Kurumsal Yönetim İlkeleri’nin ve Mali Performans Göstergelerin KOBİ’lerin Performansına Etkisi: BİST Üzerine Bir Uygulama

Abstract

SMEs, which are very important for eliminating the problem of unemployment which is the primary problems that most countries have, have become increasingly important and indispensable at the present time owing to their share and influence in the economy. The most important problem of these structures is that the majority is a family business based, and which leads to some problems in the sense of management. It has been alleged that corporate governance principles, which are one of the pioneering insights of our day, may be effective to solve these problems.In this thesis, it was studied to measure the effects of corporate governance practices on the financial performance indicators in SMEs traded in Istanbul Stock Exchange. The 25 companies traded on the Istanbul Stock Exchange were analyzed to determine the effects of corporate governance principles variables such as the size of the board of directors, the CEO’s tenure and duality, the ratio of independent directors in the board and the female directors ratio to financial performance of the companies, ROA(return on asset), ROE(return on equity). Panel data regression analysis method was used in the study and descriptive statistics, correlation matrix, and regression results were analyzed. As a result of the panel data regression analysis, only the CEO's tenure was found to have a positive effect on the financial performance of the SME’s among the corporate governance policy variables. If we are to summarize the reciprocal relations between the variables, positive result was found between the number of independent managers with the CEO's duality and total assets; a negative relationship was found between the number of independent directors with the CEO's tenure and the current ratio. Otherwise, there is a positive relationship between the size of the board of directors with the number of total assets and independent directors; and a negative relationship with financial performance indicators. In conclusion, there was the positive relationship between the CEO's tenure with CEO duality, total assets and foreign sales. Likewise, there was the positive relationship between the foreign sales rate and the ROA, but the negative relationship between CEO's duality and current ratio was observed.