Analysis of Factors Affecting Corporate Governance Maturity Level: A Research on the Companies Traded on Borsa İstanbul

Ekrem Arıkan; Feyzullah Yetgin

Article Details

Analysis of Factors Affecting Corporate Governance Maturity Level: A Research on the Companies Traded on Borsa İstanbul

Authors:

Ekrem Arıkan | Feyzullah Yetgin

Publisher:

Yildiz Technical University

Main Topics:

Ekonometri (Diğer)

Journal:

Yildiz Social Science Review Vol.9 Issue 1, pp.36-54

Document Type:

Article

Publication Date:

1/2023

Document Language:

Turkish

Document ID (Org No.):

2001306059

pISSN:

2149-4363

Keywords:

Abstract:

 Corporate governance, one of the management theories, is one of the important topics for companies. Compliance with corporate governance principles is a sensitive issue, especially in companies whose shares are traded on stock exchange markets, which have thousandsmillions of investors and stakeholders, andor operate internationally. Today, the economic activities of companies and their social interaction with their ecosystem have become dynamic on a national and global scale. The basic principles of corporate governance transparency, responsibility, accountability, fairness and the related obligations have great importance for companies. In Turkey, listed companies are obliged to comply with a significant part of the corporate governance principles with the regulations of the Capital Markets Board. As for the items that they are not obliged to comply with, as of 2018, there are reporting obligations with the comply or explain view on the Public Disclosure Platform operated by the Central Registry Agency. In this study, trading duration after initial public offering and corporate governance compliance reports of publicly traded companies have been taken into account, and Corporate Governance Maturity Level and Corporate Governance Maturity Index were studied with the developed methodology based on the subsections of Shareholders, Transparency, Stakeholders and Board of Directors. In the study, the effect of the duration after initial public offering on the Corporate Governance Maturity Level was examined in general and by subsections using Tukey HSD analysis. It is envisaged that being first study on this subject, it will have a leading impact on further next academic studies. As a result of the study, i Except for 2021, when the number of newly traded companies is high, the Corporate Governance Maturity Index values of the listed companies tend to increase. ii The maturity level of industrial companies is above the stock market average. iii While the maturity level of listed companies is higher in terms of principles regarding public disclosure, it is the lowest in terms of principles related to the board of directors. iv There is an improvement in the Corporate Governance Maturity Level, depending on the length of time the companies are traded on the stock exchange, and the level of compliance with the principles regarding public disclosure and transparency and shareholders is relatively higher.

 Corporate governance, one of the management theories, is one of the important topics for companies. Compliance with corporate governance principles is a sensitive issue, especially in companies whose shares are traded on stock exchange markets, which have thousandsmillions of investors and stakeholders, andor operate internationally. Today, the economic activities of companies and their social interaction with their ecosystem have become dynamic on a national and global scale. The basic principles of corporate governance transparency, responsibility, accountability, fairness and the related obligations have great importance for companies. In Turkey, listed companies are obliged to comply with a significant part of the corporate governance principles with the regulations of the Capital Markets Board. As for the items that they are not obliged to comply with, as of 2018, there are reporting obligations with the comply or explain view on the Public Disclosure Platform operated by the Central Registry Agency. In this study, trading duration after initial public offering and corporate governance compliance reports of publicly traded companies have been taken into account, and Corporate Governance Maturity Level and Corporate Governance Maturity Index were studied with the developed methodology based on the subsections of Shareholders, Transparency, Stakeholders and Board of Directors. In the study, the effect of the duration after initial public offering on the Corporate Governance Maturity Level was examined in general and by subsections using Tukey HSD analysis. It is envisaged that being first study on this subject, it will have a leading impact on further next academic studies. As a result of the study, i Except for 2021, when the number of newly traded companies is high, the Corporate Governance Maturity Index values of the listed companies tend to increase. ii The maturity level of industrial companies is above the stock market average. iii While the maturity level of listed companies is higher in terms of principles regarding public disclosure, it is the lowest in terms of principles related to the board of directors. iv There is an improvement in the Corporate Governance Maturity Level, depending on the length of time the companies are traded on the stock exchange, and the level of compliance with the principles regarding public disclosure and transparency and shareholders is relatively higher.

