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ŞİRKET YÖNETİM KURULUNDAKİ KADIN ÜYELERİN FİRMA PERFORMANSINA ETKİSİ

THE IMPACT OF WOMEN BOARD OF DIRECTORS ON FIRM PERFORMANCE

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Abstract (2. Language): 
This paper analyzes the impact of number of women on the board of directors in Turkey on the performance of firms. The data covers the period between 2008-2015 for the BIST-100 companies and analyze the impact of number of women in the boards to the performance of companies proxied by return on assets, return on equity and Tobin's Q ratios. The percentage of women in the board and the percentage of women among the independent board members and the size of the board are also scrutinized. Further, other factors which would affect the performance like firm size and debt ratio are also included in the analysis. The paper adopts a panel regression model which considers the industrial differences by assigning dummy variables for each sector. The results of the study show that the increases in the percentage of women in the boards decreases return on assets and return on equity but increases Tobin's Q. On the other hand, the percentage of women in the independent directors decreases Tobin's Q.
Abstract (Original Language): 
Bu çalışmada, Türkiye'de şirketlerin yönetim kurulunda yer alan kadın üye sayısının firmaların performansına etkisi incelenmektedir. Çalışma kapsamında 2008-2015 yılları arasında BIST-100 endeksinde yer alan firmaların yönetim kurulunda yer alan kadın sayısının firmaların Aktif Karlılığı, Özkaynak Karlılığı ve Tobin Q oranı ile ölçümlenen performanslarına etkisi incelenmiştir. Çalışmada yönetim kurulunda ve bağımsız üyeler arasında kadın üye oranı ile yönetim kurulun büyüklüğü gibi yönetim kurulunun yapısına ilişkin değişkenler incelenmiştir. Bunların dışında firma karlılığını etkileyebileceğini düşündüğümüz firmanın büyüklüğü ve borç oranı gibi değişkenlerde modele katılmıştır. Sektörel farklılıkların da ele alındığı çalışmada her bir sektör için kukla değişken kullanılarak panel regresyon yönteminden yararlanılmıştır. Çalışmadan elde edilen sonuçlar yönetim kurullarındaki kadın üye oranındaki artışın aktif karlılığı ve özsermaye karlılığını azalttığı ve Tobin Q değerini ise arttırdığını göstermektedir. Bunun yanında bağımsız kadın üye oranındaki artışın ise Tobin Q değerini azalttığı gözlemlenmiştir.

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