The Impact of The Covid-19 Pandemic on Corporate Governance and Financial Performance: The Case of BIST-100

Yıl 2023, Cilt: 8 Sayı: 1, 95 - 106, 27.02.2023

Emin Zeytinoğlu , Şerife Önder

https://doi.org/10.23834/isrjournal.1213566

Cited By: 2

Öz

Covid 19, which emerged in Wuhan, China in the last days of 2019 and soon affected the whole world, deeply affected economic life as well as every aspect of life. Accordingly, this study examines the changes in financial performance and corporate governance structures before and after Covid 19.
In the study, data for 2019 for the pre-Covid period and 2020 for the post-Covid period were used. 54 companies traded in the BIST 100 Index and not included in the Financial Index are used as the sample. Since the data set used in the study violates the normality distribution, which is one of the most basic assumptions regarding parametric tests, Wilcoxon Signed Rank Test, one of the nonparametric tests, was preferred.
As a result of the analysis, it was determined that only the number of independent members on the board of directors variable among the variables related to corporate governance revealed a statistically significant difference in the pre and post-Covid period. On the other hand, it was noted that the ratio of independent members in the board of directors increased in the post-Covid 19 period compared to the pre-Covid 19 period. When the results of the analysis in terms of financial performance are evaluated, it is determined that all variables used indicate a statistically significant difference. Return on assets and return on equity ratios increased in the post-coronavirus period, while the current ratio and earnings per share decreased in the post-Covid period...

Anahtar Kelimeler

COVİD 19, Corporate Governance, Financial Performance, BİST 100.

Covid-19 Pandemisinin Kurumsal Yönetim ve Finansal Performans Üzerindeki Etkisi: BIST 100 Endeksinde Bir Uygulama

Öz

2019 yılının son günlerinde Çin’in Wuhan şehrinde ortaya çıkan ve kısa bir süre sonra tüm dünyayı etkisi altına alan Covid 19, hayatın her alanını olduğu gibi ekonomik hayatı da derinden etkilemiştir. Çalışmada bu doğrultuda Covid 19 öncesi ve sonrasında finansal performans ve kurumsal yönetim yapılarındaki değişim incelenmiştir.
Çalışmada Covid öncesi dönem için 2019, Covid sonrası dönem içinde 2020 yıllarına ilişkin veriler kullanılmıştır. BİST 100 Endeksinde işlem gören ve Mali Endeks’te yer almayan 54 şirket, örneklem olarak kullanılmıştır. Çalışmada kullanılan veri setinin parametrik testlere ilişkin en temel varsayımlardan biri olan normallik dağılımını ihlal etmesi nedeniyle parametrik olmayan testlerden Wilcoxon İşaretli Sıralar Testi tercih edilmiştir.
Yapılan analiz sonucunda kurumsal yönetime ilişkin değişkenlerden sadece yönetim kurulu bağımsız üye sayısı değişkeninin, Covid öncesi ve sonrası dönemde istatistiki açıdan anlamlı bir fark ortaya koyduğu tespit edilmiştir. Yönetim kurulunda yer alan bağımsız üye oranının Covid 19 öncesi döneme göre Covid 19 sonrası dönemde artış gösterdiği tespit edilmiştir. Finansal performans açısından analiz sonuçları değerlendirildiğinde ise kullanılan tüm değişkenlerin, istatistiki açıdan anlamlı bir farklılığa işaret ettiği belirlenmiştir. Aktif karlılık oranı ve özkaynak karlılık oranları korona virüs sonrası dönemde artmış, cari oran ve hisse başına kar ise Covid sonrası dönemde azalmıştır.

Anahtar Kelimeler

COVİD 19, Kurumsal Yönetim, Finansal Performans, BİST 100

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