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Ülke Yönetişim Kalitesinin Uluslararası Portföy Yatırımları Üzerindeki Etkisi

Year 2020, Issue: 114, 181 - 210, 01.10.2020
https://doi.org/10.33203/mfy.740324

Abstract

Bu çalışmada gelişmekte olan ülkeler için yönetişim kalitesinin uluslararası portföy yatırımları üzerindeki etkisi ele alınmıştır. Gelişmekte olan 18 ülke, 2002-2018 yılları için panel veri analizi yöntemiyle incelenmiştir. Analizler sonucunda, politik istikrar hariç yönetişim göstergeleri kalitesinin iyi olmasının uluslararası portföy yatırımlarını olumlu yönde etkilediği görülmüştür. İfade özgürlüğü ve hesap verebilirliğin portföy yatırımlarını en çok etkileyen değişken olduğu gözlemlenmiştir. İfade özgürlüğü ve hesap verebilirliği hükümet etkinliği takip etmiştir. Yolsuzluğun kontrolü, hukukun üstünlüğü ve düzenleyicilerin kalitesi sırasıyla portföy yatırımlarına etki eden diğer yönetişim göstergeleridir. Çalışmada kontrol değişkenleri olarak kullanılan doğrudan yabancı yatırımlar ve cari denge ile uluslararası portföy yatırımları arasında negatif; hisse senedi piyasa büyüklüğü ve borsa getirisi ile uluslararası portföy yatırımları arasında pozitif bir ilişki olduğu sonucuna ulaşılmıştır.

