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FEMALE REPRESENTATION ON BOARD OF DIRECTOR: THE INVESTIGATION OF THE BOARD OF DIRECTORS’ STRUCTURE IN THE CONTEXT OF GENDER

Year 2018, Volume: 14 Issue: 4, 1147 - 1166, 01.09.2018
https://doi.org/10.17130/ijmeb.2018445674

Abstract

The aim of this study is to investigate female representation on board of directors in Turkey after the gender quota legislation and to research interaction between female directorship and family connection, independent directors, board size, interlocking directorship. The sample is 265 woman directors from above 400 firms listed in capital market. We use logit analysis and found out that independent women directors are assigned because of independent director’s quota. The theoretical contributions are not only agency theory but also the importance of institutional context. The paper provides insight to policymakers implementing gender quota legislation in comply or explain governance system

References

  • Abdullah, S. N., Ismail, K. N. I. K., & Nachum, L. (2016). Does having women on boards create value? The impact of societal perceptions and corporate governance in emerging markets. Strategic Management Journal. 37, 466-476.
  • Adams, R. B., & Ferreira, D. (2009). Women in the board room and their impact on governance and performance. Journal of Financial Economics. 94, 291-309.
  • Adams, R. B., & Kirchmaier, T. (2013). Barriers to boardrooms. ECGI - Finance Working Paper. Asian Finance Association (AsFA) 2013 Conference. 347, 1-70.
  • Adams, R. B., Licht, A. N., & Sagiv, L. (2011). Shareholders and stakeholders: How do directors decide?. Strategic Management Journal. 32, 1331 – 1355.
  • Ahern, K. R., & Dittmar, A. K. (2013). The changing of the boards: The impact on firm valuation of mandated female board representation. The Quarterly Journal of Economics. 127, 137–197.
  • Anderson, R. C., Reeb, D. M., Upadhyay, A., & Zhao, W. (2011). The economics of director heterogeneity. Financial Management. 40(1), 5-38.
  • Andres, P. D., Azofra, V., & Lopez, F. (2005). Corporate boards in OECD countries: Size, composition, functioning and effectiveness. Corporate Governance: An International Review. 13(2), 197–210.
  • Ararat, M., & Yurtoğlu, B. B. (2011). An assessment of the recent legal reforms concerning “corporate governance” introduced by the capital market boards of Turkey. Working Paper Series. Corporate Governance Forum of Turkey, Sabancı Üniversitesi.
  • Bear, S., Rahmon, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics. 97, 207-221.
  • Bianco, M., Ciavarella, A., & Signoretti, R. (2015). Women on corporate boards in Italy: The role of family connections. Corporate Governance: An International Review. 23(2). 129-144.
  • Brown, A., Donaghy, T. B., Mackay, F., & Meehan, E. (2002). Women and constitutional change in Scotland and northern Ireland. Parliamentary Affairs. 55, 71-84.
  • Board of Directors Survey (2012). Woman corporate directors, women in economic decision-making in the EU: Progress report. A Europe 2020 Initiative. Luxemburg: Publications Office of EU.
  • Buğra, A. (1994). Devlet ve işadamları. F. Adaman (Çev.). 1. Baskı. İstanbul: İletişim Yayınları.
  • Burgess, Z., & Tharenou, P. (2002). Women board directors: Characteristics of the few. Journal of Business Ethics. 37, 39-49.
  • Carter, D. A., D’Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of us boards and board committees and firm financial performance. Corporate Governance: An International Review. 18(5), 396-414.
  • Carter, D., Simpkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity and firm value. The Financial Review. 38, 33-53.
  • Cheng, S. (2008). Board size and the variability of corporate performance. Journal of Financial Economics. 87(1), 157-176.
  • Dehaene, A., De Vuyst, V., & Ooghe, H. (2001). Corporate performance and board structure in belgian companies. Long Range Planning. 34, 383-398.
  • DiMaggio, P. J., & Powell, W. W. (1991). The new institutionalism in organizational analysis. 1st ed. USA: The University of Chicago Press.
  • Eisenberg, T., Sundgren, S., & Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of Financial Economics 48, 35-54.
  • EgonZehnder (2014). Avrupa yönetim çeşitliliği analizi. Erişim Tarihi: 18.10.2017, http://www. egonzehnder.com/ EBDA-2014-map
  • Erhardt, N., Werbell, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review. 11(2), 102-111.
