After the Covid-19 pandemic, there has been an extreme demand for food products all over the world. Whether this increase in demand in the sector is reflected in the financial markets is the main motivation of this study. In this context, the aim of this study is to determine the impact of the pandemic on stock returns and volatility of public companies in the food and beverage sector. The study mainly examined the Borsa Istanbul Food and Beverage Index (XGIDA) and the companies in this index. First, the performance of the XGIDA index was compared with the Borsa Istanbul reference indices using comparative analysis and trend analysis methods. Then, the food industry was examined on company basis. The return performances and volatility of the companies were analyzed in 10 portfolios created according to the company size, profitability and debt ratios. As a result of the trend analysis, it was determined that XGIDA index performed better than other indices during the research period. However, in the first phase of the pandemic, all indices, including the XGIDA index, were observed to have significant decrease. From these initial reactions, it can be interpreted that investors are exposed to the shock effect of the pandemic. Portfolio analysis findings strongly support the results obtained on the basis of indices. The results show that after the Covid-19 pandemic, all of the portfolios consisting of stocks of companies in the food industry offered higher return performance but higher volatility than reference indices. The results of the research that should be emphasized are that the portfolio consisting of companies with net losses had a return of 60.26% and the portfolio consisting of companies with very high debt ratio has a return of 82.68%. The study provides important evidence in the context of behavioral finance in terms of revealing the reactions of investors in a crisis environment.
Purpose -In the financial markets, especially the institutional investors' interest in funds and portfolios composed of sustainable companies accelerated the formation of sustainability indices. In this context, this study aims to examine the sustainability indices in financial markets and compare the performance of Borsa İstanbul Sustainability Index (XUSRD) with benchmark indices. In this study, unlike other studies in the literature, not only return performance and risk, but also intraday volatility were analyzed.Design/methodology/approach -The research period is between November 4, 2014 and October 31, 2018. The performance of the XUSRD was compared with market indices (XU100, XUTUM and XTUMY) and the Corporate Governance Index (XKURY). Average daily return of indices were used for return performance. Risk factor was analyzed on models established according to CAPM. Intraday volatility was calculated following to the method proposed by Parkinson (1980) and adapted by Corrado and Truong (2007).Findings -Research findings show that average daily return of XUSRD index is not different from market indices and XKURY index. However, when intraday volatility is examined, it was found that XUSRD was more volatile than the market indices XUTUM and XTUMY. In the three regression models established according to CAPM, Jensen α values were not significant, however, β values of XUSRD were found to be higher than 1 and statistically significant.
In this era of globalization of competition, what makes companies valuable is the knowledge, non-financial capabilities and values they possess. Neither the concept of intangible assets nor "the difference between the market value of companies and the book value" obtained from their financial statements can fully explain this. These values that provide competitive advantage to companies are used together with financial term and expressed as intellectual capital. The high level of intellectual capital contributes to both the sustainability of firms and the national economy. In this respect, this study aims to analyze the intellectual capital practices of companies operating in the textile sector in Turkey. The scope of the study consists of
Purpose-Regulators seek to intervene directly or indirectly in the management styles and financial structures of companies in order to ensure the transparent and efficient functioning of the market, as well as to protect investors. The aim of the study is to determine the effect of corporate governance regulations in stock markets on board and capital structures of the industrial companies listed on Borsa Istanbul (BIST). Methodology-The study covers the period 2010-2014, including the period during which policy changes took place in Turkey. The sample consists of 134 companies listed in BIST Industry Index and traded continuously during this period. Non-parametric statistical tests are used for the effect of regulations on management structure, while the effect on capital structure is analyzed by panel regression analysis. Findings-The results show that the regulations have a significant effect on establishment of an internal audit system, the inclusion of independent directors on board and board size. However, there is no statistically significant effect of the regulations on capital structures (leverage) on both pooled model and fixed effect models. Conclusion-The evidence presented in the study suggests the necessity of the regulations and enforcements for public companies in the field of corporate governance. The results of the study are expected to shed light on not only researchers but also policy makers and regulatory bodies.
