Kurumsal Yöneti̇m İlkeleri̇ne Uyum Notu İle Hi̇sse Senedi̇ Geti̇ri̇si̇ İli̇şki̇si̇: Bist Kurumsal Yöneti̇m Endeksi̇ (Xkury) Üzeri̇ne Bi̇r Uygulama

Aksu, Melek Gamze

doi:10.17823/gusb.193

Cited by 10 publications

(4 citation statements)

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“…It is concluded that there is a significant relationship between corporate governance notes and stock price in Turkey. Malik (2012) concluded that the higher corporate governance rating provided higher stock prices in the study, Aksu and Aytekin (2015) found that no significant differences were found between the stock returns before disclosure of the corporate governance notes and the stock returns after disclosure.…”

Section: Literature Reviewmentioning

confidence: 77%

THE EFFECT OF CORPORATE GOVERNANCE ON STOCK RETURNS BY PVAR: AN INVESTIGATION IN BIST / Kurumsal Yönetimin Hisse Senedi Getirisine Etkisinin PVAR Analizi İle Ölçülmesi: BIST’te Bir Araştırma

Turnacigil

Güler

Doğukanlı

2019

Uluslararası Ekonomi İşletme Ve Politika Dergisi

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In this study, the effect of corporate governance practice on stock returns is examined. The research was analyzed within the framework of public disclosure and transparency, shareholder, stakeholders and board of directors, which has both corporate subheadings and corporate governance total score. The study was analyzed by using Panel Vector Autoregressive (PVAR) model for 2009-2016 periods. According to the results, corporate governance practice in Turkey is not effective in buying stocks of investors. The corporate governance of the companies is reflected negatively in the long term returns. Investor profile in Turkey is not interested in how the company is generally managed, investors are more care about short-term returns. It is thought that the corporate governance of firms should be introduced more in order to become a long-term preference for the investor. ÖzBu çalışmada, kurumsal yönetim uygulamalarının firmaların hisse senedi getirileri üzerine etkisi Panel Vektör Otoregresif Model (PVAR) ile analiz edilmiştir. Bu bağlamda 2009-2016 yılları arasında kurumsal yönetim endeksinde yer alan ve en az beş yıllık kurumsal yönetim notu olan 19 adet finansal olmayan firmanın kurumsal yönetim notları ile hisse senedi getirileri arasındaki ilişki incelenmiştir. Araştırma, hem kurumsal yönetim toplam notu hem de kurumsal yönetim notunu oluşturan kamuyu aydınlatma ve şeffaflık, pay sahipleri, menfaat sahipleri ve yönetim kurulu alt başlıkları çerçevesinde ayrı ayrı analiz edilmiştir. Elde edilen sonuçlara göre, Türkiye'de firmaların kurumsal yönetim ile yönetilmesi, yatırımcıların hisse senedi alımlarında etkili bir faktör olduğu söylenememektedir. Şirketlerin kurumsal yönetime sahip olması uzun vadede hisse senedi getirilerine negatif yönde yansımıştır. Kurumsal yönetime sahip firmaların yatırımcıların uzun vadeli tercihi olması için kurumsal yönetiminin yatırımcılara daha fazla tanıtılması gerektiği düşünülmektedir.

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Section: Literature Reviewmentioning

confidence: 77%

THE EFFECT OF CORPORATE GOVERNANCE ON STOCK RETURNS BY PVAR: AN INVESTIGATION IN BIST / Kurumsal Yönetimin Hisse Senedi Getirisine Etkisinin PVAR Analizi İle Ölçülmesi: BIST’te Bir Araştırma

Turnacigil

Güler

Doğukanlı

2019

Uluslararası Ekonomi İşletme Ve Politika Dergisi

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“…Moreover, Gherghina et al (2014) review the relationship between the CG rating notes and company value for the USA. On the other hand, Aksu and Aytekin (2015) investigate the relationship between the CG rating notes and stock returns, Karakılıc ¸and Vuran (2019) review the effects of the CG practices on firm value, and Bektas and Kırkbes o glu (2020) examine the impact of the being in the XKURY index on the stock returns.…”

Section: Literature Reviewmentioning

confidence: 99%

The impact of priority issues for publicly traded companies in corporate governance (CG) rating notes: an empirical study in Turkey

