Araştırma Makalesi


DOI :10.26650/annales.2021.70.0003   IUP :10.26650/annales.2021.70.0003    Tam Metin (PDF)

Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim

Fatih Buğra Erdem

Kısa vadecilik, pay sahiplerinin kısa dönemde kar elde etmek için uzun dönemli sürdürülebilir gelirlerini feda etmesi olarak tanımlanmaktadır. Kısa vadede getiri elde etmek isteyen şirket ortaklarının şirket yöneticilerine yaptıkları baskı orta ve uzun vadede olumsuz sonuçlar doğurmaktadır. Aslında bu durum, pay sahiplerinin ortağı oldukları şirketlere dair olumsuz bir duyum almaları halinde, paylarını derhal satışa çıkarmaya meyilli olmalarından kaynaklanmaktadır. Hal böyle iken, yöneticiler pay sahiplerinin kısa dönemli getiri beklentilerini karşılamak ya da şirketin uzun dönemli büyüme hedeflerini yerine getirmek hususlarında bir öncelik ayrımına sürüklenmektedirler. Başka bir deyişle, şirket yönetiminin bir yandan şirket sermayesinin korunması gerekliliği kapsamında olası tüm ekonomik değişkenleri derpiş etmesi gerekirken, bir yandan da şirketin finansal yapısına, özellikle nakit akışına, fayda sağlayacak sermayedar katılımını da sağlaması gerekmektedir. Bu kapsamda, özellikle halka açık şirketlerde pay devri işlemlerinin kolaylığı ve alınan kararların şeffaf olması gerekliliği gibi hususlar etkin bir yönetimin sağlanabilmesine engel teşkil etmektedir. Bu makale, yukarıda açıklanan nedenler bağlamında, kısa vadecilik cereyanını zamanlararası bir tercih problem olarak incelemekte ve kurumsal yönetim ilkeleri bağlamında sunulabilecek potansiyel çözüm önerilerini irdelemektedir.

DOI :10.26650/annales.2021.70.0003   IUP :10.26650/annales.2021.70.0003    Tam Metin (PDF)

Short-Termism in Publicly Listed Companies and Corporate Governance

Fatih Buğra Erdem

Short-termism is known as sacrificing long-term sustainable earnings for short-term returns. The pressure on management to obtain short-term results usually generates negative medium and long-term outcomes. This is because investors are inclined to sell their stocks when they hear about a shadow of bad news. In this context, business executives can decide to meet short-term shareholders expectations or prioritise the growth of their company. In other words, on the one hand, the company management should consider all possible economic variables within the scope of the necessity of protecting the company’s capital, on the other hand, it should also ensure the participation to the capital that will benefit the financial structure of the company, especially from the cash flow point of view. Short-termism hinders effective company management, particularly for publicly listed companies, due to the convenience of trading stock transactions and more transparent management decisions. Considering abovementioned facts, this study examines the increasing trend in short-termism as an intertemporal choice and discusses solutions that can be offered through corporate governance principles.


