Genel olarak gelişmekte olan piyasalarda faaliyet gösteren şirketlerin kurumsallaşma düzeyi ve kurumsal yönetim yapısının az gelişmiş olması nedeni ile gelişmiş piyasalardaki şirketlere kıyasla finansal sıkıntılara daha duyarlı olduğu kabul edilmektedir. Holding şirketlerinin gelişmekte olan bir piyasada faaliyet göstermenin dezavantajlarını göz önüne alarak bağlı şirketler üzerinde etkin bir yönetim yapısı kurması gerekmektedir. Bu çalışmanın amacı gelişmekte olan bir piyasa olan Türkiye'de faaliyet gösteren holdinglerin sermaye yapısı ile bağlı şirketlerin kurumsal performansı arasındaki ilişkiyi 2008-2013 dönemi için incelemektir. Çalışma inceleme dönemini 2008-2010 kriz dönemi ve 2011-2013 dönemi olmak üzere ele almaktadır. Uygulanan ANOVA testi bir holdinge bağlı olarak faaliyet gösteren şirketlerin finansal performansının, şirket değerinin ve innovasyon yeteneğinin bir holdinge bağlı olmayanlara göre daha iyi olduğunu göstermiştir. Regresyon testi ise holdingin bağlı şirket üzerindeki kontrol düzeyi ile bağlı şirket değeri arasında hem kriz hem de kriz sonrası toparlanma döneminde pozitif bir ilişki olduğunu göstermiştir. Aynı analiz yönetimlerin profesyonelleşme düzeyi ile bağlı şirketin değeri arasında toparlanma döneminde doğru yönlü bir ilişki olduğunu kanıtlamıştır. Şirket değerine katkı sağlayan bir diğer değişken de yaratıcılık yeteneğidir.
It is generally assumed that the corporations in emerging markets are more sensitive to financial distress arising from global crisis than their counterparts in developed countries because of a lower level of institutionalization and governance structure. Parent companies need to build effective corporate governance to overcome the effects of a global economic crisis, considering the drawbacks of an emerging market. The study aims to understand the relation between the capital structure of ultimate parent companies with corporate performance of the affiliates in an emerging market, Turkey, for the period between 2008-2013. The paper divides this period into a pre-economic crisis period of 2008-2010 and a post-economic crisis period of 2011-2013. The ANOVA results revealed that business group affiliates had a higher financial performance and firm value and were more innovative compared to the non-affiliates. The regression analysis showed that the degree of control of the group by the affiliated firm was positively associated with firm value for both the years of crisis and those of recovery periods. The analysis also posits that professionalism in management was positively associated with the affiliates' value in recovery periods. Innovativeness was another variable which contributed positively to value.
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