Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury)

Yıl: 2015 Cilt: 15 Sayı: 2 Sayfa Aralığı: 265 - 274 Metin Dili: Türkçe İndeks Tarihi: 29-07-2022

Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury)

Öz:
Bu çalışmanın amacı kurumsal yönetim uygulamalarının finansalperformans üzerindeki etkilerini analiz etmektir. Bu amaçla2006-2012 yılları arasında XKURY endeksinde bulunan şirketlerinkurumsal yönetim seviyeleri ile finansal performansları arasındakiilişki panel veri analizi kullanılarak açıklanmaya çalışılmıştır.Çalışmada kullanılan finansal veriler, şirketlerin KamuyuAydınlatma Platformunda yayınlanan yıllık finansal raporlarındanve Türkiye Kurumsal Yönetim Derneğinin internet sitesindenelde edilmiştir. Bulgular, kurumsal yönetim derecelendirmenotu ile Tobins q oranı ve kaldıraç oranı arasında istatistikî olarakanlamlı ve pozitif yönlü bir ilişki bulunduğu göstermektedir.Diğer taraftan, özsermaye karlılığı, aktif karlılığı, satış karlılığı venet kar ile kurumsal yönetim düzeyi arasında anlamlı bir ilişkiyerastlanmamıştır.
Anahtar Kelime:

Konular: İşletme İktisat

Kurumsal yönetim düzeyinin ışletmelerin finansal performansı üzerindeki etkisi: Borsa İstanbul kurumsal yönetim endeksi (xkury) üzerine bir araştırma

Öz:
Purpose of the study is to analyze the efect of corporate governance on fnancial performance. For this purpose, the relationship between the fnancial performance and corporategovernance level of companies listed on XKURY index in theperiod of 2006-2012 have examined using panel data analysis. Financial data used in the study is derived from annual fnancial reports published on Public Disclosure Platform website and corporate governance rating scores are derived fromTurkish Corporate Governance Association. Results show that;there is a statistically meaningful and positive relationship between corporate governance rating score and Tobin s q valueand also leverage ratio. On the other hand, results are showingthat there is no meaningful relationship between corporategovernance level and return on equity ratio, return on assetsratio, return on sales ratio and net proft.
Anahtar Kelime:

