Özet:

In this study, Return on Equity Ratio (ROE), Return on Assets Ratio (ROA), and Price-Earnings Ratio (P/E) are determined as the financial performance measures of listed firms to test the effect of overall corporate governance scores and sub-categories scores on financial performance in Turkey. The study covers an unbalanced data set from Bist100 firms which are listed in corporate governance index between the years 2007-2013. The study results are analyzed for the full data set and for the non-financial firms’ data set. For each set, the analysis results reveal that corporate governance scores have no statistically significant effect on listed firms’ financial performance. Therefore, getting higher corporate governance scores don’t mean higher performance for those firms. Besides, there is a statistically significant and positive relationship between stakeholders’ scores and financial performance. In other words, firms with higher stakeholders’ scores show comparatively higher financial performance.

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