  • European Commission (2013). European semester: Country reports. Erişim Tarihi: 01.08.2017, https://ec.europa.eu/info/publications/2013-european-semester-country-reports_en
  • Ferreira, D. (2010). Corporate governance: A synthesis of theory, research, and practice. 1st ed. USA: John Wiley & Sons, Inc, 225-241.
  • Filatotchev, I., Strange, R., Piesse, J., & Lien, Y-C. (2007). FDI firms from newly industrialized economies in emerging markets: Corporate governance, entry mode and location. Journal of International Business Studies. 38, 556-572.
  • Hermalin, B. E., & Weisbach, M. S., (2003). Boards of directors as an endogenously determined institution: A survey of the economic literature. FRBNY Economic Policy Review. 7-26.
  • Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies. 37(2), 235-256.
  • Hillman, A. J., Shropshire, C., & Cannella, A. A. (2007). Organizational predictors of women on corporate boards. Academy of Management Journal. 50, 941-952.
  • ILO (2017). World employment social outlook: Trends for women 2017. International Labour Office, Geneva. Erişim Tarihi: 15.10.2017, http://www.ilo.org/global/research/global-reports/weso/ trends-for- women2017 /lang--en/index.htm
  • Jensen, M. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance. 48(3), 831-880.
  • Kaczmarek, S., Kimino, S., & Pye, A. (2014). Interlocking directorships and firm performance in highly regulated sectors: The moderating impact of board diversity. Journal of Management and Governance. 18(2), 347–372.
  • Kaymak, T., & Bektas, E. (2008). East meets west? Board characteristics in an emerging market: Evidence from Turkish banks. Corporate Governance: An International Review, 16(6), 550- 561.
  • Kogut, B., Colomer, J., & Belinky, M. (2014). Structural equality at the top of the corporation: Mandated quotas for women directors. Strategic Management Journal. 35, 891-902.
  • Kula, V. (2005). The impact of the roles, structure and process of boards on firm performance: Evidence from Turkey. Corporate Governance: An International Review. 13 (2), 265–276.
  • Kurumsal yönetim ilkelerinin belirlenmesine & uygulanmasına ilişkin tebliğ’de değişiklik yapılmasına dair tebliğ. (2012). Erişim Tarihi: 10.10.2017, http://www.resmigazete.gov.tr/ eskiler/2012/02/20120211-8.htm
  • Kurumsal yönetim tebliği. (2014). Erişim Tarihi: 10.10.2017, http://www.resmigazete.gov.tr/ eskiler/2014/01/20140103-3.htm
  • Mahadeo, J. D., Soobaroyen, T., & Hanuman, V. O. (2012). Board composition and financial performance: Uncovering the effects of diversity in an emerging economy. Journal of Business Ethics. 105 (3), 375-388.
  • Nielsen, S., & Huse, M. (2010). The contribution of woman on boards of directors: Going beyond the surface. Corporate Governance: An International Review. 18(2), 136-148.
  • Peng, M. W. (2004). Outside directors and firm performance during institutional transitions. Strategic Management Journal. 25(5), 453–471.
  • Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly. 17(2), 218-228.
  • Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. 1st ed. New York: Harper & Row.
  • Rose, C. (2007). Does female board representation influence firm performance? The danish evidence. Corporate Governance: An International Review. 15(2), 404–413.
  • Scott, W. R. (1995). Institutions and organizations. Ideas, interests and identities. 1st ed. USA: Sage
  • Şahin, K. (2005). Liberalleşmenin iş örgütlerinin çeşitlenmesi üzerindeki etkisi: Yeni bir perspektif ihtiyacı. Yönetim Araştırmaları Dergisi. 5(2), 121-141.
  • UNDP (2016). Human development report 2016: Human development for everyone. 1st ed. USA: United Nations Development Programme.
  • Üsdiken, B., & Yıldırım, Ö. Ö. (2008). Kurumsal ortamda değişim ve büyük aile holdingleri bünyesindeki şirketlerin yönetim kurullarında “icrada” görevli olmayan ve “bağımsız” üyeler. Amme İdaresi Dergisi. 4(1), 43-71.
  • Wirth, L. (2001). Breaking through the glass ceiling: Women in management. 1st ed. Geneva: International Labour Office
  • World Bank. (2017). Erişim Tarihi: 18.10.2017, https://data.worldbank.org/
  • World Development Report (2011). Gender equality and development. 1st ed. Washington DC: The International Bank for Reconstruction and Development / The World Bank
  • Yased (2016). Kadınların üst yönetimde temsilinin arttırılmasına yönelik uygulamalar ve öneriler. Erişim Tarihi: 10.10.2017, https://www.yased.org.tr/ReportFiles/2016/YASED- KadinRaporu.pdf
  • Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics. 40, 185-211.
  • Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management. 15(2), 291-334.

