Yusuf GÜMÜŞ, Gülüzar GÜMÜŞ KURT, Bener GÜNGÖR

KURUMSAL YÖNETİM VE HİSSE SENEDİ GETİRİSİ ARASINDAKİ İLİŞKİ

Bu çalışma, kurumsal yönetim ve hisse senedi getirisi arasındaki ilişkiyi 2007 ve 2013 arasındaki dönem itibariyle endeks ve firma düzeyinde incelemektedir. Endeks düzeyindeki analiz, Borsa İstanbul Kurumsal Yönetim Endeksi ile Borsa İstanbul 100 Endeksi arasındaki ilişkiye odaklanmaktadır. Firma düzeyindeki analiz ise, kurumsal yönetim performansının 2007 ve 2013 yılları arasında Kurumsal Yönetim Endeksi’nde listelenen oniki firmanın hisse senedi getirileri üzerindeki etkisini incelemektedir. Endeks düzeyindeki ilişki, eşbütünleşme analizi ile incelenmiştir ve firma düzeyindeki ilişki ise birikimli normal dışı getirileri hesaplamaktadır. Sonuçlara göre, endeks düzeyinde uzun dönemli bir ilişki bulunmaktadır ve ayrıca kurumsal yönetim performansı hisse senedi getirisi üzerinde etkilidir.

Anahtar Kelimeler:

Borsa İstanbul, kurumsal yönetim, hisse senedi getirisi

THE RELATIONSHIP BETWEEN CORPORATE GOVERNANCE AND STOCK RETURNS

This study investigates the relationship between corporate governance and stock returns both at index and firm-level for the period between 2007 and 2013. The index-level analysis focuses on the long-run relationship between Borsa İstanbul Corporate Governance Index and Borsa İstanbul 100 Index. The firm-level analysis examines the effect of corporate governance ratings on stock returns. The firm-level analysis includes twelve companies which have been listed on Corporate Governance Index from 2007 till 2013. The index-level analysis employs co-integration analysis, while the firm-level analysis calculates cumulative abnormal returns. The results indicate that there is a long-run index-level relationship and also corporate governance rating announcements have an effect on stock returns.

Keywords:

Borsa İstanbul, corporate governance, stock return,

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