References

  • Abdioglu, N., Khurshed, A. & Stathopoulos, K. (2013). Foreign institutional investment: Is governance quality at home important? Journal of International Money and Finance, 32, 916–940.
  • Adesoye, A. B., Maku, A. E., & Atanda, A. A. (2012). Capital Flight and Investment Dynamics in Nigeria: A Time Series Analysis (1970-2006), MPRA Paper No. 35836. Erişim adresi: https://mpra.ub.uni-muenchen.de/35836/.
  • Aggarwal, R., Klapper, L. & Wysocki, P. D. (2005). Portfolio Preferences of Foreign Institutional Investors. Journal of Banking and Finance, 29, 2919–2946.
  • Aggarwal, R., Erel, I., Stulz, R. & Williamson, R. (2009). Differences in governance practices between U.S. and foreign firms: measurement, causes, and consequences. Review of Financial Studies, 22, 3131–3169.
  • Aggarwal, R., Klapper, L., Erel, I., Ferreira, M. & Matos, P. (2011). Does Governance Travel around the World? Evidence from Institutional Investors. Journal of Financial Economics, 100(1), 154-181.
  • Agyemang, O. S., G. Fantini, & A. Ansong (2016). Unearthing the Integral Determinants of Foreign Ownership Prevalence of Companies in Africa: Role of Country-Level Governance. Journal of African Business, 17(2), 225–253. http://dx.doi.org/10.1080/15228916.2016.1145179.
  • Ahmad, F., D. M. Umar & Y. Su-chang. (2015). Determinants of Foreign Portfolio Inflows: Analysis and Implications for China. Asian Journal of Finance & Accounting, 7(2), 66-76.
  • Akdiş, M. (2000). Global Finansal Sistem, Finansal Krizler ve Türkiye. İstanbul: Beta Yayımcılık.
  • Alfaro, L., S. Kalemli-Ozcan & V. Volosovych (2008). Why Doesn’t Capital Flow from Rich to Poor Countries? an Empirical Investigation. The Review of Economics and Statistics, 90(2), 347–368. http://dx.doi.org/10.1162/rest.90.2.347.
  • Arellano, Manuel. (1987). Computing Robust Standard Errors for Within-Groups Estimators. Oxford Bulletin of Economics and Statistics, 49: 431-34.
  • Babaoğlu, D. (2005). Sermaye Akımlarının Yönetimi: Türkiye`ye İlişkin Bir Değerlendirme. TCMB Uzmanlık Yeterlilik Tezi. Ankara.
  • Baek, S. & D. Yang. (2008). Empirics on Capital Flight. Journal of Economic Literature, 1-40. Erişim adresi: http://www.kmfa.or.kr/paper/econo/2008/4.pdf
  • Bayramoğlu, S. (2004). Yönetişim ve Demokrasi İlişkisinde Siyasal İktidar Sorunu: Türkiye’de Bağımsız Düzenleyici Kurumlar (Yayımlanmamış Doktora Tezi). Ankara Üniversitesi Sosyal Bilimler Enstitüsü. Ankara.
  • Bhatia, A., & Kishor, N. (2015). Linkages of foreign portfolio investments and stock market indices: Evidence from BRICS nations. Journal of Poverty, Investment and Development, 19(1), 1-21.
  • Cengiz, V., & Karacan, R. (2015). Gelişmekte Olan Ülkelere Yönelik Sermaye Hareketleri ve Ekonomik Sonuçlari. International Journal of Economic & Administrative Studies, 8(15), 327-344.
  • Chan, K., Covrig, V. & Ng, L. (2005). What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide. Journal of Finance, 60 (3), 1495-1534.
  • Chipalkatti, N., Q. V. Le, & M. Rishi. (2007). Portfolio Flows to Emerging Capital Markets: Do Corporate Transparency and Public Governance Matter? Business and Society Review, 112 (2), 227–249. http://dx.doi.org/doi:10.1111/basr.2007.112.issue-2.
  • Clark, J. & E.Berko. (1996). Foreign Investment Fluctuations and Emerging Market StockReutrns: The Case of Mexico. Federal Reserve Bank of New York, Research Paper No:9635.
  • De Santis, R. & M. Lührmann. (2006) ECB Working Paper on the Determinants of External Balances and Net International Portfolio Flows, No.651.
  • Egly, P. V., Johnk, D. W. & D. P. Liston. (2010). Foreign Portfolio Investment Inflows to the United States: The Impact of Investor Risk Aversion and US Stock Market Performance. North American Journal of Finance and Banking Research, 4(4), 25-41.
  • Emir, M. & M. Kutlu. (2015). Causality Between Foreign Direct Investment And Portfolio Investment Volatility. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 15, 269-278.
  • Fernandez-Arias, E., & Montiel, P. J. (1996). The surge in capital inflows to developing countries: an analytical overview. The World Bank Economic Review, 10(1), 51-77.
  • Ferreira, M. A. & Matos, P. (2008). The Colors of Investors’ Money: The Role of Institutional Investors Around the World. Journal of Financial Economics, 88 (3), 499–533.
  • Freund, R., Wilson, W., & Sa, P. (2006). Regression analysis. Elsevier