 Corporate governance, one of the management theories, is one of the important topics for companies. Compliance with corporate governance principles is a sensitive issue, especially in companies whose shares are traded on stock exchange markets, which have thousandsmillions of investors and stakeholders, andor operate internationally. Today, the economic activities of companies and their social interaction with their ecosystem have become dynamic on a national and global scale. The basic principles of corporate governance transparency, responsibility, accountability, fairness and the related obligations have great importance for companies. In Turkey, listed companies are obliged to comply with a significant part of the corporate governance principles with the regulations of the Capital Markets Board. As for the items that they are not obliged to comply with, as of 2018, there are reporting obligations with the comply or explain view on the Public Disclosure Platform operated by the Central Registry Agency. In this study, trading duration after initial public offering and corporate governance compliance reports of publicly traded companies have been taken into account, and Corporate Governance Maturity Level and Corporate Governance Maturity Index were studied with the developed methodology based on the subsections of Shareholders, Transparency, Stakeholders and Board of Directors. In the study, the effect of the duration after initial public offering on the Corporate Governance Maturity Level was examined in general and by subsections using Tukey HSD analysis. It is envisaged that being first study on this subject, it will have a leading impact on further next academic studies. As a result of the study, i Except for 2021, when the number of newly traded companies is high, the Corporate Governance Maturity Index values of the listed companies tend to increase. ii The maturity level of industrial companies is above the stock market average. iii While the maturity level of listed companies is higher in terms of principles regarding public disclosure, it is the lowest in terms of principles related to the board of directors. iv There is an improvement in the Corporate Governance Maturity Level, depending on the length of time the companies are traded on the stock exchange, and the level of compliance with the principles regarding public disclosure and transparency and shareholders is relatively higher.

 Yönetim teorilerinden kurumsal yönetim, işletmeler için önemli başlıklardandır. Özellikle payları borsada işlem gören, binlercemilyonlarca yatırımcısı ve paydaşı bulunan veveya uluslararası faaliyet gösteren şirketlerde, kurumsal yönetim ilkelerine uyum hassas konulardandır. Günümüzde işletmelerin ekonomik faaliyetleri ve bulundukları ekosistemle sosyal etkileşimi, ulusal ve küresel ölçekte dinamik hale gelmiştir. Kurumsal yönetimin temel ilkeleri şeffaflık, sorumluluk, hesap verebilirlik, adillik ve bunlara dair yükümlülükler şirketler için büyük önem taşımaktadır. Türkiyede Sermaye Piyasası Kurulu düzenlemeleriyle, payları Borsa İstanbulda işlem gören şirketler kurumsal yönetim ilkelerinden önemli kısmına uymakla yüküm-lüdür. Uymaya zorunlu olmadıkları maddelere ilişkin ise 2018 yılı itibariyle, Merkezi Kayıt Kuruluşu tarafından işletilen Kamuyu Aydınlatma Platformunda uy ya da açıkla bakışı ile raporlama yükümlülükleri bulunmaktadır. Bu çalışmada, halka açık şirketlerin halka arz yılları ve kurumsal yönetim uyum raporları esas alınarak, kurumsal yönetime ilişkin Pay Sahipleri, Kamuyu Aydınlatma, Menfaat Sahipleri, Yönetim Kurulu bölümleri bazında Kurumsal Yönetim Olgunluk Düzeyi gelişimleri ve Kurumsal Yönetim Olgunluk Endeksi, çalışmada geliştirilen metodoloji ile incelenmiştir. Çalışmada, ayrıca şirketlerin borsada işlem görme süresinin Kurumsal Yönetim Olgunluk Düzeyine etkisi Tukey HSD analizi kullanılarak genel olarak ve bölümler itibariyle araştırılmıştır. Bu konuda da yapılan ilk çalışma olarak sonraki akademik çalışmalara yön vereceği düşünülmektedir. Çalışma sonucunda, i Yeni işlem görmeye başlayan şirket sayısının yüksek olduğu 2021 yılı dışında, Borsa şirketlerinin Kurumsal Yönetim Olgunluk Endeksi değerlerinin artış eğiliminde olduğu, ii Sınai şirketlerin olgunluk düzeyinin borsa ortalamasının üstünde gerçekleştiği, iii Kamuyu aydınlatmaya ilişkin ilkeler açısından borsa şirketlerinin olgunluk düzeyi daha yüksek iken, yönetim kuruluna ilişkin ilkeler açısından en düşük olduğu, iv Şirketlerin borsada işlem görme süresine bağlı olarak, Kurumsal Yönetim Olgunluk Düzeyinde gelişim olduğu, özellikle kamuyu aydınlatma ve şeffaflık ile pay sahiplerine ilişkin ilkelere uyum düzeyinin daha yüksek olduğu tespit edilmiştir.

Article Details

Authors: Ekrem Arıkan | Feyzullah Yetgin

Publisher: Yildiz Technical University

Main Topics: Ekonometri (Diğer)

Journal: Yildiz Social Science Review Vol.9 Issue 1, pp.36-54

Document Type: Article

Publication Date: 1/2023

Document Language: Turkish

Document ID (Org No.): 2001306059

pISSN: 2149-4363

Issues

Authors:

Ekrem Arıkan | Feyzullah Yetgin

Publisher:

Yildiz Technical University

Main Topics:

Ekonometri (Diğer)

Journal:

Yildiz Social Science Review Vol.9 Issue 1, pp.36-54

Document Type:

Article

Publication Date:

1/2023

Document Language:

Turkish

Document ID (Org No.):

2001306059

pISSN:

2149-4363