Corporate Governance Rating and Ownership Structure in the Case of Turkey

Gürarda, Şevin; Ozsoz, Emre; Ates, Abidin

doi:10.3390/ijfs4020008

Cited by 6 publications

(6 citation statements)

References 65 publications

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“…They concluded that the size of the BoD had a negative effect on CGCR, while the ownership structures of the enterprises, the level of independence of the BoD and the stakeholder orientation had a positive effect. Gürarda et al (2016) investigated the factors affecting CGCR in a study that selected 22 publicly traded companies as a sample. According to the results of the study, they identified a positive relationship between firm size, financial risk and earnings and CGCR.…”

Section: B Academic Studies On the Factors Affecting Cgcrmentioning

confidence: 99%

Effect of Corporate Governance Committee Structure on Corporate Governance Compliance Rating

ÇAKALI¹

2022

Yönetim Ve Ekonomi Dergisi

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In this study, effect of corporate governance committee composition on corporate governance compliance rating (CGCR) was investigated, based on the assumption that the corporate governance committee may affect CGCR in terms of its roles and responsibilities. Firms included in XKURY were selected as a sample in the study. Statistical analysis were carried out for the existence of the specified relationship by using the data of the companies in question for the period of 2014-2020. Independent variables of the study are % of female members, % of members of the board, % of independent board members and % of non-executive board members in the corporate governance committee. The effects of these variables on the companies' compliance with corporate governance principles were analyzed by performing Mann-Whitney U test. The obtained results show that at 95% confidence level presence of non-executive board members at different rates in corporate governance committees makes a difference on the CGCR of the enterprises. To the best knowledge, there is no study in the national and international literature that investigates the effect of corporate governance committee composition on CGCR. It is thought that this study differs from other studies in this respect and contributes to the literature.

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Section: B Academic Studies On the Factors Affecting Cgcrmentioning

confidence: 99%

Effect of Corporate Governance Committee Structure on Corporate Governance Compliance Rating

ÇAKALI¹

2022

Yönetim Ve Ekonomi Dergisi

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“…Although these companies have professional management, family members may interfere with strategic decisions, and in some cases even daily work. The cash flow and voting rights of the families in Turkish companies are more dominant than other countries where family ownership is intense (Gürarda, Özsöz, and Ateş, 2016).…”

Section: Shareholder and Capital Structure In Turkeymentioning

confidence: 99%

Türkiye’de Halka Açık Firma Yatırımcılarının Yaşadığı Vekalet Maliyetleri

Ünal

Derdiyok

2020

Ekonomi, Politika &Amp; Finans Araştırmaları Dergisi

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Stock markets play a significant role in terms of collecting the savings of individual investors and providing equity financing options for the companies. In most cases, individual investors cannot have a chance to represent themselves on the boards of the companies which they invest in. This situation causes investors to suffer from agency costs which are well defined in the corporate governance literature. This paper aims to define the agency costs of publicly traded equities owners in the Turkish stock market. All publicly traded companies in Borsa İstanbul included in the research, which covers the period between 2010 and 2018 which is after the global financial crisis in 2008. Findings of the study show that there is an adverse relationship between financial performance of the companies and the free float ratio. The companies with the higher free float ratios have the lowest profitability. On the other hand, the main shareholders tend to sell their stocks when the stock pricing and the company's periodic profitability is relatively high. The market perceived this as a negative signal and a negative relationship was observed between the free float change and the stock price performance.

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“…We include the control variables such as firm size and profitability, resulting in a total of eight variables for measuring the effect of corporate governance on capital structure decision in Bangladeshi firms. Firm size is measured as the natural logarithmic transformation of total assets or sales of a firm (Gurarda et al 2016). Board size, board composition, and managerial ownership are variant with firm size (Titman and Wessels 1988;Wald 1999;Prasad et al 2001;Castanias 1983).…”

Section: Variable Definitions and Their Evidencementioning

confidence: 99%

Does Corporate Governance Influence Leverage Structure in Bangladesh?

Uddin

Khan

Hosen

2019

IJFS

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This paper examines the regulation of corporate governance on leverage structure decision-making in Bangladesh from 2003 to 2017. Appropriate panel methods are employed to control the problems of serial correlation, heteroskedasticity, and the cross-sectional nature of manufacturing companies. The study finds that corporate governance attributes such as board size, managerial ownership, and duality are the dominant factors for leverage decision-making. The results also indicate that control variables such as firm size and profitability have an influential role on leverage decision-making in Bangladesh. Our findings substantiate the idea that political and family connections to corporate governance structure greatly influence the leverage decision-making of corporate firms in Bangladesh. Int. J. Financial Stud. 2019, 7, 50 2 of 16 weak corporate governance, such as family issues, institutional issues, political affiliation, corruption, and the lack of a sense of responsibility and accountability. In this circumstance, financial managers cannot freely make optimal financial decisions in terms of firm value and sustainability. Weak financial decision-making incurs a great deal of loss, which threatens sustainability. The previous studies also consider only primary data, and, to the best of our knowledge, they did not consider the main corporate governance attributes of board size, board composition, board independence, managerial ownership, institutional shares, and CEO duality from secondary data. Hence, the relationship between corporate governance and leverage structure decision-making in Bangladesh has not been fully explored. In this respect, in Bangladesh, there is an urgent need to determine whether corporate governance has any impact on leverage structure decision-making or not.We have investigated the manufacturing sector for several reasons: First, past literature has been primarily dedicated to the analysis of developed countries and there are very few studies focused on developing countries such as Bangladesh. Second, Bangladesh has been experiencing embezzlement in capital markets resulting from political weaponry and government intervention. These consequences radically affect the financial decision-making of manufacturing companies in Bangladesh. Third, the manufacturing sector provides the basic needs of people and fuels economic growth in Bangladesh, and it is highly vulnerable due to a lack of high-quality corporate governance. Poor accounting and auditing standards, bad accountability, low transparency, managerial inefficiency, and political turmoil (Pontines and Siregar 2008) have led to the poor sustainable development of the sector.The major contributions of the paper are designed to add new insights to the current literature: (i) The previous literature on this subject in Bangladesh is few and partial. To the best of our knowledge, research in this area was initiated by Haque et al. 2011 on the qualitative factors of corporate governance in Bangladesh. The most influential variables for c...

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Corporate Governance Rating and Ownership Structure in the Case of Turkey

Cited by 6 publications

References 65 publications

Effect of Corporate Governance Committee Structure on Corporate Governance Compliance Rating

Effect of Corporate Governance Committee Structure on Corporate Governance Compliance Rating

Türkiye’de Halka Açık Firma Yatırımcılarının Yaşadığı Vekalet Maliyetleri

Does Corporate Governance Influence Leverage Structure in Bangladesh?

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