Öz
Bu araştırmanın amacı, ilişkili taraf işlemleri (RPT) kararlarında önemli etkileyen yetkileri anlamayı amaçlamıştır. Sahipliği kontrol eden değişkenler, CEO'ların özellikleri ve bağımsız yönetim kurulu değişkenlerini içeren kurumsal mekanizmanın, RPT'lerin potansiyel çıkar çatışmalarına ilişkin kararları üzerindeki etkisini incelemek için vekalet teorisi bakışı kullandı.
2019 ve 2020 yıllarında Türk imalat şirketlerinin toplam 310 finansal raporu değerlendirildi. Daha sonra, kontrol eden hissedar ve CEO'ların özelliklerinin RPT'ler mekanizmasında önemli roller oynadığı keşfedilirken, bağımsız yönetim kurulu direktörü değişkeni en yüksek etkiye sahipti.
Bağımsız yönetim kurulu direktörünün RPT kararları üzerindeki etkisinin gücü, kurumsal yönetim mekanizmalarının işlevini temsil eder. RPT'lerde sağlamlaştırma etkileri ortaya çıksa da, bağımsız yönetim kurulu yöneticilerinin reddi veya onayı azınlık payına bağlıydı. Nihai gücün kamulaştırılması, bağımsız yönetim kurulu direktörünün rolü içinde dengelendiğinden, aynı zamanda uyumun RPT'lerin kararı üzerindeki etkisini de vurguladı.
Anahtar Kelimeler
Kaynakça
- Anastasia, O.C & Onuora, J. (2019). Effects of related party transaction on financial performance of companies, evidenced by study of listed companies in Nigeria. International Journal of Economics and Financial Management, 4 (3), 46-57
- Balsam, S., Gifford, R.H., & Puthenpurackal, J. (2017). Related party transactions, corporate governance and CEO compensation. Journal of Business Finance & Accounting, 44(5-6), 854-894.
- Bansal, S. & Thenmozhi, M. (2020). Does concentrated founder ownership affect related party transactions? evidence from an emerging economy. Research in International Business and Finance, 53, 1-29.
- Capital Market Board. Capital Market Law No. 6362.
- Corporate Income Tax Law No. 5520.
- Claessens, S.; Djankov, S.; & Lang, L.H.P. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58 (1-2), 81–112.
- Cheung, Y-L, Qi, Y., Raghavendra Rau, P. & Stouraitis, A. (2009). Buy high, sell low: How listed firms price asset transfers in related party transactions. Journal of Banking & Finance, vol. 33, no. 5, pp. 914–924.
- Choi, H. & Cho, J. (2021). Related party transactions, Chaebol affiliations, and the value of cash holdings. Sustainability, 13 (699), 1-13.
- Demirag, I. & Serter, M. (2003). Ownership patterns and control in Turkish listed companies. Corporate Governance, 11 (1), 40-51.
- El Madbouly, D.M.K. (2020). The determinants of the related party transactions’ occurrence: an empirical study on firms listed in the Egyptian Stock Exchange. Alexandria Journal of Accounting Research, 4, 1-52.
- Eisenhardt, K. M. (1989). Agency theory: an assessment and review”, Academy of Management Review, 14(1), 57-74.
- Fama, E.F. & Jensen, M.C. (1983). Separation of ownership and control, SSRN Scholarly Paper, Social Science Research Network, Rochester, NY
- Gordon, EA, Henry, E & Palia, D. (2004). Related party transactions and corporate governance. Advances in Financial Economics, 9, 1–27.
- Henry, E.; Gordon, E.; Reed, B.; & Louwers, T. (2012). The role of related party transactions in fraudulent financial reporting. Journal of Forensic & Investigative Accounting, 4 (1), 186-213.
- Hu, S-H, Li, G, Xu, Y-H & Fan, X-A. (2012). Effects of internal governance factors on cross-border-related party transactions of Chinese companies. Emerging Markets Finance & Trade, 48, 58–73.
- Jensen, M.; Meckling, W. (1976). Theory of the firm: managerial behavior, agency cost, and ownership structure. Journal of Financial Economics, 3, 305-360.
- Jensen, M.C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48 (3), 831–880.
- Jeon, K. (2019). The characteristics of board of directors and related party transactions. Academy of Accounting and Financial Studies Journal, 23 (3), 1-11
- La Porta, R.; Lopez-De-Silanes, F.; Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471-517.
- Pratama, A. (2018). Do related party transactions and tax avoidance affect firm value?. RIBER, 7 (1), 106-116. Pizzo, M. (2013). Related party transactions under a contingency perspective. Journal of Management and Governance, 17, 309–330.
- Pozzoli, M. & Venuti, M. (2014). Related party transactions and financial performance: is there a correlation? empirical evidence from Italian Listed Companies. Open Journal of Accounting, 3, 28-37.
- Shleifer, A.; Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737-783.
- Suryani, I.; Atikah; & Putri, H.T. (2019). The Effect of Related Party Transactions through Opportunistic Behaviour Management to Increase Firm Value. Journal of Finance and Banking Review, 4(2), 64–72.
- TCMB. (2021). Macroeconomic outlook and monetary policy in Turkey. https://www.tcmb.gov.tr/wps/wcm/connect/6b31bb9e-87a1-4d4a-83cb-1f7e76536fab/2021_04_01_Economic+Outlook+and+Monetary+Policy.pdf?MOD=AJPERES. Viewed June 25, 2021.
- Turkish Commercial Code No. 6102.
