Kurumsal yönetim ile firma performansı arasındaki ilişkinin İstanbul menkul kıymetler borsasında ampirik incelemesi

Corporate governance is a system of mechanisms and principles related to how the company is directed and controlled. Countries realized the importance of corporate governance in the last decade as a result of the big corporate scandals. Then, regulatory bodies attempted to increase the effectiveness of corporate governance in both private and public sectors. Similarly, Turkish Capital Market Board issued the corporate governance principles in 2003 in order to improve corporate governance system of the firms at quoted Istanbul Stock Exchange (ISE). The aim of the study is to analyze corporate governance and its effects on firm performance empirically and theoretically. It also aims to analyze whether there is a relationship between corporate governance and firm performance or not for firms quoted at ISE. The first chapter defines corporate governance and discussed the principles for the establishment of an effective corporate governance system. In the second chapter, corporate governance mechanisms are covered and within this framework governance in Turkey is discussed. Third chapter reviews the literature on the effects of corporate governance on firm performance. In the fourth chapter, the empirical analysis of the study is provided. The data is obtained from the web-sites of the sample firms and ISE database for the year of 2006 and the analysis is applied to 45 manufacturing firms included in the ISE 100 Index. The results show that there is a relationship between corporate governance and firm performance at ISE for manufacturing firms. In addition, the relationship direction is positive.