PDF Görünüm

Referanslar

  • Admati A and Pfleiderer P, ‘The “Wall Street Walk” and Shareholder Activism: Exit as a Form of Voice’ (2009) 22(7) Financial Studies 2645-85 google scholar
  • Allen F, ‘Corporate Governance in Emerging Economy’ (2005) 21(2) Oxford Review of Economic Policy google scholar
  • Armona L, Fuster A and Zafar B, ‘Home Price Expectations and Behaviour: Evidence from a Randomized Information Experiment’ (2018) 86(4) The Review of Economic Studies 13711410 google scholar
  • Barrero J, ‘The Micro and Macro Managerial Beliefs’ (SocArXiv fctsb, Center for Open Science, 2020) google scholar
  • Bebchuk L and Tallarita R, ‘The Illusory Promise of Stakeholder Governance’ (2020) 106 Cornell Law Review 91-178 google scholar
  • Benabou R and Tirole J, ‘Intrinsic and Extrinsic Motivation’ (2013) 70(3) The Review of Economic Studies 489-520 google scholar
  • Bordalo P and others, ‘Real Credit Cycles’ (National Bureau of Economic Research Working Paper No. 28416, 2020) google scholar
  • Bower J and Paine L, ‘The Error at the Heart of Corporate Leadership’ (Harvard Business Review, May-June 2017) google scholar
  • Brancato C and Price M, ‘The Institutional Investor’s Goals for Corporate Law in the Twenty-First Century’ (2000) 25 Delaware Journal of Corporate Law 35 google scholar
  • Brochet F, Loumioti M and Serafeim G, ‘Short-Termism, Investor Clientele, and Firm Risk’ (Harvard Business School Working Paper No. 12-072, 2012) google scholar
  • Catino M, Organizational Myopia: Problems of Rationality and Foresight in Organizations (Cambridge University Press 2013) google scholar
  • Charreaux G and Desbrieres P, ‘Corporate Governance: Stakeholder Value Versus Shareholder Value’ (2001) 5 Journal of Management and Governance 107-28 google scholar
  • Cho S, Chung C and Liu C, ‘Does Institutional Blockholder Short-Termism Lead to Managerial Myopia? Evidence from Income Smoothing’ (2018) International Review of Finance 1-11 google scholar
  • Clarkson M, ‘A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance’ (1995) 20(1) The Academy of Management Review 92-117 google scholar
  • Coffee Jr. J and Palia D, ‘The Wolf at the Door: The Impact of Hedge Fund Activism on Corporate Governance’ (Columbia Law School Working Paper 1928, 2015) https://scholarship.law. columbia.edu/faculty_scholarship/1928 google scholar
  • Coibion O, Gorodnichenko Y and Kumar S, ‘How Do Firms Form Their Expectations? New Survey Evidence’ (2018) 108(9) American Economic Review 2671-2713 google scholar
  • Crane A and Matten D, Business Ethics: A European Perspective: Managing Corporate Citizenship and Sustainability in the Age of Globalization (OUP 2010) google scholar
  • Dallas L, ‘Short-Termism, the Financial Crisis, and Corporate Governance’ (2012) 37(2) The Journal of Corporation Law 267-364 google scholar
  • Dimon J and Buffett W, ‘Short-Termism is Harming the Economy’ (Wall Street Journal, 6 June 2018) https://www.wsj.com/articles/short-termism-is-harming-the-economy-1528336801 google scholar
  • Dodd M, ‘Is Effective Enforcement of Fiduciary Duties of Corporate Managers Practicable’ (1935) 2(2) The University of Chicago Law Review 184-207 google scholar
  • Donaldson T and Preston L, ‘The Stakeholder Theory of the Corporation: Concept, Evidence, and Implications’ (1995) 20(1) Academy of Management Review 70 google scholar
  • Duruigbo E, ‘Tackling Shareholder Short-Termism and Managerial Myopia’ (2012) 100(3) Kentucky Law Journal 53 google scholar
  • Edmans A, Fang V and Huang A, ‘The Long-Term Consequences of Short-Term Incentives’ (European Corporate Governance Institution, Finance Working Paper No. 527/2017, June 2020) 15, http://ssrn.com/abstract_id=3037354 google scholar
  • Edmans A, Fang V and Lewellen K, ‘Equity vesting and investment’ (2017) 30(7) Review of Financial Studies 2229-71 google scholar
  • European Commission and EY, ‘Study on directors’ duties and sustainable corporate governence’ (2020) https://op.europa.eu/en/publication-detail/-/publication/e47928a2-d20b-11ea-adf7-01aa75ed71a1/language-en google scholar
  • European Commission, ‘Green Paper: The EU Corporate Governance Framework’ (2011) COM(2011) 164 final google scholar
  • European Securities and Markets Authority, ‘Survey on undue short-term pressure on corporations from the financial sector’ (Explanatory Note, ESMA30-22-620, 24 June 2019) google scholar
  • Fama E and Jensen M, ‘Separation of Ownership and Control’ (1976) 26(2) The Journal of Law and Economics 301-25 google scholar
  • Fama E, ‘Efficient Capital Markets: A Review of Theory and Empirical Work’ (1970) 25 Journal of Finance 383 google scholar
  • Favaro K, ‘Long-Termism is Just as Bad as Short-Termism’ (Harvard Business Review, 25 September 2014) google scholar
  • Flugum R and Souther M, ‘Stakeholder Value: A Convenient Excuse for Underperforming Managers? (2020) https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3725828 google scholar
