Kurumsal Yönetim İlkelerine Uyum Derecesi ile Firma Performansı Arasındaki İlişkinin İncelenmesi

Abstract

The continuous change and development in the economy and the competition ecosystem are factors that cause the management concept in enterprises to take various forms over time. Today, this understanding comes out as a management approach which is in line with corporate governance principles. The concept of corporate governance, which is one of the topics that have been intensively discussed both in theory and in practice, emerges as a set of rules for the protection of the interests of all the stakeholders of the company. The corporate governance principles, which are developed at international level, especially by the OECD are regulated by the Capital Markets Board to be implemented by public companies in our country. In this respect, the BIST Corporate Governance Index has been established in order to increase the awareness of the corporate governance of the companies and the companies that have the compliance rating to the corporate governance principles are included in the index. Whether or not the level of corporate governance of the 31 companies outside the financial sector, which has been rated as corporate governance for at least three periods between 2011 and 2015, has had an effect on firm performance has been the subject of research of this study. A positive and statistically significant relationship between the corporate governance principles score and the Tobin q ratio representing the performance of the company has been found. Moreover, relationship between return on asset (ROA) and return on equity (ROA) and corporate governance principles score has been found to be statistically insignificant.