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Dergiler / Avrupa Bilim ve Teknoloji Dergisi / 2019 / Cilt: 0 - Sayı: 16

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

Mustafa ÖZYEŞİL
Esin BENHÜR AKTÜRK
Sayfa
620–630
Yayın Tarihi
2022-10-11
DOI
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⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

The coefficients in the models were estimated by usingWesterlund (2007) OLSAdj method and when the corporate governance quality of the firms increased by 1 unit, it was determined thatthe stock prices would increase by TL 1.13.Causality relations between series; Dumitrescu and Hurlin (2012) method was examined and one-way causality relationships werefound between firms' corporate governance quality and share prices.

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Amaç & Hipotez:In this study; The effects of corporate governance quality assessment notes (corporate governance rating ) of firms traded on BorsaIstanbul on the stock prices of firms were investigated with the help of the New Generation Panel Data Analysis methods of 27 firmsusing the annual data of 2012-2018 period.
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Temel Bulgular & Veri:The presence of cross-sectional dependence among firms included in the analysis; Breuschand Pagan (1980) were tested by LM test, Pesaran (2004) LM test, Pesaran (2004) CD test and Baltagi, Feng and Kao (2012) LMBCtest and it was found that there was a horizontal cross-sectional dependence between firms.
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Sonuç & Katkı:The coefficients in the models were estimated by usingWesterlund (2007) OLSAdj method and when the corporate governance quality of the firms increased by 1 unit, it was determined thatthe stock prices would increase by TL 1.13.Causality relations between series; Dumitrescu and Hurlin (2012) method was examined and one-way causality relationships werefound between firms' corporate governance quality and share prices.
🔬Tür:Modelleme & Sayısal Simülasyon
📍Kapsam:2012-2018 Verileri
⚙️Değişkenler:Alan Parametreleri

Abstract

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

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Bu Makaleye Atıf Yap

ÖZYEŞİL, M., AKTÜRK, E. B. (2022). 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. Avrupa Bilim ve Teknoloji Dergisi, Cilt: 0 - Sayı: 16, 620–630. https://ajindex.com/articles/458020

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Kaynakça (6)

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  2. Bayraktaroğlu, H. ve Çelik, İ. (2015), Kurumsal Yönetim Uygulamalarının Getiri Oynaklığı Üzerine Etkisi: Borsa İstanbul’da Bir Araştırma, Akdeniz Üniversitesi İİBF Dergisi, Cilt XVII Sayı:1,S: 97-108
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  4. Güncel Yayıncılık. Dumitrescu, E.I. and Hurlin, C. (2012). Testing for Granger Non-Causality in Heterogeneous Panels. Economic Modelling, 29(4), 1450-1460.
  5. Eberhardt, M. and Bond, S. (2009). Cross-section Dependence in Nonstationary Panel Models: A Novel Estimator. MPRA Paper, No. 17870. Ertuna, B., ve Tükel, A. (2008), Şirketlerin Kamuyu Aydınlatma Düzeyleri: Ortaklık Yapısı Ve Kurumsal Yönetimin Etkileri, İ.M.K.B. Dergisi, Sayı:40. Pesaran, M.H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels, Cambridge Working Papers in Economics, 435. Sakarya, Ş. (2011), İMKB Kurumsal Yönetim Endeksi Kapsamındaki Şirketlerin Kurumsal Yönetim Derecelendirme Notu ve Hisse Senedi Getirileri Arasındaki İlişkinin Olay Çalışması (Event Study) Yöntemi İle Analizi, Zonguldak Karaelmas Üniversitesi Sosyal Bilimler Dergisi, Cilt:7, Sayı:13, S: 147–162
  6. TKYD ve Delolitte. (2006). Nedir Bu Kurumsal Yönetim? İstanbul: TKYD ve Deloitte Ortak Yayını. Westerlund, J. (2007). Estimating Cointegrate