 were analyzed. The findings indicate that board size doesn’t have significant impact on firm performance. Board independence, board meeting frequency, the proportion of women on the board, and board expertise have a significant and positive impact on firm performance. In addition, total assets have a significant and positive impact on a company’s performance. In contrast, CEO duality, leverage, and firm age have significant and negative impacts on firm performance. Also, it can be put forward that the findings have significant implications for policymakers, investors, and corporate executives attempting to comprehend the function of board characteristics in influencing firm performance.

Keywords

Board Characteristics, Firm Characteristics, Firm Performance, Meta-Analysis

References

• Adams, R. B., ve Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309. doi: 10.1016/j.jfineco.2008.10.007.
• Agrawal, A., ve Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of financial and quantitative analysis, 31(3), 377-397. doi: 10.2307/2331397.
• Agrawal, A., ve Knoeber, C. R. (2001). Do some outside directors play a political role?. The Journal of Law and Economics, 44(1), 179-198.
• Ahmad, J., ve Ahmed, N. (2019). CEO Duality and Firm Performance: Evidence from Pakistani Listed Companies. Journal of Management Sciences, 6(1), 1-13.
• Aktaş, Z., ve Atalay, M. Ö. (2020). Yönetim Kurulu Yapısı Çeşitliliğinin Entelektüel Sermaye Üzerindeki Etkisi: BİST Sürdürülebilirlik Endeksi Firmaları Üzerine Bir Araştırma. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 22(2), 823-854. doi: 10.16953/deusosbil.544999.
• Ali, S., Naseem, M. A., Jiang, J., Rehman, R. U., Malik, F., ve Ahmad, M. I. (2022). “How” and “When” CEO Duality Matter? Case of a Developing Economy. SAGE Open, 12(3). doi: 10.1080/23311975.2023.2190196.
• Antwi, I. F., Carvalho, C., & Carmo, C. (2021). Corporate governance and firm performance in the emerging market: A review of the empirical literature. Journal of Governance and Regulation/Volume, 10(1).
• Atılgan, Ö. (2017). Yönetim kurulu büyüklüğü, bağımsız üye oranı ve kadın üye oranı ile finansal performans ilişkisi. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 32(2), 315-354. doi: 10.24988/deuiibf.2017322654.
• Baysinger, B. D., ve Butler, H. N. (1985). Corporate governance and the board of directors: Performance effects of changes in board composition. The Journal of Law, Economics, and Organization, 1(1), 101-124. doi: 10.1093/oxfordjournals.jleo.a036883.
• Berger, P. G., ve Ofek, E. (1995). Diversification's effect on firm value. Journal of financial economics, 37(1), 39-65. doi: 10.1016/0304-405X(94)00798-6.
• Borenstein, M., Hedges, L. V., Higgins, J. P., ve Rothstein, H. R. (2021). Introduction to meta-analysis. John Wiley & Sons.
• Campbell, K., ve Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of business ethics, 83, 435-451. doi: 10.1007/s10551-007-9630-y.
• Carter, D. A., Simkins, B. J., ve Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial review, 38(1), 33-53. doi: 10.1111/1540-6288.00034.
• Cooper, H. (2015). Research synthesis and meta-analysis: A step-by-step approach. Sage publications.
• Core, J. E., Holthausen, R. W., ve Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of financial economics, 51(3), 371-406. doi: 10.1016/S0304-405X(98)00058-0.
• Daily, C. M., Dalton, D. R., ve Cannella Jr, A. A. (2003). Corporate governance: Decades of dialogue and data. Academy of Management Review, 28(3), 371-382. doi: 10.5465/amr.2003.10196703.
• Dalton, D. R., Daily, C. M., Ellstrand, A. E., ve Johnson, J. L. (1998). Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal, 19(3), 269-290.
• Demsetz, H., ve Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of political economy, 93(6), 1155-1177.
• Demsetz, H., ve Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of political economy, 93(6), 1155-1177.
• Fama, E. F., ve Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301-325.
• Fariha, R., Hossain, M. M., & Ghosh, R. (2022). Board characteristics, audit committee attributes and firm performance: empirical evidence from emerging economy. Asian Journal of Accounting Research, 7(1), 84-96.
• Geroski, P. A., ve Gregg, P. (1997). Coping with recession: UK company performance in adversity. Cambridge University Press.
• Higgins, J. P., Thomas, J., Chandler, J., Cumpston, M., Li, T., Page, M. J., ve Welch, V. A. (Eds.). (2019). Cochrane handbook for systematic reviews of interventions. John Wiley & Sons.
• Hillman, A. J., ve Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383-396. doi: 10.5465/amr.2003.10196729.
• Hunter, J. E., ve Schmidt, F. L. (2014). Methods of meta-analysis: Correcting error and bias in research findings. Sage Publications.
