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Son yıllarda oldukça önem kazanmış bir kavram olan kurumsal yönetim; iyi yönetim uygulamaları olarak anılmakta ve işletmelere ciddi avantajlar yaratmaktadır. Kurumsal yönetim kavramı ile finansal performansın getirilere olan etkisini bağdaştıran bu çalışmada; inceleme kapsamında yer alan işletmeler iki grup halinde ele alınmıştır. Birinci grupta BİST Kurumsal Yönetim (XKURY) Endeksinde yer alan, ikinci grupta ise BİST Kurumsal Yönetim Endeksinde yer almayan işletmeler oluşturmaktadır. Bu iki işletme grubuna ait finansal oranların hisse senedi getirileri üzerindeki etkisini analiz edip, bir farklılık olup olmadığını tespit edip karşılaştırmak çalışmanın temel çıkış noktasını oluşturmaktadır. Çalışmada likidite, etkinlik, kârlılık ve piyasa ölçümleri olarak 14 finansal oran, 1 tane de kontrol değişkeni kullanılmıştır. Analizlerde işletmelerin 2013-2018 dönemine ait yıllık verileri kullanılmıştır. İnceleme döneminde verileri sürekli olan toplam 190 işletme araştırma kapsamında yer almaktadır. Bu işletmelerin 39’u Kurumsal Yönetim Endeksinde, 151’i ise Kurumsal Yönetim Endeksinde yer almayan işletmelerden oluşmaktadır. İşletmelere ait finansal oranlar ile kontrol değişkeni bağımsız, hisse senedi getirileri ise bağımlı değişken olarak alınarak iki farklı regresyon modeli ile analiz edilmiştir. Yapılan analizlerden elde edilen sonuçlara göre; Kurumsal Yönetim Endeksinde yer alan işletmelere ait finansal oranların hisse senedi getirilerini %13,7 oranında açıklarken, Kurumsal Yönetim Endeksinde yer almayan işletmelerde ise aynı finansal oranlar şirketlerin hisse senedi getirilerini açıklama oranı %4,9 olduğu tespit edilmiştir.
In recent years, the concept of corporate governance, a concept that has gained considerable importance; is known as good management practices and creates serious advantages for enterprises. In this study, which unifies the effects of financial performance on returns with corporate governance concept; the enterprises are divided into two groups. In the first group, the enterprises included in the BIST Corporate Governance Index (XKURY) and in the second group which are not included in the BIST Corporate Governance Index. Analyzing the effect of financial ratio of these two business groups on stock returns, determining whether there is a difference or not is the main starting point of the study. The study covers 14 financial ratio and 1 control variable used as liquidity, efficiency, profitability and market measurements. Annual data of the enterprises are used for the period of 2013-2018. In the review period, a total of 190 enterprises that have continuous data are included in the research. 39 of these enterprises are included in Corporate Governance Index and 151 of the enterprises are not included in Corporate Governance Index. The financial ratio of the enterprises and the control variable were analyzed independently and the stock returns were analyzed by two different regression models. According to the results obtained from the analyzes, the ratio of the financial ratio of the enterprises included in the Corporate Governance Index to the ratio was 13. 7%, while the rate of disclosure of the stock returns of the companies in the companies not included in the Corporate Governance Index was found to be 4.9%.
In recent years, the concept of corporate governance, a concept that has gained considerable importance; is known as good management practices and creates serious advantages for enterprises. In this study, which unifies the effects of financial performance on returns with corporate governance concept; the enterprises are divided into two groups. In the first group, the enterprises included in the BIST Corporate Governance (XKURY) Index and in the second group which are not included in the BIST Corporate Governance Index. Analyzing the effect of financial ratios of these two business groups on stock returns, determining whether there is a difference or not is the main starting point of the study. The study covers 14 financial ratios and 1 control variable used as liquidity, efficiency, profitability and market measurements. Annual data of the enterprises are used for the period of 2013-2018. In the review period, a total of 190 enterprises which have continuous data are included in the research. 39 of these enterprises are included in Corporate Governance Index and 151 of the enterprises are not included in Corporate Governance Index. The financial ratios of the enterprises and the control variable were analyzed independently and the stock returns were analyzed by two different regression models. According to the results obtained from the analyzes, the ratio of the financial ratios of the enterprises included in the Corporate Governance Index to the ratio was 13.7%, while the rate of disclosure of the stock returns of the companies in the companies not included in the Corporate Governance Index was found to be 4.9%.
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Uluslararası
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