- Turkish Accounting Standard 24. Related Party Disclosure.
Öz
This research aimed to understand the important powers that affect Related Party Transactions (RPTs) decisions. It used the agency theory perspective to examine the effect of corporate mechanism, comprising variables of controlling ownership, the CEOs characteristics, and independent board of directors, on the decision of RPTs regarding potential conflicts of interest.
A total of 310 financial reports of Turkish manufacturing listed companies in 2019 and 2020 were assessed. Subsequently, controlling shareholder and CEOs characteristics were discovered to play significant roles in the RPTs mechanism, while the independent board director variable had the highest impact.
The strength of the independent board director effect on RPTs decision represents the function of corporate governance mechanisms. Although entrenchment effects occur in RPTs, the denial or approval of independent board directors was dependent on minority interest. It also highlighted the impact of alignment on RPTs’ decision, since the expropriation of ultimate power was balanced within the independent board director’s role.
Anahtar Kelimeler
Related Party Transactions Corporate Governance Alignment Effect
Kaynakça
- Anastasia, O.C & Onuora, J. (2019). Effects of related party transaction on financial performance of companies, evidenced by study of listed companies in Nigeria. International Journal of Economics and Financial Management, 4 (3), 46-57
- Balsam, S., Gifford, R.H., & Puthenpurackal, J. (2017). Related party transactions, corporate governance and CEO compensation. Journal of Business Finance & Accounting, 44(5-6), 854-894.
- Bansal, S. & Thenmozhi, M. (2020). Does concentrated founder ownership affect related party transactions? evidence from an emerging economy. Research in International Business and Finance, 53, 1-29.
- Capital Market Board. Capital Market Law No. 6362.
- Corporate Income Tax Law No. 5520.
- Claessens, S.; Djankov, S.; & Lang, L.H.P. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58 (1-2), 81–112.
- Cheung, Y-L, Qi, Y., Raghavendra Rau, P. & Stouraitis, A. (2009). Buy high, sell low: How listed firms price asset transfers in related party transactions. Journal of Banking & Finance, vol. 33, no. 5, pp. 914–924.
- Choi, H. & Cho, J. (2021). Related party transactions, Chaebol affiliations, and the value of cash holdings. Sustainability, 13 (699), 1-13.
- Demirag, I. & Serter, M. (2003). Ownership patterns and control in Turkish listed companies. Corporate Governance, 11 (1), 40-51.
- El Madbouly, D.M.K. (2020). The determinants of the related party transactions’ occurrence: an empirical study on firms listed in the Egyptian Stock Exchange. Alexandria Journal of Accounting Research, 4, 1-52.
- Eisenhardt, K. M. (1989). Agency theory: an assessment and review”, Academy of Management Review, 14(1), 57-74.
- Fama, E.F. & Jensen, M.C. (1983). Separation of ownership and control, SSRN Scholarly Paper, Social Science Research Network, Rochester, NY
- Gordon, EA, Henry, E & Palia, D. (2004). Related party transactions and corporate governance. Advances in Financial Economics, 9, 1–27.
- Henry, E.; Gordon, E.; Reed, B.; & Louwers, T. (2012). The role of related party transactions in fraudulent financial reporting. Journal of Forensic & Investigative Accounting, 4 (1), 186-213.
- Hu, S-H, Li, G, Xu, Y-H & Fan, X-A. (2012). Effects of internal governance factors on cross-border-related party transactions of Chinese companies. Emerging Markets Finance & Trade, 48, 58–73.
- Jensen, M.; Meckling, W. (1976). Theory of the firm: managerial behavior, agency cost, and ownership structure. Journal of Financial Economics, 3, 305-360.
- Jensen, M.C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48 (3), 831–880.
- Jeon, K. (2019). The characteristics of board of directors and related party transactions. Academy of Accounting and Financial Studies Journal, 23 (3), 1-11
- La Porta, R.; Lopez-De-Silanes, F.; Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471-517.
- Pratama, A. (2018). Do related party transactions and tax avoidance affect firm value?. RIBER, 7 (1), 106-116. Pizzo, M. (2013). Related party transactions under a contingency perspective. Journal of Management and Governance, 17, 309–330.
- Pozzoli, M. & Venuti, M. (2014). Related party transactions and financial performance: is there a correlation? empirical evidence from Italian Listed Companies. Open Journal of Accounting, 3, 28-37.
- Shleifer, A.; Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737-783.
- Suryani, I.; Atikah; & Putri, H.T. (2019). The Effect of Related Party Transactions through Opportunistic Behaviour Management to Increase Firm Value. Journal of Finance and Banking Review, 4(2), 64–72.
- TCMB. (2021). Macroeconomic outlook and monetary policy in Turkey. https://www.tcmb.gov.tr/wps/wcm/connect/6b31bb9e-87a1-4d4a-83cb-1f7e76536fab/2021_04_01_Economic+Outlook+and+Monetary+Policy.pdf?MOD=AJPERES. Viewed June 25, 2021.
- Turkish Commercial Code No. 6102.
- Turkish Accounting Standard 24. Related Party Disclosure.
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Konular | İşletme |
| Bölüm | Sayı |
| Yazarlar | |
| Erken Görünüm Tarihi | 22 Eylül 2022 |
| Yayımlanma Tarihi | 1 Kasım 2022 |
| Gönderilme Tarihi | 4 Mart 2022 |
| Kabul Tarihi | 9 Eylül 2022 |
| Yayımlandığı Sayı | Yıl 2022 Cilt: 15 Sayı: 3 |
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