Yönetim Kurulu Çeşitliliği Firma Performansını Etkiler Mi? (Does Diversity in Boardrooms Affect Company Performance?)

Turkish Abstract: Gectigimiz son 10 yilda dunyanin onde gelen firmalarinda meydana gelen finansal basarisizliklar, kurumsal yonetim (kurumsal yonetisim) kavramina her zamankinden daha fazla onem verilmesine neden olmustur. OECD, kurumsal yonetimi bir firmanin dogru bir sekilde yonetilmesi ve kontrol edilebilmesi icin gerekli olan prosedurler ve surecler butunu olarak tanimlamaktadir. Kurumsal yonetim, icsel ve dissal bircok faktor tarafindan etkilenmektedir. Bu nedenle kurumsal yonetim mekanizmalarini icsel kurumsal yonetim mekanizmalari ve dissal kurumsal yonetim mekanizmalari olarak iki gruba ayirmak mumkundur. Dissal kurumsal yonetim mekanizmalarina piyasa gucleri tarafindan islerlik kazandirilirken, icsel kurumsal yonetim mekanizmalarina firma tarafindan islerlik kazandirilmaktadir. Piyasa gucleri ve yasal duzenlemeler dissal kurumsal yonetim mekanizmalari iken, sahiplik yapisi ve yonetim kurulu icsel kurumsal yonetim mekanizmalari arasinda yer almaktadir. Bu calismanin amaci icsel kurumsal yonetim mekanizmalarindan olan yonetim kurulunun yapisinin firma performansi uzerinde etkili olup olmadigini arastirmaktir. Bu dogrultuda, paylari BIST 100 endeksinde islem goren 67 finansal olmayan firmanin 2010-2015 yillarindaki bilanco, faaliyet raporu ve olagan genel kurul toplanti tutanagi verileri kullanilmistir. Yonetim kurulu cesitliligi ile ilgili olarak kadin uyelerinin toplam uye sayisina orani, bagimsiz uyelerin toplam uye sayisina orani ile yabanci uyelerin toplam uye sayisina orani kullanilirken, firma performansinin olcumunde Tobin’s Q kullanilmistir. Ayrica, yonetim kurulu buyuklugunun kontrolu icin yonetim kurulu uye sayisinin dogal logaritmasi ile firma buyuklugunun kontrolu icin varliklarin dogal logaritmasi kullanilmistir. Panel veri analizi sonuclari, Tobin’s Q ile olculen firma performansi ile yabanci uyelerin toplam uye sayisina orani ve bagimsiz uyelerin toplam uye sayisina orani arasinda pozitif ve istatistiksel olarak anlamli bir iliski oldugunu ortaya cikarmistir. Bununla birlikte, kadin uyelerin toplam uye sayisina orani ile Tobin’s Q arasinda istatistiksel olarak anlamli bir iliski tespit edilememistir. Ozetle, yonetim kurulundaki yabanci uye sayisinin artmasi ile yonetim kurulunun bagimsizliginin artmasi firma performansini olumlu yonde etkilemektedir. English Abstract: There is a special attention to corporate governance during to past ten years in the wake of financial failures in world’s leading companies. OECD defines corporate governance as the all necessary procedures and processes for a company to properly manage and control. Corporate governance mechanisms are affected by various internal and external factors; therefore it is divided into two categories: internal corporate governance mechanism and external corporate mechanism. While external corporate governance mechanism is activated by market forces, internal corporate governance mechanism is brought to force by company itself. 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 aim of this study is investigating the effect of boardrooms diversity on company performance. In this direction, 2010-2015 data in balance sheets, annual reports and official reports of ordinary general meeting which belongs to 67 companies whose shares dealt in BIST 100 Index are employed. While number of women directors/totals, number of independent directors/totals and number of foreign directors/totals are used for boardroom diversity, Tobin’s Q is employed for measurement of company performance. In addition, natural logarithm of number of directors and natural logarithm of total assets are employed as control variables. Results of panel data analysis revealed that there is positive and statistically significant relation between Tobin’s Q and number of foreign directors/total and number of independent directors/totals. Besides, there is no statistically significant relation found between number of foreign directors/totals and Tobin’s Q. In summary, increase in number of foreigners in boardroom and become boardrooms more independent has positive impact on company performance.