Konular: İşletme İktisat
Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
0
0
0
  • Amba, S.M., Corporate governance and frms’ f- nancial performance. Journal of Academic and Business Ethics, (2012). www.aabri.com/manuscripts/131587.pdf
  • Arsoy, A. P., Arabacı Ö., Çiftçioğlu, A., Corporate Social Responsibility and Financial Performance Relationship: Te Case Of Turkey. Te Journal of Accounting and Finance, 159-176, (2012).
  • Bae, K.H., Baek J.S., Kang J.K., Liu W.L., Do con- trolling shareholders’ expropriation incentives imply a link between corporate governance and frm value? Teory and evidence. Journal of fnancial Economics. (105) 412 – 435, (2012).
  • Berthelot, S., Morris, T., Morrill, C., Corporate gov- ernance rating and fnancial performance: a Canadian study”, Corporate Governance: Te international jour- nal of business in society, Vol. 10 Iss: 5, pp.635 – 646, (2010).
  • Black. B., Jang. H. and Kim. W., Does Corporate Governance Afect Firm Value? Evidence from Korea. Working Paper, (2003).
  • Brown,R., Treasury Working Paper, (2009). http://archive.treasury.gov.au/documents/1495/PDF/ TWP_2009-02.pdf
  • Brown, L. D., Caylor, M. L., Corporate governance and frm valuation. Journal of Accounting and Public Polic, (25) 409–434, (2006).
  • Cadbury Report http://www.jbs.cam.ac.uk/cadbury/ report/ (1992).
  • Coşkun. M., Sayılır, Ö., Relationship Between Corporate Governanceand Financial Performance of Turkish Companies International Journal of Business and Social Science, 3( 14), 59-64, (2012).
  • Ergin, E., Corporate Governance Ratings and Market-based Financial Performance: Evidence from Turkey. International Journal of Economics and Finance, 4 (9), 61-68, (2012).
  • Gürbüz, O., Kutlu, O. Aybars A., Corporate Governance and Financial Performance With a Perspective on Institutional Ownership: Empirical Evidence from Turkey. 6th International Strategic Management Conference, July 8-10, (2010).
  • Johnson, S., Boone, P., Breach, A., Friedman, E.,. Corporate Governance in the Asian Financial Crisis. Journal of Financial Economics (58), 141-186, (2000). Kirkpatrick, G., and Jesover, F., Te Revised OECD Principles of Corporate Governance and their Relevance to Non-OECD Countries. Corporate Governance: An International Review 13 (2), 127–136, (2005).
  • Kowalewski, O., Corporate Governance and Pension Fund Performance. Contemporary Economics, 6(1), 14- 44, (2012).
  • Kurumsal Yönetim İlkeleri, (2003), www.spk.gov.tr Kurumsal Yönetim İlkelerinin Belirlenmesine ve Uygulanmasına İlişkin Tebliğ, Seri: IV, No: 56, 30/12/2011 tarihli ve 28158 sayılı Resmi Gazete, (2011).
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Corporate Ownership around the World. Te Journal of Finance, 54 (2), 471-517, (1999).
  • La Porta, R., & Lopez-de-Silanes, F., Shleifer, A., Vishny, R.,Investor protection and corporate governance. Journal of Financial Economics, 58(1-2), 3-27, (2000).
  • Meydan C. H. ve Basım, H. N., “Kurumsal Yönetim- Şirket Performansı İlişkisi: Kuramsal Bir Analiz”, Kara Harp Okulu Savunma Bilimleri Dergisi, 6 (2), 48-67 (2007).
  • Mitton, T., A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis Forthcoming. Journal of Financial Economics, (2002).
  • Ntim, C. G., An Integrated Corporate Governance Framework and Financial Performance in South African Listed Corporations. (2013). http://mpra.ub.uni- muenchen.de/45808/1/MPRA_paper_45808.pdf.
  • OECD Principles of Corporate Governance, (1999), http://www.oecd.org/ .
  • OECD Principles of Corporate Governance, (2004), http://www.oecd.org/ .
  • Oman, C. Fries, S. Buiter W., Corporate Governance in Developing, Transition and Emerging Market Economies,” OECD, (2003), http://www.oecd.org/. Peterson, P., Financial Managemnt and Analysis, Florida: Mc Graw Hill, (1994).
  • Rajagopalan, N. and Zhang, Y. Corporate Governance Reforms in China and India: Challenges and opportuni- ties. Business Horizons, (51), 55-64 (2008).
  • Rajagopalan, N. and Zhang, Y. Recurring Corporate Governance Failures: A Global Diseases. Business Horizons,. (52), 545-552, (2009).
  • Robinson, T. R., Munter, P., Grant, J., Financial Statement Analysis. Pearson/ Prentice Hill, (2004).
  • Selvaggi, M and Upton, J. ,Governance and Performance in Corporate Britain: Evidence from the IVIS colour-rating system. ABI Research Paper 7, Report from ABI Research and Investment Afairs Department, (2008).
  • Shank, T., Ronald, P.H., Stang, J., Do investors beneft from good corporate governance?, Corporate Governance: Te international journal of business in so- ciety, Vol. 13 Iss: 4, pp.384 – 396,(2013).
  • Shleifer, A., Vishny, R., A Survey of Corporate Governance. Te Journal of Finance 52 (2), 737-783, (1997).
  • Te HIH Royal Commission Report, (2003), www. hihroyalcom.gov.au.
  • Van Horne, J. C., Wachowicz, J. M., Fundamentals of Financial Management. New Jersey: Prentice Hall International Editions, (1995).
  • Wu, M.C., Lin, H.C., Lin, I.C., Lai, C.F., Te Efects of Corporate Governance on Firm Performance. Working Paper, (2009). http://120.107.180.177/1832/9901/099- 2-06p.pdf
  • Wilkes, J., Corporate governance and measuring per- formance, Measuring Business Excellence, Vol. 8 Iss: 4, pp.13 - 16., (2004).
  • www.borsaistanbul.com
  • www.kap.gov.tr
  • www.tkyd.org.tr
APA KARA E, ACAR ERDUR D, KARABIYIK L (2015). Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury). , 265 - 274.
Chicago KARA ESEN,ACAR ERDUR DUYGU,KARABIYIK Lale Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury). (2015): 265 - 274.
MLA KARA ESEN,ACAR ERDUR DUYGU,KARABIYIK Lale Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury). , 2015, ss.265 - 274.
AMA KARA E,ACAR ERDUR D,KARABIYIK L Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury). . 2015; 265 - 274.
Vancouver KARA E,ACAR ERDUR D,KARABIYIK L Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury). . 2015; 265 - 274.
IEEE KARA E,ACAR ERDUR D,KARABIYIK L "Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury)." , ss.265 - 274, 2015.
ISNAD KARA, ESEN vd. "Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury)". (2015), 265-274.
APA KARA E, ACAR ERDUR D, KARABIYIK L (2015). Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury). Ege Akademik Bakış, 15(2), 265 - 274.
Chicago KARA ESEN,ACAR ERDUR DUYGU,KARABIYIK Lale Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury). Ege Akademik Bakış 15, no.2 (2015): 265 - 274.
MLA KARA ESEN,ACAR ERDUR DUYGU,KARABIYIK Lale Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury). Ege Akademik Bakış, vol.15, no.2, 2015, ss.265 - 274.
AMA KARA E,ACAR ERDUR D,KARABIYIK L Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury). Ege Akademik Bakış. 2015; 15(2): 265 - 274.
Vancouver KARA E,ACAR ERDUR D,KARABIYIK L Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury). Ege Akademik Bakış. 2015; 15(2): 265 - 274.
IEEE KARA E,ACAR ERDUR D,KARABIYIK L "Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury)." Ege Akademik Bakış, 15, ss.265 - 274, 2015.
ISNAD KARA, ESEN vd. "Efects of corporate governance level on the financial performance of companies: A research on bist corporate governance index (xkury)". Ege Akademik Bakış 15/2 (2015), 265-274.