부산대학교 도서관

Awareness about corporate governance began in 2002 and 2003, following the publications of international organizations on the same. In addition to the Capital Market Board (CMB), NGOs have had a key role to play in the development of the corporate governance system in terms of internal audit, internal control, risk management and strategic planning. The external financing of the Turkish companies was heavily based on banks (external finance) as in the continental Europe. Due to the dependence on foreign financing, development of corporate governance was relatively delayed when compared to the Anglo-Saxon countries such as the UK and the US. Reference to corporate governance appeared in a communiqué of CMB, for the first time, in 2003. Later, the banking law covered a chapter on internal systems that aimed at corporate governance. The Turkish Commercial Code, renewed in 2011, mentioned corporate governance and assigned the regulatory authority of corporate governance to CMB. Finally, the CMB law was renewed in 2012 and regulated corporate governance in detail was laid out, and it reinforced the authority of the CMB over other governmental institutions. CMB law made it mandatory for Bourse Istanbul (BIST) companies to implement corporate governance regulations. On evaluating the performance of the companies that implemented corporate governance with the non-implementing companies, it is found that the performance indexes of both the sectors do not differ significantly. It can be said that corporate governance in Turkey is still treated as a set of procedures and needs time to be internalized. [ABSTRACT FROM AUTHOR]