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«T.C YED TEPE UNIVERSITY GRADUATE INSTITUTE OF SOCIAL SCIENCES CORPORATE GOVERNANCE: THE EFFECTS OF BOARD CHARACTERISTICS, INFORMATION TECHNOLOGY ...»

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T.C

YED TEPE UNIVERSITY

GRADUATE INSTITUTE OF SOCIAL SCIENCES

CORPORATE GOVERNANCE: THE EFFECTS

OF BOARD CHARACTERISTICS,

INFORMATION TECHNOLOGY MATURITY

AND TRANSPARENCY ON COMPANY

PERFORMANCE

By Sinan DÜZTAŞ Supervisor Prof. Dr.. Atilla D CLE Submitted to the Graduate Institute of Social Sciences In partial fulfilment of the requirements for the degree of Doctor of Philosophy (Management and Organisation) STANBUL, 2008 T.C

YED TEPE UNIVERSITY

GRADUATE INSTITUTE OF SOCIAL SCIENCES

CORPORATE GOVERNANCE: THE EFFECTS

OF BOARD CHARACTERISTICS,

INFORMATION TECHNOLOGY MATURITY

AND TRANSPARENCY ON COMPANY

PERFORMANCE

By Sinan DÜZTAŞ Supervisor Prof. Dr.. Atilla D CLE Submitted to the Graduate Institute of Social Sciences In partial fulfilment of the requirements for the degree of Doctor of Philosophy (Management and Organisation) STANBUL, 2008

TABLE OF CONTENTS

LIST OF ABBREVIATIONS

LIST OF FIGURES

LIST OF TABLES

ACKNOWLEDGEMENTS

ABSTRACT

ÖZET

1. INTRODUCTION

1.1 Purpose of the Study

1.2 Importance of the Study

2. LITERATURE REVIEW

2.1 Corporate Governance

2.1.1 Background

2.1.2 Definition of Corporate Governance

2.1.3 Legislating For Good Governance

2.2 Theories about Corporate Governance

2.2.1 Agency Theory

2.2.2 Stewardship Theory

2.2.3 Contrasting Approaches to Governance

2.2.4 Resource Dependence Theory

2.2.5 Signaling Theory

2.3 Roles and Responsibilities

2.3.1 The Board of Directors

2.3.2 The CEO and Management

2.3.3 Relationships with Stakeholders

2.4 Board Operations

2.4.1 Management Development and Succession

2.4.2 Board and Committee Evaluation

2.5 Accountability

2.6 Corporate Social Responsibility, Business Ethics and Corporate Governance........ 51

2.7 Audit Committees

2.8 Corporate Ethics

2.9 Corporate Governance Rating Systems

2.10 Board Structure, Information Technology, Transparency and Company Performance

2.10.1 Corporate Governance and Company Performance

2.10.2 Board of Directors Structure

2.10.3 Transparency

2.10.4 Information Technology

2.11 Corporate Governance in Turkey

3. RESEARCH DESIGN AND METHODOLOGY

3.1 Objectives and the Scope of the Research

3.2 Research Outline

3.3 Research Framework

3.3.1 Board structure

3.3.2 Transparency and Disclosure

i 3.3.3 Information Technology Maturity

3.3.4 Company Performance

3.4 Data Collection Method and Instrument

3.5 Sampling

3.6 Data Analysis Method

3.7 Definition of Key Terms

3.8 Hypotheses

4. ANALYSIS OF THE RESULTS

4.1 Reliability of Results

4.2 Research Results

4.3 Hypotheses Tests

4.4 Interpretation of Findings

5. CONCLUSION AND RECOMMENDATIONS

5.1 The Contributions and Limitations of the Study

5.1.1 Contributions to the Literature

5.1.2 Contributions to Business

5.1.3 Limitations

5.2 Recommendations for Future Research

5.2.1 The Essence

6. REFERENCES

7. APPENDIX – A

8. APPENDIX – B

9. APPENDIX - C

10. BIOGRAPHY

–  –  –

Figure 2.1 Principal’s choice agent vs.

