SavedAdd your journal

Journals / Mehmet Akif Ersoy Üniversitesi Sosyal Bilimler Enstitüsü Dergisi / 2016 / Cilt: 8 - Sayı: 14

EFFECTS OF BOARD AND OWNERSHIP STRUCTURE ON CEO TURNOVER: A STUDY ON THE FIRMS LISTED IN BIST MANUFACTURING INDEX

YÖNETİM KURULU VE SAHİPLİK YAPISININ CEO DEĞİŞİMİ ÜZERİNDEKİ ETKİSİ: BİST İMALAT ENDEKSİ’NDE FAALİYET GÖSTEREN FİRMALAR ÜZERİNE BİR ARAŞTIRMA

Mesut DOĞAN
Mete KARAYEL
Pages
366–383
Publication Date
2016-04-07
DOI
—
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

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

In addition to this, it was found that CEO duality decreases the possibility of CEO turnover.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:In this study, it was aimed to determine the effects of board and ownership structure on CEO turnover at the firms listed in Borsa Istanbul (BIST).
📊
Key Findings & Data:Data was gathered from 136 firms operating in manufacturing industry for the years between 2009-2013.
💡
Conclusion & Impact:In addition to this, it was found that CEO duality decreases the possibility of CEO turnover.
🔬Design:Research Article
📍Scope:2009-2013 Verileri
⚙️Variables:CEO Değişimi · Yönetim Kurulu Yapısı · Sahiplik Yapısı

Abstract

In this study, it was aimed to determine the effects of board and ownership structure on CEO turnover at the firms listed in Borsa Istanbul (BIST). Data was gathered from 136 firms operating in manufacturing industry for the years between 2009-2013. For these years firms were divided into two groups as firms with CEO turnover and firms with no CEO turnover and thus management and ownership differences of those two groups were analysed. Logistic regression, correlation, t-test methods and exploratory statistics were used in empirical analysis. At the end of the analysis, A positive relationship between board size-the capital share of the blockholder and CEO turnover was found; by contrast with this, it was determined that there is a negative relationship between board and CEO ownership and CEO turnover. In addition to this, it was found that CEO duality decreases the possibility of CEO turnover.

Özet

Bu çalışmada Borsa İstanbul’da (BİST) işlem gören firmaların yönetim kurulu ve sahiplik yapısının CEO değişimi üzerindeki etkisinin tespit edilmesi amaçlanmıştır. Araştırmada 2009-2013 yılları arasında BİST imalat sanayide işlem gören 136 firmanın verilerinden yararlanılmıştır. Söz konusu yıllar arasında CEO’su değişen firmalar ve değişmeyen firmalar olarak iki gruba ayrılmış ve böylelikle iki grubun yönetim ve sahiplik yapısında ne gibi farklılıklar olduğunu tespit edilmiştir. Ampirik analizlerde lojistik regresyon, korelasyon, t-testi yöntemlerine ve tanımlayıcı istatistiklere yer verilmiştir. Yapılan analizler sonucunda yönetim kurulu üye sayısı ve büyük hissedarın sermaye payı ile CEO değişimi arasında pozitif bir ilişki; buna karşın yönetim kurulu ve CEO sahipliği ile CEO değişimi arasında negatif bir ilişki tespit edilmiştir. Bununla birlikte CEO’nun aynı zamanda yönetim kurulu başkanı olması durumunda CEO değişme ihtimali azaldığı belirlenmiştir.

🔖

Cite This Article

DOĞAN, M., KARAYEL, M. (2016). EFFECTS OF BOARD AND OWNERSHIP STRUCTURE ON CEO TURNOVER: A STUDY ON THE FIRMS LISTED IN BIST MANUFACTURING INDEX. Mehmet Akif Ersoy Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt: 8 - Sayı: 14, 366–383. https://ajindex.com/articles/381253

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (9)

  1. Adams, R. B. & Ferreira D. (2009), “Women in the Boardroom and Their Impact on Governance and Performance”, Journal of Financial Economics, Vol.94, No.2, (291–309).
  2. Adams, J. C., Mansi, S. A., & Nishikawa, T. (2013), “Public Versus Private Ownership and Fund Manager Turnover”, Financial Management, Vol.42, No.1, (127-154).
  3. Arosa B., Iturralde T. & Maseda A. (2013), “The Board Structure and Firm Performance in Smes: Evidence from Spain”, Investigaciones Europeas de Dirección y Economía de la Empresa, Vol.19, (127– 135). Aygün, M. & İç, S. (2010), “Genel Müdürün Aynı Zamanda Yönetim Kurulu Üyesi Olması Firma Performansını Etkiler mi?”, Muhasebe ve Finansman Dergisi, Sayı.47, (192- 201). Bayrakdaroğlu, A. (2010), “Mülkiyet Yapısı ve Finansal Performans: İMKB Örneği”, Ekonomi Bilimleri Dergisi, Vol.2, No.2, (11- 20). Berle, A. & Means, G. (1932), The Modern Corporate and Private Property, McMillian, New York, NY. Borokhovich, K.A., Parrino, R. & Trapani, T. (1996), “Outside Directors and CEO Selection”, Journal of Financial and Quantitative Analysis, Vol.31, No.3, (337–355).
  4. Brickley, J. &Van Horn, R.L. (2002), “Managerial Incentives in Nonprofit Organizations: Evidence from Hospitals”, Journal of Law and Economics, Vol.95, No.1, (227–250).
  5. Brunello, G., Graziano, C. & Parigi, B. M. (2003), “CEO Turnover in Insider-Dominated Boards: The Italian Case”, Journal of Banking & Finance, Vol.27, No.6, (1027-1051).
  6. Cavaco, S., Challe, E., Crifo, P., Reberioux, A. & Roudaut, G. (2013), “Board Independence and Operating Performance: Analysis On (French) Company and Individual Data”, Departement D'economie, Ecole Polytechnique Centre National De La Recherche Scientifique, http://econpapers.repec.org/paper/drmwpaper/2014-2.htm, 01.07.2014.
  7. Chang, E. C. & Wong, S. M. (2009), “Governance with Multiple Objectives: Evidence from Top Executive Turnover in China”, Journal of Corporate Finance, Vol.15, No.2, (230-244).
  8. Chatterjee, S. & Harrison, J. (2001), “Corporate Governance”, In: Hitt, M.A., Freeman, R.E., Harrison, J.S. (Eds.), Handbook of Strategic Management. Blackwell Publishers,
  9. Malden, MA. Chen, L. (2012), “The Effect of Ownership Structure on Firm Performance: Evidence from Non-financial Listed Companies in Scandinavia”, Msc in Finance & International Business, Aarhus School of Business. Aarhus University. Cheng, J., Cummins, J. D. & Lin, T. (2015), “Organizational Form, Ownership Structure, and CEO Turnover: Evidence From the Property–Casualty Insurance Industry”, Jo