Küçük ve Orta Ölçekli Şirketlerde Finansal Performans ve Kurumsal Yönetim İlişkisi: Borsa İstanbul Gelişen Şirketler Piyasası Üzerine Bir Uygulama

Bu çalışmanın amacı, Borsa İstanbul’da işlem gören Küçük ve Orta Ölçekli Şirketlerin kurumsal yönetim uygulamalarının, onların finansal performans göstergelerine etkisini ölçmektir. Bu amaçla, 2011-2017 döneminde Borsa İstanbul, Gelişen İşletmeler Pazarı’nda işlem gören 25 şirket incelenmiştir. Bu şirketlerin yönetim kurulu büyüklüğü, CEO’nun görevde kalma süresi ve ikililiği(duality), yönetim kurulundaki bağımsız yönetici oranı ve kadın yönetici oranı gibi kurumsal yönetim ilkeleri değişkenlerinin şirketlerin ROA (aktif karlılık), ROE (öz sermaye karlılığı) oranlarına test edilmiştir. Araştırmada panel veri regresyon analizi yöntemi kullanılmıştır. Çalışmada panel veri regresyon analizi sonucunda kurumsal yönetim ilkeleri değişkenlerinden sadece CEO’nun görevde kalma süresinin KOBİ’lerin finansal performansını olumlu yönde etkilediği ve onlar için önemli bir parametre olduğu sonucuna ulaşılmıştır. Bu sonuç önceki çalışmaları desteklemektedir.

Anahtar Kelimeler:

Kurumsal Yönetim İlkeleri, Finansal Performans, KOBİ, BİST

Relationship between Financial Performance and Corporate Governance in Small and Medium Sized Companies: An Emprical Analysis on Borsa Istanbul Emerging Companies

The aim of this study is to measure the impact of corporate governance practices of SMSEs on their own financial performance indicators. For this purpose, 25 companies that are traded in Borsa İstanbul, Emerging Companies Market in 2011-2017 are examined. The major corporate governance principles such as the size of the board of directors of the companies, the duration and duality of the CEO, the ratio of independent directors in the board of directors and the ratio of women managers are used as independent variables. The dependent variables of the model are ROA (asset profitability), ROE (return on equity) of the companies. Panel data regression analysis method was used in the study. As a result of the analysis, it is concluded that only the CEO 's duration in the company in terms of corporate governance principles positively affects the financial performance of SMEs and is an important parameter for them. This result supports previous studies.

Keywords:

Corporate Governance Principles, Financial Performance, SME, Istanbul Stock Exchange,

