ERSAN ERSOY, ALİ BAYRAKDAROĞLU, Famil ŞAMİLOĞLU

Türkiye’de kurumsal yönetim ve firma performansı (tobin-q ve anormal getiri) arasındaki ilişkinin analizi

Bu çalışmanın amacı, İMKB–100 endeksinde yer alan 51 firma için kurumsal yö netim ile firma performansı arasındaki ilişkiyi Panel Lojistik Regresyon Modelle ri (PLRM) kullanarak test etmektir. Analizler, 1998-2007 dönemini kapsayan 10 yıllık veri dikkate alınarak gerçekleştirilmiştir. Çalışmada CEO’nun aynı zaman da yönetim kurulu üyesi veya yönetim kurulu başkanı olmaması durumu, yöne tim kurulu üye sayısının büyüklüğü ve sahiplik yoğunlaşmasının Tobin-q değeri ni arttırdığı tespit edilmiştir. Yönetici sahipliğinin firma performansını arttırmada önemli bir değişken olmadığı, ancak yabancı sahipliğinin Tobin-q temelinde firma performansını arttırırken, hisse senedi getirilerini azalttığı belirlenmiştir. Firmalarda denetim komitesinin varlığının performansı arttıracağı beklentisi gerçekleşmemiştir.

The analysis of the relationship between corporate governance and firm performance (tobin-q and abnormal return) in Turkey

The purpose of this study is to test the relationship between corporate gover nance and firm performance for 51 firms listed in the ISE-100 index using Panel Logistic Regression Models (PLRM). The data cover a ten years period betwe en1998-2007. The case that CEO is neither also the chairman of the board of di rectors nor a board member, the size of board of directors and ownership con centration increase the value of Tobin-q. Nevertheless Managerial ownership is not found to be an important variable improving firm performance. Results from the panel logistic regression models indicate that while foreign ownership increases firm performance in terms of Tobin-q, it reduces abnormal stock returns of the firm. The expectation that the presence of audit committee would increase the performance in firms is not confirmed.

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