Çankaya GCRIS Standart veritabanının içerik oluşturulması ve kurulumu Research Ecosystems (https://www.researchecosystems.com) tarafından devam etmektedir. Bu süreçte gördüğünüz verilerde eksikler olabilir.

Finansal İktisat Bölümü Tezleri

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/651

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Browsing Finansal İktisat Bölümü Tezleri by Author "Akyüz, Mehmet Berktay"

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    Master Thesis
    Corporate governance and transparency: An examination of the relationship between corporate governance index and firm performance
    (Çankaya Üniversitesi, 2018) Akyüz, Mehmet Berktay
    Corporate governance is a mechanism that involves management of relationship between parties (e.g. managers, stockholders and stakeholders) by providing regulatory procedures and processes, which are designed for monitoring, directing and controlling of business objectives. In this study, we firstly provide a historical background of corporate governance theory and practice in different jurisdictions over the world. Accordingly, we explain Turkish experience in capital markets where most listed firms are held responsible to comply with corporate governance principles enforced by Capital Markets Board of Turkey. In this regard, we analyze a specific Borsa Istanbul index, i.e. Corporate Governance Index (XKURY), produced to encumber firms that are entitled to be included with respect to their level of corporate governance mechanisms in effect. In the empirical section, therefore, we try to evaluate the relationship between XKURY and the level of transparency revealed by stock market returns and liquidity in Turkey. We employ event study methodology where the sample includes all companies that had the experience of inclusion to and/or exclusion from XKURY between April 29th, 2013 and November 30th 2017 of which the relevant data is retrieved from Bloomberg. Since, corporate governance brings transparency to the market, which increases efficiency and reduces the possibility of abnormal returns, our first hypothesis is formulated as: "Inclusion (exclusion) to (from) XKURY decreases (increases) the possibility of abnormal returns/losses in the stock market". On the other hand, it is expected that efficiency would increase in the market as an improvement in the stock market liquidity. In order to explore this fact, our second hypothesis is defined as: "Inclusion (exclusion) to (from) XKURY tightens (widens) abnormal spreads in the stock's market". Our empirical findings show that inclusion to XKURY has a limited positive impact on abnormal returns but for most of the time this impact is blurred. However, its negative impact on spreads is highly clear and significant. In other words, spreads are tightening after inclusion. Exclusion from XKURY has a significant and negative impact on abnormal returns, and a positive impact, though insignificant, on spreads, meaning that they are widening, as expected.