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Journals / Muhasebe ve Finansman Dergisi / 2026 / Sayı: 112

The Effects of Female and Independent Board Member Ratios On Firms’ ESG Performance: Evidence from Borsa Istanbul

Yönetim Kurulundaki Kadın ve Bağımsız Üye Oranlarının Firmaların ESG Performansı Üzerindeki Etkileri: Borsa İstanbul Örneği

Mine Aksoy(YALOVA ÜNİVERSİTESİ)0000-0002-4773-1770
Ayşe Tansel Çetin(YALOVA ÜNİVERSİTESİ, İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ)0000-0002-3819-4221
Zelha Altınkaya(YALOVA ÜNİVERSİTESİ)0000-0002-6964-7182
Pages
35–66
Publication Date
2026-10-04
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The findings show that female and independent board members have a positive and statistically significant effect on governance performance, while female representation has a limited positive impact on overall ESG performance.

📌 3 Key Takeaways

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Objective & Hypothesis:The aim of this study is to examine the impact of female and independent board members on environmental, social, and governance (ESG) performance in non-financial firms listed on Borsa Istanbul.
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Key Findings & Data:The analysis employs the two-step system GMM using data from 94 firms over the 2008–2024 period.
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Conclusion & Impact:The findings show that female and independent board members have a positive and statistically significant effect on governance performance, while female representation has a limited positive impact on overall ESG performance.
🔬Design:Araştırma Makalesi
📍Scope:2008–2024 Verileri
⚙️Variables:Çevresel · Sosyal ve Yönetişim Performansı · Kritik kitle teorisi

Abstract

The aim of this study is to examine the impact of female and independent board members on environmental, social, and governance (ESG) performance in non-financial firms listed on Borsa Istanbul. The analysis employs the two-step system GMM using data from 94 firms over the 2008–2024 period. The findings show that female and independent board members have a positive and statistically significant effect on governance performance, while female representation has a limited positive impact on overall ESG performance. Furthermore, results based on critical mass theory suggest that the effect of female board representation becomes significant only after reaching a certain threshold. The findings highlight the importance of policies that strengthen the representation of women and independent directors on corporate boards and promote a board structure that supports effective decision-making. In particular, regulations should be introduced to help female representation reach a critical mass, including a legally mandated minimum quota of 25% for women on boards. The findings also suggest that improving the effectiveness of corporate sustainability committees is an important practical and policy implication of the study.

Özet

Bu çalışmanın amacı, Borsa İstanbul’da (BIST) işlem gören finansal olmayan şirketlerde yönetim kurullarındaki kadın ve bağımsız üye oranlarının çevresel, sosyal ve yönetişim (ESG) performansı üzerindeki etkilerini incelemektir. Bu kapsamda, 94 firmanın 2008–2024 dönemine ait verileri kullanılarak iki aşamalı sistem GMM ile analizler gerçekleştirilmiştir. Çalışma sonucu, yönetim kurulunda kadın ve bağımsız üye oranlarının yönetişim performansını pozitif ve istatistiksel olarak anlamlı biçimde etkilediği; kadın üye oranının ESG performansı üzerinde sınırlı düzeyde pozitif bir etkiye sahip olduğunu göstermektedir. Kritik kitle teorisini test eden analizler, yönetim kurullarında kadın temsilinin etkisinin ancak belirli bir eşiğe ulaşıldığında anlam kazandığını ortaya koymaktadır. Çalışma bulguları, yönetim kurullarında kadın ve bağımsız üye temsilinin güçlendirilmesi ve etkin karar almayı destekleyecek uygun kurul yapısının oluşturulmasına yönelik politikaların önemini ortaya koymaktadır. Özellikle yönetim kurullarında kadın temsilinin kritik kitle düzeyine ulaşmasını destekleyecek düzenlemelerin geliştirilmesi ve en az %25 kadın üye kotasının yasal bir zorunluluk hâline getirilmesi önerilmektedir. Ayrıca, şirketlerde kurumsal sürdürülebilirlik komitelerinin etkinliğinin artırılması, uygulama ve politika çıkarımları arasında yer almaktadır.

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Cite This Article

Aksoy, M., Çetin, A. T., Altınkaya, Z. (2026). The Effects of Female and Independent Board Member Ratios On Firms’ ESG Performance: Evidence from Borsa Istanbul. Muhasebe ve Finansman Dergisi, Sayı: 112, 35–66. https://doi.org/10.25095/mufad.1997822

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