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There has been increasing attention all over the world on corporate governance issues after experiencing some financial crises and corporation scandals. It is assumed that the investors search for emerging economies to diversify their investment portfolios and maximize their returns is considering corporate governance applications. Investors are also concerned about governance factors to minimize their risks. In this study, we examine the impact of corporate governance variables on firms" financial performance in Turkey. The relationship between ownership structures, board structures and financial performances are tested. Influence of corporate governance variables, board size, share of independent board members, foreign investors, leverage ratio on firms" financial performance "return on assets" are utilized on firms traded in Turkey"s stock exchange BIST 100. This research concludes that corporate governance variables influence firms" performances. Shares of independent board members and leverage have negative influences while foreign ownership has a positive influence on firms" financial performances.
Yılmaz et al. (Fri,) studied this question.