steward….....………………………….….……....35 Figure 2.2 Contrasting approaches to corporate governance……………………...………38 Figure 3.1 Initial research model…..………..………..………..………………….....….…86 Figure 3.2 Initial research model……………………………………………………..…..110 Figure 4.1 IT maturity questionnaire – Demographics (Age)……….……………….…..125 Figure 4.2 IT maturity questionnaire – Demographics (Gender)..………..……..…....….126 Figure 4.3 IT maturity questionnaire – Demographics (Education).………..……..….…127 Figure 4.4 IT maturity questionnaire – Organisational Structure.………..………….......128 Figure 4.5 IT maturity questionnaire – Sector.………..……………....………….….…..129 Figure 4.6 IT maturity questionnaire – Industry.……..………..…………..……….……131 Figure 4.7 IT maturity questionnaire – Factors and Sub-Concepts.……..…………..…...137 Figure 4.8 Reliability test for Factor1.……..………..………………..……….….…...…135 Figure 4.9 Reliability for Factor2 ……..………..…………..……………………………136 Figure 4.10 Reliability test for Factor3 ……..………..…………..………..……...……..137 Figure 4.11 Reliability for Factor4 ……..………..…………..……………..……....……138 Figure 4.12 CEO/Chairman duality distribution.……..………..…………..…….………140 Figure 4.13 Board size distribution ……..………..…………..………..……….......……141 Figure 4.14 Outsider board member distribution …………..…………..…………...…...142 Figure 4.15 Revised research model……………………………………………………..167 Figure 4.16 Revised research model – Main correlations results……………………..…168 Figure 4.17 Results for moderating effects of transparency and IT maturity……………169





ivLIST OF TABLES

Table 2.1 Three highest profiles and most critical sections of SOX …………….

..………37 Table 2.2 Agency vs.

stewardship theory comparison….…………………………...…….38 Table 2.3 Five dimensions of accountability………………………………..…...………...50 Table 2.4 Carroll’s “Pyramid of Corporate Social Responsibility”………...………..……52 Table 2.5 Classification of the criteria used by corporate governance and board-rating systems …………………….…………………………………………………..……55 Table 3.1 Board structure data collection template………………………………….…….96 Table 3.2 IT maturity questionnaire – IT related questions………………………..…..….98 Table 3.3 Sample of 105 transparency and disclosure attributes……………………..…...99 Table 3.4 Thomson Financials’ quotation for historical company data …….……..…….100 Table 3.5 Correlation types and coefficients…………………………………….….....…106 Table 3.6 Australian board characteristics compared with USA and UK boards….....….114 Table 3.7 Guideline recommendations in different countries ……………………...…....117 Table 3.8 Statistical methods used for hypothesis testing

Table 4.1 Reliability Test result for initial questionnaires…………………….

