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Journals / Trakya Üniversitesi Sosyal Bilimler Dergisi / 2025 / Cilt: 27 Sayı: IERFM 2025 Özel Sayı Özel Sayı

THE IMPACT OF BOARD STRUCTURE ON COST OF DEBT: A RESEARCH ON BIST MANUFACTURING SECTOR COMPANIES

YÖNETİM KURULU YAPISININ BORÇLANMA MALİYETİ ÜZERİNE ETKİSİ: BIST İMALAT SEKTÖRÜ FİRMALARINDA BİR ARAŞTIRMA

Filiz Özşahin Koç(NEVŞEHİR HACI BEKTAŞ VELİ ÜNİVERSİTESİ)0000-0002-0211-869X
Ali Deran(Tarsus Üniversitesi)0000-0001-5377-6740
Pages
205–226
Publication Date
2025-03-14
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AI Summary & Key Takeaways

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

This research, which aims to investigate the relationship between the board structure and the cost of debt of firms in the BIST manufacturing sector, is thought to complement the gap in the literature.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The goal of this research is to investigate the impact of the board structure of firms on the cost of debt.
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Key Findings & Data:Therefore, the data of 150 firms listed in the “Borsa Istanbul (BIST) manufacturing sector” between 2017-2021 are analyzed. “Panel data analysis” method is administered in the research.
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Conclusion & Impact:This research, which aims to investigate the relationship between the board structure and the cost of debt of firms in the BIST manufacturing sector, is thought to complement the gap in the literature.
🔬Design:Araştırma Makalesi
📍Scope:2017-2021 Verileri
⚙️Variables:Borçlanma Maliyeti · Yönetim Kurulu Çeşitliliği · Panel Veri Analizi

Abstract

The goal of this research is to investigate the impact of the board structure of firms on the cost of debt. Therefore, the data of 150 firms listed in the “Borsa Istanbul (BIST) manufacturing sector” between 2017-2021 are analyzed. “Panel data analysis” method is administered in the research. It is found that gender diversity, board independence, size, return on assets, tangible assets, firm age, financial leverage and percentage of sales growth have an impact on the cost of debt. However, the gender of the chairman, board size and liquidity variables are found to have no significant impact on the cost of debt. While there are studies in the international literature that examine the effect of board structure on the cost of debt, there is a limited number of studies in the national literature on this issue in the Turkish sample. This research, which aims to investigate the relationship between the board structure and the cost of debt of firms in the BIST manufacturing sector, is thought to complement the gap in the literature.

Özet

Bu çalışmanın amacı, firmaların yönetim kurulu yapısının borçlanma maliyeti üzerine etkisini araştırmaktır. Bu amaç doğrultusunda, 2017-2021 yılları arasında Borsa İstanbul (BIST) imalat sektöründe faaliyette bulunan 150 firmanın verisi incelenmiştir. Araştırmada panel veri analizi yöntemi kullanılmıştır. Analizler neticesinde cinsiyet çeşitliliği, yönetim kurulu bağımsızlığı, büyüklük, aktif kârlılık, maddi varlıklar, firma yaşı, finansal kaldıraç ve satışlardaki büyüme yüzdesinin borçlanma maliyeti üzerinde etkisi olduğu bulgusu elde edilmiştir. Bununla birlikte, yönetim kurulu başkanının cinsiyeti, yönetim kurulunun büyüklüğü ve likidite değişkenlerinin borçlanma maliyeti üzerinde anlamlı bir etkisi bulunmadığı tespit edilmiştir. Uluslararası literatürde yönetim kurulu yapısının borçlanma maliyeti üzerine etkisini inceleyen çalışmalar bulunmakla birlikte, ulusal literatürde bu konuda Türkiye örnekleminde sınırlı sayıda çalışma yer almakta olup BİST imalat sektöründe yer alan firmaların yönetim kurulu yapıları ile borçlanma maliyeti arasındaki ilişkiyi araştırmayı amaçlayan bu çalışmanın literatürdeki eksikliği tamamlayacağı düşünülmektedir.

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Cite This Article

Koç, F. Ö., Deran, A., *, F. Ö. K. (2025). THE IMPACT OF BOARD STRUCTURE ON COST OF DEBT: A RESEARCH ON BIST MANUFACTURING SECTOR COMPANIES. Trakya Üniversitesi Sosyal Bilimler Dergisi, Cilt: 27 Sayı: IERFM 2025 Özel Sayı Özel Sayı, 205–226. https://doi.org/10.26468/trakyasobed.1515405

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