Bu çalışmanın amacı firma riski ve yönetişim kalitesinin hisse senedi volatilitesine etkisini analiz etmektir. Bu etki, kurulan iki ayrı ekonometrik modelle incelenmiş, yöntem olarak panel veri analizi yöntemi seçilmiştir. Araştırma, 2008-2017 yılları arasında Borsa İstanbul’da sürekli olarak işlem gören ve finans sektörü dışındaki 64 şirketi kapsamaktadır. Araştırmanın bağımlı değişkeni olan hisse senedi volatilitesi, varlık fiyatlarının Brownian hareketini izlediğini varsayan ve Parkinson (1980) tarafından önerilen volatilite modeline göre saptanmıştır. Araştırmanın ilk bağımsız değişkeni firma borç riskidir. Diğer bağımsız değişken olan yönetişim kalitesi ise iki farklı yöntemle belirlenerek ayrı modellerde yer almıştır. Modellere literatür ile uyumlu olarak çeşitli kontrol değişkenleri ilave edilmiştir. Panel veri analizi bulguları, firma riskinin artmasının volatiliteyi istatistiksel olarak anlamlı bir şekilde arttırdığını göstermektedir. Bu araştırmada ayrıca firmaların yönetişim kalitesinin, hisse senetlerinin volatilitesini negatif yönde etkilediği de saptanmıştır. Buradan düşük borç riskine sahip, riski iyi yönetebilen ve kurumsal yönetimi iş süreçlerine dahil eden firmaların hisse senetlerinin, finansal piyasalardaki dalgalanmalardan daha az etkilendikleri sonucuna ulaşılmaktadır.
The need for financial transparency is way beyond reducing fluctuations on financial markets, the protection of small investors or fighting against money laundering. Asian crisis in 1997, Dot-com bubble in 2000, company crises such as Enron and the global financial crisis in 2008 have shown that a crisis caused by the lack of transparency in companies might not only affect the company and its stakeholders in a negative way but also the country and the region the company is in. After the financial crisis of 2008 many countries made various arrangements in capital accounts about increasing transparency and accountability which was seen as one of the reason of the crisis in addition the short and long term precautions. Dodd–Frank Wall Street Reform and Consumer Protection Act which came into force in the United States in July 2010 is one of the most significant arrangements. In this study, practices of increasing transparency in capital markets after global financial crisis have been discussed. In this context, in light of the new regulations and the Corporate Governance Principles, transparency and disclosure practices in Turkey have been examined. The results of these practices have been analyzed in the short term and its possible effects on capital markets, companies and shareholders have been discussed in the long term. Increasing transparency has been expected to help financial markets process more effectively and to provide benefits to all stakeholders.
The mortgage crisis, started in 2007 in USA, turned into global financial crisis at the end of 2008. This crisis is assumed to be the largest crisis after The Great Depression occurred in 1929. Global Financial Crisis spread out from USA to developed countries and eventually other countries. Some financial institutions went bankruptcy and some of rest has been survived with governments’ financial supports. Crisis affected the real economy after financial markets, due to crisis production and employment decreased all over the countries. Excess liquidity, deterioration of the mortgage loans structure, excessive increases in house prices, securitization of subprime mortgages, lack of transparency, expansion of derivative markets, ineffectiveness of credit rating agencies and delay of regulatory agencies’ intervention are assumed as “reasonable reasons of the crisis. Before all these reasons, deregulation in financial market in USA is the main reason of this crisis. Corporate governance is against decontrol and lack of transparency which cause crisis. Corporate governance focuses on four pillars, which are fairness, transparency, accountability and responsibility. These four principles are associated with measurement and development of performance of government and companies. In this study, we looked from corporate governance window to the global financial crisis, and expressed lessons and advices to be determined. With effective corporate governance, it is expected to add value to stakeholders and being responsible to social values.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.