Kartal

Depren²,

Depren³

2022

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Purpose This paper aims to determine priority issues in the corporate governance (CG) principles to increase CG rating notes of publicly traded companies. Design/methodology/approach This study defines the priority issues for publicly traded companies that should be focused to increase the CG rating notes. In this context, this study considers the companies in Borsa Istanbul CG index (XKURY), use data for 2018, 2019, 2020, and applies machine learning algorithms. Findings Overall, importance of each CG principle changes for the CG rating notes; first five CG principles in terms of significance have a total of 43.6% importance for the CG rating notes; following a straight-line approach in completing deficiencies of the CG principles cannot help increase the CG rating notes. Hence, empirical results highlight the impact of the most significant CG principles in terms of the CG rating notes that should be focused on by publicly traded companies so that CG ratings can be increased. Research limitations/implications This study uses Turkey data and considers publicly traded companies in the XKURY index. The main cause of this condition is that consolidated data of compliance report format for all publicly traded companies cannot be obtained. Practical implications The publicly traded companies can increase the CG rating notes by considering the results of this study while focusing on priority issues in the CG principles. Social implications The study determines the most important CG principles that companies can focus on, highlights the importance of usage of machine learning algorithms in determining the most influential CG principles in terms of the CG rating notes and reflects on the difficulties for gathering consolidated CG principles compliance reporting data for all publicly traded companies. Hence, societies can have better companies that are ruled more efficiently and corporately by increasing their compliance with the CG principles. Originality/value To the best of the authors’ knowledge, this is the first empirical study that determines the priority issues to increase the CG rating notes of publicly traded companies based on the new CG principles compliance reporting scheme in Turkey. Following this aim, machine learning algorithms, which can present better results with regard to most of the econometric models, are used in this study.

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“…It has been determined that enterprises with better corporate governance practices have better financial performance than other enterprises and it is concluded that these firms have better earnings per share and asset profitability ratios. Aksu and Aytekin (2015) examined the relationship between the Corporate Governance Principles compliance rating and the stock returns of 50 enterprises listed in BIST Corporate Governance Index (XKURY) by using the daily data between 2009-2014. Kolmogorov Smirnov test was applied by calculating the log yield averages of the shares' closing prices for the 5 and 10 days period before and after the announcement of the corporate governance rating of the enterprises.…”

Section: Corporate Governance Indexmentioning

confidence: 99%

The Effects of the Corporate Governance Quality of Companies on the Price Performance: A New Generation of Panel Data Analysis on the Companies Listed in the Borsa İstanbul Corporate Governance Index

Aktürk¹,

Özyeşil²

2019

European Journal of Science and Technology

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In this study; The effects of corporate governance quality assessment notes (corporate governance rating) of firms traded on Borsa Istanbul on the stock prices of firms were investigated with the help of the New Generation Panel Data Analysis methods of 27 firms using the annual data of 2012-2018 period. The presence of cross-sectional dependence among firms included in the analysis; Breusch and Pagan (1980) were tested by LM test, Pesaran (2004) LM test, Pesaran (2004) CD test and Baltagi, Feng and Kao (2012) LMBC test and it was found that there was a horizontal cross-sectional dependence between firms. Stability of series; Pesaran (2007) was examined with CADF panel unit root test and all series were determined as I (0). The coefficients in the models were estimated by using Westerlund (2007) OLSAdj method and when the corporate governance quality of the firms increased by 1 unit, it was determined that the stock prices would increase by TL 1.13. Causality relations between series; Dumitrescu and Hurlin (2012) method was examined and one-way causality relationships were found between firms' corporate governance quality and share prices.

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Kurumsal Yöneti̇m İlkeleri̇ne Uyum Notu İle Hi̇sse Senedi̇ Geti̇ri̇si̇ İli̇şki̇si̇: Bist Kurumsal Yöneti̇m Endeksi̇ (Xkury) Üzeri̇ne Bi̇r Uygulama

Cited by 10 publications

References 0 publications

THE EFFECT OF CORPORATE GOVERNANCE ON STOCK RETURNS BY PVAR: AN INVESTIGATION IN BIST / Kurumsal Yönetimin Hisse Senedi Getirisine Etkisinin PVAR Analizi İle Ölçülmesi: BIST’te Bir Araştırma

THE EFFECT OF CORPORATE GOVERNANCE ON STOCK RETURNS BY PVAR: AN INVESTIGATION IN BIST / Kurumsal Yönetimin Hisse Senedi Getirisine Etkisinin PVAR Analizi İle Ölçülmesi: BIST’te Bir Araştırma

The impact of priority issues for publicly traded companies in corporate governance (CG) rating notes: an empirical study in Turkey

The Effects of the Corporate Governance Quality of Companies on the Price Performance: A New Generation of Panel Data Analysis on the Companies Listed in the Borsa İstanbul Corporate Governance Index

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