YÖNETİM KURULLARINDA KADIN YÖNETİCİ TEMSİLİ: TÜRKİYE’DE YÖNETİM KURULLARI YAPISININ CİNSİYET BAĞLAMINDA İNCELENMESİ

Year 2018, Volume: 14 Issue: 4, 1147 - 1166, 01.09.2018
https://doi.org/10.17130/ijmeb.2018445674

Abstract

Bu çalışmanın amacı; kadınların yönetim kurullarındaki temsil sorunundan hareketle, Türkiye’de mevzuata getirilen cinsiyet kotası doğrultusunda yönetim kurullarına atanan kadın yöneticinin; akrabalık bağı, bağımsız üye olma, yönetim kurulu büyüklüğü ve ortak yönetim kurulu üyeliğine etkisini incelemektir. Çalışmanın örneklemini, BİST’e koteli 400’ün üzerindeki firmanın yönetim kurullarında bulunan 265 kadın yönetici oluşturmaktadır. Araştırmada elde edilen veriler Logit analiz yöntemiyle analiz edilmiş ve bağımsız kadın yöneticilerin bağımsız yönetici kotası nedeniyle atandığı sonucuna varılmıştır. Çalışma teorik düzeyde sadece Vekâlet Teorisi’ne destek sağlamamakta aynı zamanda kurumsal bağlamın önemini ortaya çıkarmaktadır. Elde edilen bulgular, “uy ya da açıkla” yönetişim sisteminde cinsiyet kotası uygulanması konusunda yol gösterici olacaktır.