  • Froot, K. A. (1989). Consistent covariance matrix estimation with cross-sectional dependence and heteroskedasticity in financial data. Journal of Financial and Quantitative Analysis, 24: 333355.
  • Giannetti, M., & Simonov, A. (2006). Which investors fear expropriation? Evidence from investors' portfolio choices. The Journal of finance, 61(3), 1507-1547.
  • Gümüş, G., A. Duru & B. Güngör. (2013). The Relationship Between Foreign Portfolio Investment and Macroeconomic Variables. European Scientific Journal, 9(34), 209-226.
  • Hattari, R., & Rajan, R. S. (2011). How different are FDI and FPI flows?: Distance and capital market integration. Journal of Economic Integration, 499-525.
  • İMKB (1994). Uluslararası Sermaye Hareketlerinde Portföy Yatırımları ve Türkiye. İMKB Yayın No:3. İstanbul.
  • İskenderoğlu, Ö. & E. Karadeniz. (2011). İMKB 100 Endeksi Getirisi ile Yabancı Portföy Yatırımları Arasındaki İlişkinin Analizi. Çağ Üniversitesi Sosyal Bilimler Dergisi, 8(1), 123-134.
  • Kaufmann, D., Kraay, A. & M. Mastruzzi. (2010). Response to What Do The Worldwide Governance Indicators Measure & Quest. European Journal of Development Research, 22(1), 55-58.
  • Keskin, N. (2008). Finansal Serbestleşme Sürecinde Uluslararası Sermaye Hareketleri ve Makroekonomik Etkileri: Türkiye Örneği. Finans Politik ve Ekonomik Yorumlar, 45 (526), 309-318.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A. & Vishny, R.W. (1997). Legal Determinants of External Finance. Journal of Finance, 52 (3), 1131–1150.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A. & Vishny, R.W. (1998). Law and Finance. Journal of Political Economy, 106 (6), 1113–1155.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A. & Vishny, R.W. (2000). Agency Problems and Dividend Policies Around the World. Journal of Finance, 55 (1), 1-33.
  • Le & Zak. (2006). Corruption and capital flight: an empirical assessment. International Economic Journal, 20(1), 532-540. https://doi.org/10.1080/10168730601027161
  • Leuz, C., Lins, K. V. & Warnock, F. E. (2009). Do Foreigners Invest Less in Poorly Governed Firms? Review of Financial Studies, 22 (8), 3245-3285.
  • Le, Quan & Rishi, Meenakshi. (2006). Corruption and Capital Flight: An Empirical Assessment. International Economic Journal, 20, 523-540. https://doi.org/10.1080/10168730601027161
  • Li, S., & L. Filer. (2007). The Effects of the Governance Environment on the Choice of Investment Mode and the Strategic Implications. Journal of World Business, 42 (1), 80–98. https://doi.org/10.1016/j.jwb.2006.11.006.
  • McKinnon, R.I. (1973). Money and Capital in Economic Development. Washington D.C. (books.google.com.tr).
  • Miguel, P.C. (2008). Portfolio Management and New Product Development İmplementation: A Case Study İn A Manufacturing firm. International Journal of Quality & Reliability Management, 25(1), 10–23.
  • Obstfeld, M. (2008). International Finance and Growth in Developing Countries: What Have We Learned? CGD Working Paper, No: 34, pp.1-52.
  • Quazi, R. M. (2004). Foreign Aid and Capital Flight in Bangladesh. Journal of Asia Pacific Economy, 9(3), 370-393.
  • Rogers, William H. (1993). sg17: Regression standard errors in clustered samples. Stata Technical Bulletin, 13: 19-23.
  • Shaw, E.S. (1973). Financial Deepening in Economic Development. New York: Oxford University Press.
  • Şenol, Z., & Selahattin, K. O. Ç. (2018). Yabancı Portföy Yatırımları, Borsa ve Makroekonomik Değişkenler Arası İlişkilerin VAR Yöntemiyle Analizi: Türkiye Örneği. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 21, 1-20.
  • Seyidoğlu, H. (2013). Uluslararası finans. İstanbul: Beta Yayınevi.
  • Tatoğlu, Y. F., İleri Panel Veri Analizi Stata Uygulamalı, 2nd Ed.; Beta Basım Yayım Dağıtım: Istanbul, Turkey, 2013.
  • UNCTAD. (1999). Comprehensive Study of the Interrelationship between Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI). Erişim adresi: https://unctad.org/en/Docs/pogdsdfsbd5.pdf.
  • Waqas, Y. S. H., Hashmive M. Nazir. (2015). Macroeconomic Factors and Foreign Portfolio Investment Volatility: A case of South Asian countries. Future Business Journal, 1, 65–74.
  • World Bank (1992). Governance and Development. Washington, D.C.
  • World Bank (2018). The Worldwide Governance Indicators. Erişim adresi: https://info.worldbank.org/governance/wgi/