PDF

___

Abor, J., & Adjasi , C. K. (2007). Corporate governance and the small and medium enterprises sector: theory and implications. Corporate Governance: The international journal of business in society, 111-122.
Abor, J., & Biekpe , N. (2007). Corporate governance, ownership structure and performance of SMEs in Ghana: implications for financing opportunities. Corporate Governance: The international journal of business in society, 288-300.
ACCA. (2015). Governance for all: the implementation challenge for SMEs. London: The Association of Chartered Certified Accountants .
Adams, B. R., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 291-309.
Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking & Finance, 3213–3226.
Aghabaki, M. (2014). Kurumsal Yönetim İlkeleri İle Firma Değeri ve Hisse Senedi Getiri Oranı Arasındaki İlişki: İMKB'de Bir Uygulama Yayınlanmış Doktora Tezi. Erzurum: Atatürk Üniversitesi Sosyal Bilimler Enstitüsü.
Al-Najjar, B. (2014). Corporate governance, tourism growth and firm performance: Evidence from publicly listed tourism firms in five Middle Eastern countries. Tourism Management, 342-351.
Ammanna, M., Oesch, D., & Schmid, M. M. (2011). Corporate governance and firm value: International evidence. Journal of Empirical Finance, 36–55.
Ararat, M., Black, B. S., & Yurtoglu, B. (2017). The effect of corporate governance on firm value and profitability: Time-series evidence from Turkey. Emerging Markets Review, 113–132.
Arslan, Ö., Karan, M. B., & Ekşi, C. (2010). Board Structure and Corporate Performance. Managing Global Transitions: International Research Journal, 3-22.
Arthur, N. (2001). Board composition as the outcome of an internal bargaining process: empirical evidence. Journal of Corporate Finance, 307–340.
Baker, M., & Gompers, P. A. (2003). The Determinants of Board Structure at the Initial Public Offering. Journal of Law and Economics, 569-598.
Baldo, M. D. (2012). Corporate social responsibility and corporate governance in Italian SMEs: the experience of some “spirited businesses". Journal of Management & Governance, 1-36.
Balkan, B. (2014). Türk Bankacılık Sisteminde Kurumsal Yönetimin Krizlerin Çözümüne Etkileri Yayınlanmış Doktora Tezi. İstanbul: Marmara Üniversitesi Sosyal Bilimler Enstitüsü.
Beekes, W., Hong, A., & Owen, S. A. (2010). An Alternative Measure of Corporate Governance Using Discrete Principal Component Analysis. Social Science Research Network (SSRN) Electronic Journal, 1-40.
Berger, A. N., & Udell, G. F. (2002). Small Business Credit Availability and Relationship Lending: The Importance of Bank Organizational Structure. The Economic Journal, 32.
Bhagat, S., & Black, B. S. (1998). The Non-Correlation between Board Independence and Long-Term Firm Performance. Journal of Corporation Law, 231-273.
Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 257–273.
Bhagat, S., Bolton, B., & Subramanian, A. (2010). CEO Education, CEO Turnover, and Firm Performance. Social Science Research Network (SSRN) Electronic Journal, 1-48.
Bhat, G., Hope, O.-K., & Kang, T. (2006). Does Corporate Governance Transparency affect the Accuracy of Analyst Forecasts? Accounting and Finance, 715-732.
Boone, A. L., Field, L. C., Karpoff, J. M., & Raheja, C. G. (2007). The determinants of corporate board size and composition: An empirical analysis. Journal of Financial Economics, 66–101.
Borsa İstanbul. (2014). Gelişen İşletmeler Pazarı. İstanbul: Borsa İstanbul.
Borsa İstanbul. (2016, Kasım 14). Borsa İstanbul Anonim Şirketi. Mart 25, 2018 tarihinde Borsa İstanbul Anonim Şirketi: http://www.borsaistanbul.com/ data/ kilavuzlar/Gelisen-%C4%B0sletmeler-Piyasasi.pdf adresinden alındı
