Kurumsal Yönetim ve Portföy Performansı: BRICS Ülkeleri Örneği

Son yıllarda ortaya çıkan kurumsal yönetim skandalları ile birlikte firmalar şeffaf ve hesap verebilir bir yapıya ulaşmak için kurumsal yönetim uygulamalarını arttırmışlardır. Bu uygulamaların firmaların finansal performansı ve hisse getirisi üzerindeki olası etkisi de dikkat çeken araştırma konularından biri olmuştur. Bu çalışmada 2011-2019 döneminde BRICS ülkeleri hisse senedi piyaslarında kurumsal yönetim uygulamalarına sahip firmalardan oluşturulan portföylerin performansları incelenmiştir. Finansal Varlıkları Fiyatlama Modeli ve Fama-French Üç Faktör Modeli kullanılarak yapılan analizler kurumsal yönetim skoruna göre oluşturulan portföylerde etkin piyasa hipotezi ile uyumlu olarak normal üstü getiri elde edilemediğini ve pazar risk priminin de portföy getirisi üzerinde anlamlı bir etkisinin olmadığını göstermiştir.

Anahtar Kelimeler:

Kurumsal Yönetim, Portföy Performansı, Etkin Piyasalar, BRICS

Corporate Governance and Portfolio Performance: Evidence from BRICS Countries

Together with the corporate governance scandals in last two decades, firms have increased corporate governance applications to achieve transparent and accountable structures. These applications’ impact on firms’ financial performance and stock returns has become an appealing research topic. In this paper, the performance of portfolios constructed with BRICS firms having corporate governance applications between years 2011-2019 have been investigated by utilizing CAPM and Fama-French Three Factor Model. The findings show no abnormal returns in portfolios formed on the basis of corporate governance scores consistent with the Efficient Market Hypothesis. Furthermore, market risk premium has also no impact on portfolio returns.

Keywords:

Corporate Governance, Portfolio Performance, Efficient Markets, BRICS,

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