  • Freeman E, Strategic Management: A Stakeholder Approach (Pitman Publishing 1984) google scholar
  • Fried J and Wang C, ‘Short-Termism, Shareholder Payouts, and Investment in the EU’ (forthcoming) European Financial Management google scholar
  • Friedman M, ‘The social responsibility of business is to increase its profits’ (New York Times Magazine, 13 September 1970) https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html google scholar
  • Gilson R and Gordon J, ‘The Agency Costs of Agency Capitalism: Activist Investors and the Revaluation of Governance Rights’ (2013) 113(4) Columbia Law Review 863-927 google scholar
  • Graafland J, ‘Price competition, short-termism and environmental performance’ (2016) 116 Journal of Cleaner Production 125-34 google scholar
  • Greenfield K, ‘The Puzzle of Short-Termism’ (2011) 46 Wake Forest Law Review 625-40 google scholar
  • Gregor F and Bold F, ‘How EU can end corporate short-termism and create sustainable financial system’ (Euractiv, 22 August 2017) https://www.euractiv.com/section/energy-environment/ opinion/how-eu-can-end-corporate-short-termism-and-create-sustainable-financial-system google scholar
  • Gual J, ‘When the problem is short-termism, foundations are a solution’ (Financial Times, 2 February 2020) https://www.ft.com/content/5fb1540e-434e-11ea-a43a-c4b328d9061c google scholar
  • Hackbarth D, Rivera A and Wong T, ‘Optimal Short-Termism’ (European Corporate Governance Institution, Finance Working Paper No. 546/2018, November 2018) http://ssrn.com/abstract_ id=3060869 google scholar
  • Haldane A and Davies R, ‘The Short Long’ (29th Societe Universitaire Europeene de Recherches Financieres Colloquium, 2011) google scholar
  • Hinks G, ‘EU urges firms to focus on long-term strategy over short-term goals’ (Board Agenda, 3 August 2020) https://boardagenda.com/2020/08/03/european-commission-urges-long-term-strategy-over-short-term-goals. google scholar
  • Horak H and Poljanek K, ‘Fighting Short-Termism in EU Company Law after the Financial Crisis’ (2020) 17(4) European Company Law 115-22 google scholar
  • Hunkar D, ‘Average holding period for U.S. Stocks is Just 5-1/2 months in 2020’ (Top Foreign Stocks, 4 August 2020) https://topforeignstocks.com/2020/08/04/average-holding-period-for-u-s-stocks-is-just-5-1-2-months-in-2020 google scholar
  • Jackson G and Petraki A, Understanding Short-Termism: The Role of Corporate Governance (Glasshouse Forum 2011) 7 google scholar
  • Janicka M, Pieloch-Babiarz A and Sajnog A, ‘Does Short-Termism Influence the Market Value of Companies? Evidence from EU Countries’ (2020) 13 Journal of Risk and Financial Management 271 google scholar
  • Jedrzejowska-Schiffauer I, Schiffauer P and Thalassinos E, ‘EU Regulatory Measures Following the Crisis: What Impact on Corporate Governance of Financial Institutions?’ (2019) 22(3) European Research Studies Journal 432-56 google scholar
  • Jensen M and Meckling W, ‘Theory of the firm: Managerial behavior, agency costs and ownership structure’ (1976) 3(4) Journal of Financial Economics 305-60 google scholar
  • Jensen M, ‘Some anomalous evidence regarding market efficiency’ (1978) 6(2-3) Journal of Financial Economics 95-101 google scholar
  • Jiraporn P, ‘Corporate Governance, Shareholder Rights and Firm Diversification: An Empirical Analysis’ (2006) 30(3) Journal of Banking and Finance 947-63 google scholar
  • Joe M, ‘Stock Market Short-Termism’s Impact’ (2018) 167(71) University of Pennsylvania Law Review 71-121 google scholar
  • Johnston A and Morrow P, ‘Commentary on the Shareholder Rights Directive’ (University of Oslo Faculty of Law Research Paper No. 2014-41, 2014) google scholar
  • Katz D and McIntosh L, ‘The Long Term, The Short Term, and The Strategic Term’ (Harvard Law School Forum on Corporate Governance, 27 September 2019) https://corpgov.law.harvard. edu/2019/09/27/the-long-term-the-short-term-and-the-strategic-term google scholar
  • Keasey K, Thompson S and Wright M, Corporate Governance: Economic and Financial Issues (OUP 1997) google scholar
  • Keay A, ‘Risk, shareholder pressure and short-termism in financial institutions: does enlightened shareholder value offer a panacea?’ (2011) 5(6) Law and Financial Markets Review 436-9 google scholar
  • Kelly M and White A, ‘Corporate Design: The Missing Organizational and Public Policy Issue of Our Time’ (2008) 42 New England Law Review 763 google scholar
  • Koslowski P, ‘The Limits of Shareholder Value’ (2000) 27 Journal of Business Ethics 137-48 google scholar
  • Laverty K, ‘Economic “Short-Termism”: The Debate, the Unresolved Issues, and the Implications for Management Practice and Research’ (1996) 21(3) The Academy of Management Review 825-60 google scholar
  • Lipton M, ‘Takeover Bids in the Target’s Boardroom’ (1979) 35(1) The Business Lawyer 101-34 google scholar
  • Lorsch J and Maciver E, Pawns or Potentates: The Reality of America’s Corporate Boards (Harvard Business Review Press 1989) google scholar
