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Journal of Business, Economics and Finance

Yıl 2012 , Cilt 1 , Sayı 1

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Makale özeti
Başlık :

Corporate governance as a quantitative indicator and a study on istanbul stock exchange corporate governance index in turkey

Yazar kurumları :
Gazi Uni., Faculty of Economics and Administrative Sci., Department of Business Administration1, Gazi Uni., Faculty of Economics and Administrative Sciences, Department of Econometrics2,
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Özet Türkçe :

The purposes of this study are to determine the direction and the magnitude of the interrelations of the Corporate Governance Index (XKURY as denoted by ISE) and other three indexes of ISE, and to analyze and find out whether any one of these indices may be used as a positive indicator for an investment to be made in XKURY index. XKURY index consists of the stocks of the listed companies of ISE those are rated as satisfactorily applying the corporate governance principles in accordance with the criteria set by the Capital Markets Board of Turkey. As a result of an analysis based on 683 observations, statistically significant relationships have been established and interpreted between the XKURY index returns and the returns of the other three indices described above, which constitutes a quantitative indicator of corporate governance practices. It has been found that the corporate governance index had a very strong and positive correlation with other indices it has been compared. The econometrical analyses carried out in the study had concluded that it will not be possible to use any of the indices of ISE as a positive indicator for an investment to be made in XKURY index, by following their movements.

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