..……..…121 Table 4.2 Reliability results for final study – IT maturity questionnaire……………..….123 Table 4.3 IT maturity questionnaire – Demographics (Age)……………………..……...124 Table 4.4 IT maturity questionnaire – Demographics(Gender)…………………..……...125 Table 4.5 IT maturity questionnaire – Demographics (Education) …………………......126 Table 4.6 IT maturity questionnaire – Organisation Structure………………………..…128 Table 4.7 IT maturity questionnaire – Sector ………………………………………..….129 Table 4.8 IT maturity questionnaire – Industry …………………………………...….....130 Table 4.9 IT questionnaire - KMO and Bartlett’s Test …………………………...…..…131 Table 4.10 IT maturity questionnaire – Total Variance Explained ……………....…..….132 Table 4.11 IT questionnaire – Factor analysis - Rotated Component Matrix ……….…..133 Table 4.12 IT questionnaire – Component Transformation Matrix……………….….….135 Table 4.13 CEO/Chairman duality, board size, and outsider board members’ means.…..139 Table 4.14 CEO/Chairman duality frequency statistics …………………………..….….139 Table 4.15 Board size frequency statistics ………………………………………………140 Table 4.16 Outsider board members frequency statistics……………………….……..…142 Table 4.17 CEO/Chairman duality and Tobin Q means and standard deviations.…..….143 Table 4.18 Correlation of CEO/Chairman duality and Tobin Q………………………....143 Table 4.19 CEO/Chairman duality and ROA means and standard deviations …………..143 Table 4.20 Correlation of CEO/Chairman duality and ROA.………………………...…144 Table 4.21 CEO/Chairman duality and Tobin’s Q means and standard deviations.….....144 Table 4.22 Correlation of board size and Tobin’s Q...………………………………...…145 Table 4.23 Board size and ROA means and standard deviations..……………………….145 Table 4.24 Correlation of board size and ROA...…………………………………...…...145 Table 4.25 Outsider director ratio and Tobin’s Q means and standard deviations …..….146 Table 4.26 Correlation of outsider director Ratio and Tobin’s Q …………………..…...146 Table 4.27 Outsider director ratio and ROA means and standard deviations ……..…….147 Table 4.28 Correlation of outsider director Ratio and ROA ………………………….....147 Table 4.29 “CEO member of board” and Tobin’s Q means and standard deviations..…..147 Table 4.30 Correlation of “CEO member of Board” and Tobin’s Q...………………..…148 v Table 4.31 “CEO member of Board” and Tobin’s Q means and standard deviations.......148 Table 4.32 Correlation of “CEO member of Board” and Tobin’s Q...………………..…148 Table 4.33 Correlation of board size and outsider board members...……………….…....149 Table 4.34 Correlation of degree of transparency and IT maturity factors…………..…..150 Table 4.35 IT maturity and degree of transparency regression test – variables entered/removed.………………………………………………………….……....151 Table 4.36 IT maturity and degree of transparency regression test – Model summary.....151 Table 4.37 IT maturity and degree of transparency regression test–Anova test results….152 Table 4.38 IT maturity and degree of transparency regression test – Coefficients ……...152 Table 4.39 IT maturity and degree of transparency regression test–Excluded variables...153 Table 4.40 IT maturity and degree of transparency regression test – Collinearity Diagnostics ………………………………………………………..…153 Table 4.41 IT maturity and degree of transparency regression test – Residuals Results...154 Table 4.42 Regression results for H4A – Variables entered/removed...………………....154 Table 4.43 Regression results for H4A – Model Summary…...………………………....155 Table 4.44 Regression results for H4A –Anova Results..…………………………….....156 Table 4.45 Regression results for H4A – Coefficients..………………………………....157 Table 4.46 Regression results for H4A – Excluded Variables..……………………...…..158 Table 4.47 Regression results for H4A –Collinearity Diagnostics...………………..…...158 Table 4.48 Correlations between board dimensions and Tobin Q...………………..……159 Table 4.49 Correlations between board dimensions and ROA...………………….….….160 Table 4.50 Partial correlations between board dimensions and ROA (Controlling for IT Maturity Factors) …………………………………….…..…...160 Table 4.51 Partial Correlations between board dimensions and Tobin Q (Controlling for IT Maturity Factors)…………………………………….…..….…161 Table 4.52 Partial correlations between board dimensions and Tobin Q (Controlling for Degree of Transparency)……………………………….…..….....162 Table 4.53 Partial Correlations between board dimensions and ROA (Controlling for Degree of Transparency)………………………………………....163 Table 4.54 Correlation between CEO/Chairman duality and transparency dimensions....164 Table 4.55 Correlation between board size and transparency dimensions …………..…..165 Table 4.56 Correlation between outsider director ratio and transparency dimensions......166

viACKNOWLEDGEMENTS

A journey is easier when you travel together. Studying as a member of a cohort helped me very much to keep moving in the right direction to finalise my Ph.D. journey. This dissertation is the result of more than six years of work whereby I have been accompanied and supported by many people. It is a pleasure now that I have the opportunity to express my gratitude to all of them.

First I would like to thank my supervisor Prof. Dr.. Atilla Dicle. He has provided me continual inspiration, assistance, support and motivation to complete this study. His integral view on research has made a deep impression on me. I must say that he is the one of the most influential people in my life. I believe I am very lucky to have had the chance to attend his classes and work with him on my MBA thesis and PHD dissertations. I would also like to thank Prof. Dr. Ülkü Dicle for her support throughout my study.

I would like to thank my thesis committee member Assoc. Prof. Dr. Mehmet Yahyagil for his 24/7 support, advice and availability. His contribution was very significant, especially for the analysis and methodology parts of my dissertation.



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