The effects of corporate governance implementations on the organizational values: A study intended for analysing the companies in the IMKB corporate governance index

For todays companies it is very important to survive as a competitive player in the global markets under the effects of the growing complexity of the nature of the business world. Although the all struggle of companies, the world have witnessed that some of the companies have failed and lost blood, especially during the crisis. Also, the bankruptcies of companies of all types and sizes has risen dramatically. At this point, the concept of corporate governance has gained increased attention from all around the world. Corporate governance is a management approach which highlights the need for revising a company?s management philosopy in order to direct and control its every activities in the awareness of fairness, transparency, accountability and responsibility. Corporate governance codes have been composed by most of the countries within the framework of OECD Corporate Governance Principals. In Turkey, Capital Market Board has defined corporate governance principles and a corporate governance index is composed in the Istanbul Stock Exchange. There is a growing understanding that companies must apply corporate governance for enhancing a competitive power. On the other hand, corporate governance has played an increasingly significant role in the culture of companies. A company is unimaginable without its culture. Therefore, the vital principals of corporate governance for companies has been reflected to their organizational culture, and so, their organizational values.The aim of this study is to introduce a systematic framework for evaluating the effects of corporate governance implementations on the organizational values of companies in the extent of Turkey. Due to this aim, an ampirical survey was conducted with the listed companies in the corporate governance index of the Istanbul Stock Exchange to find out the relationship between corporate governance and organizational values. Data of the survey was collected by a questionnaire developed in the study and was evaluated by the help of frequency analyses, factor analyses, correlation and regression analyses. Together with the findings, the relationship between corporate governance and organizational values is examined in a multidirectional way.