CEO ve icra kurulu firmanın günlük operasyonlarıyla ilgiliyken, yönetim kurulu firmanın uzun vadeli hedeflerine ulaşmasını sağlamaktan ve firmanın genel performansından sorumludur. Yönetim kurulunun tüm bu görev ve sorumluluklarını yerine getirebilmesi için mevcut firma ve sektör hakkında uzmanlaşmış ve deneyim sahibi yöneticilere sahip olması gerekir. Bu, yönetim kurulunun firma hakkında bilinçli kararlar vermek için gerekli bilgi ve deneyime sahip olmasını ve firmanın uzun vadeli başarısı için önemli olan istikrarı sağlar. Bu çalışmanın amacı, yönetim kurulu deneyiminin firma performansı üzerine etkisini araştırmaktır. Bu kapsamda, 2018-2020 yılları arasında BİST100’ de işlem gören finansal olmayan firmalardan elde edilmiş 220 adet gözlem kullanılarak regresyon analizi yapılmış ve yönetim kurulu deneyiminin firma performansı üzerine etkisi araştırılmıştır. Yönetim kurulu deneyimi, yönetim kurulu üyelerinin mevcut firmadaki ortalama görev süresi, mevcut firmanın yer aldığı sektördeki ortalama deneyimi ve ortalama yaşı ile ölçülmüştür. Firma performansı ise, aktif karlılığı, öz sermaye karlılığı ve hisse başına kar ile ölçülmüştür. Çalışmanın bulguları, yönetim kurulu üyelerinin mevcut firmanın yer aldığı sektördeki ortalama deneyiminin firma performansı ile pozitif, yönetim kurulu üyelerinin ortalama yaşının ise negatif ilişkili olduğunu göstermektedir. Bu sonuçlar, yönetim kurulu üyelerinin deneyiminin firma performansını etkileyen önemli bir özellik olduğunu ve yönetim kurulu üyeleri belirlenirken bu özelliğin mutlaka göz önünde bulundurulması gerektiğini göstermektedir.


While the CEO and executive board are involved with the day-to-day operations of the firm, the board of directors is responsible for ensuring the firm achieves its long-term goals and the overall performance of the firm. In order for the board of directors to fulfill all these duties and responsibilities, it should have managers who are specialized and tenured about the current firm and sector. This ensures that the board has the necessary knowledge and experience to make informed decisions about the firm, and ensures the stability that is essential to the long-term success of the firm. The aim of this study is to investigate the effect of board tenure on firm performance. In this context, a regression analysis was conducted using 220 observations obtained from non-financial companies traded in BIST100 between 2018-2020 and the effect of board of directors experience on firm performance was investigated. Board tenure is measured by the average tenure of board members at the current firm, their average tenure in the current firm's industry, and their average age. Firm performance is measured by return on assets, return on equity and earnings per share. The findings of the study show that the average board tenure in the industry in which the current firm is located is positively related to the firm performance, and the average age of the board members is negatively related. These results show that the board tenure is an important feature that affects the performance of the firm and this feature must be taken into account when determining the members of the board of directors.


  • BERTHELOT, S., MORRİS, T. and MORRİLL, C. (2010), Corporate governance rating and financial performance: a Canadian study, Corporate Governance: The international journal of business in society, 10 (5), 635-646.
  • BLACK, B. S., JANG, H. and KİM, W. (2006), Does corporate governance predict firms' market values? Evidence from Korea, The Journal of Law, Economics, and Organization, 22(2), 366-413.
  • BONN, I., YOSHİKAWA, T. and PHAN, P. H. (2004). Effects of board structure on firm performance: A comparison between Japan and Australia. Asian Business and Management, 3(1), 105-125.
  • CARLSSON, G. and KARLSSON, K. (1970), Age, cohorts and the generation of generations, American sociological review, 35(4), 710-718.
  • CHİLD, J. (1974), Managerial and organizational factors associated with company performance part I, Journal of Management studies, 11(3), 175-189.
  • CUSTÓDİO, C. and METZGER, D. (2013), How do CEOs matter? The effect of industry expertise on acquisition returns, The Review of Financial Studies, 26(8), 2008-2047.
  • DOU, Y., SAHGAL, S. and ZHANG, E. J. (2015), Should independent directors have term limits? The role of experience in corporate governance, Financial Management, 44(3), 583-621.
  • DROBETZ, W., VON MEYERİNCK, F., OESCH, D. and SCHMİD, M. (2018), Industry expert directors, Journal of Banking and Finance, 92, 195-215.
  • EBAİD, I. E. S. (2013), Corporate governance and investors' perceptions of earnings quality: Egyptian perspective, Corporate Governance: The international journal of business in society, 13(3), 261-273.
  • ERHARDT, N. L., WERBEL, J. D., and SHRADER, C. B. (2003), Board of director diversity and firm financial performance, Corporate governance: An international review, 11(2), 102-111.
  • FALEYE, O. (2007), Classified boards, firm value, and managerial entrenchment, Journal of financial economics, 83(2), 501-529.
