Short-Termism in Publicly Listed Companies and Corporate Governance

Yıl: 2021 Cilt: 0 Sayı: 70 Sayfa Aralığı: 73 - 89 Metin Dili: Fransızca DOI: 10.26650/annales.2021.70.0003

Short-Termism in Publicly Listed Companies and CorporateGovernance

Öz:
Short-termism is known as sacrificing long-term sustainable earnings for short-term returns. The pressure on managementto obtain short-term results usually generates negative medium and long-term outcomes. This is because investors areinclined to sell their stocks when they hear about a shadow of bad news. In this context, business executives can decideto meet short-term shareholders expectations or prioritise the growth of their company. In other words, on the onehand, the company management should consider all possible economic variables within the scope of the necessity ofprotecting the company’s capital, on the other hand, it should also ensure the participation to the capital that will benefitthe financial structure of the company, especially from the cash flow point of view. Short-termism hinders effectivecompany management, particularly for publicly listed companies, due to the convenience of trading stock transactionsand more transparent management decisions. Considering abovementioned facts, this study examines the increasingtrend in short-termism as an intertemporal choice and discusses solutions that can be offered through corporategovernance principles.
Anahtar Kelime:

Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim

Öz:
Kısa vadecilik, pay sahiplerinin kısa dönemde kar elde etmek için uzun dönemli sürdürülebilir gelirlerini feda etmesi olaraktanımlanmaktadır. Kısa vadede getiri elde etmek isteyen şirket ortaklarının şirket yöneticilerine yaptıkları baskı orta veuzun vadede olumsuz sonuçlar doğurmaktadır. Aslında bu durum, pay sahiplerinin ortağı oldukları şirketlere dair olumsuzbir duyum almaları halinde, paylarını derhal satışa çıkarmaya meyilli olmalarından kaynaklanmaktadır. Hal böyle iken,yöneticiler pay sahiplerinin kısa dönemli getiri beklentilerini karşılamak ya da şirketin uzun dönemli büyüme hedefleriniyerine getirmek hususlarında bir öncelik ayrımına sürüklenmektedirler. Başka bir deyişle, şirket yönetiminin bir yandanşirket sermayesinin korunması gerekliliği kapsamında olası tüm ekonomik değişkenleri derpiş etmesi gerekirken, bir yandanda şirketin finansal yapısına, özellikle nakit akışına, fayda sağlayacak sermayedar katılımını da sağlaması gerekmektedir.Bu kapsamda, özellikle halka açık şirketlerde pay devri işlemlerinin kolaylığı ve alınan kararların şeffaf olması gerekliliğigibi hususlar etkin bir yönetimin sağlanabilmesine engel teşkil etmektedir. Bu makale, yukarıda açıklanan nedenlerbağlamında, kısa vadecilik cereyanını zamanlararası bir tercih problem olarak incelemekte ve kurumsal yönetim ilkeleribağlamında sunulabilecek potansiyel çözüm önerilerini irdelemektedir
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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APA ERDEM F (2021). Short-Termism in Publicly Listed Companies and Corporate Governance. Annales de la Faculté de Droit d Istanbul, 0(70), 73 - 89. 10.26650/annales.2021.70.0003
Chicago ERDEM Fatih Buğra Short-Termism in Publicly Listed Companies and Corporate Governance. Annales de la Faculté de Droit d Istanbul 0, no.70 (2021): 73 - 89. 10.26650/annales.2021.70.0003
MLA ERDEM Fatih Buğra Short-Termism in Publicly Listed Companies and Corporate Governance. Annales de la Faculté de Droit d Istanbul, vol.0, no.70, 2021, ss.73 - 89. 10.26650/annales.2021.70.0003
AMA ERDEM F Short-Termism in Publicly Listed Companies and Corporate Governance. Annales de la Faculté de Droit d Istanbul. 2021; 0(70): 73 - 89. 10.26650/annales.2021.70.0003
Vancouver ERDEM F Short-Termism in Publicly Listed Companies and Corporate Governance. Annales de la Faculté de Droit d Istanbul. 2021; 0(70): 73 - 89. 10.26650/annales.2021.70.0003
IEEE ERDEM F "Short-Termism in Publicly Listed Companies and Corporate Governance." Annales de la Faculté de Droit d Istanbul, 0, ss.73 - 89, 2021. 10.26650/annales.2021.70.0003