Effect of Country Governance Quality on International Portfolio Investments

Year 2020, Issue: 114, 181 - 210, 01.10.2020
https://doi.org/10.33203/mfy.740324

Abstract

Based on panel data analysis of 18 emerging market countries from 2002
to 2018, the impact of governance quality on international portfolio
investments was examined. As a result of the analysis, it was observed that the
quality of governance indicators, excluding political stability and absence of
violence, had a positive effect on international portfolio investments. In this
study, foreign direct investments, current account deficit, stock market size
and stock market returns were used as control variables. As a result of the
analysis, it was concluded that there is a negative relationship between
foreign direct investments, current account deficit and international portfolio
investments. There is also a positive relationship between stock market size,
stock market returns and international portfolio investments.

References

  • Abdioglu, N., Khurshed, A. & Stathopoulos, K. (2013). Foreign institutional investment: Is governance quality at home important? Journal of International Money and Finance, 32, 916–940.
  • Adesoye, A. B., Maku, A. E., & Atanda, A. A. (2012). Capital Flight and Investment Dynamics in Nigeria: A Time Series Analysis (1970-2006), MPRA Paper No. 35836. Erişim adresi: https://mpra.ub.uni-muenchen.de/35836/.
  • Aggarwal, R., Klapper, L. & Wysocki, P. D. (2005). Portfolio Preferences of Foreign Institutional Investors. Journal of Banking and Finance, 29, 2919–2946.
  • Aggarwal, R., Erel, I., Stulz, R. & Williamson, R. (2009). Differences in governance practices between U.S. and foreign firms: measurement, causes, and consequences. Review of Financial Studies, 22, 3131–3169.
  • Aggarwal, R., Klapper, L., Erel, I., Ferreira, M. & Matos, P. (2011). Does Governance Travel around the World? Evidence from Institutional Investors. Journal of Financial Economics, 100(1), 154-181.
  • Agyemang, O. S., G. Fantini, & A. Ansong (2016). Unearthing the Integral Determinants of Foreign Ownership Prevalence of Companies in Africa: Role of Country-Level Governance. Journal of African Business, 17(2), 225–253. http://dx.doi.org/10.1080/15228916.2016.1145179.
  • Ahmad, F., D. M. Umar & Y. Su-chang. (2015). Determinants of Foreign Portfolio Inflows: Analysis and Implications for China. Asian Journal of Finance & Accounting, 7(2), 66-76.
  • Akdiş, M. (2000). Global Finansal Sistem, Finansal Krizler ve Türkiye. İstanbul: Beta Yayımcılık.
  • Alfaro, L., S. Kalemli-Ozcan & V. Volosovych (2008). Why Doesn’t Capital Flow from Rich to Poor Countries? an Empirical Investigation. The Review of Economics and Statistics, 90(2), 347–368. http://dx.doi.org/10.1162/rest.90.2.347.
  • Arellano, Manuel. (1987). Computing Robust Standard Errors for Within-Groups Estimators. Oxford Bulletin of Economics and Statistics, 49: 431-34.
  • Babaoğlu, D. (2005). Sermaye Akımlarının Yönetimi: Türkiye`ye İlişkin Bir Değerlendirme. TCMB Uzmanlık Yeterlilik Tezi. Ankara.
  • Baek, S. & D. Yang. (2008). Empirics on Capital Flight. Journal of Economic Literature, 1-40. Erişim adresi: http://www.kmfa.or.kr/paper/econo/2008/4.pdf
  • Bayramoğlu, S. (2004). Yönetişim ve Demokrasi İlişkisinde Siyasal İktidar Sorunu: Türkiye’de Bağımsız Düzenleyici Kurumlar (Yayımlanmamış Doktora Tezi). Ankara Üniversitesi Sosyal Bilimler Enstitüsü. Ankara.
  • Bhatia, A., & Kishor, N. (2015). Linkages of foreign portfolio investments and stock market indices: Evidence from BRICS nations. Journal of Poverty, Investment and Development, 19(1), 1-21.
  • Cengiz, V., & Karacan, R. (2015). Gelişmekte Olan Ülkelere Yönelik Sermaye Hareketleri ve Ekonomik Sonuçlari. International Journal of Economic & Administrative Studies, 8(15), 327-344.
  • Chan, K., Covrig, V. & Ng, L. (2005). What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide. Journal of Finance, 60 (3), 1495-1534.
  • Chipalkatti, N., Q. V. Le, & M. Rishi. (2007). Portfolio Flows to Emerging Capital Markets: Do Corporate Transparency and Public Governance Matter? Business and Society Review, 112 (2), 227–249. http://dx.doi.org/doi:10.1111/basr.2007.112.issue-2.
  • Clark, J. & E.Berko. (1996). Foreign Investment Fluctuations and Emerging Market StockReutrns: The Case of Mexico. Federal Reserve Bank of New York, Research Paper No:9635.
  • De Santis, R. & M. Lührmann. (2006) ECB Working Paper on the Determinants of External Balances and Net International Portfolio Flows, No.651.
  • Egly, P. V., Johnk, D. W. & D. P. Liston. (2010). Foreign Portfolio Investment Inflows to the United States: The Impact of Investor Risk Aversion and US Stock Market Performance. North American Journal of Finance and Banking Research, 4(4), 25-41.
  • Emir, M. & M. Kutlu. (2015). Causality Between Foreign Direct Investment And Portfolio Investment Volatility. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 15, 269-278.
  • Fernandez-Arias, E., & Montiel, P. J. (1996). The surge in capital inflows to developing countries: an analytical overview. The World Bank Economic Review, 10(1), 51-77.
