VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET

KAYMAZ, Mike Önder; Öcal, Hüseyin

VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET

Hüseyin ÖCAL, (İstanbul Gelişim Üniversitesi, Department of Business Administration, İstanbul, Turkey)

Mike Önder KAYMAZ (Clarion University, Department of Accountancy, Pennsylvania-USA)

Akademik Hassasiyetler

5 1

Yıl: 2019 Cilt: 6 Sayı: 11 Sayfa Aralığı: 109 - 125 Metin Dili: İngilizce İndeks Tarihi: 13-11-2019

VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET

Öz:

The aim of this study is to investigate the benefits provided by corporate governance tostock investors. For this purpose, companies which are included in the corporate governanceand the dividend return indices have been examined. The data include BIST CorporateGovernance Return, All Return and Dividend Return indices. Empirical analysis has beenperformed through OLS regression along with Beta calculations. The results of the study haveshown that corporate governance has a positive impact on risk management and internalcontrol constituents of companies. Corporate Governance Return index and All Return indexdecrease in parallel to each other when indices fall down (beta down). However, the decreasein the former index is less than the decrease in the latter one. Therefore, we argue thatencouraging conformity to principles of corporate governance will generate benefit toshareholders and companies at micro level while also providing a more transparent investmentenvironment and advancing the capital market.

Anahtar Kelime:

KURUMSAL YÖNETİMİN HİSSE YATIRIMCISINA YARATTIĞI DEĞER: GELİŞMEKTE OLAN PİYASADA BİR AMPRİK ÇALIŞMA

Öz:

Bu çalışmanın amacı, kurumsal yönetimin hisse senedi yatırımcısına faydalarını araştırmaktır. Bu sebeple, Kurumsal Yönetim ve Temettü Getiri Endeksine dâhil olan şirketler incelenmiştir. BIST Kurumsal Yönetim Getiri Endeksi, Tüm Getiri Endeksi ve Temettü Endeksi verileri kullanılmıştır. Amprik analizde regresyon analizi kullanılarak Beta hesaplaması yapılmıştır. Çalışma, kurumsal yönetimin risk yönetimi ve iç kontrol sistemleri üzerinde pozitif etkisi olduğu sonucunu ortaya koymuştur. Kurumsal Yönetim Getiri Endeksi ve Tüm Getiri Endeksi piyasa düştüğünde birbirine paralel düştüğü görülmüştür. Ancak, Kurumsal Yönetim Getiri Endeksindeki düşme daha az gerçekleşmiştir. Sonuç olarak, kurumsal yönetim ilkelerine uyum sağlama mikro seviyede hissedarlara ve şirketlere fayda sağlarken, daha şeffaf yatırım ortamı yaratarak makro seviyede sermaye piyasalarını geliştirmektedir.

Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık

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APA	Öcal H, KAYMAZ M (2019). VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET. , 109 - 125.
Chicago	Öcal Hüseyin,KAYMAZ Mike Önder VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET. (2019): 109 - 125.
MLA	Öcal Hüseyin,KAYMAZ Mike Önder VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET. , 2019, ss.109 - 125.
AMA	Öcal H,KAYMAZ M VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET. . 2019; 109 - 125.
Vancouver	Öcal H,KAYMAZ M VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET. . 2019; 109 - 125.
IEEE	Öcal H,KAYMAZ M "VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET." , ss.109 - 125, 2019.
ISNAD	Öcal, Hüseyin - KAYMAZ, Mike Önder. "VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET". (2019), 109-125.

APA	Öcal H, KAYMAZ M (2019). VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET. Akademik Hassasiyetler, 6(11), 109 - 125.
Chicago	Öcal Hüseyin,KAYMAZ Mike Önder VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET. Akademik Hassasiyetler 6, no.11 (2019): 109 - 125.
MLA	Öcal Hüseyin,KAYMAZ Mike Önder VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET. Akademik Hassasiyetler, vol.6, no.11, 2019, ss.109 - 125.
AMA	Öcal H,KAYMAZ M VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET. Akademik Hassasiyetler. 2019; 6(11): 109 - 125.
Vancouver	Öcal H,KAYMAZ M VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET. Akademik Hassasiyetler. 2019; 6(11): 109 - 125.
IEEE	Öcal H,KAYMAZ M "VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET." Akademik Hassasiyetler, 6, ss.109 - 125, 2019.
ISNAD	Öcal, Hüseyin - KAYMAZ, Mike Önder. "VALUE RELEVANCE OF CORPORATE GOVERNANCE TO STOCK INVESTORS: EMPIRICAL EVIDENCE FROM AN EMERGING MARKET". Akademik Hassasiyetler 6/11 (2019), 109-125.