Borsa İstanbul. (2018). Pay Piyasası. Mart 25, 2018 tarihinde Borsa İstanbul: http://www.borsaistanbul.com/urunler-ve-piyasalar/piyasalar/pay-piyasasi adresinden alındı
Brunninge, O., Nordqvist, M., & Wiklund, J. (2007). Corporate Governance and Strategic Change in SMEs: The Effects of Ownership, Board Composition and Top Management Teams. Small Business Economics, 295–308.
Ceyhan, O. (2014, Kasım 7). Dünya Borsalarının Şirket Sayısı, İşlem Hacmi ve Piyasa Değeri Karşılaştırması. Ocak 29, 2019 tarihinde Piyasa Rehberi: http://piyasarehberi.org/piyasa/118-dunya-borsalari adresinden alındı
Cheng, S. (2008). Board size and the variability of corporate performance. Journal of Financial Economics, 157–176.
Coles, J. L., Daniel, N. D., & L. N. (2008). Boards: Does one size fit all? Journal of Financial Economics, 329–356.
Dağlı, H., Ayaydın, H., & Eyüboğlu, K. (2010). Kurumsal Yönetim Endeksi Performans Değerlendirmesi: Türkiye Örneği . Muhasebe ve Finansman Dergisi, 22.
Denetimnet. (2018, Şubat Çarşamba). Kurumsal Yönetim Endeksi İle İlgili Bilgiler. Mart Perşembe, 2018 tarihinde Denetimnet: www.denetimnet.net/PrintPage.aspx?pgID=6998 adresinden alındı
Denis, D. J., & Sarin, A. (1999). Ownership and board structures in publicly traded corporations. Journal of Financial Economics, 187-223.
Dey, A., Engel, E., & Liu, X. (2011). CEO and board chair roles: To split or not to split? Journal of Corporate Finance, 1595–1618.
Drobetz, W., Schillhofer, A., & Zimmermann, H. (2004). Corporate Governance and Firm Performance: Evidence from Germany. European Financial Management, 267-293.
Erkens, H. D., Hung, M., & Matos, P. (2012). Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance, 389-411.
Fidanoski, F., Mateska , V., & Simeon, K. (2013). Corporate Governance and Bank Performance: Evidence from Macedonia. Published in: Proceedings [CD- ROM] of 16th International Students’ Conference. Izmir: Faculty of Economics and Administrative Sciences, Ege University.
Fizel, J. L., & Louie, K. K. (1990). CEO Retention, Firm Performance and Corporate Governance. Managerial and Decision Economics, 167-176.
Granger, C., & Newbold, P. (1974). Spurius Regression in Econometrcis. Journal of Econometrics, 111-120.
Grinstein, Y., & Grinstein, Y. (2008). Separating the CEO from the Chairman Position: Determinants and Changes after the New Corporate Governance Regulation. SSRN Electronic Journal, 1-47.
Guest, P. M. (2009). The Impact of Board Size on Firm Performance: Evidence from the UK. The European Journal of Finance, 385-404.
Gujarati, D. N. (2004). Why Panel Data. D. N. Gujarati içinde, Basic Econometrics, Fourth Edition (s. 637-638). New York: The McGraw-Hill Companies.
Hambrick, D. C., & Fukutomi, G. D. (1991). The Seasons of a CEO's Tenure. The Academy of Management Review, 719-742.
Haniffa, R., & Hudaib, M. (2006). Corporate Governance Structure and Performance of Malaysian Listed Companies. Journal of Business Finance & Accounting, 1034–1062.
Hillier, D., & McColgan, P. (2006). An Analysis of Changes in Board Structure during Corporate Governance Reforms. European Financial Management, 575–607.
Kanagaretnam, K., Lobo, G. J., & Whalen, D. J. (2007). Does good corporate governance reduce information asymmetry around quarterly earnings announcements? Journal of Accounting and Public Policy, 497–522.
Kerr, J., & A.Bettis, R. (1987). Boards of Directors, Top Management Compensation, and Shareholder Returns. Academy of Management Journal, 645-664.
Kutlar, A. (2007). Ardışık Bağımlılık. A. Kutlar içinde, Ekonometriye Giriş (s. 181). Ankara: Nobel.
Lasfer, M. A. (2006). The Interrelationship Between Managerial Ownership and Board Structure. Journal of Business Finance & Accounting, 1006–1033.
Linck, J. S., Netter, J. M., & Yang, T. (2008). The determinants of board structure. Journal of Financial Economics, 308-328.