  • Ferreira, M. A. & Matos, P. (2008). The Colors of Investors’ Money: The Role of Institutional Investors Around the World. Journal of Financial Economics, 88 (3), 499–533.
  • Freund, R., Wilson, W., & Sa, P. (2006). Regression analysis. Elsevier
  • Froot, K. A. (1989). Consistent covariance matrix estimation with cross-sectional dependence and heteroskedasticity in financial data. Journal of Financial and Quantitative Analysis, 24: 333355.
  • Giannetti, M., & Simonov, A. (2006). Which investors fear expropriation? Evidence from investors' portfolio choices. The Journal of finance, 61(3), 1507-1547.
  • Gümüş, G., A. Duru & B. Güngör. (2013). The Relationship Between Foreign Portfolio Investment and Macroeconomic Variables. European Scientific Journal, 9(34), 209-226.
  • Hattari, R., & Rajan, R. S. (2011). How different are FDI and FPI flows?: Distance and capital market integration. Journal of Economic Integration, 499-525.
  • İMKB (1994). Uluslararası Sermaye Hareketlerinde Portföy Yatırımları ve Türkiye. İMKB Yayın No:3. İstanbul.
  • İskenderoğlu, Ö. & E. Karadeniz. (2011). İMKB 100 Endeksi Getirisi ile Yabancı Portföy Yatırımları Arasındaki İlişkinin Analizi. Çağ Üniversitesi Sosyal Bilimler Dergisi, 8(1), 123-134.
  • Kaufmann, D., Kraay, A. & M. Mastruzzi. (2010). Response to What Do The Worldwide Governance Indicators Measure & Quest. European Journal of Development Research, 22(1), 55-58.
  • Keskin, N. (2008). Finansal Serbestleşme Sürecinde Uluslararası Sermaye Hareketleri ve Makroekonomik Etkileri: Türkiye Örneği. Finans Politik ve Ekonomik Yorumlar, 45 (526), 309-318.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A. & Vishny, R.W. (1997). Legal Determinants of External Finance. Journal of Finance, 52 (3), 1131–1150.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A. & Vishny, R.W. (1998). Law and Finance. Journal of Political Economy, 106 (6), 1113–1155.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A. & Vishny, R.W. (2000). Agency Problems and Dividend Policies Around the World. Journal of Finance, 55 (1), 1-33.
  • Le & Zak. (2006). Corruption and capital flight: an empirical assessment. International Economic Journal, 20(1), 532-540. https://doi.org/10.1080/10168730601027161
  • Leuz, C., Lins, K. V. & Warnock, F. E. (2009). Do Foreigners Invest Less in Poorly Governed Firms? Review of Financial Studies, 22 (8), 3245-3285.
  • Le, Quan & Rishi, Meenakshi. (2006). Corruption and Capital Flight: An Empirical Assessment. International Economic Journal, 20, 523-540. https://doi.org/10.1080/10168730601027161
  • Li, S., & L. Filer. (2007). The Effects of the Governance Environment on the Choice of Investment Mode and the Strategic Implications. Journal of World Business, 42 (1), 80–98. https://doi.org/10.1016/j.jwb.2006.11.006.
  • McKinnon, R.I. (1973). Money and Capital in Economic Development. Washington D.C. (books.google.com.tr).
  • Miguel, P.C. (2008). Portfolio Management and New Product Development İmplementation: A Case Study İn A Manufacturing firm. International Journal of Quality & Reliability Management, 25(1), 10–23.
  • Obstfeld, M. (2008). International Finance and Growth in Developing Countries: What Have We Learned? CGD Working Paper, No: 34, pp.1-52.
  • Quazi, R. M. (2004). Foreign Aid and Capital Flight in Bangladesh. Journal of Asia Pacific Economy, 9(3), 370-393.
  • Rogers, William H. (1993). sg17: Regression standard errors in clustered samples. Stata Technical Bulletin, 13: 19-23.
  • Shaw, E.S. (1973). Financial Deepening in Economic Development. New York: Oxford University Press.
  • Şenol, Z., & Selahattin, K. O. Ç. (2018). Yabancı Portföy Yatırımları, Borsa ve Makroekonomik Değişkenler Arası İlişkilerin VAR Yöntemiyle Analizi: Türkiye Örneği. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 21, 1-20.
  • Seyidoğlu, H. (2013). Uluslararası finans. İstanbul: Beta Yayınevi.
  • Tatoğlu, Y. F., İleri Panel Veri Analizi Stata Uygulamalı, 2nd Ed.; Beta Basım Yayım Dağıtım: Istanbul, Turkey, 2013.
  • UNCTAD. (1999). Comprehensive Study of the Interrelationship between Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI). Erişim adresi: https://unctad.org/en/Docs/pogdsdfsbd5.pdf.
  • Waqas, Y. S. H., Hashmive M. Nazir. (2015). Macroeconomic Factors and Foreign Portfolio Investment Volatility: A case of South Asian countries. Future Business Journal, 1, 65–74.
  • World Bank (1992). Governance and Development. Washington, D.C.
  • World Bank (2018). The Worldwide Governance Indicators. Erişim adresi: https://info.worldbank.org/governance/wgi/
There are 52 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Articles
Authors

Eyyüp Kaya This is me

Mine Aksoy

Publication Date October 1, 2020
Submission Date May 20, 2020
Published in Issue Year 2020 Issue: 114

Cite

APA Kaya, E., & Aksoy, M. (2020). Ülke Yönetişim Kalitesinin Uluslararası Portföy Yatırımları Üzerindeki Etkisi. Maliye Ve Finans Yazıları(114), 181-210. https://doi.org/10.33203/mfy.740324
  • The journal specializes in especially in all the fields of finance and banking.