  • Mainardes E, Alves H and Raposo M, ‘Stakeholder theory: Issues to Resolve’ (2011) 49(2) Management Decision 226-52 google scholar
  • Marginson D and McAulay L, ‘Exploring the debate on short-termism: a theoretical and empirical analysis’ (2008) 29(3) Strategic Management Journal 273 google scholar
  • Masouros P, ‘Corporate law and economic stagnation: how shareholder value and short-termism contribute to the decline of the Western economies’ (PhD thesis, Leiden University 2012) google scholar
  • Merchant K and Van der Stede W, Management Control Systems: Performance, Measurement, Evaluation and Incentives (Prentice-Hall, 3rd ed, 2011) google scholar
  • Milano G and Fortuna Advisors, ‘Corporate Short-Termism and How It Happens’ (2018) 30(4) Journal of Applied Corporate Finance google scholar
  • Milano G, Curing Corporate Short-Termism (Fortuna Advisors 2020) google scholar
  • Mitchell L, The Speculation Economy: How Finance Triumphed over Industry? (Berrett-Koehler Publishers 2007) google scholar
  • Muth M and Donaldson L, ‘Stewardship Theory and Board Structure: A Contingency Approach’ (1998) 6(1) Scholarly Research and Theory Papers 5-6 google scholar
  • Olesinski B and others, ‘Short-termism in business: causes, mechanisms and consequences’ (EY Poland Report 2014) google scholar
  • Paterson J, ‘The Company Law Review in the UK and the Question of Scope: Theoretical Concerns, Practical Constraints and Possible New Directions’ in Cobbaut R and Lenoble J (eds), Corporate Governance: An Institutional Approach (Kluwer Law International 2003) google scholar
  • Pesendorfer D, ‘Capital Markets Union and Ending Short-Termism: Lessons from the European Commission’s Public Consultation’ (2015) 9(3) Law and Financial Markets Review 202-9 google scholar
  • Petrin M and Choudhury B, ‘Corporate Purpose and Short-Termism’ in Afra Afsharipour and Martin Gelter (eds), Comparative Corporate Governance: Research Handbooks in Comparative Law Series (Edward Elgar 2021) google scholar
  • Polsky G and Lund A, ‘Can Executive Compensation Reform Cure Short-Termism?’ (2013) 58 Issues in Governance Studies 1-9 google scholar
  • Proposal for a Directive of the European Parliament and of the Council amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement and Directive 2013/34/EU as regards certain elements of the corporate governance statement, COM(2014) 213 final, Brussels, 9 April 2014 google scholar
  • Quaglia L, Governing Financial Services in the European Union: Banking, Securities and Post-Trading (Routledge 2010) 82 google scholar
  • Rappaport A, Saving Capitalism from Short-Termism: How to Build Long-Term Value and Take Back Our Financial Future (McGraw-Hill 2011) google scholar
  • Rhee R, ‘Corporate Short-Termism and Intertemporal Choice’ (2018) 96(3) Washington University Law Review 495-557 google scholar
  • Roe M, ‘Corporate Short-Termism: In the Boardroom and in the Courtroom’ in Gordon J and Ringe W (eds), The Oxford Handbook of Corporate Law and Governance (OUP 2018) google scholar
  • Salter M, ‘How Short-Termism Invites Corruption .. .And What to Do About It’ (Harvard Business School Working Paper, 12 April 2012) google scholar
  • Sappideen R, ‘Focusing on Short-Termism’ (2011) 20 Singapore Journal of Legal Studies 413-8 google scholar
  • Semuels A, ‘How to Stop Short-Term Thinking at America’s Companies’ (The Atlantic, 30 December 2016) https://www.theatlantic.com/business/archive/2016/12/short-term-thinking/511874 google scholar
  • Summers L, ‘Corporate long-termism is no panacea - but it is a start’ (Financial Times, 9 August 2015) https://www.ft.com/content/97f3db5e-3d11-11e5-bbd1-b37bc06f590c google scholar
  • Terry S, Whited T and Zakolyukina A, ‘Information versus Investment’ (Becker Friedman Institute for Research in Economics Working Paper 2020-110, 2020) google scholar
  • Thaler R and Sunstein C, Nudge: Improving Decisions About Health, Wealth, and Happiness (Penguin Books 2009) google scholar
  • The Aspen Institute, ‘Overcoming Short-Termism: A Call for a More Responsible Approach to Investment and Business Management’ (Business and Society Program, 16 September 2009) google scholar
  • Tricker B, Corporate Governance Principles, Policies, and Practice (OUP 2008) google scholar
  • Veld R and Meuleman L, ‘Sustainable development and the Governance of Long-term Decisions’ in google scholar
  • Veld R (ed), Knowledge Democracy: Consequences for Science, Politics, and Media (Springer 2010) 255-81 google scholar
  • Walker D, ‘The Challenge of Improving the Long-Term Focus of Executive Pay’ (2010) 51(2) Boston College Law Review 435-442 google scholar
  • Walkling R, ‘CEO-centric Firms: Risks and Remedies’ (Directors and Boards Magazine, January 2010) google scholar
  • Weber E and Kunreuther H, ‘Aiding Decision Making to Reduce the Impacts of Climate Change’ (2014) 37(3) Journal of Consumer Policy 397-411 google scholar
  • Wiley K, Stock Market Short-Termism: Law, Regulation, and Reform (Palgrave Macmillan 2019) google scholar

