Üst Kademe Kuramı Kapsamında Hisse Getirileri Üzerinde CEO’nun Özelliklerinin Etkisi

1984 yılında oluşturulan üst kademe (upper echelons) kuramı şirketlerin üst yönetim ekiplerinin özelliklerinin şirket performansına etkisini gündeme taşımıştır. Bu konuda birçok araştırma yapılmış olsa da Türkiye’de yapılmış detaylı bir çalışma bulunmamaktadır. Bu çalışmada, Türkiye’deki büyük ölçekli firmaların önemli bir kısmını içeren BİST100 endeksindeki şirketlere ait 2015-2019 yıllarını kapsayan veri seti kullanılarak şirket CEO’larının özelliklerinin şirket performansına etkisi incelenmiştir. Araştırmadan elde edilen sonuçlara CEO yaşı, CEO ikiliği, CEO’nun aynı firmada çalıştığı süre ve CEO’nun aynı firma içinden atanmasının şirket performansına etkisi bulunmamaktadır. CEO’nun mevcut pozisyonda geçirdiği sürenin ve toplam CEO olarak çalışma tecrübesinin istatistiksel olarak anlamlı bir şekilde şirket performansına olumlu yansıdığı görülmüştür. Araştırmada önemli bulgular olarak (1) BİST100’deki şirketlerin %84’ünün CEO pozisyonuna içerden atama yaptıkları, (2) içerden atanan CEO’ların aynı pozisyonda dışarıdan atanan CEO’lara kıyasla üç kat daha fazla kaldığı ve (3) CEO olarak çalışılan süre ile elde edilen performans arasında pozitif ilişki olduğu tespit edilmiştir.

Anahtar Kelimeler:

Hisse Fiyat Performansı, BIST100, CEO Yaşı, CEO Kıdemi, CEO İkiliği

The Effect of CEO Characteristics on Stock Returns within Upper Echelons Theory

The effects of top management teams’ characteristics on company performance has become very popular with the upper echelon’s theory, created in 1984. This has led to various academic studies on that topic however there is no detailed study conducted in Turkey. In the study, the effects of CEO characteristics on company performance is analyzed by using data of large-scale Turkish firms which are members of the BIST100 index over 2015 and 2019. According to the results obtained from the research, the age of the CEO, the CEO duality, and the CEO’s experience in the current company have no statistically significant effect on the stock performance. CEO’s experience in the current position and past experience working as a CEO have positive impact on the performance of the company. As the important findings in the research, (1) 84% of the companies in BIST100 are appointed insiders to the CEO position, (2) the insider CEOs stay three times more than the outsiders, and (3) there is a positive relation between CEO’s experience working as a CEO and company performance.

Keywords:

Stock Price Performance, BIST100, CEO Age, CEO Tenure, CEO Duality,

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