• Khan, A. W., & Abdul Subhan, Q. (2019). Impact of board diversity and audit on firm performance. Cogent Business & Management, 6(1), 1611719.
• Kato, T., ve Long, C. (2006). CEO turnover, firm performance, and enterprise reform in China: Evidence from micro data. Journal of Comparative Economics, 34(4), 796-817. doi: 10.1016/j.jce.2006.08.002.
• Kobal, H. Y., ve Ataman, G. (2018). Vekalet Teorisi ve Kaynak Bağımlılığı Teorisi Bağlamında, Yönetim Kurulunun Yapısal Özellikleri ile Finansal Kaldıraç ve Karlılık Oranları Arasındaki İlişki: Halka Açık Gıda Şirketleri Üzerinde Bir Araştırma (2005-2016 Dönemi). Öneri Dergisi, 13(50), 187-210. doi: 10.14783/maruoneri.v13i38778.315509.
• Konak, F., ve Özkahveci, E. (2021). Yönetim Kademesindeki Kadınların Firma Performansına Etkisi: Bist Kurumsal Yönetim Endeksi. Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(2), 6-23.
• Kontesa, M., ve Lako, A. (2020). Board capital effect on firm performance: evidence from Indonesia. International Journal of Business and Society, 21(1), 491-506. doi: 10.33736/ijbs.3265.2020.
• Saha, N. K., Moutushi, R. H., & Salauddin, M. (2018). Corporate governance and firm performance: the role of the board and audit committee. Asian Journal of Finance & Accounting, 10(1), 210-225.
• Lipsey, M. W., ve Wilson, D. B. (2001). Practical meta-analysis. SAGE publications.
• Moher, D., Shamseer, L., Clarke, M., Ghersi, D., Liberati, A., Petticrew, M., ... & Stewart, L. A. (2015). Preferred reporting items for systematic review and meta-analysis protocols (PRISMA-P) 2015 statement. Systematic reviews, 4(1), 1-9.
• Paul, A., Friday, O., ve Godwin, O. (2011). Board composition and corporate performance: An analysis of evidence from Nigeria. management, 2(4), 64-73.
• Prashar, A., & Gupta, P. (2021). Corporate boards and firm performance: a meta-analytic approach to examine the impact of contextual factors. International Journal of Emerging Markets, 16(7), 1454-1478.
• Rhoades, D. L., Rechner, P. L., & Sundaramurthy, C. (2000). Board composition and financial performance: A meta-analysis of the influence of outside directors. Journal of Managerial issues, 76-91.
• Rosenthal, R. (1991). Meta-analytic Procedures for Social Research. Sage Publications.
• Rosenthal, R., Cooper, H., ve Hedges, L. (1994). Parametric measures of effect size. The handbook of research synthesis, 621(2), 231-244.
• Mutlu, C. C., Van Essen, M., Peng, M. W., Saleh, S. F., & Duran, P. (2018). Corporate governance in China: A meta‐analysis. Journal of Management Studies, 55(6), 943-979.
• Nawafly, A. T., & Alarussi, A. S. (2016). Impact of board’s characteristics, audit committee characteristics over firm performance.
• Shaferi, I., Wahyudi, S., Mawardi, W., Hidayat, R., ve Puspitasari, I. (2020). The manufacture and service companies differ leverage impact to financial performance. International Journal of Financial Research, 11(2), 281-286. doi: 10.5430/ijfr.v11n2p281.
• Tripathy, S., ve Shaik, A. (2020). Leverage and firm performance: Empirical evidence from Indian food processing industry. Management Science Letters, 10(6), 1233-1240. doi: 10.5267/j.msl.2019.11.035.
• Ujunwa, A., Salami, P. O., ve Umar, A. H. (2013). CEO duality and firm performance: An integration of institutional perceptive with agency theory. International Journal of Economics and Management Engineering, 7(1), 180-186.
• Van Essen, M., van Oosterhout, J. H., & Carney, M. (2012). Corporate boards and the performance of Asian firms: A meta-analysis. Asia Pacific Journal of Management, 29, 873-905.
• Vo, D. H., ve Nguyen, T. M. (2014). The impact of corporate governance on firm performance: Empirical study in Vietnam. International Journal of Economics and Finance, 6(6), 1-13. doi: 10.5539/ijef.v6n6p1.
• Vu, K. A., & Pratoomsuwan, T. (2019). Board characteristics, state ownership and firm performance: evidence from Vietnam. International Journal of Managerial and Financial Accounting, 11(2), 167-186.
• Yağlı, İ. (2019). Yönetim Kurulu Çeşitliliği-Finansal Performans İlişkisi: Türk Bankacılık Sektörü Örneği. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 37(3), 565-586. doi: 10.17065/huniibf.450543.
• Yasser, Q. R., Al-Mamun, A., ve Suriya, A. R. (2014). CEO duality structure and firm performance in Pakistan. Asian Journal of Accounting and Governance, 5, 57-69.
• Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185-211. doi: 10.1016/0304-405X(95)00844-5.
• Zahra, S. A., ve Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of management, 15(2), 291-334. doi: 10.1177/014920638901500208.
• Zhou, H., Owusu-Ansah, S., & Maggina, A. (2018). Board of directors, audit committee, and firm performance: Evidence from Greece. Journal of International Accounting, Auditing and Taxation, 31, 20-36.