KURUMSAL YÖNETİMİN GELİŞMESİNİN PAY SAHİPLERİNİN HAKLARININ KORUNMASI ÜZERİNDEKİ ETKİSİ

Günümüzde yatırımcılar, yatırım planlaması yaparken, işletmelerde kurumsal yönetimin gelişmişlik düzeyine daha fazla önem vermektedirler. Çünkü işletmelerde, kurumsal yönetimin gelişme düzeyi, yatırımcıların haklarının daha iyi korunacağının önemli bir göstergesidir. Kurumsal yönetimin gelişmesi, işletmelerde hem iç hem de dış paydaşların haklarının korunması, işletme kaynaklarının daha etkin ve verimli kullanılması açısından son derece büyük önem arz etmektedir. Ulusal düzeyde, kurumsal yönetimin gelişmesi de hem ulusal kaynakların daha etkin ve verimli kullanılması hem de toplumsal refahın sürdürülebilirliği için önemlidir. Bu bağlamda, bu çalışmanın amacı, kurumsal yönetimin gelişmesinin, işletmelerde pay sahiplerinin haklarının korunması üzerindeki etkisini, ampirik olarak analiz etmektir. Analiz sonuçlarına göre, kurumsal yönetim düzeyi geliştikçe, pay sahiplerinin hakları da daha fazla korunmaktadır. Hem ulusal hem de işletme düzeyinde, kurumsal yönetimin gelişimin desteklenmesi, bir yandan pay sahiplerinin haklarının korunmasına katkı sağarken, diğer yandan ise, ulusal ve kurumsal kaynakların daha verimli ve etkin kullanılmasını sağlayarak toplumsal refahın daha fazla artmasına katkı sağlayacaktır.

THE EFFECT OF CORPORATE GOVERNANCE DEVELOPMENT ON SHAREHOLDERS’ RIGHTS PROTECTION

Nowadays, for the investors, corporate governance’s development level in enterprises is very important when planning their investment as corporate governance’s development level in enterprises is an important indicator that the rights of investors will be better protected. The development of corporate governance is of utmost importance in terms of protecting the rights of both internal and external stakeholders in businesses, and using business resources more effectively and efficiently. At the national level, corporate governance’s development is of great importance in terms of both more effective and efficient use of national resources and the sustainability of social welfare. In this context, the purpose of this study is to analyse empirically the effects of corporate governance’s development on shareholders’ rights protection in enterprises. The analysis conducted as a part of this study showed that as the level of corporate governance improves, the rights of shareholders are more protected. Supporting corporate governance’s development at both national and enterprise level will contribute to shareholders’ rights protection on the one hand, and on the other hand, by making more efficient and effective use of national and corporate resources, it will contribute to greater social welfare.

Keywords:

Corporate Governance, Shareholder Rights Management Accounting,

PDF

___

Abdennadher, S., & Cheffi, W. (2020). The effectiveness of e-corporate governance: an exploratory study of internet voting at shareholders’ annual meetings in France. Corporate Governance: The International Journal of Business in Society.
Adjaoud, F., & Ben‐Amar, W. (2010). Corporate governance and dividend policy: shareholders’ protection or expropriation? Journal of business finance & accounting, 37(5‐6), 648-667.
Agyemang, O. S., Osei-Effah, M., Agyei, S. K., & Gatsi, J. G. (2019). Country-level corporate governance and protection of minority shareholders’ rights. Accounting Research Journal.
Armour, J. (2020). Shareholder rights. Oxford Review of Economic Policy, 36(2), 314-340.
Benn, S., (2012)., Governance for Sustainability: Challenges for Theory and Practice, in Clarke, T., & Branson, D. M. (2012). The SAGE handbook of corporate governance. Sage Publications. p.612-628
Cadbury, A. (2000). Foreword, in Corporate Governance: A Framework for Implementation Overview, Magdi R. Iskander M.R., Chamlou, M., World Bank. 30446
Clarke, T. (2004), “Theories of corporate governance”, The Philosophical Foundations of Corporate Governance, Routledge
Clarke, T., & Branson, D. M. (2012). Introduction: Corporate Governance – An Emerging Discipline? in Clarke, T., & Branson, D. M. (2012). The SAGE handbook of corporate governance. Sage Publications. p.1-37
Clarke, T., & Branson, D. M. (2012). The SAGE handbook of corporate governance. Sage Publications.
Crisóstomo, V. L., de Freitas Brandão, I., & López-Iturriaga, F. J. (2020). Large shareholders’ power and the quality of corporate governance: An analysis of Brazilian firms. Research in International Business and Finance, 51, 101076.
Ginevri, A. S. (2011). The rise of long-term minority shareholders’ rights in publicly held corporations and its effect on corporate governance. European Business Organization Law Review, 12(4), 587-618.
Heminway, J. M., (2012)., Theoretical and Methodological Perspectives, in Clarke, T., & Branson, D. M. (2012). The SAGE handbook of corporate governance. Sage Publications. p.96-111
Jiang, W., & Anandarajan, A. (2009). Shareholder rights, corporate governance and earnings quality: The influence of institutional investors. Managerial Auditing Journal.
Jiraporn, P., & Gleason, K. C. (2007). Capital structure, shareholder rights, and corporate governance. Journal of Financial Research, 30(1), 21-33.
Jiraporn, P., & Ning, Y. (2006). Dividend policy, shareholder rights, and corporate governance. Shareholder Rights, and Corporate Governance (September 18, 2006).
Lhuillery, S. (2011). The impact of corporate governance practices on R&D efforts: a look at shareholders’ rights, cross-listing, and control pyramid. Industrial and Corporate Change, 20(5), 1475-1513.
Li, D., Moshirian, F., Pham, P. K., & Zein, J. (2006). When financial institutions are large shareholders: the role of macro corporate governance environments. The Journal of Finance, 61(6), 2975-3007.
Magnier, V., & Barban, P. (2018). The Potential Impact of Blockchains On Corporate Governance: A Survey on Shareholders’rights in the Digital Era. Intereulaweast: Journal for the International and European Law, Economics And Market Integrations, 5(2), 189-226.
Mallin, C. A. (2013). Corporate Governance, 4.th Edt. Oxford University Press
Mallin, C., & Melis, A. (2012). Shareholder rights, shareholder voting, and corporate performance. Journal of Management & Governance, 16(2), 171-176.
OECD, (2015). G20/OECD Principles of Corporate Governance. OECD
Pérez Carrillo, E. (2007). Corporate Governance: Shareholders' Interests and Other Stakeholders' Interests. Corporate Ownership & Control, 4(4).
Shahid, M. S., & Abbas, M. (2019). Does corporate governance play any role in investor confidence, corporate investment decisions relationship? Evidence from Pakistan and India. Journal of Economics and Business, 105, 105839.
Tricker R.I.B. (2012). "The Evolution of Corporate Governance" in Clarke, T., & Branson, D. M. (2012). The SAGE handbook of corporate governance. Sage Publications. p.39-62
Tricker, B. (2020). The evolution of corporate governance. Cambridge University Press.
World Business Council for Sustainable Development, (2019). The state of corporate governance in the era of sustainability risks and opportunities, World Business Council for Sustainable Development
World Economic Forum, (2019). The Global Competitiveness Index 4.0 2019 dataset, WEF.
Yurtoglu, B. (2003). Corporate governance and implications for minority shareholders in Turkey (No. 2003/7). Discussion Paper No. 2003/7, Turkish Economic Association