Luo, X., Kanuri, V. K., & Andrews, M. (2013). How Does CEO Tenure Matter? The Mediating Role of Firm-Employee and Firm-Customer Relationship. Strategic Management Journal, 492-511.
Maddala, G. S., & Wu, S. (1999). A Comparative Study of Unit Root Tests With Panel Data and A New Simple Test. Oxford Bulletin of Economics and Statistics, Special Issue, 631-652.
Mak, Y., & Li, Y. (2001). Determinants of corporate ownership and board structure: evidence from Singapore. Journal of Corporate Finance, 235–256.
Mashayekhi, B., & Bazaz, M. S. (2008). Corporate Governance and Firm Performance in Iran. Journal of Contemporary Accounting & Economics, 156-172.
Miller, D., & Shamsie, J. (2001). Learning across the Life Cycle: Experimentation and Performance among the HollywoodStudio Heads. Strategic Management Journal, 725-745.
Miller, S., & Yang, T. (2015). Board Leadership Structure of Publicly-Traded Insurance Companies. Journal of Insurance Issues, 184-232.
Molz, R. (1995). The Theory of Pluralism in Corporate Governance: A Conceptual Framework and Empirical Test. Journal of Business Ethics, 789-804.
Oral, C. (2017, Haziran 23). Yabancılar en çok hangi hisseleri alıyor? Ocak 10, 2019 tarihinde Ekonomist: https://www.ekonomist.com.tr/borsa/yabancilar-en-cok-hangi-hisseleri-aliyor.html adresinden alındı
Pathan, S., & Skully, M. (2010). Endogenously structured boards of directors in banks. Journal of Banking & Finance, 1590–1606.
Rechner, P. L., & Dalton, D. R. (1991). CEO Duality and Organizational Performance: A Longitudinal Analysis. Strategic Management Journal, 155-160.
Reed, W. R., & Ye, H. (2011). Which panel data estimator should I use? Applied Economics, 985-1000.
Sakarya, Ş. (2011). İMKB Kurumsal Yönetim Endeksi Kapsamındaki Şirketlerin Kurumsal Yönetim Derecelendirme Notu ve Hisse Senedi Getirileri Arasındaki İlişkinin Olay Çalışması ( Event Study) Yöntemi ile Analizi. Zonguldak Kara Elmas Ünivversitesi Sosyal Bilimler Dergisi, 147-162.
Simsek, Z. (2007). CEO Tenure and Organizational Performance: An Intervening Model. Strategic Management Journal, 653–662.
SPK. (2005). Kurumsal Yönetim İlkeleri. Ankara: SPK.
Stock, J. H., & Watson, M. W. (2011). Sabit Etkiler Regresyonu. B. Saraçoğlu içinde, Ekonometriye Giriş (s. 358). Ankara: Efil Yayınevi.
Stock, J. H., & Watson, M. W. (2011). Panel Veriler. B. Saraçoğlu içinde, Ekonometriye Giriş (s. 13). Ankara: Efil.
T.C. Bilim Sanayi ve Teknoloji Bakanlığı. (2012, Kasım 1). KOBİ’ler ve Girişimcilik. Kalkınmada Anahtar Verimlilik, s. 4.
Tatoğlu, F. Y. (2012). Panel Veri. F. Y. Tatoğlu içinde, Panel Veri Ekonometrisi Stata Uygulamalı (s. 3). İstanbul: Beta.
TKYD. (2011). Ekonmi Gazeteciliği İçin Kurumsal Yönetim El Kitabı. İstanbul: Türkiye Kurumsal Yönetim Derneği Yayınları.
TÜSİAD. (2002). Kurumsal Yönetim En İyi Uygulama Kodu: Yönetim Kurulunun Yapısı ve İşleyişi. İstanbul: TÜSİAD.
Vintila, G., & Paunescu, R. A. (2016). Empirical Analysis of the Connection between Financial Performance and Corporate Governance within Technology Companies Listed on NASDAQ Stock Exchange. Journal of Financial Studies & Research, 1-20.
Yasan, A. (2016). KOBİ'lerde Yönetim Kuru Yapısının ve Yönetim Kurulu Kararlarının Şirket Performansına Etkisi Yayınlanmış Doktora Tezi. İzmit: Gebze Teknik Üniversitesi Sosyal Bilimler Enstitüsü.
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40, 185-211.
Yılmaz, C. (2016). The Effect of Board Structure and Foreign Ownership on Firm Performance: Turkey Case Published Ph.D Thesis. İstanbul: Okan Üniversitesi Sosyal Bilimler Enstitüsü.
Yılmaz, F. Ö. (2011). Bankalarda Kurumsa Yönetim - Entelektüel Sermaye İlişkisi. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 1-12.