Effects of corporate governance implications on firm value

In recent years, Turkey has became an extremely important country for the investors in paralel with the internal and external economic developments and the foreign investment to country has picked up its speed. In the lights of these occurences, the aim of this thesis is to measure scientifically the impact of Corporate Governance implementations of companies operating in Turkey on the firm value. There are some debates in the literature about the measurement of the relationship between corporate governance implementations and firm value but it is certain that the corporate governance variables differ in terms of country. The questions stated in the questionnaire of this thesis which aims to carry this debate in the literature one step further, were arranged uniquely to the companies operating in Turkey. The questionairre was directed to the board members, chief financial officers, investor relations managers and professionals and other top managers of the companies listed in the Istanbul Stock Exchange 100 index. In this questionnairre, the relationship between corporate governance implications and firm value was investigated under 6 main part. These parts are shareholder rights and transparency, financial transparency, board structure and responsibilities, stakeholder rights, rights and benefits of management and comments regarding the relation between corporate governance implications and firm value. Answers were analised to investigate the current stage of the corporate governance implications in Turkish listed companies and the relationship between firm value and corporate governance implementations of these companies. Result of this thesis is that, there is a relationship between structure and responsibilities of board and firm value. No other relationship has found for the relationship between firm value and other main headings. Apart from this, results showed that there is a relationship between the main headings of corporate governance implications. The time period that should be passed to measure the effect of corporate governance is not completed in our country. So, it is thought that the most important reason of why the effect could not be measured for all of the parts of corporate governance implications is this. The results and the effects of the importance that would be given to corporate governance implications by companies could be seen in next years more clearly.