Mustafa ÖZYEŞİL, Havane TEMBELO

FİRMALARIN KURUMSAL YÖNETİM UYGULAMALARI İLE FİNANSAL PERFORMANSI ARASINDAKİ İLİŞKİNİN YATAY KESİT BAĞIMLILIĞI ALTINDA PANEL VERİ YÖNTEMİ İLE ANALİZİ: BORSA İSTANBUL KURUMSAL YÖNETİM ENDEKSİNDE YER ALAN FİRMALAR ÜZERİNE BİR İNCELEME

Bu çalışmada, firmaların kurumsal yönetim derecelendirme notlarının finansal performans üzerindeki etkileri araştırılmıştır. Bu amaçla Borsa İstanbul'un 2012-2018 dönemi Kurumsal Yönetim Endeksinde yer alan 27 borsa şirketinin yıllık verilerini içeren bir örneklem kullanılmıştır. Örneklemde yer alan firmalar arasında yatay kesit bağımlılığın varlığı Breusch ve Pagan (1980) LM testi, Pesaran (2004) LM testi, Pesaran (2004) CD testi ve Baltagi, Feng ve Kao (2012) LMBC testi ile analiz edilmiştir. Test sonuçlarına göre, firmalar arasında yatay kesit bağımlılığı belirlenmiştir. Serinin durağanlık seviyesi Pesaran (2007) tarafından geliştirilen CADF panel birim kök testi ile incelenmiştir. Testin bulgularına göre tüm seriler durağan olarak belirlenmiştir. Seriler arasındaki nedensellik ilişkisi Dumitrescu ve Hurlin (2012) yöntemi ile incelenmekte ve firmaların kurumsal yönetim derecelendirmelerinden faaliyet kârlarına doğru nedensellik tespit edilmiştir. Ekonometrik modeldeki katsayılar Westerlund (2007) OLSAdj yöntemi kullanılarak tahmin edilmiştir ve firmaların kurumsal yönetim kalitesi (derecelendirme) 1 birim arttığında yıllık faaliyet karının 110,74 Milyon TL artacağı belirlenmiştir.

AN ANALYSIS OF THE RELATIONSHIP BETWEEN THE QUALITY OF CORPORATE GOVERNMENT ACTIVITIES AND THE FINANCIAL PERFORMANCE BY PANEL DATA ANALYSIS UNDER CROSSSECTIONAL DEPENDENCY: AN INVESTIGATION ON THE COMPANIES LISTED IN THE BORSA ISTANBUL CORPORATE GOVERNANCE INDEX

In this study, the effects of corporate governance ratings on financial performance areinvestigated. For this purpose, a sample that include the annual data of the 27 listed companiesin the Borsa Istanbul’s Corporate Governance Index for the 2012-2018 a period are used. Theexistence of cross-sectional dependence among the firms included in the sample is analyzed byBreusch and Pagan (1980) LM test, Pesaran (2004) LM test, Pesaran (2004) CD test and Baltagi,Feng and Kao (2012) LMBC test. According to test results, the cross-sectional dependencebetween firms is determined. Stationarity level of the series is examined by CADF panel unitroot test developed by Pesaran (2007). According to the findings of the test, all series aredetermined as stationary. The causality relationship between the series are examined byDumitrescu and Hurlin (2012) method and the causality relations are found from the corporategovernance rating of the firms to the operating profits. The coefficients in the econometricmodel are estimated using Westerlund (2007) OLSAdj method and it is determined that theannual operating profits will increase by 110.74 Million TL when corporate governance quality(ratings) of the firms increase by 1 unit

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