title   
  

The effect of corporate governance on firm value and profitability: time-series evidence from Turkey

Ararat, Melsa and Black, B. S. and Yurtoğlu, B. B. The effect of corporate governance on firm value and profitability: time-series evidence from Turkey.

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Official URL: http://www.journals.elsevier.com/emerging-markets-review

Abstract

We study the corporate governance practices of Turkish public firms from 2006 to 2012, relying on hand-collected data covering the vast majority of listed firms. We build a Turkey Corporate Governance Index, TCGI, composed of subindices for board structure, board procedure, disclosure, ownership, and shareholder rights. TCGI predicts higher market value (with firm fixed effects) and higher firm-level profitability with firm random effects. The principal driver of higher market value and profitability is disclosure subindex. We also study the determinants of firms' governance and find that most firm specific factors have little effect on firms’ governance choices.

Item Type:Article
Subjects:H Social Sciences > HG Finance > HG4001-4285 Financial management. Business finance. Corporation finance
H Social Sciences > HF Commerce > HF4999.2-6182 Business
ID Code:30146
Deposited By:Melsa Ararat
Deposited On:26 Oct 2016 15:27
Last Modified:26 Oct 2016 15:28

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