(Compliance Rating of Corporate Governance Principles: An Analysis on Companies Based on Borsa Istanbul Corporate Governance Index (BIST-XKURY))

Abstract

Purpose – The purpose of this study is; to determine the effect of the Corporate Governance Compliance Level elements on the predictive effect of the Corporate Governance score. In addition, to determine whether there is a difference in the average of points according to the rating company is another purpose of the study. Design/methodology/approach – The research was carried out with multivariate regression analysis method. The data of 47 companies in the Borsa İstanbul Corporate Governance Index (BIST-XKURY); as of 01.07.2019, were analyzed within the scope of the analysis. In the research model, while Corporate Governance Rating Score is dependent variable, Shareholders Rating Score, Public Disclosure and Transparency Rating Score, Stakeholder Rating Score, and Board Rating Score represent independent variables. While performing multiple regression analysis, “Enter” method was chosen as the method. Findings – In the results of study; the relative importance order of the Corporate Governance Principles in the formation of the Corporate Governance score was determined as Shareholders Score, Board of Directors Score, Public Disclosure and Transparency Score, Stakeholder Score. According to the results of the difference analysis made for the rating companies; It has been determined that all ratings except for the Board of Directors do not differ according to the rating company (JCR: 8,9327 SAHA: 9,2025 KOBIRATE: 9,2254). Discussion – Except for the deviation in the Board's rating, the importance ranking was shaped in parallel with the impact levels determined by the SPK. It was observed that the scores of the Board of Directors of the JCR rating company differed significantly from the scores of the other two rating companies.