References

  • Abdullah, S. N., Ismail, K. N. I. K., & Nachum, L. (2016). Does having women on boards create value? The impact of societal perceptions and corporate governance in emerging markets. Strategic Management Journal. 37, 466-476.
  • Adams, R. B., & Ferreira, D. (2009). Women in the board room and their impact on governance and performance. Journal of Financial Economics. 94, 291-309.
  • Adams, R. B., & Kirchmaier, T. (2013). Barriers to boardrooms. ECGI - Finance Working Paper. Asian Finance Association (AsFA) 2013 Conference. 347, 1-70.
  • Adams, R. B., Licht, A. N., & Sagiv, L. (2011). Shareholders and stakeholders: How do directors decide?. Strategic Management Journal. 32, 1331 – 1355.
  • Ahern, K. R., & Dittmar, A. K. (2013). The changing of the boards: The impact on firm valuation of mandated female board representation. The Quarterly Journal of Economics. 127, 137–197.
  • Anderson, R. C., Reeb, D. M., Upadhyay, A., & Zhao, W. (2011). The economics of director heterogeneity. Financial Management. 40(1), 5-38.
  • Andres, P. D., Azofra, V., & Lopez, F. (2005). Corporate boards in OECD countries: Size, composition, functioning and effectiveness. Corporate Governance: An International Review. 13(2), 197–210.
  • Ararat, M., & Yurtoğlu, B. B. (2011). An assessment of the recent legal reforms concerning “corporate governance” introduced by the capital market boards of Turkey. Working Paper Series. Corporate Governance Forum of Turkey, Sabancı Üniversitesi.
  • Bear, S., Rahmon, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics. 97, 207-221.
  • Bianco, M., Ciavarella, A., & Signoretti, R. (2015). Women on corporate boards in Italy: The role of family connections. Corporate Governance: An International Review. 23(2). 129-144.
  • Brown, A., Donaghy, T. B., Mackay, F., & Meehan, E. (2002). Women and constitutional change in Scotland and northern Ireland. Parliamentary Affairs. 55, 71-84.
  • Board of Directors Survey (2012). Woman corporate directors, women in economic decision-making in the EU: Progress report. A Europe 2020 Initiative. Luxemburg: Publications Office of EU.
  • Buğra, A. (1994). Devlet ve işadamları. F. Adaman (Çev.). 1. Baskı. İstanbul: İletişim Yayınları.
  • Burgess, Z., & Tharenou, P. (2002). Women board directors: Characteristics of the few. Journal of Business Ethics. 37, 39-49.
  • Carter, D. A., D’Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of us boards and board committees and firm financial performance. Corporate Governance: An International Review. 18(5), 396-414.
  • Carter, D., Simpkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity and firm value. The Financial Review. 38, 33-53.
  • Cheng, S. (2008). Board size and the variability of corporate performance. Journal of Financial Economics. 87(1), 157-176.
  • Dehaene, A., De Vuyst, V., & Ooghe, H. (2001). Corporate performance and board structure in belgian companies. Long Range Planning. 34, 383-398.
  • DiMaggio, P. J., & Powell, W. W. (1991). The new institutionalism in organizational analysis. 1st ed. USA: The University of Chicago Press.
  • Eisenberg, T., Sundgren, S., & Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of Financial Economics 48, 35-54.
  • EgonZehnder (2014). Avrupa yönetim çeşitliliği analizi. Erişim Tarihi: 18.10.2017, http://www. egonzehnder.com/ EBDA-2014-map
  • Erhardt, N., Werbell, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review. 11(2), 102-111.
  • European Commission (2013). European semester: Country reports. Erişim Tarihi: 01.08.2017, https://ec.europa.eu/info/publications/2013-european-semester-country-reports_en
  • Ferreira, D. (2010). Corporate governance: A synthesis of theory, research, and practice. 1st ed. USA: John Wiley & Sons, Inc, 225-241.
  • Filatotchev, I., Strange, R., Piesse, J., & Lien, Y-C. (2007). FDI firms from newly industrialized economies in emerging markets: Corporate governance, entry mode and location. Journal of International Business Studies. 38, 556-572.
  • Hermalin, B. E., & Weisbach, M. S., (2003). Boards of directors as an endogenously determined institution: A survey of the economic literature. FRBNY Economic Policy Review. 7-26.
  • Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies. 37(2), 235-256.
