YÖNETİM KURULU ÇEŞİTLİLİĞİNİN FİRMA DEĞERİNE ETKİSİ: TÜRKİYE ÖRNEĞİ

Geçtiğimiz son 10 yılda dünyanın önde gelen firmalarında meydana gelen finansal başarısızlıklar, kurumsal yönetim (kurumsal yönetişim) kavramına her zamankinden daha fazla önem verilmesine neden olmuştur. Kurumsal yönetim, içsel ve dışsal birçok faktör tarafından etkilenmektedir. Bu nedenle kurumsal yönetim mekanizmalarını, içsel kurumsal yönetim mekanizmaları ve dışsal kurumsal yönetim mekanizmaları olarak iki gruba ayırmak mümkündür. Piyasa güçleri ve yasal düzenlemeler dışsal kurumsal yönetim mekanizmaları iken, sahiplik yapısı ve yönetim kurulu içsel kurumsal yönetim mekanizmaları arasında yer almaktadır. Bu çalışmanın temel amacı içsel kurumsal yönetim mekanizmalarından biri olan yönetim kurulunun yapısının firma değeri üzerinde etkili olup olmadığını araştırmaktır. Bu doğrultuda, payları Borsa İstanbul 100 endeksinde işlem gören 67 finansal olmayan firmanın 2010-2015 yıllarındaki bilanço, faaliyet raporu ve olağan genel kurul toplantı tutanağı verileri kullanılmıştır. Yönetim kurulu yapısı ile ilgili olarak kadın üyelerinin toplam üye sayısına oranı, bağımsız üyelerin toplam üye sayısına oranı ile yabancı üyelerin toplam üye sayısına oranı kullanılırken, firma değerinin ölçümünde Tobin’s Q kullanılmıştır. Ayrıca, yönetim kurulu büyüklüğünün kontrolü için yönetim kurulu üye sayısının doğal logaritması ile firma büyüklüğünün kontrolü için varlıkların doğal logaritması kullanılmıştır. Sonuçlar, firma değeri ile yabancı üyelerin toplam üye sayısına oranı ve bağımsız üyelerin toplam üye sayısına oranı arasında pozitif ve istatiksel olarak anlamlı bir ilişki olduğunu ortaya çıkarmıştır. Bununla birlikte, kadın üyelerin toplam üye sayısına oranı ile Tobin’s Q arasında istatistiksel olarak anlamlı bir ilişki tespit edilememiştir.

Anahtar Kelimeler:

Kurumsal Yönetim, Yönetim Kurulu Çeşitliliği, Firma Değeri

THE IMPACT OF BOARD DIVERSITY ON FIRM VALUE: THE CASE OF TURKEY

There is a special attention to corporate governance during to past 10 years in the wake of financial failures in world’s leading companies. Corporate governance mechanisms are affected by various internal and external factors, therefore they are divided into two categories: internal corporate governance mechanisms and external corporate mechanisms. Market forces and legislative regulations can be count as external corporate governance practices while board of directors and ownership structure are classified in internal corporate governance practices. The study aims to investigate the impact of board structure that is one of the internal corporate mechanism on firm value. In this direction, 2010-2015 data in balance sheets, annual reports and official reports of ordinary general meeting which belongs to 67 BIST 100 companies are employed. While percentage of female directors, percentage of independent directors and percentage of foreign directors are used for measurement of board diversity, Tobin’s Q is employed for measurement of firm value. In addition, natural logarithm of number of directors and natural logarithm of total assets are employed as control variables. Results reveal that there is positive and statistically significant relation between firm value and percentage of foreign directors and percentage of independent directors. Besides, there is no statistically significant relation found between percentage of women directors and Tobin’s Q

Keywords:

Corporate Governacne, Boardroom Diversity, Firm Value,

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