  • FOOLADİ, M. and SHUKOR, Z. A. (2012), Board of directors, audit quality and firm performance: Evidence from Malaysia, In Proceedings of National Research & Innovation Conference for Graduate Students in Social Sciences. 2012 Melaka, Malysia, 87–96.
  • GOMPERS, P., ISHİİ, J. and METRİCK, A. (2003), Corporate governance and equity prices, The quarterly journal of economics, 118(1), 107-156.
  • GÓMEZ, J. I. M., CORTÉS, D. L. and BETANCOURT, G. G. (2017), Effect of the board of directors on firm performance, International Journal of Economic Research, 14(6), 349-361.
  • HUANG, S. and HİLARY, G. (2018), Zombie board: Board tenure and firm performance, Journal of Accounting Research, 56(4), 1285-1329.
  • JİA, N. (2017), Should directors have term limits?—Evidence fromcorporate innovation, The European Accounting Review,26(4),755–785
  • KANAKRIYAH, R. (2021), The impact of board of directors' characteristics on firm performance: a case study in Jordan, The Journal of Asian Finance, Economics and Business, 8(3), 341-350.
  • KAO, M. F., HODGKİNSON, L. and JAAFAR, A. (2019), Ownership structure, board of directors and firm performance: evidence from Taiwan, Corporate Governance: The international journal of business in society. Corporate Governance, 19(1). 189-216.
  • KATZ, R. (1982), The effects of group longevity on project communication and performance, Administrative science quarterly, 27(1), 81-104.
  • KAYMAK, T., and BEKTAS, E. (2008), East meets west? Boardcharacteristics in an emerging market: Evidence from Turkishbanks, Corporate Governance: An International Review, 16(6), 550–561
  • KİM, K., MAULDİN, E. and PATRO, S. (2014), Outside directors andboard advising and monitoring performance, Journal of Accounting and Economics, 57(2-3), 110–131
  • LEE, S. C., LİN, C. T. and CHANG, P. T. (2011), An Ohlson valuation framework for valuing corporate governance: The case of Taiwan, Pacific-Basin Finance Journal, 19(4), 420-434.
  • LIVNAT, J., SMİTH, G., SUSLAVA, K. and TARLİE, M. (2019), Do directors have a use-by date? Examining the impact of board tenure on firm performance, American Journal of Management, 19(2), 97-125.
  • MCINTYRE, M. L., MURPHY, S. A., and MİTCHELL, P. (2007), The topteam: Examining board composition and firm performance, Corporate Governance: The International Journal of Business in Society, 7(5), 547–561.
  • MASULİS, R., RUZZİER, C., XİAO, S. and ZHAO, S. (2012), Do independent expert directors matter? Working Paper, University of New South Wales. https://mpra.ub.uni-muenchen.de/68200/
  • MERENDİNO, A. and MELVİLLE, R. (2019), The board of directors and firm performance: empirical evidence from listed companies, Corporate Governance: The international journal of business in society, 19(3). 508-551.
  • NAKANO, M. and NGUYEN, P. (2011), Do older boards affect firm performance? An empirical analysis based on Japanese firms, The Sixth Annual Conference on Asia-Pacific Financial Markets (CAFM), Seoul
  • PÉREZ-CALERO, L., VİLLEGAS, M. D. M. and BARROSO, C. (2016), A framework for board capital, Corporate Governance: The International Journal of Business in Society, 16(3), 452–475
  • ROSE, C. (2005), The composition of semi‐two‐tier corporate boards and firm performance, Corporate Governance: An International Review, 13(5), 691-701.
  • SALANCİK, G. R. (1977), Commitment and the control of organizational behavior and belief. In B. Staw & G. Salancik (Eds.), New directions in organizational behaviour, Chicago, IL: St. Clair, 1-54
  • SUN, J. and LİU, G. (2013), Auditor industry specialization, board governance, and earnings management, Managerial Auditing Journal, 28(1), 45-64.
  • TARUS, D. K. and AYABEİ, E. (2016), Board composition and capitalstructure: Evidence from Kenya, Management Research Review, 39(9), 1056–1079
  • TAYLOR, R. N. (1975), Age and experience as determinants of managerial information processing and decision making performance, Academy of Management journal, 18(1), 74-81.
  • VAFEAS, N. (2003), Length of board tenure and outside director independence, Journal of Business Finance and Accounting, 30(7‐8), 1043-1064.
  • VON MEYERİNCK, F., OESCH, D. and SCHMİD, M. (2016), Is director industry experience valuable? Financial Management, 45(1), 207-237.
  • WESTPHAL, J. D. and ZAJAC, E. J. (1995), Who shall govern? CEO/board power, demographic similarity, and new director selection, Administrative science quarterly, 40(1) 60-83.
  • WİERSEMA, M. F. and BANTEL, K. A. (1992), Top management team demography and corporate strategic change, Academy of Management journal, 35(1), 91-121.
  • YASSER, Q. R., AL MAMUN, A. and RODRİGS, M. (2017), Impact of board structure on firm performance: evidence from an emerging economy, Journal of Asia Business Studies. Journal of Asia Business Studies, 11(2), 210-228.