  • Hillman, A. J., Shropshire, C., & Cannella, A. A. (2007). Organizational predictors of women on corporate boards. Academy of Management Journal. 50, 941-952.
  • ILO (2017). World employment social outlook: Trends for women 2017. International Labour Office, Geneva. Erişim Tarihi: 15.10.2017, http://www.ilo.org/global/research/global-reports/weso/ trends-for- women2017 /lang--en/index.htm
  • Jensen, M. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance. 48(3), 831-880.
  • Kaczmarek, S., Kimino, S., & Pye, A. (2014). Interlocking directorships and firm performance in highly regulated sectors: The moderating impact of board diversity. Journal of Management and Governance. 18(2), 347–372.
  • Kaymak, T., & Bektas, E. (2008). East meets west? Board characteristics in an emerging market: Evidence from Turkish banks. Corporate Governance: An International Review, 16(6), 550- 561.
  • Kogut, B., Colomer, J., & Belinky, M. (2014). Structural equality at the top of the corporation: Mandated quotas for women directors. Strategic Management Journal. 35, 891-902.
  • Kula, V. (2005). The impact of the roles, structure and process of boards on firm performance: Evidence from Turkey. Corporate Governance: An International Review. 13 (2), 265–276.
  • Kurumsal yönetim ilkelerinin belirlenmesine & uygulanmasına ilişkin tebliğ’de değişiklik yapılmasına dair tebliğ. (2012). Erişim Tarihi: 10.10.2017, http://www.resmigazete.gov.tr/ eskiler/2012/02/20120211-8.htm
  • Kurumsal yönetim tebliği. (2014). Erişim Tarihi: 10.10.2017, http://www.resmigazete.gov.tr/ eskiler/2014/01/20140103-3.htm
  • Mahadeo, J. D., Soobaroyen, T., & Hanuman, V. O. (2012). Board composition and financial performance: Uncovering the effects of diversity in an emerging economy. Journal of Business Ethics. 105 (3), 375-388.
  • Nielsen, S., & Huse, M. (2010). The contribution of woman on boards of directors: Going beyond the surface. Corporate Governance: An International Review. 18(2), 136-148.
  • Peng, M. W. (2004). Outside directors and firm performance during institutional transitions. Strategic Management Journal. 25(5), 453–471.
  • Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly. 17(2), 218-228.
  • Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. 1st ed. New York: Harper & Row.
  • Rose, C. (2007). Does female board representation influence firm performance? The danish evidence. Corporate Governance: An International Review. 15(2), 404–413.
  • Scott, W. R. (1995). Institutions and organizations. Ideas, interests and identities. 1st ed. USA: Sage
  • Şahin, K. (2005). Liberalleşmenin iş örgütlerinin çeşitlenmesi üzerindeki etkisi: Yeni bir perspektif ihtiyacı. Yönetim Araştırmaları Dergisi. 5(2), 121-141.
  • UNDP (2016). Human development report 2016: Human development for everyone. 1st ed. USA: United Nations Development Programme.
  • Üsdiken, B., & Yıldırım, Ö. Ö. (2008). Kurumsal ortamda değişim ve büyük aile holdingleri bünyesindeki şirketlerin yönetim kurullarında “icrada” görevli olmayan ve “bağımsız” üyeler. Amme İdaresi Dergisi. 4(1), 43-71.
  • Wirth, L. (2001). Breaking through the glass ceiling: Women in management. 1st ed. Geneva: International Labour Office
  • World Bank. (2017). Erişim Tarihi: 18.10.2017, https://data.worldbank.org/
  • World Development Report (2011). Gender equality and development. 1st ed. Washington DC: The International Bank for Reconstruction and Development / The World Bank
  • Yased (2016). Kadınların üst yönetimde temsilinin arttırılmasına yönelik uygulamalar ve öneriler. Erişim Tarihi: 10.10.2017, https://www.yased.org.tr/ReportFiles/2016/YASED- KadinRaporu.pdf
  • Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics. 40, 185-211.
  • Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management. 15(2), 291-334.
There are 52 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Kader Şahin This is me

Burçin Eser This is me

Tuğba Kaplan

Gamze Özdündar This is me

Publication Date September 1, 2018
Published in Issue Year 2018 Volume: 14 Issue: 4

Cite

APA Şahin, K., Eser, B., Kaplan, T., Özdündar, G. (2018). YÖNETİM KURULLARINDA KADIN YÖNETİCİ TEMSİLİ: TÜRKİYE’DE YÖNETİM KURULLARI YAPISININ CİNSİYET BAĞLAMINDA İNCELENMESİ. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 14(4), 1147-1166. https://doi.org/10.17130/ijmeb.2018445674