Kurumsal yönetim, sahiplik yapısı ve firma performansı: İMKB örneği

Corporate governance has become an important issue recently. Investors, creditors and other related parties request better corporate governance applications from corporations.The main purpose of this study is to analyze the relationship between ownership structure and firm performance of Turkish companies. The sample of this study consists of 236 Turkish non-financial firms that listed in the Istanbul Stock Exchange 100 Index, over the period 2005-2008. Return on assets, return on equity and Tobin?s Q are dependent variables in this study while the percentage of first five largest shareholders, the percentage of foreign ownership, board size and free float rate are independent variables. Size and age are control variables.In the first chapter, corporate governance concept is discussed. Turkish corporate governance structure is investigated in the second chapter. Literature about corporate governance and an empirical analysis on Turkish firms about the relationship between ownership structure and firm performance is investigated in the third chapter.The findings show that board size is statistically significant and has positive relationship with ROA and ROE. Also board size is statistically significant and has negative relationship with Tobin?s Q when the effect of previous year Tobin?s Q is included in the regression. Firm size is statistically significant and has positive relationship with ROE. Foreign ownership is statistically significant and has negative relationship with Tobin?s Q when the effect of previous year Tobin?s Q is included in the regression. Also the effect of previous year ROA, ROE and Tobin?s Q are measured on dependent variables and significant positive relationship is founded in the study.