Atıflar

Biçimlendirilmiş bir atıfı kopyalayıp yapıştırın veya seçtiğiniz biçimde dışa aktarmak için seçeneklerden birini kullanın


DIŞA AKTAR



APA

Erdem, F.B. (2021). Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim. Annales de la Faculté de Droit d’Istanbul, 0(70), 73-89. https://doi.org/10.26650/annales.2021.70.0003


AMA

Erdem F B. Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim. Annales de la Faculté de Droit d’Istanbul. 2021;0(70):73-89. https://doi.org/10.26650/annales.2021.70.0003


ABNT

Erdem, F.B. Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim. Annales de la Faculté de Droit d’Istanbul, [Publisher Location], v. 0, n. 70, p. 73-89, 2021.


Chicago: Author-Date Style

Erdem, Fatih Buğra,. 2021. “Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim.” Annales de la Faculté de Droit d’Istanbul 0, no. 70: 73-89. https://doi.org/10.26650/annales.2021.70.0003


Chicago: Humanities Style

Erdem, Fatih Buğra,. Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim.” Annales de la Faculté de Droit d’Istanbul 0, no. 70 (Dec. 2022): 73-89. https://doi.org/10.26650/annales.2021.70.0003


Harvard: Australian Style

Erdem, FB 2021, 'Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim', Annales de la Faculté de Droit d’Istanbul, vol. 0, no. 70, pp. 73-89, viewed 4 Dec. 2022, https://doi.org/10.26650/annales.2021.70.0003


Harvard: Author-Date Style

Erdem, F.B. (2021) ‘Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim’, Annales de la Faculté de Droit d’Istanbul, 0(70), pp. 73-89. https://doi.org/10.26650/annales.2021.70.0003 (4 Dec. 2022).


MLA

Erdem, Fatih Buğra,. Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim.” Annales de la Faculté de Droit d’Istanbul, vol. 0, no. 70, 2021, pp. 73-89. [Database Container], https://doi.org/10.26650/annales.2021.70.0003


Vancouver

Erdem FB. Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim. Annales de la Faculté de Droit d’Istanbul [Internet]. 4 Dec. 2022 [cited 4 Dec. 2022];0(70):73-89. Available from: https://doi.org/10.26650/annales.2021.70.0003 doi: 10.26650/annales.2021.70.0003


ISNAD

Erdem, FatihBuğra. Halka Açık Şirketlerde Kısa Vadecilik ve Kurumsal Yönetim”. Annales de la Faculté de Droit d’Istanbul 0/70 (Dec. 2022): 73-89. https://doi.org/10.26650/annales.2021.70.0003



ZAMAN ÇİZELGESİ


Gönderim09.04.2021
Kabul09.04.2021
Çevrimiçi Yayınlanma09.08.2021

LİSANS


Attribution-NonCommercial (CC BY-NC)

This license lets others remix, tweak, and build upon your work non-commercially, and although their new works must also acknowledge you and be non-commercial, they don’t have to license their derivative works on the same terms.


PAYLAŞ




İstanbul Üniversitesi Yayınları, uluslararası yayıncılık standartları ve etiğine uygun olarak, yüksek kalitede bilimsel dergi ve kitapların yayınlanmasıyla giderek artan bilimsel bilginin yayılmasına katkıda bulunmayı amaçlamaktadır. İstanbul Üniversitesi Yayınları açık erişimli, ticari olmayan, bilimsel yayıncılığı takip etmektedir.